Financial Performance - Total revenues for Q3 2025 decreased by $26.2 million year over year to $422.6 million, a decline of 5.8%[5] - The net loss available to common stockholders for the quarter was $(42.3) million, translating to a basic and diluted net loss per share of $(1.31)[5] - Adjusted EBITDA for Q3 2025 decreased by $1.5 million year over year to $41.7 million[5] - Net loss for the nine months ended September 30, 2025, was $68.6 million, compared to a net loss of $51.5 million for the same period in 2024[24] - Gross profit for Q3 2025 was $117.8 million, down from $124.6 million in Q3 2024, reflecting a gross margin of 27.8%[23] - Rental revenues decreased to $48.4 million in Q3 2025, down 10.4% from $53.7 million in Q3 2024[23] - The company reported a basic loss per share of $1.31 for Q3 2025, compared to a loss of $0.86 per share in Q3 2024[23] - Total operating expenses for the nine months ended September 30, 2025, were $337.1 million, down from $361.0 million in 2024[23] - Adjusted EBITDA for the nine months ended September 30, 2025, is $123.8 million, slightly down from $127.6 million in 2024[26] - Basic net loss per share for the three months ended September 30, 2025, is $(1.31), compared to $(0.86) in the same period of 2024[26] Asset and Liability Management - Total assets as of September 30, 2025, were $1,431.0 million, a decrease from $1,480.4 million as of December 31, 2024[22] - Cash increased to $14.1 million from $13.4 million as of December 31, 2024[22] - Accounts receivable rose to $216.0 million, up from $199.7 million as of December 31, 2024[22] - Inventories decreased to $504.6 million from $535.9 million as of December 31, 2024[22] - Total current liabilities decreased to $542.7 million from $577.2 million as of December 31, 2024[22] - Long-term debt, net of current portion, increased slightly to $483.1 million from $480.0 million as of December 31, 2024[22] - The accumulated deficit increased to $(223.9) million from $(149.3) million as of December 31, 2024[22] - Total stockholders' equity decreased to $2.9 million from $77.6 million as of December 31, 2024[22] - Floor plan payable for new equipment decreased to $270.8 million from $293.4 million as of December 31, 2024[22] - Total debt as of September 30, 2025, is $1,116.2 million, an increase from $1,103.4 million as of December 31, 2024[26] Strategic Initiatives and Market Outlook - Construction Equipment segment revenues decreased by $20.7 million, primarily due to a deliberate fleet optimization strategy, resulting in a rental fleet size approximately $40 million below the prior year[4] - Product support revenues increased by 1.1% year over year to $141.7 million, with a gross profit percentage rising by 160 basis points to 47.2%[5] - The enactment of the One Big Beautiful Bill Act (OBBBA) is expected to positively impact future cash taxes and liquidity, as the company is now in a taxable loss position[9] - The company completed the divestiture of its Dock and Door division for $6.4 million, with $3.1 million received in cash at close[9] - The company projects Adjusted EBITDA for the full fiscal year 2025 to be between $168.0 million and $172.0 million[9] - DOT spending budgets in major U.S. markets are projected to rise by 6.0% in fiscal 2026, supporting infrastructure projects[4] - October 2025 was noted as the strongest month of the year for equipment sales, particularly in the Construction Equipment segment, indicating potential recovery[4] Cash Flow and Financing Activities - Cash provided by financing activities was $20.7 million for the nine months ended September 30, 2025, compared to $9.7 million in 2024[24] - Cash paid for interest in the nine months ended September 30, 2025, was $51.9 million, compared to $43.8 million in 2024[24] - Net cash used in investing activities was $19.3 million for the nine months ended September 30, 2025, compared to $48.0 million in 2024[24] Expense Management - Interest expense for the nine months ended September 30, 2025, is $66.6 million, up from $57.9 million in 2024[26] - Depreciation and amortization for the three months ended September 30, 2025, is $34.9 million, down from $37.8 million in 2024[26]

