Financial Performance - Total revenues for Q3 2025 were $29.733 million, a 23.5% increase from $24.197 million in Q3 2024[18] - License and royalty revenue for Q3 2025 was $23.605 million, slightly down from $23.982 million in Q3 2024[18] - Net loss for Q3 2025 was $61.941 million, compared to a net loss of $59.597 million in Q3 2024, representing a 3.9% increase in loss[18] - The company reported a comprehensive loss of $61.843 million for Q3 2025, compared to a comprehensive loss of $57.913 million in Q3 2024[18] - The company generated a net cash used in operating activities of $71.7 million for the nine months ended September 30, 2025, an improvement from $141.5 million in the prior year[26] - The Company reported revenues of $29.7 million for the three months ended September 30, 2025, compared to $24.2 million for the same period in 2024, representing a 22.5% increase[139] Assets and Liabilities - Total assets increased to $525.203 million as of September 30, 2025, up from $465.989 million at the end of 2024, reflecting a 12.8% growth[17] - Total liabilities rose significantly to $363.751 million as of September 30, 2025, compared to $206.338 million at the end of 2024, marking a 76.2% increase[17] - The accumulated deficit as of September 30, 2025, was $1.058 billion, an increase from $932.149 million at the end of 2024[17] - Cash and cash equivalents increased to $58.802 million as of September 30, 2025, from $57.526 million at the end of 2024[17] - The company had cash, cash equivalents, and marketable securities totaling $302.0 million as of September 30, 2025, which is expected to fund operations for at least the next 12 months[30] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $168.688 million, up from $158.142 million in the same period of 2024[18] - Research and development expenses rose to $56.1 million in Q3 2025, up $1.7 million from $54.4 million in Q3 2024, despite a $3.7 million decrease in clinical trial costs[209] - The increase in research and development expenses was partially offset by a decrease of $4.6 million in costs associated with clinical trials and regulatory activities[215] Revenue Recognition and Agreements - Revenue is recognized in accordance with ASC 606, requiring the transfer of control of goods or services to customers[43] - The transaction price for license and collaboration agreements includes fixed and variable considerations, with milestone payments included if probable[52][54] - The Company received an up-front fee of $370.0 million from AbbVie under the collaboration agreement, with potential milestone payments of up to $1.38 billion[108] - The Company entered into a collaboration and license agreement with Nippon Shinyaku, receiving an up-front fee of $110.0 million and up to $700.0 million in milestone payments[116] - The Company recognized total revenues of $80.4 million under the Nippon Shinyaku Collaboration Agreement for the nine months ended September 30, 2025[123] Stock and Compensation - Stock-based compensation expense for the nine months ended September 30, 2025, was $26.2 million, slightly lower than the $28.9 million reported for the same period in 2024[26] - The total intrinsic value of restricted stock units vested during the nine months ended September 30, 2025, was $5.9 million[132] - The Company had $57.2 million of unrecognized stock-based compensation expense expected to be recognized over a weighted-average period of 2.3 years[128] Collaboration and Licensing - The NAV Technology Platform is being utilized by licensees in one commercial product, Zolgensma®, and in the development of several other licensed products[29] - The Company has selectively licensed its NAV Technology Platform to other biotechnology and pharmaceutical companies, indicating ongoing collaboration and market expansion efforts[29] - The Company retains all rights to any priority review vouchers that may be issued upon potential approvals of RGX-121 and RGX-111[116] Expenses - General and administrative expenses increased to $20.3 million in Q3 2025 from $19.4 million in Q3 2024, driven by higher professional services and consulting costs[210] - Interest expense surged to $13.2 million in Q3 2025, up from $0.8 million in Q3 2024, primarily due to increased interest under royalty monetization liabilities[212] Future Outlook - The company expects general and administrative expenses to increase as it prepares for the potential commercialization of product candidates, particularly RGX-202 and ABBV-RGX-314[186] - Future revenues from licensing agreements are uncertain and may fluctuate significantly due to the contingent nature of payments[175]

Financial Performance - The company has not generated any revenue from product sales since its inception in February 2022 and has incurred significant operating losses, with net losses of $26.9 million and $17.5 million for the three months ended September 30, 2025 and 2024, respectively[146][150]. - The net loss for the three months ended September 30, 2025, was $26.925 million, compared to a net loss of $17.537 million for the same period in 2024, indicating a $9.388 million increase in losses[177]. - Net loss for the nine months ended September 30, 2025, was $77.7 million, compared to a net loss of $58.3 million in 2024, an increase of $19.4 million[183]. - Interest income decreased to $3.061 million for the three months ended September 30, 2025, down from $4.103 million in 2024, a decline of $1.042 million[177]. - Other income decreased to $3.1 million for the three months ended September 30, 2025, down from $4.1 million in 