Financial Performance - Revenue for Q3 2025 was $3,618, slightly down from $3,907 in Q3 2024, indicating minimal change year-over-year[9] - Basic and diluted loss per common share from continuing operations for Q3 2025 was $(107.24), compared to $(4.99) for Q3 2024[9] - The net loss for the company was $82,165,178, compared to a net loss of $10,494,794 in the prior period[18] - Loss from continuing operations was $77,646,737, significantly higher than the loss of $2,129,880 reported previously[18] - Loss per common share, basic and diluted, was $136.12, compared to $31.20 in the previous period[18] - The company reported a total operating loss of $8,226,779, compared to $8,207,133 in the prior period[18] Expenses - General and administrative expenses increased by $1.1 million to $2.6 million in Q3 2025, primarily due to higher legal fees and stock-based compensation[9] - Total operating expenses for the period were $8,271,694, a slight increase from $8,235,685 in the previous period[18] - General and administrative expenses amounted to $6,316,930, up from $5,696,109 in the previous period[18] - Research and development expenses were $1,548,678, a decrease from $1,724,013 in the prior period[18] - Sales and marketing expenses increased to $406,086 from $815,563 in the previous period[18] - Sales and marketing expenses increased to $133,494 in Q3 2025 from $72,667 in Q3 2024, attributed to higher digital marketing consultant fees[9] Digital Asset Strategy - The company recorded a derivative liability of $74.4 million related to the initiation of its digital asset treasury strategy focused on the ATH token[9] - The company initiated a digital asset treasury strategy focused on ATH, receiving approximately $50.8 million in cash gross proceeds and in-kind contributions valued at approximately $292.7 million[4] - The company held approximately 5.70 billion ATH with a market value of approximately $152.8 million as of November 10, 2025[4] - The company experienced a significant loss on derivative instruments amounting to $74,366,000[18] Corporate Developments - The company appointed Shawn Matthews, CEO of DNA Holdings, to its Board of Directors[4] - The company announced a strategic collaboration with Every Cure to identify and prioritize drugs for repurposing to improve patient outcomes[4]

Financial Performance - The company reported a net loss of $43.5 million for the nine months ended September 30, 2025, with an accumulated deficit of $461.3 million as of the same date [111]. - The net loss for the nine months ended September 30, 2025, was $43.5 million, compared to a net loss of $56.0 million in the same period of 2024 [175][176]. - The net income for the three months ended September 30, 2025, was $3.3 million, compared to a net loss of $34.4 million for the same period in 2024, reflecting a change of $37.7 million [147]. - The company has incurred significant operating losses since inception, with net losses of $84.7 million and $93.8 million for the years ended December 31, 2024 and 2023, respectively [111]. Revenue and Licensing - The company recognized $11.6 million in revenue during Q3 2025 from the exclusive worldwide license agreement with Debiopharm for lunresertib, which included a $10 million upfront payment [107][120]. - Revenue for the three months ended September 30, 2025, was $11.6 million, an increase of $11.6 million compared to nil for the same period in 2024, attributed to revenue recognized under the Debiopharm Agreement [148]. - Revenue for the nine months ended September 30, 2025, was $11.9 million, a decrease of $41.6 million compared to $53.5 million for the same period in 2024 [158]. - The company entered into a collaboration and license agreement with Bristol-Myers Squibb, recognizing $0.3 million in revenue for the nine months ended September 30, 2025 [123]. Expenses and Cost Management - Research and development expenses for the three months ended September 30, 2025, were $7.5 million, a decrease of $20.9 million from $28.4 million for the same period in 2024 [149]. - General and administrative expenses for the three months ended September 30, 2025, were $4.5 million, down $1.9 million from $6.4 million for the same period in 2024 [149]. - Research and development expenses for the nine months ended September 30, 2025, were $42.1 million, down $49.4 million from $91.5 million in 2024 [158]. - General and administrative expenses decreased to $18.2 million for the nine months ended September 30, 2025, from $23.4 million in 2024, a reduction of $5.2 million [159]. - The company incurred approximately $1.8 million in restructuring costs for the three months ended September 30, 2025, compared to $1.5 million for the same period in 2024 [144]. - Restructuring expenses increased to $8.5 million for the nine months ended September 30, 2025, compared to $1.5 million in 2024 [159]. Cash and Liquidity - As of September 30, 2025, the company had cash and cash equivalents of $112.6 million, expected to fund operations through 2027 [110]. - As of