Business Operations - PENN Entertainment operates in 28 jurisdictions across North America, with a diversified portfolio including casinos, racetracks, and online sports betting, supported by over 33 million members in its PENN Play loyalty program [187]. - The company plans to rebrand its U.S. online sports betting offering to theScore Bet by December 1, 2025, leveraging its existing media app with approximately 4 million monthly active users [188]. - The Joliet Project, relocating its riverboat casino, opened on August 11, 2025, featuring approximately 1,000 slots and 43 live table games, with $130 million in funding from GLPI resulting in a $10.1 million increase in annual rent [193]. - The Aurora Project is expected to open in Q2 2026, featuring roughly 1,200 gaming positions and 220 guest rooms, with up to $50 million funded by the City of Aurora [194]. - The second hotel tower at M Resort is set to open on December 1, 2025, adding 384 rooms and resulting in an $11.7 million increase in annual rent after receiving $150 million in funding from GLPI [195]. - The Ameristar Council Bluffs project is anticipated to cost between $180 million and $200 million, with GLPI committed to finance up to $150 million at a 7.1% cap rate [197]. Financial Performance - Total revenues for the three months ended September 30, 2025, increased by $78.1 million, or 4.8%, to $1,717.3 million compared to $1,639.2 million in the prior year [215]. - Interactive segment revenues for the three months ended September 30, 2025, increased by $53.1 million, or 21.7%, to $297.7 million compared to $244.6 million in the prior year [213]. - Net loss for the three months ended September 30, 2025, was $865.1 million, compared to a net loss of $37.5 million in the prior year [213]. - Consolidated Adjusted EBITDA for the three months ended September 30, 2025, was $194.9 million, a slight increase from $193.5 million in the prior year [213]. - Gaming revenues for the nine months ended September 30, 2025, increased by $112.6 million, or 2.9%, to $3,991.2 million compared to $3,878.6 million in the prior year [216]. - Operating expenses for the three months ended September 30, 2025, increased by $922.0 million, or 58.7%, to $2,493.7 million compared to $1,571.7 million in the prior year [219]. - Food, beverage, hotel, and other revenues for the three months ended September 30, 2025, increased by $40.9 million, or 11.6%, to $392.1 million compared to $351.2 million in the prior year [217]. Impairment and Charges - The Company recorded an impairment charge of $825.0 million in the Interactive segment for the three months ended September 30, 2025, due to a realignment of its digital focus following the early termination of the Sportsbook Agreement with ESPN [224]. - For the nine months ended September 30, 2025, the Company also recognized an additional impairment charge of $15.0 million at its ACB property related to a trademark rebranding decision [225]. - The company recorded a goodwill impairment of $825.0 million due to the carrying amount exceeding the fair value of the reporting unit [298]. Capital Expenditures and Debt - The company incurred capital expenditures of $324.1 million during the nine months ended September 30, 2025, primarily related to PENN Development Projects [274]. - The company anticipates capital expenditures of approximately $255.0 million for the year ending December 31, 2025, including $430.0 million for capital project expenditures related to PENN Development Projects [274]. - As of September 30, 2025, the company had $2.9 billion in aggregate principal amount of indebtedness, including $1.9 billion outstanding under Amended Credit Facilities [277]. - The company maintains a capital structure with a mix of equity and debt financing, expecting to meet debt obligations through internally-generated funds or refinancing [294]. Tax and Interest - Income tax expense for the three months ended September 30, 2025, was $5.3 million, compared to $2.8 million for the same period in 2024 [234]. - The effective tax rate for the three months ended September 30, 2025, was (56.7)%, reflecting significant changes in tax calculations [234]. - Interest expense, net decreased by $21.2 million for the three months ended September 30, 2025, compared to the prior year [228]. Future Outlook - The company expects future growth from online sports betting and iCasino businesses, expansions of existing properties, and strategic acquisitions [199]. - Future cash flow generation will depend on various economic and competitive factors, with no assurance of achieving anticipated earnings projections [293]. - The company expects future growth through acquisitions, development projects, and expansion in under-penetrated markets, though there are no guarantees [293]. - A 10% decrease in forecasted revenues and EBITDA could result in an additional impairment loss of $105.0 million for the Interactive reporting unit [301]. Currency Adjustments - An unrealized foreign currency translation adjustment loss of $38.2 million was incurred for the three months ended September 30, 2025 [310]. - The company experienced an unrealized foreign currency translation adjustment gain of $53.8 million for the nine months ended September 30, 2025 [310]. - The company did not enter into hedging arrangements to mitigate foreign currency fluctuations [310].

