PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Unaudited statements show rising product revenue but continued net losses and a widening stockholders' deficit [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) The balance sheet reflects a significant decrease in cash and a widening stockholders' deficit to $405.8 million Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $149,569 | $297,263 | | Total current assets | $218,875 | $360,134 | | Total assets | $250,220 | $378,318 | | Total current liabilities | $91,823 | $85,728 | | Total liabilities | $656,054 | $631,898 | | Total stockholders' deficit | $(405,834) | $(253,580) | [Condensed Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q2 2025 saw a surge in product revenue to $39.5 million, though the net loss remained high at $75.8 million Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Product revenue, net | $39,503 | $7,324 | $68,023 | $9,236 | | Gross profit | $34,465 | $5,948 | $59,261 | $7,434 | | Total operating expenses | $94,389 | $83,248 | $198,047 | $154,688 | | Loss from operations | $(59,924) | $(77,300) | $(138,786) | $(147,254) | | Net loss | $(75,810) | $(91,446) | $(170,126) | $(174,298) | | Net loss per share | $(1.05) | $(1.56) | $(2.36) | $(2.98) | [Condensed Statements of Cash Flows](index=6&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operations increased to $147.7 million for the first six months of 2025 Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(147,659) | $(139,741) | | Net cash used in investing activities | $(115) | $(86) | | Net cash provided by financing activities | $80 | $34,671 | | **Net decrease in cash** | **$(147,694)** | **$(105,156)** | [Notes to Condensed Unaudited Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Unaudited%20Financial%20Statements) Notes detail the VOQUEZNA launch, debt obligations, and a May 2025 restructuring plan - The FDA approved VOQUEZNA for Erosive GERD and H. pylori in late 2023, with commercial launch in Q4 2023, and an additional approval for Non-Erosive GERD was granted on **July 17, 2024**[22](index=22&type=chunk) - Management believes it has **sufficient working capital** to fund operations through at least the next twelve months from the issuance date of the financial statements[25](index=25&type=chunk) - For the first six months of 2025, **three customers accounted for 72% of product sales** and represented 82% of the accounts receivable balance as of June 30, 2025[38](index=38&type=chunk) - In May 2025, the company implemented a restructuring plan, reducing its workforce by 28 employees (approx. 6%) and incurring **total charges of $8.0 million**[104](index=104&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management highlights the strong VOQUEZNA launch, rising revenues, and sufficient liquidity for the next year [Overview](index=24&type=section&id=Overview) The company's focus is on commercializing VOQUEZNA, which shows strong prescription momentum post-launch - As of July 25, 2025, **over 580,000 prescriptions** for VOQUEZNA products have been filled by more than 29,300 prescribers since launch[110](index=110&type=chunk) - On July 17, 2024, the FDA approved VOQUEZNA 10 mg tablets for the relief of heartburn associated with **Non-Erosive GERD**[109](index=109&type=chunk) - The company has been informed of a potential supply disruption for clarithromycin, a component of VOQUEZNA TRIPLE PAK, which accounts for **approximately 1% of total revenue**[113](index=113&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Q2 2025 revenue surged to $39.5 million, with increased SG&A expenses driven by launch and restructuring costs Comparison of Three Months Ended June 30 (in thousands) | Account | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Product revenue, net | $39,503 | $7,324 | $32,179 | | Research and development | $9,076 | $7,376 | $1,700 | | Selling, general and administrative | $85,313 | $75,872 | $9,441 | | Net loss | $(75,810) | $(91,446) | $15,636 | Comparison of Six Months Ended June 30 (in thousands) | Account | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Product revenue, net | $68,023 | $9,236 | $58,787 | | Research and development | $18,260 | $16,806 | $1,454 | | Selling, general and administrative | $179,787 | $137,882 | $41,905 | | Net loss | $(170,126) | $(174,298) | $4,172 | - The **$41.9 million increase in SG&A** for the first six months of 2025 was primarily due to a $32.5 million increase in advertising and promotional expenses for the VOQUEZNA launch and an $8.9 million increase in personnel-related expenses from restructuring[137](index=137&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds $149.6 million in cash and believes it has sufficient capital to fund operations for one year - The company had **cash and cash equivalents of $149.6 million** as of June 30, 2025[139](index=139&type=chunk) - The company has a term loan agreement with Hercules, which was amended to increase the principal amount up to $300 million, but **does not expect to meet the revenue threshold** to draw the final $50 million tranche[144](index=144&type=chunk)[150](index=150&type=chunk) - The Revenue Interest Financing Agreement entitles investors to a **10% royalty on net sales** of vonoprazan products until they receive aggregate payments equal to 200% of their investment[156](index=156&type=chunk) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(147,659) | $(139,741) | | Net cash used in investing activities | $(115) | $(86) | | Net cash provided by financing activities | $80 | $34,671 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk exposures remain materially unchanged from the 2024 Form 10-K disclosures - There have been **no material changes** to the company's market risk since the disclosures in the 2024 Form 10-K[176](index=176&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025 - Management evaluated disclosure controls and procedures and concluded **they were effective** as of June 30, 2025[178](index=178&type=chunk) - **No material changes** in internal control over financial reporting occurred during the second quarter of 2025[179](index=179&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no current involvement in any material legal proceedings - The company is **not currently a party** to any material legal proceedings[181](index=181&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) Risk factors remain materially unchanged from those disclosed in the 2024 Annual Report - **No material changes** have occurred to the risk factors disclosed in the 2024 Form 10-K[182](index=182&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or issuer repurchases occurred during the period - There were **no unregistered sales of equity securities** or issuer repurchases of equity securities in the reported period[183](index=183&type=chunk)[184](index=184&type=chunk) [Item 6. Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed, including new executive separation and employment agreements - The report includes several exhibits, such as **separation agreements** with Azmi Nabulsi and Molly Henderson, and an employment letter with Anne Marie Cook[190](index=190&type=chunk)

