Golden Entertainment(GDEN) - 2025 Q3 - Quarterly Results
2025-11-06 13:06
Exhibit 99.1 As of September 30, 2025, the Company's total principal amount of debt outstanding was $430.1 million, consisting primarily of $391 million in outstanding term loan borrowings and $35 million in outstanding borrowings under the Company's revolving credit facility. As of September 30, 2025, the Company had cash and cash equivalents of $58.3 million and $205 million of remaining availability under its revolving credit facility. Forward-Looking Statements This press release contains forward-lookin ...
International Seaways(INSW) - 2025 Q3 - Quarterly Report
2025-11-06 13:06
Revenue and Market Performance - For the three and nine months ended September 30, 2025, the Company derived 52% and 51% of its TCE revenues from the Product Carriers segment, compared to 55% and 54% for the same periods in 2024[121]. - Approximately 81% of total TCE revenues for the three and nine months ended September 30, 2025, were derived from the spot market, down from 84% and 87% for the same periods in 2024[126]. - TCE revenues decreased by $27.2 million, or 12%, to $192.5 million in Q3 2025 from $219.7 million in Q3 2024, primarily due to lower average daily rates and vessel sales[140]. - For the first nine months of 2025, TCE revenues for crude tankers decreased by $67.1 million, or 20%, to $276.5 million from $343.6 million in the same period of 2024[157]. - TCE revenues for the Product Carriers segment decreased by $21.4 million, or 18%, to $99.5 million in Q3 2025 from $120.9 million in Q3 2024[165]. - For the first nine months of 2025, TCE revenues for the Product Carriers segment decreased by $115.7 million, or 29%, to $283.1 million from $398.8 million in the same period of 2024[168]. Fleet and Operational Metrics - As of September 30, 2025, the Company's operating fleet consisted of 71 vessels, totaling 8.2 million deadweight tons, with five newbuilds scheduled for delivery, increasing the fleet to 76 vessels[122]. - In Q3 2025, the tanker fleet increased by 5.1 million dwt, with the crude fleet growing by 3.2 million dwt, including increases of 0.6 million dwt in VLCCs, 1.4 million dwt in Suezmaxes, and 1.2 million dwt in Aframaxes[134]. - The average number of owned vessels decreased from 21.0 in 2024 to 19.0 in Q3 2025[145]. - The average number of owned vessels decreased to 40.2 in Q3 2025 from 41.2 in Q3 2024[160]. - The crude tanker orderbook decreased by 1.2 million dwt in Q3 2025, while the total tanker orderbook increased by 10.2 million dwt year-over-year[135]. Financial Performance - Income from vessel operations fell by $22.3 million to $78.7 million in Q3 2025, down from $101.0 million in Q3 2024, mainly due to lower TCE revenues[138]. - The company declared total dividends of $34.5 million, $29.6 million, and $38.0 million for the first three quarters of 2025, with a regular quarterly dividend of $0.12 per share and a supplemental dividend of $0.74 per share declared on November 5, 2025[195]. - For the three months ended September 30, 2025, net income was $70.5 million, a decrease of 23% compared to $91.7 million in the same period of 2024[184]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $299.9 million, down 38.6% from $488.5 million in the same period of 2024[184]. Expenses and Liabilities - Vessel expenses decreased by $4.4 million to $29.8 million in Q3 2025, attributed to the sale of two VLCCs[153]. - Vessel expenses increased by $4.1 million to $112.0 million in the first nine months of 2025 compared to $107.9 million in the same period of 2024[169]. - General and administrative expenses decreased by $1.6 million to $11.8 million in Q3 2025 from $13.4 million in Q3 2024[170]. - Interest expense decreased to $9.6 million in Q3 2025 from $12.5 million in Q3 2024, reflecting a reduction in the average outstanding principal balance[176]. - Total debt outstanding as of September 30, 2025, was $792.0 million, with a net debt to capital ratio of 16.4%, down from 22.2% at December 31, 