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 June 30, 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: 001-36332 ALDEYRA THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) 131 Hartwell Avenue, Suite 320 Lexingt ...

Second Quarter 2025 and Recent Operational Highlights: Autoimmune diseases · First SSc patient dosed in ongoing Phase 1 clinical trial in autoimmune diseases. In July 2025, Adicet announced that the first SSc patient was dosed in the second cohort of the Phase 1 clinical trial evaluating ADI-001 in autoimmune diseases, in addition to ongoing enrollment in LN and SLE. The Company recently opened enrollment in the Phase 1 trial to include patients with IIM, SPS and AAV. Adicet remains on track to share prelim ...

RICHMOND, California, August 7, 2025 - Sangamo Therapeutics, Inc. (Nasdaq: SGMO), a genomic medicine company, today reported recent business highlights and second quarter 2025 financial results. "I'm proud of the progress achieved across our pipeline this quarter. The announcement of positive topline results from our registrational STAAR study in Fabry disease represented a significant step forward on our path towards commercialization for this important program," said Sandy Macrae, Chief Executive Officer ...

PART I — FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited condensed consolidated financial statements for the quarter and six months ended June 30, 2025, are presented, highlighting key financial positions and performance [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $89.5 million, liabilities decreased to $9.2 million, and stockholders' equity grew to $80.2 million, primarily due to warrant exercises Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $14,691 | $8,740 | | Marketable securities | $59,716 | $43,224 | | Total current assets | $75,780 | $54,407 | | Total assets | $89,461 | $68,907 | | **Liabilities & Stockholders' Equity** | | | | Warrant liability | $0 | $28,910 | | Total liabilities | $9,233 | $36,339 | | Total stockholders' equity | $80,228 | $32,568 | | Total liabilities and stockholders' equity | $89,461 | $68,907 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For Q2 2025, a net loss of $8.0 million was reported, while the six months ended June 30, 2025, saw a net income of $7.2 million, driven by a non-cash gain from warrant liability revaluation Statement of Operations Highlights (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Research and development | $7,873 | $4,114 | $15,326 | $8,189 | | General and administrative | $2,387 | $1,821 | $4,856 | $3,999 | | Loss from operations | $(10,260) | $(5,935) | $(20,182) | $(12,188) | | Change in fair value of warrant liability | $2,012 | $1,816 | $27,141 | $1,816 | | **Net income (loss)** | **$(7,998)** | **$(4,262)** | **$7,195** | **$(9,963)** | | Net income (loss) per share, basic | $(0.10) | $(0.07) | $0.10 | $(0.18) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity significantly increased to $80.2 million by June 30, 2025, primarily due to proceeds from common stock and pre-funded warrant exercises - The exercise of common stock warrants during the first half of 2025 was a major driver of the increase in stockholders' equity, adding **$23.1 million** from common stock issuance and **$14.5 million** from pre-funded warrant issuance to additional paid-in capital[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was $14.0 million, offset by $36.0 million from financing activities, primarily warrant exercises, leading to a $6.0 million net increase in cash for the six months ended June 30, 2025 Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(14,040) | $(10,638) | | Net cash used in investing activities | $(16,058) | $(17,511) | | Net cash provided by financing activities | $36,049 | $30,370 | | **Net increase in cash and cash equivalents** | **$5,951** | **$2,221** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, liquidity, the impact of warrant exercises, and the company's equity method investment in Angel Pharmaceuticals - As of June 30, 2025, the company had cash, cash equivalents, and marketable securities of **$74.4 million**, which management believes is sufficient to fund planned operations for at least 12 months[31](index=31&type=chunk) - All common warrants were exercised as of June 30, 2025, resulting in total proceeds of **$54.3 million** and eliminating the warrant liability. This led to a recognized gain of **$27.1 million** from the change in fair value for the six months ended June 30, 2025[29](index=29&type=chunk)[81](index=81&type=chunk) - The company holds an approximate **49.7%** ownership interest in Angel Pharmaceuticals and recognized its share of loss from this equity method investment, amounting to **$0.9 million** for the six months ended June 30, 2025[65](index=65&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses the company's clinical pipeline, financial performance, including increased R&D expenses and a net income driven by warrant revaluation, and its liquidity position [Overview and Pipeline Development](index=31&type=section&id=Overview%20and%20Pipeline%20Development) This section provides an overview of Corvus's clinical-stage pipeline, highlighting the lead candidate soquelitinib in Phase 3 for T cell lymphomas and Phase 1 for atopic dermatitis - Soquelitinib is in a registrational Phase 3 trial for relapsed/refractory peripheral T cell lymphoma (PTCL) after receiving FDA Fast Track designation[108](index=108&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - In the Phase 1 trial for atopic dermatitis, soquelitinib showed a mean EASI score reduction of **64.8%** in the highest dose cohort (**200 mg BID**) at 28 days, compared to **34.4%** for placebo. The trial protocol was amended to add an expansion