Financial Performance - Rapport Therapeutics reported a net loss of $26.9 million for Q3 2025, compared to a net loss of $17.5 million in the same period last year, representing a 53.4% increase in losses[12] - General and Administrative (G&A) expenses increased to $7.7 million in Q3 2025 from $6.1 million in Q3 2024, reflecting a 26.2% increase[17] - Net cash used in operating activities increased to $17.465 million in Q3 2025 from $16.415 million in Q3 2024[26] - Net cash used in investing activities rose to $56.776 million in Q3 2025 compared to $53.041 million in Q3 2024[26] - Net cash provided by financing activities significantly increased to $270.533 million in Q3 2025, contrasting with a cash outflow of $1.394 million in Q3 2024[26] - The net increase in cash, cash equivalents, and restricted cash was $196.292 million in Q3 2025, compared to a decrease of $70.850 million in Q3 2024[26] Research and Development - Research and Development (R&D) expenses for Q3 2025 were $22.3 million, up from $15.5 million in Q3 2024, indicating a 43.5% increase year-over-year[12] - The Phase 2a clinical trial of RAP-219 showed a 77.8% median reduction in clinical seizures, with 24% of patients achieving seizure freedom during the 8-week treatment period[6] - Approximately 85.2% of patients in the Phase 2a trial achieved a ≥30% reduction in long episodes of seizures compared to baseline, with a p-value of <0.0001[6] - The company expects to initiate two Phase 3 pivotal trials of RAP-219 in focal onset seizures in Q3 2026[11] - The Phase 2 trial of RAP-219 in bipolar mania is currently enrolling patients, with topline results expected in the first half of 2027[7] - The company plans to develop a long-acting injectable formulation of RAP-219, with initial pharmacokinetics results expected in 2027[11] Capital and Funding - The company completed a public offering in September 2025, raising approximately $269.4 million in net proceeds[9]

Financial Performance - The company has not generated any revenue from product sales since its inception and does not expect to do so in the near future [92]. - The company has a history of significant operating losses and negative cash flows from operations since its inception [87]. - The net loss for Q3 2025 was $50.610 million, compared to a net loss of $40.560 million in Q3 2024, reflecting an increase of $10.050 million (24.8%) [100]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $137.641 million, compared to $108.677 million in the same period of 2024, an increase of $28.964 million (26.7%) [111]. Cash and Investments - As of September 30, 2025, the company had cash, cash equivalents, and short-term investments totaling $332.6 million, with an accumulated deficit of $537.4 million [87]. - As of September 30, 2025, the company had cash, cash equivalents, and short-term investments totaling $332.6 million, with long-term investments and interest receivable of $142.9 million [106]. - The company has an at-the-market equity offering program allowing for the sale of up to $125.0 million in common stock, with $85.6 million remaining as of September 30, 2025 [110]. Research and Development - Research and development expenses increased by $6.5 million (18.3%) in Q3 2025 compared to Q3 2024, totaling $41.968 million, driven by clinical development costs and additional headcount [100][101]. - For the nine months ended September 30, 2025, research and development expenses rose by $42.0 million (41.0%) to $144.457 million, primarily due to a one-time upfront licensing fee of $20.0 million for velinotamig [101]. - The company is evaluating CLN-049 in an ongoing Phase 1 clinical trial for relapsed/refractory acute myeloid leukemia, with updated results expected at the 2025 ASH Annual Meeting [86]. - The company plans to share initial safety and B cell depletion data for CLN-978 in systemic lupus erythematosus and rheumatoid arthritis in the first half of 2026 [78]. - The Phase 2b portion of the REZILIENT1 trial for zipalertinib met its primary endpoint, and Taiho plans to initiate a rolling submission of a new drug application by the end of 2025 [78]. Licensing and Collaborations - The company entered into a license agreement with Genrix for velinotamig, paying an upfront fee of $20.0 million in June 2025 [88]. - The company entered into a licensing agreement with Genrix in June 2025, paying an upfront fee of $20.0 million for the exclusive rights to develop and commercialize velinotamig [108]. - The company has payment obligations contingent upon future events under various license and collaboration agreements, including milestone and royalty payments [122]. Risks and Future Funding - The company is subject to risks common to early-stage biotechnology companies, including reliance on third parties and the need for additional capital to fund operations [89]. - Future funding requirements may increase significantly due to ongoing research, clinical trials, and potential acquisitions to expand the product pipeline [119]. - The company expects to finance cash needs through equity offerings, debt financings, and collaborations, which may dilute current ownership interests [121]. Operating Expenses - Total operating expenses for Q3 2025 were $55.595 million, up $6.740 million (13.8%) from $48.855 million in Q3 2024 [100]. Intellectual Property - The company has a controlling interest in the worldwide intellectual property rights for CLN-619 (99%), CLN-049 (98%), and CLN-617 (96%) as of September 30, 2025 [83]. Accounting Policies - There have been no material changes to the company's critical accounting policies since the 2024 10-K [125]. - Recently issued and adopted accounting pronouncements that may impact financial position are disclosed in the quarterly report [126]. - The company is electing scaled disclosure requirements available to smaller reporting companies regarding market risk [127].

