BILL Reports First Quarter Fiscal Year 2026 Financial Results SAN JOSE, Calif.--(BUSINESS WIRE) – November 6, 2025 – BILL (NYSE: BILL), the intelligent finance platform trusted by half a million businesses to manage, move and maximize their money, today announced financial results for the first fiscal quarter ended September 30, 2025. "We started fiscal 2026 with strong momentum, expanding BILL's reach and delivering a significant beat on profitability, all while leading a new era of intelligent financial o ...

Financial Performance - Net loss for Q3 2025 was $126.9 million, compared to a net loss of $107.2 million in Q3 2024, representing an increase of approximately 18%[14] - Total research and development expenses were $102.0 million for Q3 2025, up from $98.2 million in Q3 2024, reflecting a rise of about 2%[15] - General and administrative expenses increased to $35.5 million in Q3 2025 from $24.9 million in Q3 2024, marking a significant increase of approximately 42.5%[16] Cash and Assets - Cash, cash equivalents, and marketable securities totaled approximately $872.9 million as of September 30, 2025[17] - Total current assets decreased to $882,598,000 from $864,436,000, a decline of approximately 2%[22] - Cash and cash equivalents dropped significantly to $90,963,000 from $174,960,000, a decrease of about 48%[22] - Short-term marketable securities increased to $757,241,000 from $657,371,000, reflecting a growth of approximately 15%[22] - Total assets decreased to $1,055,621,000 from $1,374,180,000, a decline of around 23%[22] - Total stockholders' equity decreased to $926,197,000 from $1,229,684,000, a decline of approximately 25%[22] Liabilities and Equity - Total current liabilities decreased to $90,146,000 from $102,208,000, a reduction of about 12%[22] - Accounts payable decreased to $6,745,000 from $11,137,000, a reduction of about 39%[22] - Accrued compensation decreased to $18,358,000 from $24,728,000, a decline of approximately 26%[22] - Operating lease liability, less current portion decreased to $29,686,000 from $36,673,000, a reduction of about 19%[22] - Deferred research funding and development liability, less current portion increased to $4,038,000 from $0, indicating new funding commitments[22] Regulatory and Development Updates - The FDA extended the review timeline for the BLA of tividenofusp alfa from January 5, 2026, to April 5, 2026, due to a Major Amendment submission[4] - Enrollment in the Phase 1/2 study of DNL126 for Sanfilippo syndrome type A was completed, supporting an accelerated approval path[5] - Two new regulatory applications were submitted for DNL628 for Alzheimer's disease and DNL952 for Pompe disease, expanding the TransportVehicle platform[6] - Denali plans to continue expanding its TV-enabled pipeline, aiming to bring forward one to two new programs annually[10] - Denali's Investor Day is scheduled for December 4, 2025, to discuss progress and strategic priorities, including the launch of tividenofusp alfa[12] Share Information - The weighted average number of shares outstanding was 172,421,492 for Q3 2025, compared to 169,456,988 for Q3 2024[21]

Credit Agreement Amendments - GoPro, Inc. executed Amendment No. 1 to its Credit Agreement on November 5, 2025, to modify certain covenants and terms[2] - The amendment will become effective upon the satisfaction of specific conditions, including no existing defaults at the time of execution[12] - The Borrower reaffirmed all payment and performance obligations under the Loan Documents, ensuring that existing liens and security interests remain in effect[15] - The amendment does not waive any rights or privileges of the Agent or Lenders under the Existing Credit Agreement, maintaining the enforceability of the original terms[16] - The Borrower confirmed that all representations and warranties are true and accurate as of the Amendment No. 1 Effective Date[19] - The amendment constitutes a legal and binding obligation of the Borrower, enforceable in accordance with its terms[21] - The amendment is part of the overall Loan Documents and will be governed by the terms of the Amended Credit Agreement following its effective date[17] - The execution of the amendment can be completed electronically, ensuring efficiency in the process[23] - The amendment represents the entire agreement between the parties regarding the subject matter, superseding any previous agreements[27] - The amendment