Revenue Performance - Q3 2025 total revenues reached $57.1 million, representing a 10% increase from Q2 2025 and a 23% increase from Q3 2024[5] - Q3 2025 analytics revenue was $54.7 million, up 12% from Q2 2025 and up 22% from Q3 2024[5] - Year-to-date revenues for the nine months ended September 2025 totaled $156.6 million, up 21% from $129.4 million in the same period of 2024[12] - Revenue from the United States accounted for 53% of total revenues in Q3 2025, significantly up from 39% in Q2 2025[15] Profitability Metrics - GAAP gross margin for Q3 2025 was 72%, while non-GAAP gross margin was 76%[7] - GAAP operating margin improved to 8% in Q3 2025, compared to 2% in Q2 2025 and a loss of 7% in Q1 2025[9] - Non-GAAP net income for Q3 2025 was $9.8 million, with non-GAAP diluted EPS at $0.25[22] Cash Flow and Share Repurchase - Operating cash flow for Q3 2025 was $3.3 million, a recovery from a negative cash flow of $5.2 million in Q2 2025[9] - The company repurchased $244,000 worth of shares in Q3 2025, marking the first repurchase in the year[9] Debt and Expenses - The company reported outstanding debt of $67.6 million as of Q3 2025, a slight decrease from $68.1 million in Q2 2025[9] - GAAP Cost of Revenue for Q3'25 was $15,840, an increase from $14,886 in Q2'25, representing a growth of 6.4%[30] - Non-GAAP Cost of Revenue for Q3'25 was $13,568, up from $12,631 in Q2'25, indicating a 7.4% increase[30] - GAAP Research & Development expenses for Q3'25 totaled $15,435, compared to $14,913 in Q2'25, reflecting a 3.5% rise[30] - Non-GAAP Research & Development expenses for Q3'25 were $13,231, an increase from $12,662 in Q2'25, showing a growth of 4.5%[30] - GAAP Selling, General, & Administrative expenses for Q3'25 were $19,944, slightly up from $19,744 in Q2'25, a 1% increase[30] - Non-GAAP Selling, General, & Administrative expenses for Q3'25 were $16,966, compared to $16,782 in Q2'25, marking an increase of 1.1%[30] Year-to-Date Expense Trends - Year-to-date GAAP Cost of Revenue for 2025 was $43,681, up from $38,243 in 2024, a growth of 14.4%[33] - Year-to-date Non-GAAP Cost of Revenue for 2025 was $37,134, compared to $32,740 in 2024, indicating a 13.4% increase[33] - Year-to-date GAAP Research & Development expenses for 2025 were $44,976, up from $39,149 in 2024, reflecting a 14.4% rise[33] - Year-to-date Non-GAAP Selling, General, & Administrative expenses for 2025 were $49,825, compared to $42,702 in 2024, showing a 16.6% increase[33]

Loan Servicing and Originations - As of September 30, 2025, the company serviced or subserviced 1.4 million loans with a total UPB of $315.5 billion[236]. - In Q3 2025, the company added $24.1 billion of new volume, including $10.9 billion from subservicing additions and $11.9 billion from new Originations production[237]. - The average total servicing and subservicing UPB increased by $4.5 billion or 1.5% during Q3 2025 compared to the prior quarter[240]. - The company serviced all mortgage loan classes, including conventional, government-insured, non-Agency, small-balance commercial, and multi-family loans[236]. - The company's Originations volume growth outpaced the industry, with a 23% increase compared to Q2 2025 and a 53% increase compared to Q3 2024[252]. - The total servicing and subservicing UPB amounted to $315.5 billion as of September 30, 2025, reflecting a net increase of $6.0 billion or 1.9% from the previous quarter[242]. - The company plans to continue growing its servicing and subservicing portfolio through multi-channel originations and MSR bulk acquisitions[299]. - The company expects a 16% increase in loan origination in 2026 compared to 2025, driven by macroeconomic conditions and market dynamics[300]. Financial Performance - Net income attributable to common stockholders was $18 million, or $2.19 per share basic and $2.03 diluted[255]. - Total revenue for the three months ended September 30, 2025 increased by $33.7 million, or 14%, compared to the previous quarter, driven by a $16.0 million increase in Servicing revenue and a $17.6 million increase in Originations revenue[260]. - Total revenue increased to $280.3 million in Q3'25, up from $246.6 million in Q2'25, reflecting a growth of approximately 13.0%[297]. - The company reported a $31 million gain