2024[192]. Future Outlook and Commitments - Future minimum revenues expected from non-cancelable time charters as of September 30, 2025, total $229.2 million, with $31.9 million in 2025 and $82.8 million in 2026[126]. - The company has contractual commitments for the construction of five dual-fuel ready LR1s and various performance efficiency devices, with total long-term contractual obligations amounting to $1.2 billion as of September 30, 2025[203]. - The company executed a credit agreement for a 12-year term loan facility of up to $239.7 million to finance the acquisition of six LR1 newbuildings[200]. - The company plans to use net proceeds from the $250 million 2030 Bonds to retire higher-cost debt and for general corporate purposes[200]. - The company aims to pursue a disciplined capital allocation strategy focusing on fleet renewal, incremental debt reduction, and returns to shareholders[202]. Market Conditions - Global oil consumption for Q3 2025 is estimated at 104.8 million barrels per day, a 0.7% increase from Q3 2024, with 2025's total expected to be 103.8 million b/d[128]. - OPEC crude oil production averaged 27.9 million b/d in Q3 2025, an increase of 1.4 million b/d from Q3 2024[129]. - U.S. crude oil production reached 13.6 million b/d in Q3 2025, reflecting a 3.3% increase from Q3 2024[131]. - OECD commercial crude inventories decreased by 1.0%, or 13 million barrels, in Q3 2025 compared to Q2 2025[133]. Legal and Administrative Matters - The company expects to incur one-time legal and administrative expenses of between $3 million and $5 million in 2025 related to the redomiciliation process[179]. - The company commenced the process of changing the domicile of its vessel-owning subsidiaries from the Marshall Islands and Liberia to Bermuda, expected to be completed by the end of Q4 2025[178]. Risk Management - The Company operates in a highly cyclical industry, with revenues sensitive to supply and demand patterns for its vessels[123]. - The Company emphasizes a vessel employment strategy that balances spot and long-term charters to optimize economic performance[123]. - The Company manages market risk from interest rate changes through derivative financial instruments, including interest rate swaps and caps[206].
BGC(BGC) - 2025 Q3 - Quarterly Results
2025-11-06 13:06
Financial Performance - BGC Group reported record third quarter revenues of $737 million, a 31.3% increase from $561 million a year ago[3]. - Adjusted Earnings before noncontrolling interest increased by 22.4% to $155.1 million, while post-tax Adjusted Earnings rose 11.5% to $141.1 million[7]. - Total revenues for the three months ended September 30, 2025, were $736,849,000, a 31% increase from $561,111,000 in the same period of 2024[30]. - Consolidated net income for the three months ended September 30, 2025, was $26,062,000, compared to $13,713,000 for the same period in 2024, reflecting an increase of 90%[30]. - Basic earnings per share for the three months ended September 30, 2025, were $0.06, up from $0.03 in the same period of 2024[32]. - GAAP net income available to common stockholders for Q3 2025 was $27,882,000, compared to $14,747,000 in Q3 2024, representing an increase of 89.0%[66]. - Adjusted Earnings before noncontrolling interest in subsidiaries and taxes for Q3 2025 was $155,102,000, up from $126,736,000 in Q3 2024, a growth of 22.4%[66]. - Total revenues for Q3 2025 reached $737,000,000, a 31.3% increase from $561,000,000 in Q3 2024[82]. Revenue Breakdown - Total brokerage revenues grew by 34.4% to $673.1 million, with ECS revenues surging 114.0% to $241.6 million[6]. - ECS (Energy, Commodities, and Shipping) revenues surged by 114.0% to $242,000,000 in Q3 2025, compared to $113,000,000 in Q3 2024[82]. - Fenics revenues increased by 12.7% to $160.0 million, with Fenics Markets revenues rising 12.5% to $134.1 million[9]. - Fenics revenues for Q3 2025 were $160,000,000, reflecting a 12.7% increase from $142,000,000 in Q3 2024[84]. Assets and Liabilities - Total assets increased to $5,825,151,000 as of September 30, 2025, up from $3,591,967,000 at December 31, 2024, representing a growth of approximately 62%[27]. - Total liabilities rose to $4,683,430,000 as of September 30, 2025, compared to $2,512,728,000 at December 31, 2024, indicating a 86% increase[27]. - Total stockholders' equity increased to $965,317,000 as of September 30, 2025, from $898,507,000 at December 31, 2024, marking a growth of approximately 7.4%[27]. Compensation and Expenses - Compensation and employee benefits under GAAP rose by 47.5% to $400.3 million, attributed to higher commissionable revenues and the acquisition of OTC[13]. - Total compensation and employee benefits for the three months ended September 30, 2025, were $474,709,000, a 33% increase from $356,997,000 in the same period of 2024[30]. - The company reported total non-compensation expenses of $230,899,000 for the three months ended September 30, 2025, compared to $191,041,000 in the same period of 2024, reflecting a 21% increase[30]. Future Outlook - The company anticipates fourth quarter revenues between $720 million and $770 million, compared to $572.3 million in the same quarter last year[21]. - BGC's cost reduction program of $25 million is expected to enhance profitability and margins by year-end 2025[3]. Shareholder Information - BGC declared a quarterly cash dividend of $0.02 per share, payable on December 10, 2025[22]. - The fully diluted weighted-average share count for Adjusted Earnings decreased by 1.2% to 494.2 million compared to the second quarter of 2025[19]. - Fully diluted weighted-average shares of common stock outstanding for Q3 2025 were 494,248, down from 494,837 in Q3 2024[75]. Adjusted Earnings and Metrics - BGC's Adjusted Earnings exclude various GAAP items that management believes do not reflect the Company's underlying performance, including compensation-related items and restructuring charges[40]. - The calculation of Adjusted Earnings may exclude non-cash GAAP charges related to acquisitions, asset impairments, and litigation resolutions that are considered non-recurring[42]. - BGC's Adjusted EBITDA is defined as GAAP net income available to common stockholders, adjusted to eliminate the effects of financing, income taxes, and capital spending[55]. - Management believes that Adjusted Earnings provide a clearer understanding of BGC's financial performance and should be considered alongside GAAP results[53]. - BGC's non-GAAP tax provision is calculated by adjusting pre-tax Adjusted Earnings for deductible charges, which can lower the effective tax rate and increase post-tax Adjusted Earnings[47]. - The Company incurs income tax expenses based on the jurisdictional taxing authorities of its subsidiaries, with certain entities taxed as U.S. partnerships[48]. Liquidity - Cash and cash equivalents as of September 30, 2025, were $774,940,000, an increase from $711,584,000 as of December 31, 2024[78]. - Total liquidity as of September 30, 2025, was $924,719,000, compared to $897,781,000 at the end of 2024[78]. - BGC's liquidity is defined as the sum of cash and cash equivalents, financial instruments owned at fair value, less securities lent out, which is crucial for assessing available cash[60].
BGC PARTNERS-A(BGCP) - 2025 Q3 - Quarterly Results
2025-11-06 13:06
EXHIBIT 99.1 NEW YORK – November 6, 2025 – BGC Group, Inc. (Nasdaq: BGC) today reported its financial results for the quarter ended September 30, 2025. 1 John Abularrage, Co-Chief Executive Officer: "We delivered another outstanding quarter, with record third quarter revenues of $737 million, up 31 percent from $561 million a year ago. Revenues of $628 million, excluding OTC, was also a record, driven by growth across every asset class and geography. Our ability to deliver strong growth in a mixed macro env ...
RAPT Therapeutics(RAPT) - 2025 Q3 - Quarterly Report
2025-11-06 13:05
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: 001-38997 RAPT Therapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 47-3313701 (State or other ju ...