includes provisions for successors and assigns, ensuring continuity in obligations and rights under the agreement[25] Financial Performance - The company reported a consolidated net income of $X million for the quarter, representing a Y% increase compared to the previous quarter[82] - Total revenue for the company reached $X billion, reflecting a Y% growth year-over-year[83] - The company achieved a consolidated total debt of $X billion, which is a Y% decrease from the previous reporting period[84] - Current assets amounted to $X million, while current liabilities were $X million, resulting in a consolidated working capital of $X million[85] - The company has set a performance guidance of $X billion in revenue for the next quarter, indicating a Y% growth outlook[5] Strategic Initiatives - The company plans to expand its market presence in regions A and B, targeting a revenue increase of Y% in the next fiscal year[1] - New product launches are expected to contribute an additional $X million in revenue, with a projected growth rate of Y%[2] - The company is investing $X million in R&D for new technologies, aiming to enhance product offerings and improve market competitiveness[3] - A strategic acquisition is in progress, which is anticipated to increase the company's market share by Y%[4] Debt and Financial Obligations - The aggregate outstanding principal amount of the Existing Convertible Debt is $93,800,000[110] - The Borrower has a significant amount of Indebtedness, which includes obligations for borrowed money and guarantees, impacting financial flexibility[122] - The Borrower has obligations to pay principal, interest, and other fees under any Loan Document, which are considered Obligations[156] - The Borrower must ensure that no Default or Event of Default occurs as a result of proposed acquisitions[166] Compliance and Regulatory Matters - The Borrower is subject to various Governmental Approvals, which are necessary for its operations and expansion strategies[116] - The Borrower must comply with various Laws and regulations, which can influence operational strategies and financial performance[136] - The Borrower is subject to regulations under the Outbound Investment Rules as of August 9, 2023[159] Financial Metrics and Definitions - "Excess Cash Flow" for any fiscal year is calculated by adding Consolidated Net Income, non-cash charges, decreases in Consolidated Working Capital, and net non-cash losses, minus non-cash credits, cash Capital Expenditures, principal repayments, increases in Consolidated Working Capital, and net non-cash gains[105] - "EBITDA" includes Consolidated Net Income plus net cash interest expense, provision for taxes, depreciation, amortization, and other non-cash charges[97] - "Material Adverse Effect" includes significant changes in operations or financial condition that could impact the Borrower's ability to meet obligations[146] - The Minimum EBITDA (Q1) Amount is set at negative $12,500,000, with potential adjustments based on Tariff Reduction Events[150] - The Minimum EBITDA (Q2) Amount is zero, subject to adjustments if specific Tariff Reduction Events occur[151] - The Minimum EBITDA (Q3) Amount is $25,000,000, with adjustments possible based on Tariff Reduction Events[152] Inventory and Assets - The total Finished Goods Inventory held by the Borrower is categorized as first quality, indicating a focus on maintaining high-quality products for sale[114] - The Borrower's liquidity position is defined as the sum of Availability and Qualified Cash, which is crucial for operational stability[141] Investment and Financing - The Borrower is engaged in ongoing discussions regarding potential Investments, which could impact future growth and market positioning[133] - Permitted Indebtedness includes unsecured Subordinated Debt not exceeding $5,000,000 at any time, with an interest rate not exceeding 12%[169] - Permitted Intercompany Advances are limited to an aggregate amount of $8,000,000 outstanding at any one time[171] - Permitted Purchase Money Indebtedness is capped at an aggregate principal amount of $5,000,000 outstanding at any one time[177] Miscellaneous Definitions - "Disqualified Equity Interest" includes any equity interest that matures or is mandatorily redeemable within 91 days after the Maturity Date[92] - "Environmental Liability" encompasses any liability resulting from violations of Environmental Laws or handling