2024, primarily due to reduced interest income from lower cash and investment balances[179]. Cash and Financing - As of September 30, 2025, the company had raised aggregate gross proceeds of $711.9 million from financings and had cash, cash equivalents, and short-term investments of $513.0 million, excluding restricted cash[149]. - The company completed an underwritten public offering in September 2025, raising approximately $269.4 million in net proceeds after deducting offering costs[149]. - Net cash provided by financing activities was $270.5 million for the nine months ended September 30, 2025, primarily from the September 2025 Offering[195]. - The company believes its existing cash and cash equivalents will fund operations into the second half of 2029[153]. - The company expects its cash and cash equivalents will be sufficient to fund operating expenses and capital expenditures for at least the next 12 months[197]. Research and Development - The company plans to initiate an open-label long-term safety trial for RAP-219 by the end of 2025, with preliminary results expected in the second half of 2026[142]. - The Phase 2a trial of RAP-219 in drug-resistant focal onset seizures met its primary and secondary endpoints, demonstrating a statistically significant reduction in clinical seizures compared to baseline[142]. - The company is developing a long-acting injectable formulation of RAP-219 to improve patient adherence and expand clinical utility across indications[144]. - The Investigational New Drug application for a Phase 2 trial of RAP-219 for diabetic peripheral neuropathic pain is on clinical hold pending additional information requested by the FDA[143]. - Research and development expenses increased to $22.3 million for the three months ended September 30, 2025, compared to $15.5 million for the same period in 2024, representing a $6.7 million increase[177]. - The increase in research and development expenses included a $3.1 million rise in RAP-219 program costs, driven by clinical trial costs for the Phase 2a trial and open-label long-term safety trial[178]. - The company expects research and development expenses to increase substantially as it advances RAP-219 through clinical development and pursues regulatory approval[164]. - Research and development expenses rose to $64.5 million for the nine months ended September 30, 2025, compared to $43.7 million in 2024, marking an increase of $20.8 million[184]. - The RAP-219 program costs increased by $12.0 million, driven mainly by clinical trial costs for various Phase 2 trials[184]. Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $29.986 million, up from $21.640 million in 2024, reflecting an increase of $8.346 million[177]. - Total operating expenses for the nine months ended September 30, 2025, were $86.6 million, up from $59.5 million in 2024, reflecting a $27.1 million increase[183]. - General and administrative expenses increased to $7.7 million for the three months ended September 30, 2025, up from $6.1 million in the same period of 2024, representing a $1.6 million increase[179]. - The company anticipates that general and administrative expenses will increase due to hiring additional personnel and compliance-related costs associated with being a public company[170]. Collaborations and Agreements - The company has a collaboration agreement with Janssen Pharmaceutical NV, which includes potential milestone payments of up to $76.0 million for development and $40.0 million for sales of TARPg8 products[157]. - The company made a non-refundable payment of $1.0 million to Janssen and an additional option fee of $4.0 million, with potential milestone payments totaling up to $141.0 million for product development and sales[203]. - The company has entered into a master services agreement with NeuroPace Inc., which includes a payment of up to $5.3 million over approximately four years for services related to the RAP-219 clinical trials[161]. - Cumulative expenses incurred under the NeuroPace agreement amount to $3.4 million through September 30, 2025, with a total payment commitment of up to $5.3 million over four years[204]. Future Outlook and Risks - The company expects its expenses and operating losses to increase substantially as it continues clinical trials and research activities[151]. - The company anticipates substantial increases in expenses related to ongoing preclinical studies and clinical trials, with funding needs dependent on various factors[199]. - The company may need to raise additional capital through equity offerings or debt financings, which could dilute ownership interests and impose restrictions on operations[199]. - Future minimum operating lease payments under non-cancelable leases amount to $14.0 million, with a weighted average remaining lease term of 4.8 years[200][202]. - The company has recorded a full valuation allowance against its net deferred tax assets, indicating uncertainty about the realization of these assets[175]. - As of December 31, 2024, the company had federal net operating loss carryforwards of approximately $13.7 million and state net operating loss carryforwards of approximately $12.0 million[174]. Accounting and Compliance - The company has not experienced material changes to its critical accounting policies and estimates during the nine months ended September 30, 2025[207]. - The company has elected not to "opt out" of the extended transition period for new accounting standards, which may affect comparability with other public companies[208][209]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[211].