Iovance Biotherapeutics(IOVA) - 2025 Q3 - Quarterly Results
2025-11-06 13:05
Financial Performance - Third quarter revenue grew by 13% to approximately $68 million, with U.S. Amtagvi revenue at around $58 million and global Proleukin revenue at approximately $10 million[5] - Product revenue for Q3 2025 reached $67.455 million, a 15.4% increase from $58.555 million in Q3 2024[18] - Total revenue for the nine months ended September 30, 2025, was $176.731 million, compared to $90.376 million for the same period in 2024, reflecting a 95.5% growth[18] Cost and Expenses - Cost of sales for Q3 2025 was $38.477 million, up from $31.518 million in Q3 2024, indicating a 22% increase[18] - Research and development expenses for Q3 2025 totaled $75.174 million, compared to $67.036 million in Q3 2024, representing a 12.8% increase[18] - Selling, general and administrative expenses decreased to $34.555 million in Q3 2025 from $39.336 million in Q3 2024, a decline of 12.5%[18] - Total costs and expenses for the nine months ended September 30, 2025, were $506.627 million, up from $399.078 million in the same period of 2024, a 27% increase[18] - The company incurred restructuring charges of $5.143 million in Q3 2025, with no such charges reported in Q3 2024[18] - Total stock-based compensation included in costs and expenses for the nine months ended September 30, 2025, was $49.758 million, down from $78.650 million in the same period of 2024[18] Profitability - Net loss for Q3 2025 was $91.253 million, compared to a net loss of $83.541 million in Q3 2024, reflecting an increase in losses of 9.5%[18] - Net loss per share for Q3 2025 was $0.25, an improvement from $0.28 in Q3 2024[18] Operational Highlights - Gross margin improved to 43%, reflecting better execution and initial benefits from cost optimization efforts[5] - Cash and cash equivalents, investments, and restricted cash totaled approximately $307 million as of September 30, 2025, expected to fund operations into the second quarter of 2027[5] - More than 80 U.S. authorized treatment centers have been activated, providing access to approximately 95% of Amtagvi patients within a two-hour drive[5] - Manufacturing turnaround time has improved to an average of 32 days from inbound to return shipment to authorized treatment centers[5] Clinical Developments - Positive interim data from the IOV-LUN-202 clinical trial showed an objective response rate of 26% and a median duration of response not reached after over 25 months of follow-up[8] - Health Canada granted the first Amtagvi approval outside the U.S. for previously treated advanced melanoma in August 2025, with potential approvals anticipated in the UK and Australia in the first half of 2026[8] - Iovance is finalizing a strategy with the European Medicines Agency to support EU marketing authorization for Amtagvi[8] - A new clinical trial, IOV-MEL 202, will investigate lifileucel in advanced melanoma patients previously treated with anti-PD-1 therapy, primarily outside the U.S.[8] Future Guidance - Full-year 2025 revenue guidance is reaffirmed within the range of $250 million to $300 million, marking the first full calendar year of Amtagvi sales[5]
Sangamo Therapeutics(SGMO) - 2025 Q3 - Quarterly Results
2025-11-06 13:05
Held productive interaction with Medicines and Healthcare products Regulatory Agency (MHRA) to discuss prion disease study ahead of anticipated Clinical Trial Application (CTA) submission. RICHMOND, California, November 6, 2025 - Sangamo Therapeutics, Inc. (Nasdaq: SGMO), a genomic medicine company, today reported recent business highlights and third quarter 2025 financial results. "We continued to advance our clinical and pre-clinical pipeline this quarter and are excited to now be recruiting and enrolling ...
Edgewise Therapeutics(EWTX) - 2025 Q3 - Quarterly Report
2025-11-06 13:05
Table of Contents 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: 001-40236 Edgewise Therapeutics, Inc. (Exact name of registrant as specified in its charter) (State or other ...