of Hazardous Materials[99] - "Domestic Subsidiary" refers to any subsidiary that is not a Foreign Subsidiary[94] - "Excluded Account" includes accounts used exclusively for payroll and other employee payments, with limits on the amounts held[107] - "Event of Default" is defined in Section 7 of the agreement[104] - "FATCA" refers to specific sections of the Code and related regulations regarding tax compliance[111] - "Federal Funds Rate" is determined by the Federal Reserve Bank of New York and cannot be less than 0%[112] - The Prime Rate is defined as the rate last quoted by The Wall Street Journal[179] - "Retained Excess Cash Flow" will be calculated starting from the fiscal year ending December 31, 2025, based on the amount exceeding required prepayments[188] - The "Tariff Rate (Malaysia)" and "Tariff Rate (Thailand)" are defined as ad valorem customs duty rates applicable to imports, excluding additional duties and fees[198][199] - A "Tariff Reduction Event" occurs when the tariff rate is reduced to 10% or lower, triggering a 60-day adjustment period[200] - The "Responsible Officer" includes key executives such as the CEO and CFO, who are authorized to act on behalf of the Borrower[186] - "Subordinated Debt" refers to unsecured indebtedness that is always subordinated to the Obligations[195] - The "SEC" refers to the Securities and Exchange Commission, which oversees compliance and regulatory matters[190]

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: 001-39692 IN8BIO, INC. Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File r ...

Policy Submissions and Approvals - Total submitted policies decreased by 26% to 87,414 for the three months ended September 30, 2025, compared to 118,537 in the same period of 2024, primarily due to regulatory changes affecting Medicare Advantage enrollment[163] - Total approved policies decreased by 27% to 76,386 for the three months ended September 30, 2025, compared to 104,659 in the same period of 2024, correlating with the decrease in submitted policies[167] - The lifetime value of commissions (LTV) per approved Medicare Advantage policy decreased by 5% to $769 for the three months ended September 30, 2025, compared to $812 in the same period of 2024[170] - The Senior segment accounted for 82% of approved policies in the three months ended September 30, 2025, with Medicare Advantage and Medicare Supplement plans being the primary products[155] Membership and Service Growth - The total number of SelectRx members increased by 24% to 106,914 as of September 30, 2025, compared to 86,521 in the same period of 2024, reflecting the strategy to grow membership[172] - Average prescriptions shipped per day increased to 31,378 for the three months ended September 30, 2025, compared to 24,998 in the same period of 2024[174] - SelectQuote's strategy emphasizes expanding healthcare services and leveraging existing customer engagement to enhance service offerings and shareholder value[155] Revenue and Financial Performance - Total revenue for Q3 2025 was $328.8 million, a 13% increase from $292.3 million in Q3 2024[181] - Pharmacy revenue increased by $65.7 million, or 43%, primarily due to a 24% increase in members from the growth of the SelectRx business[181] - Revenue from the Senior segment decreased by $33,912 thousand, or 37%, to $58,996 thousand for the three months ended September 30, 2025, compared to $92,908 thousand in 2024[219] - Healthcare Services revenue increased by $65,612 thousand, or 42%, to $221,351 thousand for the three months ended September 30, 2025, compared to $155,739 thousand in 2024[218] - Life segment revenue increased by $7,357 thousand, or 19%, to $46,647 thousand for the three months ended September 30, 2025, compared to $39,290 thousand in 2024[218] Operating Costs and Expenses - Total operating costs and expenses rose to $369.6 million, an increase of 21.5% from $304.2 million in the prior year[181] - Cost of goods sold for pharmacy revenue increased by $63.3 million, or 49%, driven by a $59.5 million rise in medication costs[186] - Technical development expenses increased by $0.8 million, or 9%, primarily due to a rise in compensation costs from increased headcount[192] Net Loss and Adjusted EBITDA - The company recognized a net loss of $30.5 million for Q3 2025, compared to a net loss of $44.5 million in Q3 2024[177] - Adjusted EBITDA for the three months ended September 30, 2025, was $(32,079) thousand, compared to $(1,683) thousand in the same period of 2024[199] - Adjusted EBITDA from Healthcare Services increased to $7.2 million for the three months ended September 30, 2025, up from $4.9 million in 2024, despite a $63.0 million increase in cost of goods sold[224] - Adjusted EBITDA from Senior decreased to $(21.0) million for the three months ended September 30, 2025, down from $7.7 million in 2024, primarily due to a $33.9 million decrease in revenue[223] Cash Flow and Debt - Net cash used in operating activities was $21.6 million for the three months ended September 30, 2025, compared to $16.6 million in 2024, with a net loss of $30.5 million[237][238] - Net cash used in investing activities was $4.0 million for the three months ended September 30, 2025, compared to $2.6 million in 2024, primarily due to software and equipment purchases[241][242] - Net cash provided by financing activities was $4.2 million for the three months ended September 30, 2025, primarily from $80.0 million proceeds from the revolving credit facility[244] - Total debt obligations as of September 30, 2025, were $393.1 million, an increase from $385.1 million as of June 30, 2025[232] Interest Expense and Tax Rate - Interest expense decreased by $11.2 million, or 49%, due to lower cost of capital following a securitization transaction[193] - Interest expense, net, decreased to $11,808 thousand for the three months ended September 30, 2025, from $23,031 thousand in the same period of 2024[199] - The effective tax rate for Q3 2025 was 19.1%, compared to (27.2)% in Q3 2024, reflecting changes in state income taxes and valuation allowances[195] Market Sensitivity - A hypothetical 100 basis point increase in market interest rates would increase annualized interest expense by approximately $3.3 million based on outstanding balances as of September 30, 2025[252]

Financial Performance - Total consolidated operating revenue for Q3 2025 was $561.9 million, flat compared to Q3 2024[80] - Total operating revenues for the nine months ended September 30, 2025, were $1,950.4 million, a 3.5 percent increase from $1,884.9 million in 2024[108] - Passenger revenue increased by $5.2 million or 1.1% year-over-year, driven by a 9.0% increase in scheduled service passengers[89] - Passenger revenue increased by $65.4 million or 3.9 percent year-over-year, driven by a 9.6 percent increase in scheduled service passengers[108] - Third party products revenue decreased by $1.7 million or 1.5 percent, primarily due to a $6.0 million decrease in co-brand revenue[109] - Fixed fee contract revenue decreased by $5.0 million or 8.7 percent, attributed to a 5.7 percent decrease in fixed fee departures[110] Operating Expenses - Operating CASM, excluding fuel and special charges, decreased by 4.7% to 8.47¢ from 8.89¢ in Q3 2024[95] - Operating CASM (excluding fuel and special charges) decreased by 6.9 percent to 8.05 cents for the nine months ended September 30, 2025[112] - Salaries and benefits expense increased by $33.6 million or 5.8 percent year-over-year, primarily due to a 14.4 percent increase in total block hours flown[113] - Aircraft fuel expense increased by $3.0 million or 2.0% compared to Q3 2024, driven by a 6.9% increase in fuel gallons consumed[98] - Aircraft lease rental expense increased by $10.4 million compared to the nine months ended September 30, 2024, due to estimated lease return costs[122] - Interest expense increased by $17.4 million, or 34.4 percent, compared to the nine months ended September 30, 2024, driven by a $20.5 million decrease in capitalized interest[127] - Aircraft fuel expenses represented 24.4% of total operating expenses for the nine months ended September 30, 2025, highlighting the significant impact of fuel prices on operations[153] Special Charges and Accruals - The company recorded $2.9 million in special charges related to accelerated depreciation on airframes identified for early retirement in Q3 2025[105] - Sunseeker Resort recorded $0.6 million in special charges during Q3 2025, primarily due to $2.9 million in asset write-downs related to the sale of the Resort[106] - Special charges totaled $119.8 million for the nine months ended September 30, 2025, including $105.1 million related to the sale of Sunseeker Resort[124][126] Cash Flow and Debt - The company generated operating cash flows of $277.6 million during the nine months ended September 30, 2025, compared