cohort at this dose for an 8-week treatment period[128](index=128&type=chunk)[137](index=137&type=chunk) - The company plans to initiate a Phase 2 clinical trial for soquelitinib in atopic dermatitis by the end of 2025, expecting to enroll approximately **200 patients**[140](index=140&type=chunk) [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Operating expenses, particularly R&D, increased significantly, but a $27.1 million non-cash gain from warrant liability revaluation resulted in a net income for the first half of 2025 Research and Development Expenses by Program (in thousands) | Program | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Soquelitinib | $8,842 | $2,841 | $6,001 | | Ciforadenant | $95 | $408 | $(313) | | Mupadolimab | $48 | $(55) | $103 | | Unallocated employee and overhead costs | $6,341 | $4,995 | $1,346 | | **Total R&D Expenses** | **$15,326** | **$8,189** | **$7,137** | - The increase in soquelitinib costs for H1 2025 was primarily due to a **$3.3 million** increase in drug manufacturing and a **$2.6 million** increase in clinical trial expenses[168](index=168&type=chunk) - The change in fair value of warrant liability resulted in a non-operating income of **$27.1 million** for the six months ended June 30, 2025, as all common warrants were exercised during the period[177](index=177&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) The company held $74.4 million in cash and marketable securities as of June 30, 2025, deemed sufficient for 12 months, bolstered by warrant exercise proceeds and an available ATM program - The company's cash, cash equivalents, and marketable securities totaled **$74.4 million** as of June 30, 2025[180](index=180&type=chunk) - Management believes existing cash is sufficient to fund planned operations for at least **12 months** from the date of the financial statement issuance[152](index=152&type=chunk) - During H1 2025, financing activities provided **$36.0 million** in cash, primarily from **$35.7 million** in proceeds from the exercise of common warrants[192](index=192&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate changes on its $74.4 million cash and marketable securities portfolio, which is managed through low-risk, short-term investments - The company's main market risk is interest rate changes affecting its **$74.4 million** in cash and marketable securities[196](index=196&type=chunk) - Due to the short-term and low-risk nature of its investments, the company does not expect a **10%** change in interest rates to have a material effect on its portfolio's fair value[196](index=196&type=chunk) [Item 4. Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[198](index=198&type=chunk) - There were no material changes to the company's internal control over financial reporting during the second quarter of 2025[199](index=199&type=chunk) PART II — OTHER INFORMATION [Item 1. Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company states that it is not currently involved in any material legal proceedings - As of the report date, Corvus Pharmaceuticals is not a party to any material litigation or legal proceedings[201](index=201&type=chunk) [Item 1A. Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) This section details significant risks, including historical losses, the need for future financing, uncertainties in clinical development, reliance on third parties, and intellectual property challenges - The company has a history of significant operating losses (**$389.8 million** accumulated deficit as of June 30, 2025) and will require substantial additional financing to achieve its goals[204](index=204&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk) - Clinical drug development is lengthy, expensive, and uncertain. Product candidates may fail in later-stage trials despite promising early results, and any delays could increase costs and harm commercial prospects[218](index=218&type=chunk)[223](index=223&type=chunk) - The company relies heavily on third parties, such as contract research organizations (CROs) and contract manufacturers, to conduct clinical trials and produce drug supplies. Poor performance by these third parties could delay or jeopardize development programs[248](index=248&type=chunk)[253](index=253&type=chunk) - The business faces intense competition from larger, better-funded pharmaceutical companies, and its success depends on its ability to protect its intellectual property through patents and trade secrets, which may be challenged or circumvented[308](index=308&type=chunk)[340](index=340&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=133&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section indicates that there were no unregistered sales of equity securities during the reporting period - The company made no sales of unregistered securities during the quarter[415](index=415&type=chunk) [Item 5. Other Information](index=135&type=section&id=Item%205.%20Other%20Information) The company reports that none of its directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025 - During the quarter ended June 30, 2025, no directors or officers adopted, modified, or terminated a Rule 10b5-1 trading plan[416](index=416&type=chunk) [Item 6. Exhibits](index=135&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate documents, CEO/CFO certifications, and financial data in Inline XBRL format - The report includes required certifications from the CEO and CFO (Exhibits **31.1**, **31.2**, **32.1**) and financial data in Inline XBRL format (Exhibit **101** series)[419](index=419&type=chunk)

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-39156 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q _________________________________ (Address of principal executive offices and zip code) (866) 8 ...