Financial Performance - Net sales for the three months ended September 30, 2025, increased by $2,392 million, or 71%, compared to the same period in 2024, reaching $5,745 million[139]. - Gross profit for the same period was $1,124 million, representing a gross margin of 19.6%[129]. - Net income attributable to Amcor plc increased by $71 million, or 37%, to $262 million for the three months ended September 30, 2025[140]. - Adjusted net income for the three months ended September 30, 2025, was $448 million, compared to $234 million in the same period of 2024[159]. - Diluted earnings per share decreased by $0.019, or 14%, to $0.113 due to a 60% increase in the diluted weighted average number of shares outstanding[141]. Segment Performance - The Global Flexible Packaging Solutions segment reported net sales of $3,257 million, a 28% increase compared to the prior year, with adjusted EBIT of $426 million[142]. - The Global Rigid Packaging Solutions segment saw net sales rise by $1,687 million, or 211%, with adjusted EBIT increasing by $233 million, or 377%[144]. Expenses and Costs - SG&A expenses rose to $435 million, up $159 million from $276 million in the prior year, with SG&A as a percentage of net sales decreasing to 7.6% from 8.2%[147]. - Amortization of acquired intangible assets increased by $94 million, or 241%, reaching $133 million compared to $39 million in the previous year, representing 2.3% of net sales[148]. - Research and development expenses increased by $18 million, or 64%, totaling $46 million, maintaining a consistent 0.8% of net sales[149]. - Restructuring, transaction, and integration expenses rose by $69 million to $75 million, with net expenses as a percentage of net sales increasing to 1.3% from 0.2%[150]. - Interest expense surged by $82 million to $168 million, accounting for 2.9% of net sales, up from 2.6%[153]. Strategic Initiatives - The merger with Berry Global Group, completed on April 30, 2025, involved a purchase consideration of $10.4 billion, excluding assumed debt of approximately $5.2 billion[131]. - The Berry Plan aims to achieve approximately $530 million in pre-tax synergies by the end of fiscal year 2028, with an estimated total pre-tax cash cost of $280 million[132]. - The company is reviewing strategic alternatives for businesses with combined sales of $2.5 billion to maximize portfolio value[134]. Market Conditions - Market conditions remain challenging, with softer consumer demand and higher costs impacting financial results[135]. Cash Flow and Debt - Net cash used in operating activities decreased by $136 million to $(133) million for the three months ended September 30, 2025, compared to $(269) million for the same period in 2024[177]. - Net cash used in investing activities increased by $71 million to $(226) million for the three months ended September 30, 2025, primarily due to higher net purchases of property, plant, and equipment[178]. - Net cash provided by financing activities increased by $121 million to $358 million for the three months ended September 30, 2025, driven by higher net borrowings of commercial paper[179]. - As of September 30, 2025, the company's net debt was $14.0 billion, an increase from $13.3 billion as of June 30, 2025[184]. Dividend Information - The company declared and paid a cash dividend of $0.1275 per ordinary share during the three months ended September 30, 2025[186]. Obligor Group Performance - Obligor Group 1 reported total net sales of $443 million for the three months ended September 30, 2025, while Obligor Group 2 reported $202 million, and Obligor Group 3 also reported $443 million[169]. - Gross profit for Obligor Group 1 was $100 million, Obligor Group 2 was $42 million, and Obligor Group 3 was $100 million for the same period[169]. - Net income attributable to Obligor Group was $183 million for Group 1, $152 million for Group 2, and $183 million for Group 3[169]. - Total assets for Obligor Group 1 were $18,085 million, Group 2 was $3,086 million, and Group 3 was $18,085 million as of September 30, 2025[170]. - Total liabilities for Obligor Group 1 were $28,166 million, Group 2 was $10,400 million, and Group 3 was $27,126 million as of September 30, 2025[170].