Financial Performance - Crescent Biopharma reported a net loss of $24.6 million, or $1.27 per share, for Q3 2025[8]. - Cash position as of September 30, 2025, was $133.3 million, expected to fund operations through 2027[7]. - Total assets as of September 30, 2025, were $138.3 million, compared to $35.6 million at the end of 2024[15]. - Liabilities decreased to $21.6 million from $47.1 million at the end of 2024[15]. - Crescent's shareholders' equity improved to $116.6 million from a deficit of $11.5 million at the end of 2024[15]. Research and Development - Research and development expenses for Q3 2025 were $20.3 million, while general and administrative expenses were $5.5 million[7]. - The company plans to submit an IND application for CR-001 in Q4 2025 and expects to initiate a global Phase 1 trial in Q1 2026[5]. - CR-001 demonstrated potent anti-tumor activity in preclinical models and is designed to replicate the pharmacology of ivonescimab[5]. - Crescent anticipates submitting an IND for CR-002 in mid-2026, which is part of its ADC pipeline[6]. Strategic Focus - The company is focused on advancing next-generation therapeutics for solid tumors, aiming to deliver transformative therapies[2].

Financial Performance - Net income for Q3 2025 was $71 million, or $1.42 per diluted share, down from $92 million, or $1.84 per diluted share in Q3 2024[6][9] - Adjusted net income for Q3 2025 was $56,888,000, down from $78,233,000 in Q3 2024, representing a decrease of 27.4%[41] - Net income for the nine months ended September 30, 2025, was $181,757,000, down from $380,901,000 in the same period of 2024, representing a decline of 52.3%[31] - The company reported a net income of $70,546,000 for Q3 2025, compared to $91,688,000 in Q3 2024, a decrease of 23.1%[41] Revenue and Earnings - Shipping revenues for Q3 2025 were $196 million, compared to $225 million in Q3 2024, while TCE revenues decreased to $192 million from $220 million[10] - Total Shipping Revenues for Q3 2025 were $196,388,000, a decrease of 12.8% from $225,190,000 in Q3 2024[31] - Time Charter Equivalent (TCE) revenues for Q3 2025 were $192,468,000, compared to $219,687,000 in Q3 2024, a decline of 12.4%[44] - Adjusted EBITDA for Q3 2025 was $108 million, down from $130 million in Q3 2024[11] - EBITDA for Q3 2025 was $121,339,000, compared to $143,487,000 in Q3 2024, reflecting a decline of 15.4%[42] - Adjusted EBITDA for the nine months ended September 30, 2025, was $299,909,000, down from $488,467,000 in the same period of 2024, a decrease of 38.7%[42] Liquidity and Financial Flexibility - Total liquidity as of September 30, 2025, was $985 million, including cash of $413 million and $572 million undrawn revolving credit capacity[6] - The company successfully placed $250 million of senior unsecured bonds at a coupon rate of 7.125% to enhance financial flexibility[20] - Cash and cash equivalents increased to $412,569,000 as of September 30, 2025, compared to $157,506,000 at the end of 2024, marking a significant increase of 162.5%[32] Fleet and Operations - The fleet totaled 76 vessels as of September 30, 2025, with 62 owned and 14 chartered in[38] - The company sold five vessels with an average age of 17.7 years for proceeds of approximately $67 million during Q3 2025[15] - The company took delivery of the Seaways Alacran, the first of six LR1 newbuildings, with a total contract price of approximately $359 million[14] - The newbuild fleet includes 5 LR1 vessels with a total Dwt of 368,000, bringing the total fleet to 76 vessels[39] - The total operating fleet consists of 71 vessels with a total deadweight tonnage (Dwt) of 8,191,815[39] Market Conditions - Market conditions strengthened late in Q3 2025, with tanker demand supported by oil demand growth of about 1%[7] - The average TCE rate for VLCC in Q3 2025 was $34,809, an increase from $29,711 in Q3 2024, reflecting a growth of 17.5%[35] Expenses and Debt - Operating expenses for the nine months ended September 30, 2025, totaled $368,200,000, an increase from $346,817,000 in the same period of 2024, representing a rise of 6.4%[31] - Interest expense for the nine months ended September 30, 2025, was $30,836,000, compared to $37,808,000 in the same period of 2024, a decrease of 18.4%[31] - The company incurred third-party debt modification fees of $0 in Q3 2025, compared to $168,000 in the nine months ended September 30, 2024[42] Revenue Days - The company reported a total of 6,245 revenue days in Q3 2025, down from 6,671 revenue days in Q3 2024, a decrease of 6.4%[35] - The weighted average shares outstanding (diluted) for Q3 2025 were 49,606,210, slightly down from 49,881,317 in Q3 2024[41]

Financial Performance - Record quarterly revenue of $224.6 million, a 25% increase year-over-year[12] - GAAP net income of $61.4 million, or $1.90 per diluted share, a 19% increase year-over-year[12] - Non-GAAP net income of $70 million, or $2.16 per diluted share, a 24% increase year-over-year[12] - Total revenues for the three months ended September 30, 2025, increased to $224.6 million, up 25.5% from $179.0 million in the same period of 2024[30] - Operating income for the three months ended September 30, 2025, rose to $63.9 million, compared to $49.2 million in the same period of 2024, reflecting a 29.8% increase[30] - Net income for the three months ended September 30, 2025, was $61.4 million, an increase of 19.7% from $51.3 million in the same period of 2024[30] - Basic earnings per share for the three months ended September 30, 2025, were $2.05, up from $1.76 in the same period of 2024, marking a 16.5% increase[30] Revenue Projections - Management expects total revenues for Q4 2025 to be between $215 million and $225 million[18] - Anticipated diluted GAAP EPS for Q4 2025 is projected to be between $1.77 and $1.95[18] - Anticipated diluted non-GAAP EPS for Q4 2025 is projected to be between $2.02 and $2.20[18] - The estimated non-GAAP net income per diluted share for the fourth quarter of 2025 is projected to be between $2.02 and $2.20[36] Operating Metrics - Gross margin in Q3 2025 was 56.7%, compared to 57.8% in Q2 2025[15] - Operating expenses in Q3 2025 were $63.6 million, up from $61.6 million in Q2 2025[15] - Gross profit for the three months ended September 30, 2025, was $127.4 million, representing a gross margin of 57%[34] - Cash flows from operating activities for the three months ended September 30, 2025, were $71.3 million, compared to $47.0 million in the same period of 2024, indicating a 51.5% increase[32] - Research and development expenses for the three months ended September 30, 2025, were $36.7 million, up from $29.1 million in the same period of 2024, reflecting a 26.3% increase[30] Cash Flow and Investment - The company reported a net cash used in investing activities of $392.3 million for the three months ended September 30, 2025, compared to $24.2 million in the same period of 2024[32] - The company experienced a net cash provided by financing activities of $680.4 million for the three months ended September 30, 2025, compared to $70,000 in the same period of 2024[32] Market Outlook - Positive semiconductor market forecasts and increased AI-driven demand expected to support growth in 2026[13] - Record quarterly revenue from memory devices driven by demand for advanced DRAM & HBM devices[12]

Exhibit 99.1 PublicSquare Delivers Strong Third Quarter Financial Results & Beats Revenue Guidance by 10% Reaffirms Fourth Quarter 2025 & Full Year 2026 Revenue Guidance Fintech Revenue Increased 28% Quarter Over Quarter Credit Revenue Increased 22% Quarter Over Quarter Payments Revenue Increased 50% Quarter Over Quarter WEST PALM BEACH, FL, November 6, 2025 — PSQ Holdings, Inc. (NYSE: PSQH) ("PublicSquare," or the "Company"), today reported financial results for the third quarter 2025. THIRD QUARTER 2025 H ...