EXHIBIT 99.1 Celldex Reports Second Quarter 2025 Financial Results and Provides Corporate Update HAMPTON, N.J., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Celldex Therapeutics, Inc. (NASDAQ:CLDX) today reported financial results for the second quarter ended June 30, 2025 and provided a corporate update. "In the second quarter of 2025, data from our now completed Phase 2 study in chronic spontaneous urticaria were presented that we believe clearly show that barzolvolimab is best in disease and achieves the goal of tr ...

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 June 30, 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: 001-38221 Ecovyst Inc. (State or other jurisdiction of incorporation or organization) 600 Lee Road, Suite 200 Wayne, Pennsylvania 19 ...

Press Release For Immediate Release Reiterates 4Q 2025 launch timing for 5G Increases 2025 Financial Guidance, which includes current impact of global tariffs BROOMFIELD, Colo. - August 7, 2025 – Gogo Inc. (NASDAQ: GOGO) ("Gogo" or the "Company"), a leading global provider of broadband connectivity services for the business and military/government mobility aviation markets, today announced its financial results for the quarter ended June 30, 2025. Second quarter financial results for Gogo include the impact ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements, including assets, operations, cash flows, and investment schedules, for Q2 2025 [Consolidated Statements of Assets and Liabilities](index=4&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Total assets decreased to **$1.04 billion** by June 30, 2025, reducing net assets to **$498.9 million** and NAV per share to **$13.66** Consolidated Statements of Assets and Liabilities (in thousands) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Total investments at fair value | $1,024,951 | $1,076,840 | | Total assets | $1,041,257 | $1,091,355 | | Total debt, less unamortized deferred financing costs | $515,948 | $552,332 | | Total liabilities | $542,383 | $576,486 | | Total net assets | $498,874 | $514,869 | | Net asset value per share | $13.66 | $13.79 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 total investment income was **$35.1 million**, with net investment income at **$13.9 million**, and a net increase in net assets of **$16.8 million** Financial Performance Summary (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Investment Income | $35,147 | $34,193 | $70,545 | $74,202 | | Net Investment Income | $13,948 | $14,591 | $29,547 | $33,255 | | Net Realized and Unrealized Gain (Loss) | $2,849 | $(6,300) | $(10,884) | $(12,917) | | **Net Increase (Decrease) in Net Assets** | **$16,797** | **$8,291** | **$18,663** | **$20,338** | | Net Investment Income per Share | $0.38 | $0.37 | $0.79 | $0.84 | | Net Increase (Decrease) in Net Assets per Share | $0.45 | $0.21 | $0.50 | $0.51 | [Consolidated Statements of Changes in Net Assets](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets decreased by **$16.0 million** for the six months ended June 30, 2025, primarily due to distributions and stock repurchases Reconciliation of Net Assets for the Six Months Ended June 30, 2025 (in thousands) | Description | Amount | | :--- | :--- | | Balances at December 31, 2024 | $514,869 | | Net increase in net assets from operations | $18,663 | | Repurchase of common stock | $(8,141) | | Dividends paid to stockholders | $(26,517) | | **Balances at June 30, 2025** | **$498,874** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to **$73.3 million** for H1 2025, with **$6.0 million** cash at period-end Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $73,265 | $29,953 | | Net cash (used in) provided by financing activities | $(73,058) | $(24,113) | | Net increase (decrease) in cash and cash equivalents | $209 | $5,840 | | **Cash and cash equivalents at end of period** | **$5,960** | **$8,810** | [Consolidated Schedule of Investments](index=8&type=section&id=Consolidated%20Schedule%20of%20Investments) The investment portfolio totaled **$1.025 billion** as of June 30, 2025, primarily in debt investments (**93.9%**), with top concentrations in Application Software Portfolio Composition by Investment Type (June 30, 2025) | Investment Type | Cost ($k) | Fair Value ($k) | % of Total Portfolio | | :--- | :--- | :--- | :--- | | Senior Secured Loans | 955,354 | 941,705 | 91.88% | | Second