September 30, 2025, cash and cash equivalents and marketable securities totaled $112.6 million [170]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $42.8 million, a decrease of $6.3 million compared to $49.1 million in 2024 [175][176]. - Net cash provided by investing activities increased to $30.7 million in 2025 from $17.9 million in 2024, primarily due to proceeds from maturities of marketable securities [178][179]. - The net decrease in cash and cash equivalents was $11.9 million for the nine months ended September 30, 2025, an improvement from a decrease of $30.7 million in 2024 [174]. Strategic Initiatives - The company plans to reduce its workforce by approximately 75% by Q4 2025 to focus on advancing its Phase 1 clinical programs [105]. - The company expects to incur significant expenses and operating losses for the foreseeable future, with funding anticipated through equity offerings and collaborations [171]. - The company anticipates an increase in general and administrative expenses in the future as it explores partnering alternatives for its portfolio [141]. Clinical Trials and Research - The company completed enrollment of 26 patients in the Phase 1 clinical trial of RP-3467 and 29 patients in the Phase 1 LIONS clinical trial for RP-1664, with initial positive data presented at a major conference [113]. - The company recognized $2.7 million in net research and development costs related to the Debiopharm collaboration for the nine months ended September 30, 2025 [128]. Other Financial Metrics - A gain of $3.3 million was recorded on the termination of the Debio Collaboration Agreement in the third quarter of 2025 [130]. - A gain of $5.8 million was recognized on the sale of technology and other assets for the nine months ended September 30, 2025 [160]. - Other income, net decreased to $5.1 million for the nine months ended September 30, 2025, from $8.3 million in 2024, a decrease of $3.2 million [162]. - Income tax expense was $0.8 million for the nine months ended September 30, 2025, down from $1.4 million in 2024, a decrease of $0.6 million [163].

Revenue Performance - Revenues for the three months ended September 30, 2025, increased to $385 from $150 in 2024, representing a growth of 156.67%[152] - For the nine months ended September 30, 2025, revenues decreased to $551 from $585 in 2024, a decline of 5.81%[157] Operating Expenses - Operating expenses surged to $10,595,334 in Q3 2025 from $442,847 in Q3 2024, marking an increase of 2,292.55%[154] - Operating expenses for the nine months ended September 30, 2025, rose to $13,990,290 from $1,300,292 in 2024, an increase of 975.93%[159] Net Loss - Net loss attributable to common stockholders for Q3 2025 was $10,452,579, compared to $464,837 in Q3 2024, an increase of 2,148.55%[156] - Net loss attributable to common stockholders for the nine months ended September 30, 2025, was $13,800,895, compared to $1,346,269 in 2024, an increase of 925.12%[162] Cash Position - As of September 30, 2025, the company had cash of $44,080,451, significantly up from $4,680,840 as of December 31, 2024[162] - Net cash used in operating activities for the nine months ended September 30, 2025, was $4,959,872, compared to $1,053,175 in 2024[164] - The company invested $6,761,950 in net cash used in investing activities for the nine months ended September 30, 2025, compared to $177,017 in 2024[165] Financing Activities - The Company raised $805,000 in a Series B Preferred offering, with each share costing $50 and convertible into 10 shares of common stock[174] - The Series B Preferred pays a quarterly dividend of 10%, amounting to $1.25 per share[178] - Upon up-listing to Nasdaq, the conversion price for Series B Preferred was set at $4.00 per share, eliminating downside price protections[176] - The Series C Preferred Stock was designated with 200,000 shares at a stated value of $60.00 each, convertible into 10 shares of common stock[182] - The Company sold 108,333 shares of Series C Preferred Stock for gross proceeds of approximately $6.5 million, netting about $6.04 million after fees[186] - The August 2025 Offering raised approximately $50 million from the sale of 5,000,000 shares of common stock[189] - The Company incurred a 7% cash fee and a 1% fee for non-accountable expenses related to the August 2025 Offering[190] Risks and Uncertainties - The Company is subject to risks from geopolitical conflicts and market volatility, which could adversely impact operations[196] - The Company has no assurance of obtaining additional financing if future operational funds are insufficient[193] Accumulated Deficit - The accumulated deficit increased to $(23,492,603) as of September 30, 2025, from $(9,691,708) as of December 31, 2024[163] Loan Agreements - The Company entered into a Master Loan Agreement with Coinbase for loans of digital assets or cash, with terms to be mutually agreed upon[191]