Financial Performance - For the three months ended September 30, 2025, revenue increased to $144.2 million, up 17.1% from $123.1 million in the same period of 2024[127] - Pre-tax income attributable to controlling interests for the three months ended September 30, 2025, was $22.5 million, a decrease of 14.4% compared to $26.3 million in 2024[127] - Economic net income (ENI) for the three months ended September 30, 2025, was $27.2 million, representing a 22.5% increase from $22.2 million in 2024[127] - Total revenue for the three months ended September 30, 2025, was $144.2 million, an increase of $21.1 million, or 17.1%, from $123.1 million in 2024[143] - Net income for the three months ended September 30, 2025, was $27.0 million, an increase of $8.0 million, or 42.1%, from $19.0 million in 2024[143] - U.S. GAAP operating income for the nine months ended September 30, 2025 was $74.7 million, compared to $70.5 million for the same period in 2024, reflecting a growth of 3.0%[182] - Total revenue for the nine months ended September 30, 2025 was $391.5 million, up from $337.8 million in 2024, representing a 15.9% increase[182] - Economic net income (ENI) for the nine months ended September 30, 2025 was $70.4 million, compared to $56.8 million in 2024, indicating a 24.8% increase[189] Assets Under Management (AUM) - Assets under management (AUM) at period end reached $166.4 billion, an increase of 38.3% from $120.3 billion in 2024[127] - Total assets under management (AUM) increased to $166.4 billion as of September 30, 2025, up by $46.1 billion or 38.3% from $120.3 billion a year earlier[130][138] - AUM by strategy as of September 30, 2025: Non-U.S. Equity at $35.3 billion (21.2%), Enhanced Equity at $34.2 billion (20.6%), and Small Cap Equity at $31.7 billion (19.1%)[131] - Institutional clients accounted for $135.0 billion or 81.1% of total AUM as of September 30, 2025, compared to $93.0 billion or 79.3% as of December 31, 2024[132] - AUM from U.S. clients was $94.5 billion, representing 56.8% of total AUM as of September 30, 2025, compared to $74.7 billion or 63.7% a year earlier[133] - AUM from EMEA clients increased to $36.4 billion (21.9%) as of September 30, 2025, up from $16.9 billion (14.4%) as of December 31, 2024[133] - The company reported a beginning balance of $151.1 billion for total AUM as of June 30, 2025, with an ending balance of $166.4 billion[138] - The increase in AUM was driven by equity market appreciation and positive net client cash flows over the last twelve months[138] Client Cash Flows - Net client cash flows for the three months ended September 30, 2025, were $6.4 billion, significantly up from $0.5 billion in the same period of 2024, reflecting a $5.9 billion increase[127] - Net client cash flows for the three months ended September 30, 2025, were $6.4 billion, with gross inflows of $11.9 billion and gross outflows of $6.5 billion[134] - For the nine months ended September 30, 2025, net inflows reached $24.0 billion compared to $0.9 billion in 2024, driven by strong gross inflows of $39.4 billion[140] Revenue and Fees - ENI revenue for the three months ended September 30, 2025, was $136.3 million, a 11.5% increase from $122.2 million in 2024[127] - Management fees for the three months ended September 30, 2025, increased by $24.0 million, or 21.4%, to $136.1 million, attributed to a 34.5% rise in average assets under management[149] - Average assets under management for the three months ended September 30, 2025, were $156.5 billion, up from $116.4 billion in 2024[149] - Performance fees for the three months ended September 30, 2025, decreased by $9.9 million, or 98.0%, to $0.2 million due to changes in performance relative to benchmarks[153] - Management fees contributed $136.1 million to ENI revenue in Q3 2025, up from $112.1 million in Q3 2024, marking a 21.4% increase[192] Operating Expenses and Compensation - The U.S. GAAP operating margin for the three months ended September 30, 2025, was 18.4%, down 349 basis points from 21.9% in 2024[127] - Average basis points earned on average assets under management decreased to 34.5 bps for the three months ended September 30, 2025, from 38.3 bps in 2024[148] - For the three months ended September 30, 2025, total variable compensation increased to $31.8 million, up 8.2% from $29.4 million in the same period of 2024[161] - Compensation and benefits expense rose by $15.1 million, or 21.7%, from $69.6 million for the three months ended September 30, 2024 to $84.7 million for the same period in 2025[161] - General and administrative expenses increased by $1.7 million, or 7.8%, from $21.8 million for the three months ended September 30, 2024 to $23.5 million for the same period in 2025[163] - Variable compensation for the nine months ended September 30, 2025 was $93.6 million, up from $83.7 million in 2024, reflecting a 11.9% increase[183] Tax and Interest - Income tax expense decreased by $2.0 million, from $9.4 million for the three months ended September 30, 2024 to $7.4 million for the same period in 2025[176] - The effective tax rate on economic net income for Q3 2025 is 28.0%, compared to 31.9% in Q3 2024[203] - Interest income increased by $0.3 million, or 50.0%, from $0.6 million for the three months ended September 30, 2024 to $0.9 million for the same period in 2025[169] Debt and Financing - On October 30, 2025, the company issued a notice for the full redemption of all $275 million aggregate principal amount outstanding of its 4.80% Senior Notes due July 27, 2026[228] - Acadian LLC has a delayed draw term loan facility of up to $200 million, maturing on October 28, 2028, with the potential to increase to $275 million[236] - The company plans to use proceeds