Financial Results 2nd Quarter 2025 Advantage Solutions Reports Second Quarter 2025 Results Strong profitability growth in Experiential and Retailer Services ST. LOUIS, August 7, 2025 – Advantage Solutions Inc. (NASDAQ: ADV) ("Advantage," "Advantage Solutions," the "Company," "we," or "our"), a leading business solutions provider to consumer goods manufacturers and retailers, today reported financial results for the three months ended June 30, 2025. Unless otherwise noted, results presented in this release a ...

Cartesian Therapeutics Reports Second Quarter 2025 Financial Results and Provides Business Update Exhibit 99.1 Initiated Phase 3 AURORA trial of Descartes-08 in myasthenia gravis Preliminary data from Phase 2 trial of Descartes-08 in systemic lupus erythematosus expected in 2H25 Initiation of Phase 2 pediatric basket trial of Descartes-08 in select autoimmune indications expected in 2H25 Approximately $162.1 million cash, cash equivalents and restricted cash as of June 30, 2025, expected to support planned ...

Cartesian Therapeutics Reports Second Quarter 2025 Financial Results and Provides Business Update Initiated Phase 3 AURORA trial of Descartes-08 in myasthenia gravis Preliminary data from Phase 2 trial of Descartes-08 in systemic lupus erythematosus expected in 2H25 Exhibit 99.1 Initiation of Phase 2 pediatric basket trial of Descartes-08 in select autoimmune indications expected in 2H25 An encore presentation of the data, which were originally shared at the 2025 American Academy of Neurology Annual Meeting ...