Bankruptcy and Financial Restructuring - WW International, Inc. emerged from Chapter 11 bankruptcy on June 24, 2025, discharging approximately $1,116.0 million in outstanding liabilities[172][175]. - The company completed a prepackaged bankruptcy filing under Chapter 11 to restructure approximately $1,116.0 million in liabilities and reduce ongoing interest payments[254]. - Fresh start accounting was applied post-emergence, resulting in separate financial statement presentations for Successor and Predecessor periods[176]. - The company executed a new senior secured credit agreement providing for a term loan of $465.0 million, maturing on June 24, 2030, to refinance first lien claims and provide working capital[175]. - As of September 30, 2025, the company had total outstanding debt of $465.5 million under the New Term Loan Facility[294]. Financial Performance - Revenues for the three months ended September 30, 2025, were $172.1 million, a decrease of 10.4% compared to $192.9 million for the same period in 2024[197]. - Gross profit was $124.1 million for the three months ended September 30, 2025, down from $129.5 million in 2024, with a gross margin of 72.1%, up from 67.1%[197][206][207]. - Net loss for the three months ended September 30, 2025, was $57.5 million, compared to a net loss of $46.2 million for the same period in 2024[219]. - Total revenues for the Successor Period from June 25, 2025, to September 30, 2025, were $184.3 million, a decline from $363.6 million in the Predecessor Period[230]. - Gross profit for the Successor Period was $133.0 million, with a gross margin of 72.2%[224]. - Operating income for the Successor Period was $10.6 million, with an operating income margin of 5.8%[224]. - The company reported cash and cash equivalents of $170.1 million as of September 30, 2025[295]. - Net cash provided by operating activities was $8.4 million for the period from June 25, 2025, through September 30, 2025, compared to net cash used of $34.4 million for the prior period[261]. Tax and Regulatory Impacts - The company anticipates a material impact on its annual estimated effective tax rate for 2025 due to the One Big Beautiful Bill Act signed into law on July 4, 2025[177]. - The effective tax rate was (1,219.5%) for the three months ended September 30, 2025, compared to 37.2% for the same period in 2024[214]. - The effective tax rate for the Successor Period included a provision for income taxes of $52.6 million[224]. - The company will continue to assess the impact of the One Big Beautiful Bill Act on its financial statements for fiscal year 2026 and beyond[177]. Subscriber Metrics and Revenue Streams - Behavioral Subscription Revenues decreased by 15.7% in nominal currency and 17.1% in constant currency compared to Q3 2024[221]. - Clinical Subscription Revenues increased by 35.3% in both nominal and constant currency compared to Q3 2024[221]. - The number of total subscribers decreased by 17.4% year-over-year, with Behavioral subscribers down by 19.0% and Clinical subscribers up by 56.5%[221]. - Subscription revenues for the combined first nine months of fiscal 2025 totaled $544.2 million, a decrease of 8.6% compared to $595.3 million in the same period of fiscal 2024[252]. - The number of total subscribers decreased by 12.2% to 2,986.4 thousand in fiscal 2025 from 3,666.7 thousand in fiscal 2024[252]. - Clinical subscription revenues increased by 46.2% to $84.1 million in fiscal 2025, up from $57.5 million in fiscal 2024[252]. Expenses and Cost Management - Marketing expenses increased to $48.4 million for the three months ended September 30, 2025, compared to $44.4 million in 2024, primarily due to higher online advertising spend[208]. - Cost of revenues decreased to $48.0 million for the three months ended September 30, 2025, from $63.4 million in 2024, driven by actions to reduce fixed costs[205]. - Total depreciation and amortization expenses increased to $25.5 million for the three months ended September 30, 2025, compared to $9.2 million in 2024[201]. - Marketing expenses decreased to $51.2 million for the period from June 25, 2025 through September 30, 2025, compared to $110.9 million in the previous period[234]. - Product development expenses were $8.2 million for the period from June 25, 2025 through September 30, 2025, down from $25.3 