from the term facility to fund the redemption of its $275 million 2026 Notes[237] - The financial covenants require a maximum Consolidated Net Leverage Ratio of 2.5x and a minimum Consolidated Interest Coverage Ratio of 4.0x[239] Market Sensitivity - A 10% change in foreign exchange rates against the U.S. dollar could lead to a change in annualized management fee revenue of $46 million and an annual change in post-tax economic net income of $18 million[260] - A 10% increase or decrease in equity markets would result in a change in annualized management fee revenue of $57 million and an annual change in post-tax economic net income of approximately $22 million[260] - Approximately 13% of AUM, or $22 billion, are in accounts subject to performance fees, with a 10% change in AUM affecting performance fees by about $6 million[255] Cash Flow - Net cash from operating activities increased by $4.4 million, from $59.1 million in the nine months ended September 30, 2024 to $63.5 million in 2025[223] - Net cash from investing activities changed by $57.0 million, from $(48.3) million in 2024 to $8.7 million in 2025[223] Other Financial Metrics - The Leverage Ratio as of September 30, 2025 was 0.0x, indicating no third-party borrowings relative to trailing twelve months Adjusted EBITDA[233] - Acadian LLC recorded accrued incentive compensation of $96.2 million as of September 30, 2025, down from $119.6 million as of December 31, 2024[246] - Approximately 39% of Acadian LLC's ENI cost structure is variable, linked to the profitability of the business after covering operating expenses[254]

Revenue Performance - Revenue for the three months ended September 30, 2025, was $14.7 million, an increase of $1.3 million, or 10%, compared to the same period in 2024[86] - Revenue for the nine months ended September 30, 2025, was $40.6 million, an increase of $4.7 million, or 13%, compared to the same period in 2024[99] - Revenue generated in the U.S. was $36.9 million for the nine months ended September 30, 2025, an increase of $4.1 million, or 13%, over the prior year[100] - Revenue generated in Europe was $3.7 million for the nine months ended September 30, 2025, a $0.5 million increase, or 17%, compared to the same period in 2024[101] Gross Profit and Margins - Gross profit increased to $12.8 million for the three months ended September 30, 2025, a rise of $1.6 million, or 15%, with a gross margin of 87% compared to 83% in the prior year[91] - Gross profit for the nine months ended September 30, 2025, was $34.5 million, reflecting a $4.3 million increase, or 14%, over the prior year[103] Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $25.0 million, an increase of $0.9 million, or 4%, compared to the same period in 2024[85] - SG&A expenses decreased by $4.6 million, or 6%, to $66.5 million for the nine months ended September 30, 2025, primarily due to a decrease in non-cash stock-based compensation[107] Research and Development - Research and development expenses rose to $3.1 million, an increase of $0.6 million, or 26%, primarily due to higher compensation and consulting costs[92] Net Loss - Net loss for the nine months ended September 30, 2025, was $41.4 million, a decrease of $7.9 million, or 16%, compared to the net loss of $49.3 million in the same period in 2024[111] - The company anticipates continued net losses in the coming years due to planned investments in commercialization efforts[72] Cash and Financing - The company had cash and cash equivalents of $85.1 million as of September 30, 2025, down from $105.9 million at the end of 2024[111] - Cash used in operating activities for the nine months ended September 30, 2025, was $30.4 million, slightly lower than $31.1 million in the same period in 2024[118] - The company issued 543,462 shares of common stock under the ATM offering for gross proceeds of $9.5 million during the nine months ended September 30, 2025[113] - Interest expense increased by $1.5 million for the nine months ended September 30, 2025, driven by higher levels of borrowings under the Loan Agreement[108] Market Expansion and Strategy - U.S. sales accounted for $13.5 million, reflecting a 10% increase, driven by growth in the heart failure business and expansion into new sales territories[87] - The company had 250 active implanting centers in the U.S. as of September 30, 2025, up from 208 in the previous year[88] - The company plans to expand its U.S. commercial organization and increase awareness among physicians and patients to drive future revenue growth[77] Regulatory and Economic Factors - The Centers for Medicare & Medicaid Services released new Category I CPT codes for Barostim, expected to improve reimbursement predictability starting January 1, 2026[73] - Inflationary factors may adversely affect operating results, with potential impacts on gross margin and operating expenses if product selling prices do not increase accordingly[129] - Revenue and operating expenses incurred outside the U.S. are subject to foreign currency exchange rate fluctuations, particularly with the Euro, but realized gains and losses have not been material to financial statements[128] - The company is exposed to interest rate risk primarily related to cash equivalents and debt under the Loan Agreement, with no current plans to use financial derivatives[127]