Lien Loans | 20,902 | 20,778 | 2.03% | | Preferred Stock/Units | 51,920 | 39,549 | 3.86% | | Warrants | 23,804 | 14,500 | 1.41% | | Other | 14,084 | 8,419 | 0.82% | | **Total** | **1,066,064** | **1,024,951** | **100.00%** | Top 5 Industry Concentrations by Fair Value (June 30, 2025) | Industry | Investments at Fair Value ($k) | Percentage of Net Assets | | :--- | :--- | :--- | | Application Software | $225,083 | 45.12% | | Commercial & Professional Services | $177,181 | 35.51% | | Health Care Equipment & Services | $145,164 | 29.10% | | Systems Software | $133,628 | 26.79% | | Technology Hardware & Equipment | $86,645 | 17.37% | [Notes to Consolidated Financial Statements](index=24&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details accounting policies, fair value measurement, related party agreements, debt facilities, and tax status as a RIC [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=67&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, portfolio activity, and liquidity, highlighting stable credit quality and strong liquidity with **$297.0 million** available - For the six months ended June 30, 2025, the company funded **$54.0 million** in new and existing portfolio companies and received **$107.9 million** in sales and repayments[229](index=229&type=chunk) - The dollar-weighted annualized yield on the debt investment portfolio was **15.4%** for Q2 2025, compared to **15.1%** for Q2 2024[227](index=227&type=chunk) - As of June 30, 2025, the company had **$297.0 million** in available liquidity, including cash and availability under its Credit Facility, and an asset coverage ratio of **195%**[263](index=263&type=chunk)[264](index=264&type=chunk) [Portfolio Composition and Investment Activity](index=70&type=section&id=Portfolio%20Composition%20and%20Investment%20Activity) The **$1.025 billion** investment portfolio, primarily senior secured loans, saw **$54.0 million** funded and **$107.9 million** from repayments in H1 2025 Investment Portfolio Reconciliation (in thousands) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Beginning investment portfolio | $1,076,840 | $1,067,009 | | Purchases of investments | $54,039 | $100,025 | | Sales and repayments of investments | $(107,873) | $(61,507) | | Net realized/unrealized & other | $(9,455) | $(12,036) | | **Ending investment portfolio** | **$1,024,951** | **$1,063,324** | [Asset Quality](index=72&type=section&id=Asset%20Quality) Debt portfolio credit quality remained strong, with **93.9%** in top categories and only **one investment** on non-accrual status as of June 30, 2025 Debt Investment Rating Distribution by Fair Value | Investment Rating | June 30, 2025 (% of Portfolio) | December 31, 2024 (% of Portfolio) | | :--- | :--- | :--- | | 1 (Strong Performance) | 2.18% | 2.53% | | 2 (Acceptable Performance) | 66.05% | 62.39% | | 3 (Below Plan, Monitored) | 21.83% | 21.50% | | 4 (Materially Below Plan) | 3.62% | 3.17% | | 5 (Going Concern Issues) | 0.23% | 0.52% | - As of June 30, 2025, only **one investment**, Mingle Healthcare Solutions, Inc., was on non-accrual status, with a fair value of **$2.4 million**. This is an improvement from **two investments** with a fair value of **$5.6 million** at the end of 2024[233](index=233&type=chunk) [Results of Operations](index=73&type=section&id=Results%20of%20Operations) Q2 2025 net investment income was **$13.9 million**, impacted by higher expenses, with a net unrealized gain of **$4.4 million** Comparison of Results of Operations (in thousands) | | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total investment income | $35,147 | $34,193 | | Total operating expenses | $21,199 | $19,602 | | **Net investment income** | **$13,948** | **$14,591** | | Net realized gain (loss) | $(1,512) | $0 | | Net change in unrealized gain (loss) | $4,361 | $(6,300) | | **Net increase in net assets** | **$16,797** | **$8,291** | [Financial Condition, Liquidity, Capital Resources and Obligations](index=78&type=section&id=Financial%20Condition%2C%20Liquidity%2C%20Capital%20Resources%20and%20Obligations) The company maintains robust liquidity with **$297.0 million** available and a **195%** asset coverage ratio, continuing its capital return strategy - As of June 30, 2025, the company had **$297.0 million** in available liquidity, including **$6.0 million** in cash and **$291.0 million** available under its