to $254.1 million in 2024[138] - Cash, cash equivalents, and investment securities increased to $991.3 million as of September 30, 2025, up from $832.9 million at December 31, 2024[130] - Debt and finance lease obligations remained stable at $2.08 billion as of September 30, 2025[135] - Principal payments on long-term debt and finance lease obligations totaled $647.2 million in 2025, up from $170.6 million in 2024, indicating heightened debt repayment activity[145] - In the nine months ended September 30, 2025, the company received proceeds of $638.9 million from new debt issuances, compared to $94.0 million in the same period of 2024, driven by aircraft acquisition activity[145] Strategic Initiatives - The company ended Q3 2025 with 21 million active Allways Rewards members, maintaining its position as Best Airline Credit Card for the seventh consecutive year[80] - The company identified over 1,400 incremental domestic nonstop routes for future network growth, with over 75% currently lacking non-stop service[78] - The sale of Sunseeker Resort in September 2025 generated cash proceeds of approximately $189.9 million, aligning with the company's strategic focus on airline operations[88] - The company received $189.9 million in proceeds from the sale of Sunseeker Resort, completed on September 4, 2025[144] - The sale of Sunseeker Resort was completed on September 4, 2025, resulting in an additional $2.9 million loss due to final purchase price adjustments[150] Market Risks and Forward-Looking Statements - The company is subject to market risks, including commodity prices, particularly aircraft fuel, which could lead to potential losses[152] - Forward-looking statements regarding future aircraft deliveries and business strategies are based on management's beliefs and assumptions, with actual results potentially differing materially[146] - The company relies on Boeing for timely aircraft deliveries, which poses risks related to production limits and regulatory reviews[147] - The company has no obligation to publicly update forward-looking statements based on future events or new information[148] Operational Metrics - Total passengers increased by 8.8% year-over-year to 4,629,834 in Q3 2025, compared to 4,256,249 in Q3 2024[128] - Available seat miles (ASMs) rose by 9.7% to 4,939,441 thousands in Q3 2025 from 4,501,532 thousands in Q3 2024[128] - Airline operating expense per ASM (CASM) decreased by 6.2% to 11.59 cents in Q3 2025, down from 12.35 cents in Q3 2024[128] - Average fuel cost per gallon decreased by 4.8% to $2.56 in Q3 2025, compared to $2.69 in Q3 2024[128] - Total passenger revenue per ASM (TRASM) fell by 8.4% to 11.19 cents in Q3 2025 from 12.21 cents in Q3 2024[128] Pilot Retention - Estimated pilot retention bonus accruals for Q3 2025 totaled $22.4 million, bringing the total accrual to $215.0 million[87] - The company retired 15 aging airframes as of September 30, 2025, with nine additional retirements scheduled between February 2026 and December 2026[77]

Property and Operations - As of September 30, 2025, the Company owned and operated 69 properties, including 66 retail shopping centers and 3 undeveloped properties across multiple states [151]. - The Company's geographic concentration is approximately 46% in the Mid-Atlantic, 44% in the Southeast, and 10% in the Northeast, which may increase susceptibility to adverse developments in these markets [152]. - New leases signed for 156,027 square feet during the nine months ended September 30, 2025, with a weighted average rate of $13.72 per square foot, reflecting a 24.4% increase over prior rates [171]. - Total Same-Property NOI for Q3 2025 was $15.0 million, a 3.3% increase from $14.5 million in Q3 2024, driven by a 4.0% rise in property revenues, partially offset by a 5.4% increase in property expenses [197]. - For the nine months ended September 30, 2025, Same-Property NOI was $45.9 million, up 4.2% from $44.0 million in the same period of 2024, due to a 3.9% increase in property revenue, offset by a 3.4% rise in property expenses [198]. - The Company aims to grow operations by backfilling vacant spaces and increasing lease revenue through tenant improvements [220]. Financial Performance - Revenues for the three months ended September 30, 2025, were $23,821 million, a decrease of $971 million or 3.9% compared to $24,792 million in 2024 [175]. - Net income for the three months ended September 30, 