on originations sale[255]. - The nine months ended September 30, 2025 saw total revenue increase by $25.5 million, or 3%, compared to the same period in 2024[261]. - The company reported a total of $24.5 billion UPB of subserviced loans on behalf of Rithm as of September 30, 2025[333]. - The company reported a gain of $3.4 million on loans held for sale for the three months ended September 30, 2025, a significant improvement from a loss of $5.0 million in the previous quarter[348]. Operating Expenses and Income - Operating expenses for the three months ended September 30, 2025 were $125.8 million, a 15% increase from the previous quarter[267]. - Operating expenses for the three months ended September 30, 2025, increased by 19% to $74.7 million compared to $62.6 million in the previous quarter[339]. - The company experienced a 38% decline in income before income taxes, reporting $25.2 million for the three months ended September 30, 2025, down from $40.4 million in the previous quarter[339]. - Operating expenses for the nine months ended September 30, 2025, increased by $12.8 million, with a 24% increase in compensation and benefits driven by higher commissions[393]. - Compensation and benefits expense for the three months ended September 30, 2025 increased by 2% to $23.4 million compared to $22.9 million in Q2 2025, while for the nine months ended September 30, 2025, it decreased by $6.3 million or 8% compared to the same period in 2024[356][357]. Market Conditions and Interest Rates - The 30-year fixed rate mortgage average declined to 6.58% in Q3 2025, down 20 basis points from the previous quarter[244]. - The average 30-year fixed rate mortgage rate remains elevated compared to the past decade, impacting borrower affordability[244]. - The industry mortgage origination volume grew 3% quarter over quarter and 16% year over year in Q3 2025, driven by increased refinance activity[251]. - The fair value volatility of the MSR portfolio was reduced due to a high targeted hedge coverage ratio, resulting in losses of $1.0 million in Q3 2025 and gains of $9.8 million in Q2 2025, with a $22.6 million decrease in gains for the nine months ended September 30, 2025 compared to the same period in 2024[355]. Client Relationships and Servicing Agreements - Rithm, a major subservicing client, will not renew its servicing agreements effective January 31, 2026, which accounted for approximately $33.0 billion, or 10% of the total UPB[307][308]. - Servicing and subservicing fees from Rithm amounted to $60.2 million, or 13% of total fees for the nine months ended September 30, 2025[329]. - Rithm accounted for 55% of all delinquent loans serviced by the company as of September 30, 2025[308][329]. - The company has relationships with 732 approved correspondent sellers as of September 30, 2025, which supports the replenishment and growth of the MSR portfolio[377]. - As of September 30, 2025, the company has relationships with 521 approved sellers through the Agency Cash Window co-issue programs[379]. Assets and Liabilities - Total assets decreased by $328.0 million or 2% from December 31, 2024 to September 30, 2025, primarily due to a decline in reverse loans held for investment[284]. - Total liabilities decreased by $386.4 million compared to December 31, 2024, largely due to a $947.6 million decrease in HMBS-related borrowings[285]. - Total stockholders' equity increased to $501 million at September 30, 2025, compared to $443 million at December 31, 2024[422]. - The company holds $16.1 billion in total assets, with $9.9 billion in securitized HECM loans reported on the balance sheet[422]. Future Outlook and Strategy - The company aims for prudent capital-light growth by emphasizing capital-light subservicing to drive servicing portfolio UPB growth[255]. - The company expects to generate net income and increase stockholders' equity by 2026, barring any adverse impacts from interest rates or regulatory changes[306]. - The company has been acquiring reverse mortgage assets since 2023, financing these acquisitions through on-balance sheet private placement securitizations[325]. - The company regularly evaluates financing structure options, including asset-backed financing, to support investment plans and reduce funding costs[420].