Credit Facility[263](index=263&type=chunk) - The asset coverage ratio was **195%** as of June 30, 2025, exceeding the regulatory requirement of **150%**[264](index=264&type=chunk) - On May 7, 2025, the Board approved a new **$25.0 million** share repurchase program. Through June 30, 2025, the company repurchased **815,408 shares** for **$8.1 million** under this program[275](index=275&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=82&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces valuation and interest rate risks, with **96.7%** of performing debt at variable rates, sensitive to rate changes - The company's investments are primarily **illiquid Level 3 investments** and valued in good faith by the Board of Directors, creating **valuation risk** as these values may differ significantly from those in a ready market[284](index=284&type=chunk) - As of June 30, 2025, **96.7%** of the company's performing debt portfolio bore interest at **variable rates**, primarily tied to SOFR and Prime rates[286](index=286&type=chunk) Annualized Interest Rate Sensitivity Analysis | Scenario | Maximum Impact on Investment Income | | :--- | :--- | | 200 basis point increase | +$17.3 million | | 200 basis point decrease | -$10.9 million | [Controls and Procedures](index=84&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were **effective**, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures are **effective** in timely alerting them to material information required for SEC reporting[293](index=293&type=chunk) - **No changes occurred** during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[294](index=294&type=chunk) [PART II. OTHER INFORMATION](index=85&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=85&type=section&id=Item%201.%20Legal%20Proceedings) The company and its adviser are **not currently subject to any material legal proceedings** - The Company and its adviser, RGC, are **not currently subject to any material legal proceedings**[297](index=297&type=chunk) [Risk Factors](index=85&type=section&id=Item%201A.%20Risk%20Factors) **No material changes** to previously disclosed risk factors have occurred - **No material changes** to the risk factors discussed in the Annual Report on Form 10-K for the year ended December 31, 2024, have occurred during the period ended June 30, 2025[299](index=299&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=85&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **815,408 shares** under its Fourth Repurchase Program, with **$16.9 million** remaining for future repurchases - During the three and six months ended June 30, 2025, the company repurchased **815,408 shares** under its Fourth Repurchase Program[302](index=302&type=chunk) - As of June 30, 2025, approximately **$16.9 million** remained available for share repurchases under the Fourth Repurchase Program[302](index=302&type=chunk) [Defaults Upon Senior Securities](index=85&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) **No defaults** upon senior securities were reported during the period - **None**[303](index=303&type=chunk) [Other Information](index=85&type=section&id=Item%205.%20Other%20Information) No other material information was required, and **no director or officer** entered into Rule 10b5-1 trading plans - For the period covered by the report, **no director or officer** of the Company has entered into any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements[306](index=306&type=chunk) [Exhibits](index=87&type=section&id=Item%206.%20Exhibits) Exhibits include CEO and CFO certifications and Inline XBRL documents - Exhibits filed include CEO and CFO certifications pursuant to Rule 13a-14 and Section 906 of the Sarbanes-Oxley Act, along with Inline XBRL documents[307](index=307&type=chunk) [Signatures](index=88&type=section&id=SIGNATURES) The report was **duly signed and authorized** on August 7, 2025, by the CEO and CFO - The report was **duly signed and authorized** on August 7, 2025, by R. David Spreng, President and Chief Executive Officer, and Thomas B. Raterman, Chief Financial Officer[309](index=309&type=chunk)[311](index=311&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 June 30, 2025 For the transition period from to Commission File Number: 001-42192 COVENANT LOGISTICS GROUP, INC. (Exact name of registrant as specified in its charter) Nevada 88-0320154 (State or other ju ...