Financial Position - The company had an accumulated deficit of $85.5 million as of September 30, 2025, with operating losses incurred each year since inception [104]. - As of September 30, 2025, the company had cash and cash equivalents of $4.8 million and stockholders' equity of $4.2 million [104]. - The company has no products approved for commercial sale and has not generated any revenue from product sales to date [104]. - The company believes there is substantial doubt about its ability to continue its current and planned clinical programs for more than 12 months from the date of the filing [106]. - As of the report date, the company has approximately $13.3 million in cash and cash equivalents, sufficient to fund operations through Q1 2027 [166]. - The company may need to raise additional capital to fund product development and operations, which could adversely affect its financial condition if not achieved [167]. Capital Raising Activities - During the nine months ended September 30, 2025, the company sold 461,501 shares in an ATM offering for gross proceeds of $2.8 million and 387,006 shares under the ELOC agreement for gross proceeds of $4.5 million [104]. - The company entered into a public offering on November 11, 2025, issuing 2,514,335 shares of common stock and various warrants, with a combined public offering price of $1.50 per share [111]. - The net proceeds from the November 2025 Offering were approximately $6.3 million after deducting underwriting discounts and commissions [113]. - The company plans to use the net proceeds primarily to advance clinical development, pay off outstanding promissory notes, and for general corporate purposes [114]. - The company raised approximately $6.3 million in net proceeds from the November 2025 Offering, which included the sale of 2,514,335 shares of common stock and various warrants [165]. Expenses and Losses - Research and development expenses decreased to $61,826 in Q3 2025 from $137,234 in Q3 2024, a reduction of $75,408 [150]. - General and administrative expenses were $833,304 in Q3 2025, down from $869,237 in Q3 2024, a decrease of $35,933 [150]. - The net loss for Q3 2025 was $873,467, compared to a net loss of $972,121 in Q3 2024, a reduction of $98,654 [150]. - The company anticipates higher research and development expenses post-merger as it advances clinical development of acquired assets [151]. - The company expects higher general and administrative expenses after the merger as it incorporates Decoy's business [153]. Merger and Corporate Changes - The company completed a merger with Decoy Therapeutics on November 12, 2025, resulting in Decoy becoming a wholly owned subsidiary [109]. - The company issued 877.709 shares of Series A Non-Voting Convertible Preferred Stock and 796.306 shares of Series B Non-Voting Convertible Preferred Stock in connection with the merger [110]. - Management changes include the appointment of Mr. Frederick E. Pierce as CEO and Dr. Barbara Hibner as Chief Scientific Officer on November 12, 2025 [132][133]. - A transaction bonus of $225,000 was approved for the then-acting CEO, to be paid following the closing of the Merger [134]. Stock and Warrants - The Series A and Series B warrants have an exercise price of $1.50 per share and $0.0001 per share respectively, with Series A warrants expiring in five years and Series B in one year [115][116]. - The Company issued warrants to purchase up to 266,620 shares of common stock at an exercise price of $2.325, which are exercisable until November 11, 2030 [121]. - The Series A Preferred Stock has a conversion ratio set at 2,800-1 due to a post-closing anti-dilution provision triggered by a financing price below the Initial Issuance Price of $10.50 [124]. - Holders of Series B Preferred Stock are entitled to dividends equal to those paid on common stock, with a similar anti-dilution provision resulting in a conversion ratio of 2,800-1 [129]. - The Company is required to use 50% of net proceeds from certain sales to redeem outstanding shares of Series B Preferred Stock until fully redeemed [128]. Compliance and Reporting - Salarius regained compliance with Nasdaq's minimum bid price requirement on September 4, 2025, and with the equity standard on October 10, 2025 [146][148]. - The company has not made any material changes to its critical accounting policies since the last annual report [173]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [174]. Cash Flow Activities - The company reported a net cash used in operating activities of $3.7 million for the nine months ended September 30, 2025, a decrease of approximately $0.1 million from the same period in 2024 [169]. - Net cash used in investing activities was $0.2 million, primarily related to a short-term promissory note, with no such activity in the prior period [170]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $6.3 million, mainly from the sale of common shares under the ATM and ELOC program [171]. - The company experienced a net increase in cash and cash equivalents of $2.4 million for the nine months ended September 30, 2025, compared to a decrease of $2.6 million in the same period in 2024 [168].