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 September 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: 001-37378 ATYR PHARMA, INC. (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b ...

Financial Position - The company reported an accumulated deficit of $592.2 million as of September 30, 2025, and expects to continue incurring net losses for the foreseeable future[86]. - As of September 30, 2025, the company had cash, cash equivalents, restricted cash, and available-for-sale investments totaling $92.9 million, sufficient to meet material cash requirements for at least one year[86]. - The company has financing lease liabilities totaling $1.0 million and $1.5 million in cash collateral for the financing lease included in restricted cash[98]. - The average term to maturity in the company's investment portfolio is less than one year, with net cash used in investing activities of $(21.5) million in 2025 compared to $23.3 million provided in 2024[91]. - The company has no off-balance sheet arrangements as of September 30, 2025[99]. Clinical Development - The company’s lead therapeutic candidate, efzofitimod, received orphan drug designations from the FDA for the treatment of sarcoidosis and systemic sclerosis-associated interstitial lung disease[73][74]. - In a Phase 3 clinical trial (EFZO-FIT) involving 268 patients, efzofitimod did not meet its primary endpoint of reducing mean daily oral corticosteroid dose at week 48, but showed a clinically meaningful improvement in the King's Sarcoidosis Questionnaire score[76]. - The EFZO-CONNECT study for efzofitimod in patients with systemic sclerosis-associated interstitial lung disease is ongoing, with interim data showing improvement in three out of four patients treated[78]. - The company plans to meet with the FDA in Q1 2026 to discuss the path forward for efzofitimod based on trial findings[76]. - The company expects research and development expenses to continue increasing, primarily for the clinical development of efzofitimod and other potential therapeutics[103]. Revenue and Financing - The company has not generated any revenues from product sales to date and anticipates increased expenses related to clinical development and commercialization efforts for efzofitimod[93]. - The company relies primarily on equity securities and collaboration agreement revenues for financing, with ongoing volatility in capital markets affecting its stock price and financing activities[87]. - The Jefferies ATM Offering Program allows the company to sell up to $215.0 million in common stock, with $40.3 million net proceeds from 20,653,450 shares sold in 2024 and $66.4 million from 13,887,177 shares sold in 2025[88]. - Under the Kyorin Agreement, the company has received $20.0 million in upfront and milestone payments and is eligible for an additional $155.0 million upon achieving specific milestones[89]. Expenses - For the nine months ended September 30, 2025, net cash used in operating activities was $49.8 million, a decrease from $56.0 million in the same period of 2024, primarily due to reduced costs associated with the EFZO-FIT study[90]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $66.1 million, significantly higher than $21.0 million in 2024, mainly from the Jefferies ATM Offering Program[92]. - Research and development expenses for Q3 2025 were $22.1 million, an increase of $7.3 million from $14.8 million in Q3 2024, primarily due to increased manufacturing costs[109]. - General and administrative expenses for Q3 2025 were $4.8 million, up $1.5 million from $3.3 million in Q3 2024, driven by higher personnel and professional fees[111]. - General and administrative expenses for the nine months ended September 30, 2025 were $13.7 million, an increase of $3.5 million from $10.2 million in the same period of 2024[115]. Other Financial Metrics - License and collaboration agreement revenues for Q3 2025 were $190,000, a decrease of $45,000 compared to Q3 2024 revenues of $235,000[113]. - Other income (expense), net for Q3 2025 was $1.0 million, an increase of $117,000 from $882,000 in Q3 2024, attributed to higher cash balances[112]. - Other income, net for the nine months ended September 30, 2025 was $2.7 million, a decrease of $368,000 from $3.0 million in the same period of 2024, primarily due to lower interest rates[116]. - The increase in research and development expenses in Q3 2025 was primarily due to an $8.2 million rise in manufacturing costs for efzofitimod[109]. - Non-cash expenses in research and development for Q3 2025 increased by $0.1 million, mainly due to higher stock-based compensation[109]. - The company anticipates fluctuations in both research and general administrative expenses based on the future direction of efzofitimod in pulmonary sarcoidosis[110][111].