Revenue Growth - Transaction-based revenue for the three months ended September 30, 2025, was $215.8 million, an increase of 17% from $183.8 million for the same period in 2024[17]. - Total revenue increased to $319.0 million for the three months ended September 30, 2025, representing a year-over-year growth of approximately 15%[22]. - Subscription revenue accounted for 29% of total revenues for the three months ended September 30, 2025, while transaction-based revenue accounted for 68%[22]. - Subscription revenues increased to $93,543,000 in Q3 2025, up from $85,536,000 in Q3 2024, representing a growth of 11.8%[68]. - Transaction-based revenues rose to $215,766,000 in Q3 2025, compared to $183,751,000 in Q3 2024, marking a growth of 17.4%[68]. - Total revenues for Q3 2025 reached $318,963,000, an increase of 15.1% from $277,182,000 in Q3 2024[68]. Payment Volume and Transaction Metrics - Gross Payment Volume (GPV) for the three months ended September 30, 2025, was $10.8 billion, representing a growth of 22% compared to $8.8 billion for the same period in 2024[20]. - The cloud-based software-as-a-service platform processed Gross Transaction Value (GTV) of $25.3 billion for the three months ended September 30, 2025, a 7% increase from $23.6 billion for the same period in 2024[20]. - Gross Payment Volume (GPV) for the six months ended September 30, 2025, was $21.0 billion, up 22% from $17.2 billion for the same period in 2024[31]. - Gross Transaction Volume (GTV) for the six months ended September 30, 2025, was $49.9 billion, representing an increase of 6% compared to $47.2 billion for the same period in 2024[38]. Customer and Market Focus - The company targets sophisticated small and medium-sized businesses (SMBs) with a focus on retail customers in North America and hospitality customers in Europe[14]. - As of September 30, 2025, the company had customer locations in over 100 countries, primarily in North America and Europe[20]. - The company plans to continue investments in Lightspeed NuORDER and expand market share among retail customers in North America and hospitality customers in Europe[24]. - The company plans to focus on increasing market penetration among retail customers in North America and hospitality customers in Europe[49]. Financial Performance and Losses - Operating loss for the six months ended September 30, 2025, was $78.7 million, compared to an operating loss of $82.0 million for the same period in 2024[26]. - Net loss for Q3 2025 was $(32,700,000), an increase from $(29,655,000) in Q3 2024, indicating a 6.9% increase in losses[42]. - Adjusted EBITDA for Q3 2025 was $21,339,000, compared to $13,955,000 in Q3 2024, representing a 53.5% increase year-over-year[40]. - Cash flows from operating activities for Q3 2025 were $25,541,000, compared to $(11,311,000) in Q3 2024, indicating a positive turnaround[44]. Expenses and Cost Management - Direct costs of revenues for the three months ended September 30, 2025, totaled $183.80 million, an increase of $20.9 million or 12.8% year-over-year[77]. - General and administrative expenses for Q3 2025 decreased by $2.1 million or 6.9% compared to Q3 2024, with a percentage of total revenues dropping from 11.3% to 9.1%[88]. - Research and development expenses for Q3 2025 increased by $2.2 million or 7.1% compared to Q3 2024, with share-based compensation rising to $7.2 million from $5.7 million[90]. - Sales and marketing expenses for Q3 2025 increased by $4.7 million or 7.1% compared to Q3 2024, with a percentage of total revenues decreasing from 23.7% to 22.1%[92]. Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2025, were $462.5 million, down from $659.0 million as of September 30, 2024, a decrease of 29.8%[126]. - Working capital surplus as of September 30, 2025, was $544.6 million, indicating strong liquidity to meet short-term growth requirements[118]. - Cash flows from operating activities for Q3 2025 were $25.5 million, a significant increase from cash flows used of $11.3 million in Q3 2024, resulting in an improvement of $16.4 million[127]. - Adjusted Free Cash Flow for the six months ended September 30, 2025 was $16.3 million, compared to a cash outflow of $1.4 million for the same period in 2024, marking a $17.7 million improvement[129]. Strategic Initiatives and Investments - The unified POS and payments solutions strategy began in Fiscal 2024, leading to increased payments penetration and improved customer experience[17]. - The company continues to invest in expanding its catalog content and streamlining operational tasks for retailers[16]. - The Lightspeed Capital program provides cash advances to eligible merchants to support their business growth and cash management[18]. - The company plans to invest in product development and sales to enhance its platform and increase customer engagement[52]. Economic and Market Conditions - The company is monitoring macroeconomic conditions, including inflation and changes in consumer spending, which may impact its operations[29]. - Economic conditions, including inflation and unemployment rates, may adversely affect consumer spending and, consequently, the company's financial performance[56]. Shareholder and Stock Information - The weighted average number of common shares outstanding for Q3 2025 was 137,730,160, down from 153,551,716 in Q3 2024[42]. - The company repurchased and canceled 9,013,953 Subordinate Voting Shares for a total consideration of $85.4 million during the six months ended September 30, 2025[122]. - As of November 4, 2025, Lightspeed had 135,983,621 Subordinate Voting Shares issued and outstanding, net of 2,399,345 shares held in trust[161]. Internal Controls and Governance - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of September 30, 2025[167]. - No changes were identified that materially affected the Company's internal controls over financial reporting during the period covered in the quarterly report[169]. - The internal control framework is designed to provide reasonable assurance regarding the reliability of financial reporting in accordance with IFRS Accounting Standards[168].