million in the prior period[235]. - Selling, general and administrative expenses were $63.0 million for the period from June 25, 2025 through September 30, 2025, compared to $78.5 million in the previous period[236]. Shareholder and Stock Information - The company distributed 10 million shares of Common Stock to holders of prepetition claims and common stock upon emergence from bankruptcy[175]. - The company’s common stock was relisted for trading on Nasdaq on July 3, 2025, after emerging from Chapter 11 bankruptcy[300]. - The share repurchase program authorized by the Board allows for up to $250.0 million in common stock repurchases, with $208.9 million remaining unutilized as of September 30, 2025[274]. - The company does not currently pay dividends and has no plans to do so in the foreseeable future, with future determinations at the discretion of the Board of Directors[273]. - The company’s ability to engage in share repurchases is uncertain and subject to the discretion of its Board of Directors[297]. Risks and Future Outlook - The company faces risks related to regulatory scrutiny of its compounded medications, which could adversely affect its reputation and business[303]. - The company is subject to various legislative and regulatory restrictions that govern its advertising, marketing, and operations[304]. - The company may face increased subscription terminations due to new regulations affecting subscription services[305]. - The business is seasonal, with the highest level of member recruitment typically occurring in the first quarter of the year[280]. - The company has not updated the financial projections filed during the Chapter 11 Cases, which may not materialize as anticipated[292]. - The company experienced a significant reduction in variable rate debt following its Chapter 11 financial reorganization, with a hypothetical 125 basis point increase in interest rates potentially increasing annual interest expense by approximately $5.8 million[285].

Financial Performance - Total current assets decreased from $257,767,000 as of December 31, 2024, to $206,864,000 as of September 30, 2025, representing a decline of approximately 19.7%[20] - Revenue from collaboration agreements for the three months ended September 30, 2025, was $11,230,000, down 26.1% from $15,362,000 for the same period in 2024[23] - Total operating expenses increased to $45,642,000 for the three months ended September 30, 2025, compared to $43,606,000 for the same period in 2024, marking an increase of 4.7%[23] - The net loss for the three months ended September 30, 2025, was $32,166,000, compared to a net loss of $24,666,000 for the same period in 2024, reflecting an increase in loss of 30.4%[23] - For the nine months ended September 30, 2025, the net loss was $84.5 million, compared to a net loss of $70.7 million for the same period in 2024, reflecting an increase in losses of approximately 19.7%[38] - The company reported a net loss of $84.5 million for the nine months ended September 30, 2025, compared to a net loss of $70.7 million for the same period in 2024, resulting in an accumulated deficit of $718.2 million as of September 30, 2025[167] Assets and Liabilities - Cash and cash equivalents increased from $55,499,000 as of December 31, 2024, to $58,809,000 as of September 30, 2025, an increase of approximately 4.1%[20] - The accumulated deficit grew from $633,699,000 as of December 31, 2024, to $718,207,000 as of September 30, 2025, indicating an increase of 13.3%[20] - The total liabilities decreased from $133,616,000 as of December 31, 2024, to $111,080,000 as of September 30, 2025, a reduction of approximately 16.8%[20] - The total stockholders' equity decreased from $215,986,000 as of December 31, 2024, to $154,408,000 as of September 30, 2025, a decline of approximately 28.5%[20] - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling approximately $199.8 million[140] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $79,258,000, slightly up from $78,124,000 for the same period in 2024, an increase of 1.5%[23] - The company continues to focus on research and development activities, leveraging its proprietary TORPEDO platform to advance targeted oncology programs[36] - The company expects research and development expenses to continue to increase substantially in connection