[Phathom Pharmaceuticals Second Quarter 2025 Earnings Release](index=1&type=section&id=Phathom%20Pharmaceuticals%20Second%20Quarter%202025%20Earnings%20Release) Phathom Pharmaceuticals reported strong Q2 2025 results, driven by VOQUEZNA's commercial success, improved financial performance, and key regulatory milestones [Business Highlights and Commercial Performance](index=1&type=section&id=Business%20Highlights%20and%20Commercial%20Performance) Phathom Pharmaceuticals reported strong commercial momentum for its GI treatment, VOQUEZNA, in Q2 2025, with net revenues reaching $39.5 million. Total prescriptions surpassed 580,000, showing a 49% increase since the previous report. The company has shifted its commercial strategy to focus on high-value prescribers, primarily gastroenterologists (GIs), and maintains robust commercial access with coverage for over 120 million lives VOQUEZNA Commercial Metrics | Metric | Value | Growth | Source Date | | :--- | :--- | :--- | :--- | | Total Prescriptions Filled | > 580,000 | 49% since May 1, 2025 | July 25, 2025 | | Q2 2025 Prescriptions Filled | ~173,000 | 36% QoQ | Q2 2025 | | Unique HCP Prescribers | > 29,300 | 24% since last quarter | July 18, 2025 | - The company has implemented a strategic shift to prioritize gastroenterologists (GIs) in its sales strategy, who currently account for approximately **70% of all filled VOQUEZNA prescriptions**[5](index=5&type=chunk) - VOQUEZNA has commercial coverage for over **120 million lives**, with more than half of these requiring only one prior proton pump inhibitor (PPI) step before approval[5](index=5&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) In Q2 2025, Phathom's net revenues surged to $39.5 million from $7.3 million in Q2 2024, driven by the VOQUEZNA launch. Operating expenses increased to $94.4 million, primarily due to commercial investments and restructuring charges. However, operating expenses saw a sequential decrease from Q1 2025 due to cost-saving initiatives. The company reported a reduced net loss of $75.8 million compared to $91.4 million in the prior-year period [Key Financial Metrics](index=2&type=section&id=Key%20Financial%20Metrics) This section details Phathom's Q2 2025 financial performance, highlighting significant increases in net revenues and changes in operating expenses and net loss compared to Q2 2024 Q2 2025 vs Q2 2024 Financial Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Revenues | $39.5 | $7.3 | +$32.2 | | R&D Expenses | $9.1 | $7.4 | +$1.7 | | SG&A Expenses | $85.3 | $75.9 | +$9.4 | | Total Operating Expenses | $94.4 | $83.2 | +$11.2 | | Net Loss | $(75.8) | $(91.4) | +$15.6 (Improved) | | Non-GAAP Adjusted Net Loss | $(56.5) | $(73.3) | +$16.8 (Improved) | - The increase in R&D and SG&A expenses was primarily driven by one-time personnel-related restructuring charges and continued commercial investment in the VOQUEZNA launch[7](index=7&type=chunk) - Operating expenses decreased sequentially from **$103.7 million in Q1 2025 to $94.4 million in Q2 2025**, reflecting cost savings from the company's restructuring[7](index=7&type=chunk) [Financial Position and Outlook](index=3&type=section&id=Financial%20Position%20and%20Outlook) The company's financial position as of June 30, 2025, is presented, along with its full-year 2025 revenue guidance and future operating expense targets - As of June 30, 2025, the company held **$149.6 million in cash and cash equivalents**, which is believed to be sufficient to fund operations and achieve profitability in 2026 (excluding stock-based compensation)[13](index=13&type=chunk) 2025 Financial Guidance | Metric | Guidance Range/Target | | :--- | :--- | | Full-Year 2025 Revenue | $165 million to $175 million | | Q3 2025 Non-GAAP Operating Expenses | < $60 million | | Q4 2025 Non-GAAP Operating Expenses | < $55 million | [Regulatory Updates and Corporate Developments](index=2&type=section&id=Regulatory%20Updates%20and%20Corporate%20Developments) During the second quarter, Phathom secured a significant regulatory milestone with the FDA updating the Orange Book to reflect 10-year New Chemical Entity (NCE) exclusivity for VOQUEZNA through May 2032, potentially delaying generic entry until 2033. The company also strengthened its leadership by appointing Anne Marie Cook, J.D., as Chief Legal Officer - The FDA updated the Orange Book to grant **10-year New Chemical Entity (NCE) exclusivity for VOQUEZNA tablets**, extending market protection through May 2032[7](index=7&type=chunk) - Based on typical ANDA review timelines, the company believes generic competition is unlikely before **2033**[7](index=7&type=chunk) - Phathom appointed Anne Marie Cook, J.D., as Chief Legal Officer and Corporate Secretary to strengthen its leadership team[7](index=7&type=chunk) [Financial Statements and Non-GAAP Reconciliation](index=5&type=section&id=Financial%20Statements%20and%20Non-GAAP%20Reconciliation) The report includes unaudited condensed financial statements as of June 30, 2025, and for the three and six months then ended. These statements detail the company's balance sheet and statement of operations. A reconciliation of GAAP to non-GAAP financial measures is also provided, adjusting for items like stock-based compensation and non-cash interest expenses to offer a clearer view of ongoing operational performance [Condensed Balance Sheets](index=5&type=section&id=Condensed%20Balance%20Sheets) This section provides a snapshot of Phathom's financial position, detailing assets, liabilities, and stockholders' deficit as of June 30, 2025, and December 31, 2024 Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $149,569 | $297,263 | | Total assets | $250,220 | $378,318 | | Total liabilities | $656,054 | $631,898 | | Total stockholders' deficit | $(405,834) | $(253,580) | [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) This section outlines Phathom's operational performance for the three months ended June 30, comparing product revenue, gross profit, operating expenses, and net loss for 2025 and 2024 Statement of Operations - Three Months Ended June 30 (in thousands) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Product revenue, net | $39,503 | $7,324 | | Gross profit | $34,465 | $5,948 | | Total operating expenses | $94,389 | $83,248 | | Loss from operations | $(59,924) | $(77,300) | | Net loss | $(75,810) | $(91,446) | | Net loss per share | $(1.05) | $(1.56) | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=6&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP net loss to non-GAAP adjusted net loss for the three months ended June 30, adjusting for non-cash items to provide a clearer view of core operational profitability GAAP to Non-GAAP Net Loss Reconciliation - Three Months Ended June 30 (in thousands) | Account | 2025 | 2024 | | :--- | :--- | :--- | | GAAP net loss | $(75,810) | $(91,446) | | Stock-based compensation expense | $8,272 | $6,099 | | Non-cash interest on revenue interest financing liability | $10,306 | $11,553 | | Interest expense related to amortization of debt discount | $734 | $499 | | **Non-GAAP adjusted net loss** | **$(56,498)** | **$(73,295)** |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ (Mark One) x 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 Commission file number 333-256188 FORM 10-Q 1stdibs.com, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