Loan Servicing and Originations - As of September 30, 2025, the company serviced or subserviced 1.4 million loans with a total UPB of $315.5 billion[236]. - In Q3 2025, the company added $24.1 billion of new volume, including $10.9 billion from subservicing additions and $11.9 billion from new Originations production[237]. - The average total servicing and subservicing UPB increased by $4.5 billion or 1.5% during Q3 2025 compared to the prior quarter[240]. - The company serviced all mortgage loan classes, including conventional, government-insured, non-Agency, small-balance commercial, and multi-family loans[236]. - The company's Originations volume growth outpaced the industry, with a 23% increase compared to Q2 2025 and a 53% increase compared to Q3 2024[252]. - The total servicing and subservicing UPB increased by $6.0 billion or 1.9% from June 30, 2025, to September 30, 2025[242]. - The company anticipates continued growth in its servicing and subservicing portfolio through multi-channel originations and MSR bulk acquisitions[299]. - The average servicing fee for owned MSR was 0.29% in Q3'25, consistent with Q2'25, while the average subservicing fee was $173 in Q3'25, up from $170 in Q2'25[297]. - The total UPB of reverse mortgage loans held for investment was $9.585 billion, a 4% decrease from $9.961 billion in the previous quarter but a 22% increase from $7.867 billion year-over-year[336]. - The total servicer advances, net of allowance for losses, reached $435.1 million, compared to $577.2 million as of December 31, 2024[334]. Financial Performance - Net income attributable to common stockholders was $18 million, or $2.19 per share basic and $2.03 diluted[255]. - Total revenue for the three months ended September 30, 2025 increased by $33.7 million, or 14%, compared to the previous quarter, driven by a $16.0 million increase in Servicing revenue and a $17.6 million increase in Originations revenue[260]. - Servicing and subservicing fee revenue reached $217 million, with a total servicing and subservicing UPB of $316 billion[255]. - Total revenue increased to $280.3 million in Q3'25, up from $246.6 million in Q2'25, reflecting a growth of approximately 13.0%[297]. - The company reported a total of $24.5 billion UPB of subserviced loans on behalf of Rithm as of September 30, 2025[333]. - For the nine months ended September 30, 2025, total revenue was $671.4 million, a slight decrease from $672.3 million in the same period of 2024[339]. - The company achieved a 33% increase in total revenue for the nine months ended September 30, 2025, reaching $105.2 million compared to $78.9 million for the same period in 2024[382]. Operating Expenses and Income - Operating expenses for the three months ended September 30, 2025 were $125.8 million, a 15% increase from the previous quarter[267]. - Operating expenses rose to $125.8 million in Q3'25, up from $109.5 million in Q2'25, indicating an increase of about 14.1%[297]. - Compensation and benefits expense for Q3 2025 was $23.4 million, a 2% increase from Q2 2025, while for the nine months ended September 30, 2025, it decreased by $6.3 million or 8% compared to the same period in 2024[356][357]. - Operating expenses for the three months ended September 30, 2025, increased by $2.6 million, or 10%, compared to the previous quarter, primarily due to higher origination expenses and compensation[392]. - Interest expense for the nine months ended September 30, 2025, increased by $16.3 million or 12% compared to the same period in 2024, primarily due to asset growth[367]. Market Conditions and Economic Outlook - The 30-year fixed rate mortgage average declined to 6.58% in Q3 2025, down 20 basis points from the previous quarter[244]. - The industry mortgage origination volume grew 3% quarter over quarter and 16% year over year in Q3 2025, driven by increased refinance activity[251]. - The company expects a 16% increase in loan origination in 2026 compared to 2025, driven by macroeconomic conditions and market dynamics[300]. - The average headcount was 4,249 for the three months ended September 30, 2025, showing a slight increase from 4,240 in the previous quarter[267]. - The effective tax rate for the nine months ended September 30, 2025 was 18.9%, compared to 15.0% for the same period in 2024[278]. Client Relationships and Servicing Agreements - Rithm, a major subservicing client, will not renew its servicing agreements effective January 31, 2026, which accounted for approximately $33.0 billion, or 10% of the total UPB[307][308]. - The servicing transfer to Rithm's platform is expected