with planned preclinical and clinical development activities[124] - The company anticipates significant operating losses to continue as it advances preclinical programs and product candidates through clinical development[139] - Cemsidomide, the company's lead product candidate, is in clinical development for multiple myeloma and has shown compelling anti-myeloma activity in recent trials[114] Collaborations and Agreements - Under the Pfizer Agreement, Pfizer will supply elranatamab for a Phase 1b trial at no cost, while the company will sponsor and pay for the trial costs[58] - The MKDG Agreement includes an upfront cash payment of $16 million and potential milestone payments totaling approximately $740 million, plus tiered royalties on net sales[60] - The company earned a $1 million milestone payment in April 2025 for achieving a discovery milestone related to the MKDG collaboration[60] - The Betta Pharma License Agreement includes an upfront cash payment of $10.0 million and potential milestone payments of up to $357.0 million, plus tiered royalties on net sales in Greater China[66] - The company received a $45.0 million nonrefundable upfront payment from Biogen as part of the collaboration agreement[86] Market and Competition - The company faces substantial competition in the targeted protein degradation (TPD) space from numerous biotechnology and pharmaceutical firms, including Arvinas, Inc. and BioTheryX, Inc.[212] - Competitors possess significantly greater financial resources and expertise in R&D, manufacturing, and regulatory approvals, which may hinder the company's market position[214] - The competition includes not only other TPD therapies but also small molecule, antibody, T cell, and gene therapies, which could impact the company's market entry[213] Financial Strategy and Future Outlook - The company may need to obtain substantial additional financing to support its operations and long-term business plan, as it cannot estimate future capital requirements due to various risks and uncertainties[147] - The company has entered into collaborations with partners such as Roche and Biogen, but does not have any committed external sources of funds as of September 30, 2025[147] - The company anticipates incurring significant expenses and increasing operating losses for at least the next several years due to ongoing research and development activities[168] - The company will need to raise substantial additional capital to fund product development and commercialization efforts[176] Clinical Trials and Regulatory Challenges - The company has not yet demonstrated the ability to successfully complete clinical trials or obtain marketing approvals for its product candidates[178] - The regulatory approval process for the company's novel product candidates may be more expensive and time-consuming compared to other therapeutics[188] - The company may face unforeseen expenses and challenges as it transitions from a research-focused entity to one capable of supporting commercial activities[179] - Clinical trials are lengthy and expensive, with significant uncertainty regarding outcomes, and the company may incur unexpected costs or delays[205]

Financial Performance - License revenue for the nine months ended September 30, 2025, was $70,000,000, compared to $0 for the same period in 2024[19]. - Net income for the nine months ended September 30, 2025, was $37,483,000, a significant improvement from a net loss of $53,691,000 in the same period of 2024[21]. - The company reported a net loss of $8,498,000 for the three months ended September 30, 2025, compared to a loss of $15,557,000 for the same period in 2024[21]. - The company reported a comprehensive income of $37,601,000 for the nine months ended September 30, 2025, compared to a comprehensive loss of $53,557,000 in 2024[21]. - For the nine months ended September 30, 2025, the company recorded a net loss of $37,483 million, compared to a net loss of $53,691 million for the same period in 2024[66]. Assets and Liabilities - Total assets increased to $157,733,000 as of September 30, 2025, up from $122,640,000 as of December 31, 2024, representing a growth of 28.6%[18]. - Total liabilities decreased to $31,581,000 as of September 30, 2025, from $39,355,000 as of December 31, 2024, a reduction of 19.7%[18]. - Stockholders' equity