2025, was $12,982 million, an increase of $43,613 million compared to a net loss of $30,631 million in 2024 [175]. - Year-to-date revenues for the nine months ended September 30, 2025, were $74,276 million, a decrease of $2,705 million or 3.5% compared to $76,981 million in 2024 [184]. - Year-to-date net income for the nine months ended September 30, 2025, was $14,355 million, an increase of $53,350 million compared to a net loss of $38,995 million in 2024 [184]. - Funds from Operations (FFO) for Q3 2025 was $21.1 million, compared to a loss of $30.3 million in Q3 2024, while FFO available to common stockholders was $18.1 million, up from a loss of $35.0 million [202]. - Adjusted Funds from Operations (AFFO) for the nine months ended September 30, 2025, was $7.1 million, compared to $3.8 million in the same period of 2024 [202]. Expenses and Liabilities - Property operating expenses decreased by $669 million or 7.9% to $7,819 million for the three months ended September 30, 2025, compared to $8,488 million in 2024 [176]. - Corporate general and administrative expenses increased by $347 million or 16.9% to $2,404 million for the three months ended September 30, 2025, compared to $2,057 million in 2024 [175]. - Gain on preferred stock redemptions decreased by $2,350 million or 93.0% to $176 million for the three months ended September 30, 2025, compared to $2,526 million in 2024 [182]. - The Company had accumulated undeclared dividends of $26.6 million for Series D Preferred Stock as of September 30, 2025 [170]. - The aggregate liquidation preference of Series D Preferred Stock is approximately $39.4 million, with accrued and unpaid dividends of about $26.6 million, totaling a liquidation value of $66.0 million [224]. - The Company has $6.5 million in principal and scheduled payments due in the twelve months ended September 30, 2026 [215]. Cash Flow and Financing - Cash flows from operating activities decreased by 8.9% to $18.8 million for the nine months ended September 30, 2025, down from $20.6 million in 2024 [208]. - Cash flows from investing activities increased significantly by 1237.8% to $20.9 million for the nine months ended September 30, 2025, primarily due to proceeds from property sales [208]. - Cash flows used in financing activities were $43.5 million for the nine months ended September 30, 2025, compared to $6.9 million in the same period of 2024 [211]. - The Company entered into a credit facility agreement for up to $20 million on August 15, 2025, with a maturity date of August 15, 2027 [155]. - The total outstanding principal under the August 2025 Cedar Credit Facility must be reduced to no greater than $10 million by February 15, 2027 [156]. - The Company has incurred $3.9 million in loan refinancing activities and $5.2 million draw on the Cedar Revolving Credit Agreement [218]. Strategic Initiatives and Future Outlook - The Company is evaluating the potential impact of the recently signed OBBBA on its consolidated financial statements [207]. - The Company plans to repurchase Cedar Series C and Series B Preferred Stock, totaling approximately $52.4 million, which will reduce future annual dividend payments by $5.5 million [219]. - The Company acknowledges that its ability to grow may be limited without additional capital if it fails to execute its strategic initiatives [222]. - The Company intends to continue settling redemptions of Series D Preferred Stock in Common Stock, which may lead to substantial dilution of the outstanding Common Stock [225]. - Future dividend declarations will depend on cash flow, financial condition, and capital requirements, as the Company must distribute at least 90% of its REIT taxable income [221].

Eventbrite Reports Third Quarter 2025 Financial Results Delivers Net Revenue of $71.7 million, consistent with Outlook Reports Net Income of $6.4 Million, up $10.1 million from Prior Year Achieves Adjusted EBITDA Margin of 11.7%, Exceeding Guidance Narrows Net Revenue Guidance and Raises Adjusted EBITDA Margin Outlook for Fiscal Year 2025 11/6/2025 SAN FRANCISCO -- (BUSINESS WIRE) -- Eventbrite (NYSE: EB), a global marketplace for shared experiences, reported its financial results for the third quarter ende ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended 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 001-35713 WHEELER REAL ESTATE INVESTMENT TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Oth ...