Revenue Growth - Total revenues for the three months ended September 30, 2025, increased to $20,425, representing a 24.0% growth compared to $16,686 in the same period of 2024[19] - SaaS revenue for the nine months ended September 30, 2025, reached $57,583, up from $45,872 in 2024, indicating a 25.6% increase[19] - Total revenues for the nine months ended September 30, 2025, reached $57,701, up 25% from $45,998 in the prior year[65] - Subscription services revenue from Lofty for the three months ended September 30, 2025, was $8,709, a 3% increase from $8,442 in 2024[65] - The Lofty segment generated revenues of $10,056,000 for the three months ended September 30, 2025, compared to $9,216,000 for the same period in 2024, representing an increase of 9.1%[120] - The Trucker Path segment reported revenues of $10,332,000 for the three months ended September 30, 2025, up from $7,425,000 in the prior year, marking a significant growth of 39.5%[120] Profit and Loss - Gross profit for the three months ended September 30, 2025, was $15,143, compared to $12,633 in 2024, reflecting a 19.8% growth[19] - The company reported a comprehensive loss of $(1,629) for the three months ended September 30, 2025, compared to a comprehensive income of $1,187 in the same period of 2024[20] - The Company reported a loss from operations of $1,452,000 for the three months ended September 30, 2025, compared to a loss of $571,000 for the same period in 2024, indicating a worsening of operational performance[120] - The company reported a loss from operations of $1.980 billion for the nine months ended September 30, 2025, compared to a loss of $2.791 billion in 2024, showing an improvement of 29.0%[122] Expenses - Operating expenses for the three months ended September 30, 2025, totaled $16,595, up from $13,204 in 2024, marking a 25.0% increase[19] - Research and development expenses totaled $6,663,000 for the three months ended September 30, 2025, compared to $4,779,000 in the same period of 2024, representing an increase of 39.5%[120] - Selling and marketing expenses were $5,476,000 for the three months ended September 30, 2025, compared to $4,964,000 in the same period of 2024, reflecting an increase of 10.3%[120] - Operating expenses totaled $44.830 billion for the nine months ended September 30, 2025, compared to $37.920 billion in 2024, representing an increase of 18.2%[122] Assets and Liabilities - Total current assets as of September 30, 2025, were $40,850, an increase from $43,942 as of December 31, 2024[16] - Total liabilities decreased to $38,090 as of September 30, 2025, from $24,707 as of December 31, 2024[17] - Cash and cash equivalents increased to $22,049 as of September 30, 2025, compared to $26,642 as of December 31, 2024[16] - The total assets of the VIE decreased from $4,774 as of December 31, 2024, to $3,192 as of September 30, 2025, a decline of 33.2%[35] Shareholder Information - The number of Class A ordinary shares outstanding increased from 632,894,266 as of December 31, 2024, to 653,561,413 as of September 30, 2025[17] - The total number of Class A ordinary shares outstanding as of September 30, 2025, was 726,595,513[22] - The company repurchased 7,991,370 Class A ordinary shares for $155,000 during the period[22] - The company repurchased approximately 85.066 million Class A ordinary shares for about $5.7 million, representing 13.0% of the outstanding Class A shares[129] Cash Flow - Cash flows from operating activities for the nine months ended September 30, 2025 showed a net cash used of $2,032, a significant decline from the net cash provided of $1,704 in 2024[25] - The company reported a net cash used in investing activities of $3,185 for the nine months ended September 30, 2025, compared to a net cash used of $2,975 in 2024, indicating a 7.0% increase in cash outflow[25] - The company experienced a decrease in cash and cash equivalents and restricted cash, ending the period with $31,994 compared to $38,378 at the end of September 2024, reflecting a 16.5% decline[25] Acquisitions and Investments - The Company acquired Truckers Best Insurance LLC for a total purchase consideration of $2,826, which includes $1,000 in cash and $1,826 in contingent consideration[74] - TBI generated net revenue of $50 and a net loss of $735 for the three months ended September 30, 2025, since the acquisition[80] - The fair value of intangible assets acquired from TBI includes $582 for licenses and carrier appointments and $241 for customer relationships[79] - Goodwill from the TBI acquisition amounted to $1,997, attributed to expected synergies and future market