to occur in the first and second quarters of 2026, involving $8.5 billion of UPB, subject to necessary consents[309]. - Servicing and subservicing fees from Rithm amounted to $60.2 million, or 13% of total fees in the nine months ended September 30, 2025[329]. - Rithm accounted for 55% of all delinquent loans serviced by the company as of September 30, 2025[308][329]. Risk Management and Compliance - The company has received favorable ratings from agencies like Fitch and Moody's, reflecting its growth strategy and effective risk management[327][328]. - The financial performance of the Servicing segment is impacted by changes in the fair value of the MSR portfolio due to market interest rates[319]. - The company believes it is in compliance with Ginnie Mae RBCR requirements after transferring certain GSE MSR investment activities to its subsidiary PAS[428]. - PHH's debt agreements include cross default provisions, and as of September 30, 2025, the company believes it is in compliance with these covenants[429]. Liquidity and Capital Management - Total liquidity was reported at $221 million, with a cash position of $173 million[255]. - The total available committed and uncommitted borrowing capacity was $48.5 million, with $47.9 million from MSR financing facilities[406]. - The company has short-term commitments to lend $2.4 billion related to forward and reverse mortgage loan IRLCs as of September 30, 2025[410]. - Approximately $2.5 billion of debt is due or requires partial repayment within the next 12 months, including $1.5 billion under mortgage loan financing facilities[411]. - The company maintains a high leverage ratio, with $9.9 billion of securitized HECM loans reported on the balance sheet[422].

Financial Performance - NL Industries reported a net loss attributable to stockholders of $7.8 million, or $0.16 per share, in Q3 2025, compared to a net income of $36.0 million, or $0.74 per share, in Q3 2024[2]. - For the first nine months of 2025, NL Industries reported a net loss of $6.8 million, or $0.14 per share, compared to a net income of $50.7 million, or $1.04 per share, for the same period in 2024[2]. - Kronos' net sales decreased by $27.8 million, or 6%, to $456.9 million in Q3 2025 compared to Q3 2024, and by $22.9 million, or 2%, to $1.4 billion for the first nine months of 2025 compared to the same period in 2024[5]. - Kronos' loss from operations in Q3 2025 was $19.2 million, down from an income of $38.9 million in Q3 2024, and for the first nine months of 2025, income from operations was $26.6 million compared to $94.3 million in the same period of 2024[6]. - Net sales for the three months ended September 30, 2024, were $33.6 million, a decrease of 16% compared to $40.0 million in 2025[19]. - Total net sales decreased by 6% for the three months ended September 30, 2025, compared to the same period in 2024[23]. - Income from operations for the nine months ended September 30, 2024, was $4.2 million, compared to $7.8 million in 2025[21]. - Income (loss) before income taxes for the three months ended September 30, 2024, was $44.8 million, compared to a loss of $8.2 million in 2025[19]. Operational Challenges - Kronos experienced a decline in average TiO2 selling prices, which were 7% lower in Q3 2025 compared to Q3 2024 and 2% lower in the first nine months of 2025 compared to the same period in 2024[5]. - Unabsorbed fixed production costs for Kronos in Q3 2025 were approximately $27 million, contributing to the decrease in income from operations[8]. - Corporate expenses increased by $0.7 million in Q3 2025 compared to Q3 2024, primarily due to higher litigation fees[9]. - Kronos' average capacity utilization was 85% in the first nine months of 2025, down from 93% in the same period of 2024[8]. - The percentage change in net sales for TiO2 sales volume was down 3% for the three months ended September 30, 2025, compared to 2024[23]. Equity and Investments - NL recognized equity in losses of Kronos amounting to $11.3 million in Q3 2025, compared to equity in earnings of $21.9 million in Q3 2024[4]. - Interest and dividend income for the three months ended September 30, 2024, was $2.7 million, compared to $2.1 million in 2025[19]. - The weighted average shares used in the calculation of net income per share were 48.8 million for both the three and nine months ended September 30, 2024, and 2025[19]. Risks and Uncertainties - The company faces substantial risks and uncertainties that could impact future results, including supply and demand fluctuations, geopolitical tensions, and changes in raw material costs[12].