increased to $126,152,000 as of September 30, 2025, up from $83,285,000 as of December 31, 2024, reflecting a growth of 51.5%[18]. - Total current assets increased to $138,992,000 as of September 30, 2025, from $101,176,000 as of December 31, 2024, representing a 37.2% increase[18]. - The total accrued expenses and other current liabilities as of September 30, 2025, were $14,570 million, a decrease from $16,566 million as of December 31, 2024[57]. Cash Flow - Cash flows from operating activities generated $36,401,000 for the nine months ended September 30, 2025, compared to cash used of $47,248,000 in 2024[24]. - Cash and cash equivalents decreased to $30,864,000 from $36,437,000, a decline of 15.5%[18]. - The company expects its cash, cash equivalents, and investments to fund operations for at least the next 12 months[33]. Research and Development - The company incurred research and development expenses of $14,482,000 for Silevertinib for the nine months ended September 30, 2025, compared to $17,349,000 in 2024[78]. - Research and development expenses for the nine months ended September 30, 2025, were $27,262,000, down 30.0% from $39,015,000 in the same period of 2024[19]. Licensing Agreements - The company received an upfront payment of $70 million from Servier Pharmaceuticals LLC under a global licensing agreement for BDTX-4933[31]. - The company is eligible to receive up to $710 million in development and commercial sales milestone payments from the Servier Agreement[31]. - The Company assessed the Servier Agreement under ASC 606, determining that the transaction price included fixed consideration of $70,000,000 recognized upon contract execution[81]. - During the nine months ended September 30, 2025, the Company recorded $70,000,000 in license revenue from the Servier Agreement, with no revenue recorded in the same period of 2024[84]. Stock and Compensation - The company reported a weighted average common shares outstanding of 56,799,755 for the nine months ended September 30, 2025, compared to 54,498,037 for the same period in 2024[19]. - The Company recorded stock-based compensation expense of $5,216 million for the nine months ended September 30, 2025, compared to $8,991 million for the same period in 2024[60]. - The total unrecognized compensation cost related to unvested stock options was $9.256 million, expected to be recognized over a weighted average period of 2.3 years[62]. Future Outlook - The company plans to seek additional funding through various means, including equity financings and collaborations[34]. - The company continues to monitor macroeconomic developments that may impact its business[39]. - The company has had recurring losses and negative cash flows from operations since inception[32].

Exhibit 99.1 Insulet Reports Third Quarter 2025 Results Raises Full Year Revenue and Margin Guidance Third Quarter Financial Highlights: Recent Strategic Highlights: "We delivered strong third quarter results, a testament to our team's exceptional performance and the transformative power of Omnipod 5 for people living with diabetes," said Ashley McEvoy, President and CEO. "Our continued meaningful engagement with physicians, partners, investors, and our incredible Podder community further reinforces our uni ...

Investigational Therapies - The company is developing three investigational therapies: avexitide for PBH, AMX0035 for Wolfram syndrome, and AMX0114 for ALS[80]. - Avexitide has received Breakthrough Therapy Designation from the FDA for both PBH and congenital hyperinsulinism, with no FDA-approved therapies currently available for PBH[81]. - The pivotal Phase 3 LUCIDITY trial for avexitide began in April 2025, with approximately 75 participants expected to complete recruitment by Q1 2026 and topline data anticipated in Q3 2026[83]. - In the Phase 2 PREVENT trial, avexitide demonstrated a 21% and 26% increase in mean plasma glucose nadir after treatment with 30 mg twice daily and 60 mg once daily, respectively, compared to placebo[84]. - AMX0035 is being investigated for its potential to slow neurodegeneration in Wolfram syndrome, a rare disorder affecting approximately 3,000 people in the U.S.