Financial Performance - For the three months ended September 30, 2025, the company reported a revenue increase of 25% compared to the same period in 2024[8]. - The total assets as of September 30, 2025, were $150 million, up from $120 million as of December 31, 2024, representing a 25% increase[8]. - The company generated negative operating cash flows for the nine months ended September 30, 2025, amounting to $5 million[16]. - There are uncertainties regarding the timing of future cash flows from operating activities[17]. Operational Developments - The expected completion of the LCM Acquisition is anticipated to enhance the company's production capacity and market reach[15]. - The company plans to develop its magnet production facility, with expected production milestones set for Q2 2026[15]. - Demand for neodymium iron boron (NdFeB) magnets is projected to increase significantly as the production facility becomes operational[15]. - The Round Top project is under development, with key milestones expected to be achieved by the end of 2025[15]. - The management team is focused on recruiting key personnel to support operational growth and expansion plans[15]. - The company is currently evaluating financing options to support its long-term growth strategy and operational needs[15]. Market and Competition - The company faces competition in the magnet manufacturing industry, which may impact market share and pricing[17]. - The growth of existing and emerging uses for neo magnets presents potential market opportunities[17]. Supply Chain and Production Risks - The company has identified potential risks related to the supply chain for rare earth elements, which could impact production timelines[17]. - The magnet production business is subject to the availability of rare earth element ("REE") oxide and metal feedstock[17]. - Rising costs, including electricity and tariffs, could impact production expenses and profitability[17]. - The impacts of climate change and force majeure events could disrupt operations and supply chains[17]. Regulatory and Compliance Issues - The LCM Acquisition is subject to regulatory approvals, which may impose conditions that could adversely affect the combined company[19]. - The company is exposed to risks related to compliance with environmental, health, and safety regulations[17]. - The company may experience delays in the completion of the LCM Acquisition, affecting operational focus[19]. - The company must manage relationships with customers and suppliers to ensure continued business success[17].

Financial Performance - Net revenue for Q3 2025 was $80.5 million, a decrease from $94.4 million in Q3 2024[19] - Quarterly net income was $1.7 million, compared to $3.4 million in the same quarter last year[19] - Operating income for Q3 2025 was $5.4 million, compared to $6.4 million in Q3 2024[19] - Adjusted EBITDA for the quarter was reported at $11.0 million[5] - Adjusted EBITDA for the nine months ended September 30, 2025, was $11,981 million, down from $20,761 million in the same period of 2024[27] Guidance and Projections - Full year revenue guidance is reiterated at $340 million to $360 million, with Adjusted EBITDA guidance of $47 million to $53 million[8] Expenses and Cost Management - Total operating expenses for Q3 2025 were $24.7 million, down from $27.7 million in the same quarter last year[19] - Debt refinancing reduced the cost of capital on the term loan by over 450 basis points, resulting in expected annual interest savings of over $2 million[7] Assets and Liabilities - Total assets decreased from $298,861 million as of December 31, 2024, to $278,207 million as of September 30, 2025, representing a decline of approximately 6.8%[22] - Current liabilities decreased from $123,672 million to $111,554 million, a reduction of about 9.8%[22] Cash Flow and Investments - Net cash provided by operating activities was $22,121 million for the nine months ended September 30, 2025, compared to a net cash used of $8,553 million in the prior year[25] - The company made an acquisition that resulted in a cash inflow of $2,515 million, contrasting with a cash outflow of $77,294 million for acquisitions in the previous year[25] Shareholder Actions - The company repurchased approximately 695,000 shares for $10 million at an average price of $14.40 per share during Q3 2025[5] Accounts Receivable and Losses - The company reported a significant increase in accounts receivable, which rose from $93,118 million to $56,754 million, indicating improved collection efforts[22] - Net loss for the nine months ended September 30, 2025, was $1,878 million, an improvement compared to a net loss of $3,956 million for the same period in 2024[25] - The company incurred $1,923 million in loss on extinguishment of debt during the nine months ended September 30, 2025[25] Stock-Based Compensation - Stock-based compensation increased to $4,306 million for the nine months ended September 30, 2025, compared to $3,447 million in the same period of 2024[27] Product Development - The company launched or announced more than 40 new products since Q2 2025, including officially licensed PlayStation headsets and Nintendo-licensed accessories[4]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ______________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 27 Drydock Avenue 8th Floor Boston, MA 02210 (Address of principal executive offices) (Zip Code) Registrant's telephone nu ...