Exhibit 99.1 Morgan Stanley Direct Lending Fund Announces September 30, 2025 Financial Results and Declares Fourth Quarter 2025 Regular Dividend of $0.50 per Share NEW YORK, NY, November 6, 2025 — Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL" or the "Company"), a business development company externally managed by MS Capital Partners Adviser Inc. (the "Adviser"), today announced its financial results for the third quarter ended September 30, 2025. QUARTERLY HIGHLIGHTS SELECTED FINANCIAL HIGHLIGHTS ...

Financial Performance - Coherus reported Q3 2025 net revenue of $11.6 million, a 90% increase compared to $6.1 million in Q3 2024[8] - LOQTORZI® net revenue was $11.2 million in Q3 2025, representing a 12% increase from $10.0 million in Q2 2025 and a 92% increase from $5.8 million in Q3 2024[3] - Coherus reported net revenue of $11,571,000 for the three months ended September 30, 2025, a 91.5% increase from $6,052,000 in the same period of 2024[28] - The total costs and expenses for the three months ended September 30, 2025, were $55,904,000, compared to $52,908,000 for the same period in 2024, reflecting a 5.7% increase[28] - The company reported a net income from discontinued operations of $8,986,000 for the three months ended September 30, 2025, down from $36,848,000 in the same period of 2024[28] Loss and Expenses - The net loss from continuing operations for Q3 2025 was $44.5 million, or $(0.38) per share, an improvement from a net loss of $47.6 million, or $(0.41) per share, in Q3 2024[14] - Coherus experienced a net loss from continuing operations of $44,517,000 for the three months ended September 30, 2025, compared to a loss of $47,599,000 in the same period of 2024[28] - The company reported a non-GAAP net loss from continuing operations of $38,897,000 for the three months ended September 30, 2025, compared to $40,019,000 in the same period of 2024[37] - Research and development expenses for Q3 2025 were $27.3 million, compared to $22.1 million in Q3 2024, driven by increased costs for the development of casdozokitug and CHS-114[11] - Selling, general and administrative expenses decreased to $24.9 million in Q3 2025 from $28.1 million in Q3 2024, primarily due to lower headcount and decreased operating costs[12] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $191.7 million as of September 30, 2025, up from $126.0 million as of December 31, 2024[16] - Cash and cash equivalents at the end of the period were $103,352,000, a decrease from $125,987,000 at the end of December 31, 2024[30] - Coherus' total assets increased to $516,519,000 as of September 30, 2025, compared to $448,533,000 as of December 31, 2024[30] - Coherus' cash used in operating activities was $46,339,000 for the three months ended September 30, 2025, compared to $62,016,000 in the same period of 2024[32] - The company had total stockholders' equity of $87,774,000 as of September 30, 2025, compared to a deficit of $(131,990,000) as of December 31, 2024[30] Clinical Development and Strategy - Coherus expanded the CHS-114 clinical program to include colorectal cancer, addressing a significant unmet medical need[2] - The company plans to combine LOQTORZI with internal pipeline candidates for additional solid tumor indications and pursue external partnerships for label expansions[9] - Initial data readouts for ongoing studies of CHS-114 and casdozokitug are expected throughout 2026, with multiple data readouts anticipated across various tumor types[2] - Coherus aims to deepen adoption of LOQTORZI among general oncologists by driving education on clinical data and updated NCCN guidelines[3]

Financial Performance - Total net revenues for the three months ended September 30, 2025, were $22,459,000, a 117.5% increase from $10,324,000 in the same period of 2024[12] - Product sales and royalties, net, reached $22,459,000 for the three months ended September 30, 2025, compared to $9,824,000 for the same period in 2024, reflecting a 128.5% increase[12] - Gross profit for the nine months ended September 30, 2025, was $29,640,000, up from $16,935,000 in the same period of 2024, representing a 75.0% increase[12] - For the nine months ended September 30, 2025, total revenues reached $58,669 with a gross profit of $29,640, compared to $27,364 and a gross profit of $16,935 in the same period of 2024, driven by increased sales of INCRELEX® and additional revenues from ALKINDI SPRINKLE® and GALZIN®[149] - Licensing revenue for the nine months ended September 30, 2025 was $3,286, a substantial increase from $500 in the same period of 2024, primarily due to $1,786 from out-licensing INCRELEX® rights outside the U.S.