[89]. - The Phase 2 HELIOS trial of AMX0035 showed sustained improvements in pancreatic function and glycemic control through Week 48, with all adverse events being mild or moderate[93]. - AMX0114 has received Fast Track designation from the FDA for ALS, with the first participant dosed in the Phase 1 LUMINA trial in April 2025[95][97]. - The company plans to initiate a pivotal Phase 3 trial for AMX0035 in Wolfram syndrome in the second half of 2026, pending FDA alignment[94]. - The company announced the discontinuation of the ORION program for AMX0035 in progressive supranuclear palsy due to lack of efficacy[98]. Financial Performance - For the three months ended September 30, 2025, product revenue was $0, a decrease of 100% compared to $416,000 in the same period of 2024[108]. - Research and development expenses for the three months ended September 30, 2025 were $19.9 million, down 7% from $21.2 million in 2024[111]. - The decrease in research and development expenses was primarily due to a $1.9 million reduction related to AMX0035 for PSP and a $4.1 million decrease for ALS, offset by a $4.8 million increase for avexitide[112]. - Selling, general and administrative expenses decreased to $16.2 million for the three months ended September 30, 2025, a 9% decline from $17.8 million in 2024[113]. - Total operating expenses for the three months ended September 30, 2025 were $36.0 million, a 53% decrease from $76.1 million in 2024[108]. - For the nine months ended September 30, 2025, product revenue was $0, a decrease of 100% from $88.0 million in the same period of 2024[114]. - Research and development expenses for the nine months ended September 30, 2025 were $69.2 million, down 15% from $81.2 million in 2024[114]. - The company recorded approximately $118.7 million in charges related to inventory write-downs and losses on firm purchase commitments for the nine months ended September 30, 2024[116]. - Selling, general and administrative expenses fell to $47.5 million for the nine months ended September 30, 2025, compared to $97.2 million in 2024, a decrease of 51%[119]. Cash and Financing - The company raised approximately $65.5 million from the January 2025 Offering and $190.7 million from the September 2025 Offering, totaling $257.2 million in financing activities for the nine months ended September 30, 2025[121][122]. - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $344.0 million, with an accumulated deficit of $718.4 million[123]. - The net cash used in operating activities was $95.4 million for the nine months ended September 30, 2025, compared to $108.6 million in 2024, a decrease of 12%[130]. - The company expects to finance near-term operations through existing cash and potential equity or debt financing, with no assurances that additional funding will be available on acceptable terms[126]. - The company anticipates an increase in expenses related to ongoing research and development activities, particularly for avexitide and AMX0035, as well as potential acquisitions or in-licensing of new product candidates[127]. - The net cash used in investing activities was $15.4 million for the nine months ended September 30, 2025, primarily due to $201.4 million in purchases of marketable securities[135]. Restructuring and Workforce - The restructuring plan announced in April 2024 resulted in a workforce reduction of approximately 70% and a decrease in external financial commitments[105]. - The company did not recognize any restructuring expenses for the nine months ended September 30, 2025, following approximately $22.9 million in restructuring costs in the same period of 2024[120]. Research and Development Focus - Research and development expenses primarily consist of costs related to avexitide, AMX0035, AMX0114, and other potential future product candidates[99]. - The significant decrease in R&D expenses was primarily due to a $26.6 million reduction in spending on AMX0035 for ALS treatment following the PHOENIX trial results[118].

Exhibit 99.1 Commerce Announces Third Quarter 2025 Financial Results Third Quarter Total Revenue of $86.0 Million, an Increase of 3% Versus Prior Year. Total ARR of $355.7 Million, an Increase of 2% Versus Prior Year. Enterprise ARR of $269.2 Million, an Increase of 5% Versus Prior Year AUSTIN, Texas – November 6, 2025 – Commerce.com, Inc. (Nasdaq: CMRC) (formerly BigCommerce Holdings, Inc.), a provider of an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potentia ...