Company Overview - As of September 30, 2025, Sunrun operates the largest fleet of residential solar energy systems in the U.S. with a Networked Solar Energy Capacity of 8,188 megawatts (MW) and Gross Earning Assets of approximately $20.9 billion[117]. - The company has experienced substantial growth since its inception in 2007, particularly following the acquisition of Vivint Solar on October 8, 2020[117]. - As of September 30, 2025, Sunrun had approximately 9,751 full-time employees, reflecting strategic adaptation to industry trends and operational efficiency[135]. Financial Performance - Total revenue for Q3 2025 reached $724.6 million, a 35% increase from $537.2 million in Q3 2024[166]. - Revenue from customer agreements and incentives increased by 21% to $491.6 million, driven by new systems placed in service[166]. - Solar energy systems sales surged by 249% to $164.8 million, attributed to a significant transaction involving third-party sales[167]. - For the nine months ended September 30, 2025, total revenue was $1.8 billion, an 18% increase from $1.5 billion in the same period of 2024[178]. - Revenue from solar energy systems and product sales for the nine months increased by 11% to $445.6 million[178]. - Net loss for Q3 2025 was $277.8 million, compared to a net loss of $412.2 million in Q3 2024[176]. - The income tax benefit increased by $180.7 million, or 670%, primarily due to increased benefits from transferring investment tax credits[188]. Assets and Liabilities - Total gross earning assets reached $20,851,003 million as of September 30, 2025, compared to $16,779,712 million in 2024[142]. - The noncontrolling interest balance as of September 30, 2025, was $1,660.7 million[139]. - As of September 30, 2025, the company had cash of $709.1 million and outstanding borrowings of $319.2 million on its credit facility[190]. Market Conditions and Risks - Market uncertainties, including rising interest rates and inflation, have impacted the company's financing structure and may continue to affect its capital availability[121]. - The company is exposed to market risks primarily due to changes in interest rates, particularly on floating-rate borrowings based on SOFR[200]. - Economic conditions could lead to higher interest rates, increasing interest and operating expenses, thus reducing available funds for capital investments[200]. - There have been no material changes in market risk exposure since December 31, 2024[200]. Revenue Recognition and Accounting Policies - Revenue from customer agreements and incentives primarily includes sales of solar renewable energy credits (SRECs) and is recognized upon the transfer of control of goods or services[150]. - Revenue from solar energy systems sales is recognized when the system passes inspection, typically after installation but before permission to operate (PTO)[155]. - The company has determined that critical accounting policies include revenue recognition, impairment of long-lived assets, and business combinations[149]. Subscriber and Customer Metrics - Subscriber additions for the three months ended September 30, 2025, were 30,104, compared to 30,348 in the same period of 2024[142]. - Total customers increased to 1,137,913 as of September 30, 2025, compared to 1,015,910 in 2024[142]. - The contracted subscriber value per subscriber increased to $48,507 as of September 30, 2025, from $44,551 in 2024[142]. Strategic Initiatives - Sunrun aims to expand its grid services business and become a key dispatchable energy resource for the grid, leveraging its position as the largest home-to-grid power plant owner[129]. - The electrification of U.S. households with renewable energy presents significant market opportunities, including EV chargers and home energy management services[130]. - The company plans to pursue acquisitions of previously installed solar systems opportunistically to expand its customer base and Networked Solar Energy Capacity[131].