[150] - In the three months ended September 30, 2025, the Company reported total revenues of $22,459, generating a gross profit of $7,855, compared to total revenues of $10,324 and a gross profit of $6,302 in the same period of 2024, reflecting a significant increase in product sales and royalties[148] Cash and Assets - Cash and cash equivalents increased to $37,121,000 as of September 30, 2025, from $14,936,000 at the end of 2024, marking a 148.1% increase[10] - Total assets grew to $104,510,000 as of September 30, 2025, compared to $76,123,000 at the end of 2024, indicating a 37.3% increase[10] - As of September 30, 2025, the Company had total assets of $104.5 million, cash and cash equivalents of $37.1 million, and working capital of $27.8 million, indicating a solid liquidity position[153] Liabilities and Debt - Total liabilities increased to $81,384,000 as of September 30, 2025, from $51,695,000 at the end of 2024, representing a 57.4% increase[10] - The company’s existing debt obligations contain covenants that limit its ability to pay dividends or make distributions to stockholders[24] - The amended SWK Credit Agreement expanded the credit facility to $30,000, with a maturity date of December 17, 2027, and an annual interest rate of SOFR plus 6.75%[90] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $5,985,000, an increase from $4,126,000 in the same period of 2024, reflecting a 45.0% rise[12] - Research and Development expenses for the three months ended September 30, 2025 were $1,112, up from $505 in the same period of 2024, and for the nine months ended September 30, 2025, R&D expenses totaled $5,985 compared to $4,126 in 2024, largely due to a $2,155 NDA filing fee for ET-600[151] Stock and Compensation - Total stock-based compensation expense for the nine months ended September 30, 2025, was $4,388, up from $2,383 in the same period of 2024, indicating a 83.9% increase[102] - The Company recorded stock-based compensation related to RSUs of $611 for the nine months ended September 30, 2025, compared to $171 for the same period in 2024, reflecting a 257.3% increase[109] - The Company issued 108,451 shares of common stock from stock option exercises at a weighted average exercise price of $3.63 per share during the nine months ended September 30, 2025, with an intrinsic value of $1,167[108] Net Loss and Earnings - The company reported a net loss of $1,927,000 for the three months ended September 30, 2025, compared to a net income of $627,000 in the same period of 2024[12] - GAAP net loss for the three months ended September 30, 2025, was $(1,927) thousand, compared to a net income of $627 thousand for the same period in 2024[157] - Non-GAAP net income for the nine months ended September 30, 2025, was $5,418 thousand, compared to $197 thousand for the same period in 2024[157] Tax and Regulatory - The effective tax rate for the three months ended September 30, 2025, was 1.4%, compared to an effective tax rate of (25.1%) for the same period in 2024[117] - The Company has a full valuation allowance recorded on its net deferred tax assets, impacting its effective tax rate[119] Operational Highlights - The company has eight commercial rare disease products and five additional product candidates in late-stage development, indicating ongoing expansion in its product pipeline[23] - The Company entered into a licensing agreement with AMMTeK to acquire U.S. rights to Amglidia, with potential payments totaling up to $1,850, including a 14% royalty on net sales[138] - The Company acquired GALZIN® for $7,000 and INCRELEX® for $22,500, with additional payments for product inventory and royalties of 10% and $2,500 on anniversaries, respectively[139][140] Internal Controls and Compliance - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2025, despite a delinquent filing incident[183] - There have been no changes in internal controls over financial reporting that materially affected the company during the quarter ended September 30, 2025[184] - The company maintains disclosure controls designed to ensure timely decision-making and compliance with SEC rules[180]