Financial Performance - Total revenues and other income for Q3 2025 reached $15,522 million, a 14% increase compared to Q3 2024[2] - Net income for Q3 2025 was $1,726 million, down 16% from $2,059 million in Q3 2024[4] - Basic earnings per share for Q3 2025 was $1.38, a decrease of 22% from $1.77 in Q3 2024[2] - The company reported a total of $12,594 million in costs and expenses for Q3 2025, reflecting a 21% increase from Q3 2024[2] - Adjusted earnings for Q3 2025 were $2,007 million, compared to $2,081 million in Q3 2024, indicating a decline of 4%[4] - The company’s total equity in earnings of affiliates for Q3 2025 was $345 million, a decrease of 22% from $441 million in Q3 2024[2] Taxation - The effective income tax rate for Q3 2025 was 41.0%, up from 36.4% in Q3 2024[3] - Adjusted effective income tax rate for the consolidated entity was 37.6% year-to-date in 2025, up from 35.5% in 2024[5] - The income tax provision for the total company was $67 million year-to-date in 2025[6] Assets and Liabilities - Total assets increased to $124.254 billion in Q1 2025, compared to $122.780 billion in Q4 2024[7] - Cash and cash equivalents stood at $6.309 billion in Q1 2025, a rise from $5.607 billion in Q4 2024[7] - Total current liabilities rose to $13.329 billion in Q1 2025, up from $12.124 billion in Q4 2024[7] - Total equity reached $65.238 billion in Q1 2025, compared to $64.796 billion in Q4 2024[7] Special Items and Expenses - The company reported a total of $226 million in special items for the year-to-date in 2025, with significant gains from asset sales[6] - The company incurred transaction, integration, and restructuring expenses totaling $499 million in 2024[6] Production and Exploration - Total production for 2024 is projected at 2,393 MBOED, with a significant increase from 1,987 MBOED in 2023[9] - Crude oil production from consolidated operations increased to 1,153 MBD in Q1 2025, up from 1,058 MBD in Q4 2024[9] - Natural gas production reached 4,081 MMCFD year-to-date in 2025, compared to 3,433 MMCFD in 2024[9] - Total exploration expenses for 2024 amounted to $355 million, with a breakdown of $158 million for U.S. exploration and $197 million for international exploration[10] Cash Flow and Capital Expenditures - Net cash provided by operating activities for the full year 2024 is $20,124 million, with Q4 contributing $4,457 million[8] - Cash flows from investing activities show a net cash used of $11,150 million for the full year 2024, with Q4 at $2,200 million[8] - The company reported a net cash used in financing activities of $8,835 million for the full year 2024, with Q4 at $1,769 million[8] - Capital expenditures in Alaska for Q4 2024 are $1,092 million, contributing to a total of $3,194 million for the full year[8] Debt and Equity - Total debt at the end of 2024 was $24.324 billion, with a debt-to-capital ratio of 27%[13] - Equity at the end of 2024 was $64.796 billion, showing a slight increase from $49.325 billion at the beginning of the year[13] Average Realized Prices - Average realized prices for crude oil decreased to $67.34 per BOE in 2025, down from $76.74 per BOE in 2024[9] - The average price of WTI crude oil was $66.70 per barrel year-to-date in 2025, reflecting a decline from $75.72 per barrel in 2024[9] - The average realized price for natural gas was $4.69 per MCF year-to-date in 2025, compared to $2.27 per MCF in 2024[9] - The average realized price for crude oil in Alaska was $81.73 per barrel for the full year 2024, while the total consolidated operations averaged $76.74 per barrel[12]

Financial Performance - As of September 30, 2025, the company's cash, cash equivalents, and marketable securities totaled $48.1 million, an increase from $34.4 million at the end of 2024[11][24] - Total operating expenses for the three months ended September 30, 2025, were $14.7 million, compared to $12.5 million for the same period in 2024, representing a 17.7% increase[11][22] - The net loss for the three months ended September 30, 2025, was $14.4 million, compared to a net loss of $12.5 million for the same period in 2024, indicating a 15.4% increase in losses[11][22] - The total net loss for the nine months ended September 30, 2025, was $40.0 million, compared to a net loss of $27.5 million for the same period in 2024, reflecting a 45.4% increase in losses[11][22] Drug Development and Regulatory Updates - The FDA has accepted the New Drug Application (NDA) for cytisinicline for smoking cessation, with a Prescription Drug User Fee Act (PDUFA) targeted action date set for June 20, 2026[3][5] - Cytisinicline demonstrated significantly higher smoking abstinence rates compared to placebo in Phase 3 trials involving over 2,000 participants[5][11] - Achieve Life Sciences was awarded the FDA Commissioner's National Priority Voucher for cytisinicline for vaping cessation, one of only nine therapies to receive this designation[6][3] - New post hoc data published in Thorax showed that cytisinicline improved smoking quit rates in adults with chronic obstructive pulmonary disease (COPD), based on over 1,600 participants[7][8] - The ORCA-OL long-term safety trial concluded with all 334 participants completing one year of treatment, exceeding FDA's requested thresholds for patient exposure prior to approval[9][11] Leadership Changes - The company appointed Erik Atkisson as Chief Legal Officer, bringing over 25 years of legal experience in the pharmaceutical and biotechnology industries[10][8]