development[82] Stock-Based Compensation - Stock-based compensation for the quarter ending June 30, 2025, amounted to $28,000[22] - The total share-based compensation expense for the three months ended September 30, 2025, is $165, down from $274 in the same period of 2024[112] - For the nine months ended September 30, 2025, the total share-based compensation expense is $539, compared to $1,599 for the same period in 2024[112] - The total unrecognized share-based compensation expense related to share options as of September 30, 2025, is $109, expected to be recognized over a weighted-average vesting period of 2.67 years[102] International Operations - The United States contributed $52.573 billion to total operating revenues for the nine months ended September 30, 2025, up from $43.330 billion in 2024, a growth of 21.5%[124] - International revenues increased to $5.128 billion for the nine months ended September 30, 2025, from $2.668 billion in 2024, marking a significant growth of 92.0%[124] Accounting and Compliance - The Company is evaluating the impact of new accounting standards on its consolidated financial statements, including ASU 2025-05 and ASU 2025-06[71][72] - The company has a full valuation allowance against U.S. federal and state net operating losses, which may be subject to annual limitations under IRC Section 382[127]

Financial Performance - Total revenue for Q2 FY 2026 was $12.4 million, a 3% decrease from $12.7 million in the prior-year quarter[4] - Net loss attributable to common stockholders was $(5.7) million, or $(0.31) per share, compared to a net loss of $(1.4) million, or $(0.09) per share, in the prior-year quarter[7] - Total revenues for the three months ended September 30, 2025, were $12,357,000, a decrease of 3% compared to $12,739,000 for the same period in 2024[31] - Operating loss for the three months ended September 30, 2025, was $(5,410,000), compared to $(861,000) for the same period in 2024, reflecting a significant increase in losses[31] - Net loss attributable to common stockholders for the three months ended September 30, 2025, was $(5,678,000), compared to $(1,376,000) for the same period in 2024, indicating a worsening financial performance[31] - Adjusted EBITDA for the three months ended September 30, 2025, was $(3,685,000), compared to $532,000 for the same period in 2024, showing a decline in operational performance[36] - The company reported a net loss before income taxes of $(5,525,000) for the three months ended September 30, 2025, compared to $(1,197,000) for the same period in 2024, reflecting deteriorating profitability[31] Operating Expenses - SG&A expenses rose by $5.0 million, or 79%, to $11.4 million, driven by increased marketing costs and compensation[5] - Selling, general and administrative expenses for the three months ended September 30, 2025, were $11,407,000, a substantial increase from $6,364,000 for the same period in 2024, indicating rising operational costs[31] Assets and Liabilities - Total current assets decreased to $23,258,000 as of September 30, 2025, from $38,081,000 as of March 31, 2025, indicating a liquidity challenge[29] - Total liabilities decreased to $24,784,000 as of September 30, 2025, from $34,724,000 as of March 31, 2025, reflecting a reduction in financial obligations[29] - Cash and cash equivalents significantly decreased to $2,336,000 as of September 30, 2025, from $13,941,000 as of March 31, 2025, highlighting cash flow issues[29] - Total stockholders' equity decreased to $37,163,000 as of September 30, 2025, from $37,792,000 as of March 31, 2025, indicating a decline in shareholder value[29] Revenue Streams - Streaming and digital revenues decreased by 5% to $9.6 million from $10.1 million in the prior year[6] Strategic Initiatives - Cineverse announced a new venture, MicroCo, projected to tap into a $10 billion market by 2027[10] - The company plans to reissue the 20th anniversary edition of Pan's Labyrinth in Fall 2026, with a marketing campaign starting at the Cannes Film Festival[3] - Cineverse's Matchpoint™ platform added over 20 new customers in the last 100 days, indicating strong momentum in technology partnerships[17] Content Valuation - The company's content library, valued at $45 million, significantly exceeds its book value of $3.2 million[16] - The Toxic Avenger Unrated is projected to generate an internal rate of return (IRR) of over 40% despite underperforming at the box office[2]