Revenue Performance - Revenue for Q3 2025 was $4.1 million, a 2% increase from $4.0 million in Q3 2024, driven by higher product sales and service revenue[4] - Product revenue for Q3 2025 was $2.8 million, while service revenue was $1.2 million, including $300 thousand from related party revenue[4] - Seer expects full year 2025 revenue to be in the range of $17 million to $18 million, representing a growth of 24% at the midpoint compared to full year 2024[7] Profitability and Expenses - Gross profit was $2.1 million with a gross margin of 51% for Q3 2025[5] - Operating expenses decreased by 18% to $21.5 million in Q3 2025 from $26.3 million in Q3 2024, primarily due to reduced stock-based compensation and business expenses[5] - Net loss for Q3 2025 was $18.2 million, an improvement from a net loss of $21.3 million in Q3 2024[6] Cash and Assets - Cash, cash equivalents, and investments totaled approximately $251.2 million as of September 30, 2025[6] - Total assets as of September 30, 2025, were $308.6 million, down from $366.6 million as of December 31, 2024[16] Market Demand and Validation - The company shipped nearly three times as many instruments in the first nine months of 2025 compared to all of 2024, indicating strong demand for the Proteograph ONE workflow[3] - Seer achieved a record number of third-party publications, with more than 60 total to date, validating the performance of the Proteograph technology[3]

Clinical Trials and Product Development - TX45 achieved a 19.0% reduction in pulmonary capillary wedge pressure (PCWP) and an 18.5% improvement in cardiac output in subjects with Group 2 Pulmonary Hypertension (PH) in Heart Failure with Preserved Ejection Fraction (HFpEF) during the Phase 1b clinical trial[89]. - In the Phase 1b clinical trial for TX45 in subjects with Heart Failure with Reduced Ejection Fraction (HFrEF), a 29.2% reduction in PCWP and a 17.3% improvement in cardiac output were observed[90]. - The ongoing APEX Phase 2 clinical trial aims to evaluate the safety and efficacy of TX45, with topline results expected in 2026[92]. - TX2100 is being developed for Hereditary Hemorrhagic Telangiectasia (HHT), with a Phase 1 clinical trial expected to start in Q1 2026[94]. Financial Performance - The company has not generated any revenue since inception and does not expect to do so in the foreseeable future[97]. - Total operating expenses for the three months ended September 30, 2025, increased by $2.25 million (11%) to $21.89 million compared to $19.64 million in 2024[111]. - Research and development expenses for the three months ended September 30, 2025, rose by $2.61 million (18%) to $16.93 million, driven by increased costs for TX2100 and employee-related expenses[112]. - Total operating expenses for the nine months ended September 30, 2025, increased by $18.50 million (42%) to $62.52 million compared to $44.02 million in 2024[116]. - Research and development expenses for the nine months ended September 30, 2025, increased by $14.94 million (46%) to $47.15 million, mainly due to increased CRO and CDMO costs for clinical trials[117]. - The net loss for the nine months ended September 30, 2025, was $54.9 million, up from a net loss of $45.6 million in 2024, indicating a deterioration of 20%[124][125]. Cash and Financing - In February 2025, the company raised approximately $173.1 million through a private placement of 3,689,465 shares of common stock[95]. - The net proceeds from the Private Placement in February 2025 were approximately $173.1 million[122]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $173.5 million, slightly higher than $172.8 million in 2024, showing a marginal increase of 0.4%[127][128]. - Existing cash and cash equivalents of $268.4 million as of September 30, 2025, are expected to fund operating expenses and capital expenditures for at least the next twelve months[139]. Operating Expenses and Commitments - General and administrative expenses are expected to increase due to costs associated with operating as a public company[106]. - General and administrative expenses for the nine months ended September 30, 2025, rose by $3.56 million (30%) to $15.37 million, with employee-related expenses increasing by $2.50 million (42%)[118]. - The company has lease obligations totaling $0.9 million in 2025, increasing to $2.0 million in 2028, with commitments extending through 2029[137]. - The company has no ongoing material financing commitments expected to affect liquidity over the next five years, aside from lease obligations[135]. Market Risks and Future Outlook - Interest rate sensitivity is a primary market risk, with cash and cash equivalents primarily in interest-bearing money market funds, but a 10% change in market interest rates would not materially affect the investment portfolio[139]. - The company anticipates ongoing costs associated with operating as a public company and may need to rely on additional financing to achieve business objectives[134]. - The company expects to incur significant commercialization expenses if marketing approval is obtained for lead product candidates TX45 and TX2100, necessitating substantial additional funding[129].