Financial Performance - The net loss for the three months ended September 30, 2025, was $56.8 million, an improvement of $20.8 million compared to a net loss of $72.5 million in the same period of 2024[144]. - The net loss for the nine months ended September 30, 2025 was $177.5 million, while the net loss for the same period in 2024 was $185.0 million, indicating a decrease in loss of 4.0%[166][167]. - The accumulated deficit as of September 30, 2025, was $1,124.7 million[160]. Operating Expenses - The company reported total operating expenses of $57.7 million for the three months ended September 30, 2025, a decrease of $23.9 million compared to $76.6 million in the same period of 2024[144]. - Total operating expenses for the nine months ended September 30, 2025, were $182.7 million, a decrease of $17.9 million from $200.5 million for the same period in 2024[152]. - General and administrative expenses decreased by $3.8 million, or 24%, to $12.2 million for the three months ended September 30, 2025, from $16.0 million for the same period in 2024[147]. - Research and development expenses were $40.5 million for the three months ended September 30, 2025, down from $60.6 million in the prior year, reflecting a reduction of $20.1 million[144]. - Research and development expenses for the nine months ended September 30, 2025, decreased by $23.6 million, or 15%, to $131.4 million from $155.0 million for the same period in 2024[152]. Cash Flow and Financing - As of September 30, 2025, the company had $171.5 million in cash, cash equivalents, and marketable securities[159]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $158.5 million, compared to $132.6 million for the same period in 2024, reflecting an increase of 19.5%[166][167]. - Net cash provided by investing activities for the nine months ended September 30, 2025 was $125.9 million, a significant increase from a net cash used of $28.2 million in the same period of 2024[168][169]. - Net cash provided by financing activities for the nine months ended September 30, 2025 was $18.3 million, up from $6.0 million in the same period of 2024, representing a 205.0% increase[170][171]. - The company expects to need additional financing in the future to fund operations and pursue long-term business plans[162]. - The company entered into a Loan Agreement with K2HV, borrowing $20.0 million, and subsequently amended the agreement to borrow an additional $40.0 million[172]. Research and Development - The company is advancing a Phase 3 program for navacaprant, with topline data expected in Q1 and Q2 of 2026[127]. - The company plans to initiate a Phase 1 study for NMRA-215, a potential best-in-class NLRP3 inhibitor for obesity, in Q1 2026[126]. - The company is developing NMRA-511 for agitation associated with Alzheimer's disease, with Phase 1b data expected around year-end 2025[127]. - The company achieved a $2.0 million development milestone in October 2023 related to the Vanderbilt License Agreement, which was paid in cash in November 2023[133]. - The company has contingent consideration obligations of up to $365 million related to navacaprant and $100 million for NMRA-511, contingent on development and regulatory milestones[132]. - Acquired in-process research and development expenses of $5.0 million for the three months ended September 30, 2025, were related to a Phase 1 development milestone under the Vanderbilt License Agreement[148]. Interest Income and Economic Factors - Interest income decreased by $2.5 million to $1.7 million for the three months ended September 30, 2025, from $4.2 million for the same period in 2024[149]. - Interest income for the nine months ended September 30, 2025, decreased by $8.8 million, or 56%, to $7.0 million from $15.8 million for the same period in 2024[157]. - The term loan with K2HV bears a variable interest rate, which could increase due to changes in the prime rate, potentially impacting debt service obligations[183]. - The company does not expect significant impact from fluctuations in interest rates on its financial condition due to the short-term nature of its cash and marketable securities[184]. - Inflation has not had a material effect on the company's results of operations during the nine months ended September 30, 2025[187]. - The company has exposure to foreign currency exchange rate fluctuations but considers this exposure to be immaterial[185].