BlackRock TCP Capital (TCPC) - 2025 Q3 - Quarterly Results
2025-11-06 13:05
Financial Performance - For Q3 2025, net investment income was $27.3 million, or $0.32 per share, exceeding the regular dividend of $0.25 per share[2]. - Total investment income for Q3 2025 was approximately $50.5 million, or $0.59 per share[15]. - Net investment income for Q3 2025 was approximately $27.3 million, or $0.32 per share, while net realized loss was $97.0 million, or $1.14 per share[17]. - Total investment income for the three months ended September 30, 2025, was $50,515,777, a decrease of 29% compared to $70,932,487 for the same period in 2024[30]. - Net investment income for the nine months ended September 30, 2025, was $87,078,617, down 11% from $97,964,446 in 2024[30]. - Net realized loss on investments for the three months ended September 30, 2025, was $(97,037,398), compared to a loss of $(31,425,777) in 2024[30]. - Basic and diluted earnings per share for the three months ended September 30, 2025, was $0.29, up from $0.25 in 2024[30]. Asset and Liability Overview - Total assets were $1.8 billion, with net assets of $740.0 million as of September 30, 2025[13]. - Total assets as of September 30, 2025, were $1,810.9 million, with total liabilities of $1,070.9 million, resulting in net assets of $740.0 million[28]. - Net asset value per share remained unchanged at $8.71 as of September 30, 2025[2]. - Net assets per share decreased from $9.23 as of December 31, 2024, to $8.71 as of September 30, 2025[28]. - Total debt outstanding as of September 30, 2025, was $1,051.6 million, with a combined weighted-average interest rate of 4.98%[19][20]. Investment Activity - Total investment acquisitions during Q3 2025 were approximately $63.1 million, with $139.5 million in dispositions[2]. - New investments during Q3 2025 totaled approximately $63.1 million, with 97.9% in senior secured loans[12]. - The investment in Renovo, representing approximately 0.7% of total investments at fair value, is expected to be fully written down, impacting NAV by approximately $0.15 per share[25]. Operating Expenses - Total operating expenses for Q3 2025 were approximately $23.2 million, or $0.27 per share[16]. - Total operating expenses after management fee waiver for the nine months ended September 30, 2025, were $70,791,072, a decrease from $100,223,575 in 2024[30]. - Management fees for the three months ended September 30, 2025, were $5,544,927, compared to $6,185,025 in 2024, reflecting a decrease of 10%[30]. Liquidity and Shareholder Returns - As of September 30, 2025, available liquidity was approximately $527.7 million, including $466.1 million under the leverage program and $61.0 million in cash[18]. - The company repurchased 69,446 shares at an average price of $6.68, totaling $464,080 under the Company Repurchase Plan for the nine months ended September 30, 2025[23]. - A fourth quarter dividend of $0.25 per share was declared on November 6, 2025, payable on December 31, 2025[24]. Portfolio Quality - Debt investments on non-accrual status represented 3.5% of the portfolio at fair value, down from 3.7% in the previous quarter[2]. - The weighted average annual effective yield of the debt portfolio was approximately 11.5% as of September 30, 2025, down from 12.0% in Q2 2025[11]. - Net unrealized gain for Q3 2025 was $94.1 million, or $1.11 per share, primarily due to a $74.6 million reversal of previously recognized unrealized loss from Razor[17]. - Net change in unrealized appreciation for the three months ended September 30, 2025, was $94,125,837, compared to $19,181,096 in 2024[30]. Strategic Focus - The company is focused on direct lending to middle-market companies and aims to achieve high total returns through current income and capital appreciation[32].
Aerpio Pharmaceuticals(AADI) - 2025 Q3 - Quarterly Results
2025-11-06 13:03
Financial Performance - Third quarter 2025 net loss was $17.7 million, compared to a net loss of $12.5 million in the same period of 2024, representing a 41.6% increase in losses year-over-year[5] - Total operating expenses for the three months ended September 30, 2025, were $19.5 million, slightly down from $20.6 million in the same period of 2024[16] - The company reported no product sales in Q3 2025, down from $7.2 million in Q3 2024, reflecting a shift in focus towards R&D[16] - The weighted average shares outstanding increased to 69.2 million in Q3 2025 from 27.0 million in Q3 2024, indicating significant dilution[16] Liquidity and Assets - Cash, cash equivalents, and short-term investments as of September 30, 2025, were $162.6 million, up from $47.2 million as of December 31, 2024, indicating a significant increase in liquidity[5] - Total assets as of September 30, 2025, were $167.0 million, compared to $70.3 million as of December 31, 2024, indicating a substantial growth in asset base[14] - The company anticipates its cash runway will extend into 2028 based on current operational plans[5] Research and Development - Research and development expenses increased to $14.3 million in Q3 2025, compared to $10.0 million in Q3 2024, reflecting a 43.5% increase year-over-year[16] - The company is on track to submit IND filings for HWK-007 and HWK-016 by the end of 2025, with all three assets expected to reach IND by mid-2026[3] - Whitehawk Therapeutics confirmed PTK7 as the third most highly expressed tumor marker among ADC targets, highlighting the potential market opportunity for HWK-007, which targets PTK7-expressing cancers affecting nearly 750,000 patients in the US[3]