Exhibit 99.1 Liberty Latin America Reports Q2 and H1 2025 Results Continued expansion in broadband and postpaid mobile subscribers H1 operating loss of $205m; H1 Adj. OIBDA of $822m, 8% YoY rebased growth Cost efficiencies across LLA to support ongoing Adj. OIBDA momentum Intention to drive shareholder value through separation of Liberty Puerto Rico Denver, Colorado - August 7, 2025: Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its f ...

Exhibit 99.1 Liberty Latin America Reports Q2 and H1 2025 Results Continued expansion in broadband and postpaid mobile subscribers H1 operating loss of $205m; H1 Adj. OIBDA of $822m, 8% YoY rebased growth Cost efficiencies across LLA to support ongoing Adj. OIBDA momentum Intention to drive shareholder value through separation of Liberty Puerto Rico Denver, Colorado - August 7, 2025: Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its f ...

Exhibit 99.1 C4 Therapeutics Reports Second Quarter 2025 Financial Results and Recent Business Highlights Cemsidomide Phase 1 Data in Multiple Myeloma Accepted as an Oral Presentation at the International Myeloma Society (IMS) Annual Meeting; As of the July 23, 2025, Data Cutof , Phase 1 ORR Remains at 40% at the 75 µg Dose Level and at 50% at the 100 µg Dose Level Productive Type C Meeting Held With FDA; Registrational Development of Cemsidomide in Multiple Myeloma on Track to Initiate in Early 2026 Precli ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER: 001-37590 AVALO THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware (State of incorporation) 1500 Liberty Ridge Drive, Suite 321 Wayne, Pennsylvania ...