Clinical Trials and Product Development - TX45 achieved a 19.0% reduction in pulmonary capillary wedge pressure (PCWP) and an 18.5% improvement in cardiac output in subjects with Group 2 Pulmonary Hypertension (PH) in Heart Failure with Preserved Ejection Fraction (HFpEF) during the Phase 1b clinical trial[89]. - In the Phase 1b clinical trial for subjects with Heart Failure with Reduced Ejection Fraction (PH-HFrEF), TX45 demonstrated a 29.2% reduction in PCWP and a 17.3% improvement in cardiac output[90]. - The ongoing APEX Phase 2 clinical trial aims to evaluate the safety and efficacy of TX45, with topline results expected in 2026[92]. - TX2100 is being developed for Hereditary Hemorrhagic Telangiectasia (HHT), with plans to initiate a Phase 1 clinical trial in healthy volunteers in Q1 2026[94]. Financial Performance - The company has not generated any revenue since inception and does not expect to do so in the foreseeable future[97]. - Total operating expenses for the three months ended September 30, 2025, increased by $2.25 million (11%) to $21.89 million compared to $19.64 million in 2024[111]. - Research and development expenses for the three months ended September 30, 2025, rose by $2.61 million (18%) to $16.93 million, driven by increased costs related to TX2100 and employee-related expenses[112]. - Total operating expenses for the nine months ended September 30, 2025, increased by $18.5 million (42%) to $62.52 million compared to $44.02 million in 2024[116]. - Research and development expenses for the nine months ended September 30, 2025, increased by $14.94 million (46%) to $47.15 million, mainly due to increased CRO and CDMO costs for clinical trials[117]. - General and administrative expenses for the nine months ended September 30, 2025, rose by $3.56 million (30%) to $15.37 million, driven by higher employee-related expenses and professional fees[118]. - The net loss for the nine months ended September 30, 2025, was $54.9 million, up from a net loss of $45.6 million in 2024, indicating a 20% increase in losses[124][125]. Cash and Financing - In February 2025, the company raised approximately $173.1 million through a private placement of 3,689,465 shares of common stock[95]. - The net proceeds from the Private Placement in February 2025 were approximately $173.1 million[122]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $45.62 million, compared to $42.26 million in 2024[123]. - Cash used in operating activities for the nine months ended September 30, 2025, was $45.6 million, compared to $42.3 million for the same period in 2024, reflecting an increase of 7.8%[124][125]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $173.5 million, slightly higher than $172.8 million in 2024, showing a marginal increase of 0.4%[127][128]. - Existing cash and cash equivalents of $268.4 million as of September 30, 2025, are expected to fund operating expenses and capital expenditures for at least the next twelve months[139]. Operational and Administrative Expenses - Research and development expenses include costs for clinical trials, employee-related expenses, and fees paid to contract research organizations (CROs)[98]. - General and administrative expenses are expected to increase due to costs associated with operating as a public company[106]. - The company recorded a tax expense of approximately $0.9 million related to the dissolution of its Australian subsidiary, Tectonic Therapeutic Pty Ltd[109]. - Interest income for the three months ended September 30, 2025, increased by $0.95 million (49%) to $2.9 million, primarily due to higher cash and cash equivalents[111]. - Interest income for the nine months ended September 30, 2025, surged by $6.21 million (246%) to $8.73 million, attributed to an increase in cash and cash equivalents from the Merger and Private Placement[116]. Future Outlook and Risks - The company expects to incur significant commercialization expenses if marketing approval is obtained for lead product candidates TX45 and TX2100, necessitating substantial additional funding[129]. - The company anticipates ongoing costs associated with operating as a public company and may need to rely on additional financing to achieve business objectives[134]. - The company has no ongoing material financing commitments expected to affect liquidity over the next five years, aside from lease obligations[135]. - Interest rate sensitivity is a primary market risk, with cash and cash equivalents being affected by changes in U.S. interest rates, but a 10% change would not materially impact the investment portfolio[139]. - The company has entered into license agreements with milestone and royalty payment obligations contingent upon future events, which may affect financial commitments[136].