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $28.1 million, representing a 31% increase compared to $21.4 million for the same period in 2024[190]. - Product revenue for the three months ended September 30, 2025, was $26.3 million, an increase of $6.3 million, or 32%, compared to the same period in 2024[191]. - Cell processing product revenue increased by $6.3 million, or 33%, during the three months ended September 30, 2025, driven by increased customer demand for commercially approved therapies[192]. - Rental revenue for the three months ended September 30, 2025, was $1.8 million, representing a 24% increase compared to $1.4 million for the same period in 2024[197]. - Total revenue for the nine months ended September 30, 2025, was $77.4 million, a 30% increase from $59.5 million for the same period in 2024[190]. - Product revenue from cell processing products increased by $16.6 million, or 31%, during the nine months ended September 30, 2025, compared to the same period in 2024[193]. - Product revenue from evo and Thaw products increased by $0.9 million, or 54%, during the nine months ended September 30, 2025, compared to the same period in 2024[195]. - Service revenues were immaterial during the three and nine months ended September 30, 2025, and 2024[196]. Operating Expenses - Total operating expenses increased by $6.3 million, or 29%, for the three months ended September 30, 2025, and by $30.8 million, or 48%, for the nine months ended September 30, 2025 compared to the same periods in 2024[199]. - Cost of product, rental, and service revenue rose by $2.7 million, or 37%, for the three months ended September 30, 2025, and by $7.2 million, or 36%, for the nine months ended September 30, 2025 compared to the same periods in 2024[200]. - General and administrative expenses increased by $2.7 million, or 29%, for the three months ended September 30, 2025, and by $5.9 million, or 20%, for the nine months ended September 30, 2025 compared to the same periods in 2024[204][205]. - Research and development expenses increased by $0.8 million, or 43%, for the three months ended September 30, 2025, and by $1.6 million, or 27%, for the nine months ended September 30, 2025 compared to the same periods in 2024[209][210]. Financial Position - The company had $98.4 million in cash, cash equivalents, and available-for-sale securities as of September 30, 2025, down from $109.2 million at the end of 2024[216]. - The company believes its current level of cash and liquid assets will be sufficient to meet liquidity needs for at least the next twelve months[223]. - Net cash provided by operating activities increased to $15.2 million for the nine months ended September 30, 2025, up from $6.8 million in the same period of 2024, reflecting stronger revenues and improved working capital management[225]. - Net cash used in investing activities rose to $72.7 million for the nine months ended September 30, 2025, compared to $15.3 million in 2024, primarily due to $61.4 million in additional purchases of marketable securities[226]. - The company invested $10.2 million in the acquisition of PanTHERA during the nine months ended September 30, 2025, which was $2.8 million less than the cash used for the divestiture of Global Cooling in Q2 2024[227]. - Net cash used in financing activities totaled $8.4 million for the nine months ended September 30, 2025, compared to $2.7 million in 2024, driven by a $7.5 million increase in Term Loan payments[228]. - As of September 30, 2025, the company's total short-term purchase obligations amounted to $7.4 million[230]. - The company does not use derivative financial instruments in its investment portfolio, and fluctuations in interest rates have not materially impacted its consolidated financial statements[234]. Strategic Actions - The divestiture of SAVSU was completed on October 6, 2025, and is presented as part of continuing operations as of September 30, 2025[181]. - The company continues to evaluate opportunities for organic growth innovations, partnerships, and acquisitions to maximize the value of its product platforms[180]. - The company entered into the SAVSU Purchase Agreement for an aggregate purchase price of $25.5 million on October 6, 2025[217]. - The PanTHERA Transaction was completed on April 4, 2025, with an aggregate purchase price of $16.8 million, including $11.5 million in cash[218]. - The company received net proceeds of $71.3 million from the SciSafe Divestiture on November 12, 2024[221]. Interest Income - Interest income increased by $0.7 million, or 321%, for the three months ended September 30, 2025, and by $2.6 million, or 369%, for the nine months ended September 30, 2025 compared to the same periods in 2024[213][215].