Financial Performance - Total revenue for Q2 FY 2026 was $12.4 million, a 3% decrease from $12.7 million in the prior-year quarter[4] - Net loss attributable to common stockholders was $(5.7) million, or $(0.31) per share, compared to a net loss of $(1.4) million, or $(0.09) per share, in the prior-year quarter[7] - Total revenues for the three months ended September 30, 2025, were $12,357,000, a decrease of 3% compared to $12,739,000 for the same period in 2024[31] - Operating loss for the three months ended September 30, 2025, was $(5,410,000), compared to $(861,000) for the same period in 2024, reflecting a significant increase in operating expenses[31] - Net loss attributable to common stockholders for the three months ended September 30, 2025, was $(5,678,000), compared to $(1,376,000) for the same period in 2024, indicating a worsening financial performance[31] - Adjusted EBITDA for the three months ended September 30, 2025, was $(3,685,000), a decline from $532,000 in the same period of 2024[36] - The company reported a net loss before income taxes of $(5,525,000) for the three months ended September 30, 2025, compared to $(1,197,000) for the same period in 2024[31] Expenses - SG&A expenses rose by $5.0 million, or 79%, to $11.4 million, driven by increased marketing costs of approximately $2.3 million for The Toxic Avenger Unrated[5] - Selling, general and administrative expenses increased to $11,407,000 for the three months ended September 30, 2025, compared to $6,364,000 for the same period in 2024[31] Revenue Streams - Streaming and digital revenues decreased by 5% to $9.6 million from $10.1 million in the prior year[6] - Base distribution revenue increased by 39% to $1.8 million, up from $1.3 million in the prior-year quarter, primarily due to the theatrical release of The Toxic Avenger Unrated[6] Assets and Liabilities - Total current assets decreased to $23,258,000 as of September 30, 2025, from $38,081,000 as of March 31, 2025[29] - Total liabilities decreased to $24,784,000 as of September 30, 2025, from $34,724,000 as of March 31, 2025[29] - Cash and cash equivalents were $2,336,000 as of September 30, 2025, down from $13,941,000 as of March 31, 2025[29] Strategic Initiatives - Cineverse announced a new venture, MicroCo, projected to tap into a market expected to reach $10 billion by 2027[10] - Cineverse plans to reissue the 20th anniversary edition of Pan's Labyrinth in Fall 2026, with a marketing campaign kicking off at the Cannes Film Festival[3] Content Performance - The Toxic Avenger Unrated is projected to generate an internal rate of return (IRR) of over 40% despite underperforming at the box office[2] - The company's content library, valued at $45 million, significantly exceeds the $3.2 million book value recorded at quarter end[16] Share Information - The weighted average shares of common stock outstanding for the three months ended September 30, 2025, were 18,447,000, compared to 15,721,000 for the same period in 2024[31]

Financial Performance - As of September 30, 2025, the Company recorded a net loss of $1,948,490 and negative cash flows from operating activities of $2,799,444, with an accumulated deficit of $5,391,110[38]. - For the nine months ended September 30, 2025, net revenue was $6,941,151, a slight decrease from $6,986,791 in the same period of 2024, representing a decline of approximately 0.65%[109]. - The net loss attributable to common shareholders for the nine months ended September 30, 2025, was $708,991, compared to a net loss of $1,345,370 for the same period in 2024, indicating an improvement of approximately 47%[135]. - The net loss attributable to common shareholders for the nine months ended September 30, 2025, was $1,948,490, compared to a net loss of $1,250,023 in 2024, representing an increase in loss of approximately 55.9%[140]. - For the three months ended September 30, 2025, the Company reported revenue of $2,543,823, a decrease of 3.3% compared to $2,630,376 for the same period in 2024[212]. - The gross profit for the three months ended September 30, 2025, was $377,685, representing an increase of 15.6% from $326,536 in the prior year[212]. - The Company experienced total other income of $107,760 for the three months ended September 30, 2025, significantly lower than $465,527 in the same period of 2024[212]. - Total operating expenses for the nine months ended September 30, 2025, were $1,187,954, compared to $2,129,685 in the same period of 2024, reflecting a decrease of approximately 44%[135]. Revenue and Segments - Revenue from the trading of industrial chemicals was $6,929,849 for the nine months ended September 30, 2025, compared to $6,975,567 in 2024, indicating a decrease of about 0.66%[109]. - The genomic screening services segment generated revenue