Financial Performance - Climb Bio, Inc. reported net losses of $12.9 million and $42.3 million for the three and nine months ended September 30, 2025, respectively, with an accumulated deficit of $272.2 million[99]. - Net loss for the three months ended September 30, 2025, was $12.9 million, compared to a net loss of $8.9 million in the same period of 2024, reflecting an increase of $3.9 million[118]. - For the nine months ended September 30, 2025, research and development expenses surged to $33.0 million from $8.4 million in 2024, with a $13.4 million increase attributed to the budoprutug program[125]. - General and administrative expenses for the nine months ended September 30, 2025, increased by $4.5 million to $15.6 million, mainly due to a $3.1 million rise in personnel-related expenses[127]. - Total operating expenses for the nine months ended September 30, 2025, were $48.6 million, a decrease of $22.5 million from $71.1 million in 2024[124]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $38.7 million, compared to $10.0 million in 2024[132]. - Interest income decreased from $2.8 million in Q3 2024 to $2.0 million in Q3 2025, primarily due to lower invested balances[121]. - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $175.8 million[130]. Research and Development - Climb Bio is developing budoprutug for three distinct immune-mediated diseases: pMN, immune thrombocytopenia (ITP), and systemic lupus erythematosus (SLE)[92]. - The company received FDA clearance for a Phase 2 clinical trial of budoprutug in primary membranous nephropathy (pMN), with 60% of patients achieving complete remission of proteinuria in a prior Phase 1b trial[93]. - Climb Bio anticipates significant increases in research and development expenses as it conducts ongoing clinical trials and studies[108]. - The company expects to have initial data from the Phase 1b/2a clinical trial in ITP in the second half of 2026[94]. - Budoprutug is designed to deplete CD19-positive B cells, potentially offering a disease-modifying approach for various immune-mediated diseases[91]. - CLYM116 is being developed for immunoglobulin A nephropathy (IgAN) and has shown improved bioavailability and prolonged exposure compared to first-generation therapies[97]. - Research and development expenses increased from $6.2 million in Q3 2024 to $9.1 million in Q3 2025, primarily due to a $2.7 million increase in costs for the budoprutug program[119]. Acquisitions and Agreements - Climb Bio acquired Tenet Medicines, Inc. for $41.9 million, with total acquisition costs amounting to $52.8 million, including transaction costs[103]. - The upfront payment for the Mabworks Agreement to develop CLYM116 was $9.0 million, with additional milestone payments and royalties expected[104]. - The company has obligations under an asset purchase agreement with Acelyrin, which includes milestone and royalty payments contingent on future events[145]. Future Funding and Financial Strategy - The company believes its existing cash, cash equivalents, and marketable securities will be sufficient to fund operations through 2027[139]. - Future funding requirements will depend on various factors, including the costs and progress of clinical trials for product candidates like budoprutug and CLYM116[142]. - The company may finance operations through equity offerings, debt financings, and collaborations, but may face dilution of stockholder ownership[140]. - The company may need to delay or limit product development if unable to raise additional funds when needed[141]. - The company is subject to risks related to unforeseen expenses and complications in the development of biopharmaceutical candidates[140]. General and Administrative Expenses - General and administrative expenses rose from $5.5 million in Q3 2024 to $5.8 million in Q3 2025, driven by higher personnel-related expenses of $0.8 million[120]. - The company has fixed lease payments of $0.4 million through December 2026, with an option to extend for an additional $0.3 million[144]. Accounting and Compliance - The company is classified as an emerging growth company and can delay adopting new accounting standards until certain revenue thresholds are met, specifically $1.235 billion[149]. - The company has not made material changes to its critical accounting policies during the three or nine months ended September 30, 2025[147].