of $4,768, while the trading of industrial chemicals segment contributed $2,539,055 for the three months ended September 30, 2025[135]. - Chemrex accounted for $2,539,055 (99.8%) of total revenue, a decrease of 3.4% from $2,627,813 (99.9%) in the previous year, primarily due to lower sales volume[218]. Assets and Liabilities - As of September 30, 2025, the Company's trade receivables amounted to $2,193,935, an increase from $1,894,448 as of December 31, 2024, representing a growth of approximately 15.9%[84]. - The total net trade receivables stood at $1,522,158 as of September 30, 2025, up from $1,376,571 as of December 31, 2024, indicating an increase of 10.6%[84]. - The Company has operating lease right-of-use assets of $186,082 as of September 30, 2025, down from $215,243 as of December 31, 2024, a decrease of 13.5%[95]. - Operating lease liabilities decreased to $183,746 as of September 30, 2025, from $210,557 as of December 31, 2024, representing a decline of 12.7%[96]. - As of September 30, 2025, total segment assets amounted to $7,621,228, down from $10,433,848 as of December 31, 2024, indicating a decrease of approximately 26.9%[142]. Cash and Liquidity - The Company maintains cash balances with multiple financial institutions in Malaysia, with deposits insured up to RM250,000 (approximately USD 55,000) per depositor[39]. - As of September 30, 2025, the Company had cash and cash equivalents of $1.36 million and total liquidity exceeding $5 million, providing a solid foundation for operational continuity and strategic investments[173]. - The Company is actively exploring additional capital-raising mechanisms, including at-the-market offerings and private placements, subject to Nasdaq and SEC compliance[174]. Credit and Allowances - The allowance for expected credit losses increased to $671,777 as of September 30, 2025, compared to $517,877 as of December 31, 2024, reflecting a rise of 29.6%[84]. - The Company applies a historical loss rate matrix for trade receivables, adjusted for forward-looking information and macroeconomic trends relevant to the industries in which customers operate[40]. - The allowance for credit losses is based on historical collection experience, aging of receivables, and current economic conditions, with specific allowances for customers with known financial difficulties[40]. Strategic Initiatives - The Company announced a strategic partnership with ML Tech to optimize Ethereum-based growth strategies, enhancing its position in digital asset management[146]. - A non-binding term sheet was entered into with Fidelion Diagnostics for exclusive commercialization rights of the VitaGuard™ MRD platform in Southeast Asia, with regulatory submissions planned for 2026[150]. - The Company plans to lead regulatory submissions for the VitaGuard™ MRD platform, capable of detecting cancer recurrence at variant allele frequencies as low as 0.02%, with a cost per test expected to be under $300[190]. - The Board of Directors authorized the strategic repositioning of Chemrex Corporation into a biotechnology-focused contract development and manufacturing organization, reallocating up to MYR 10 million for operational development[151]. Accounting and Compliance - The Company is evaluating the impact of ASU 2023-09 on its consolidated financial statements, which expands income tax disclosure requirements and is effective for annual reporting periods beginning after December 15, 2024[74]. - The Company does not expect any other recently issued accounting pronouncements to have a significant effect on its consolidated financial statements[75]. - The Company successfully achieved full Nasdaq compliance in April 2025, reinforcing market stability and investor confidence[187]. Stock and Shareholder Information - The company executed a one-for-ten reverse stock split on April 1, 2025, reducing the number of outstanding shares from 17,967,663 to 1,796,597[125]. - The Series Z Preferred Stock was created to facilitate a reverse stock split proposal, which was approved by shareholders on March 19, 2025[123]. - The Company filed a registration statement to register up to $100 million of securities and entered into an Equity Distribution Agreement for an aggregate offering price of up to $20 million[159].

Revenue and Profitability - For the three months ended September 30, 2025, revenues from the Critical Power Solutions segment increased by $472, or 7.4%, to $6,888 compared to $6,416 in the same period of 2024[99]. - For the nine months ended September 30, 2025, revenues from the Critical Power Solutions segment increased by $8,872, or 67.6%, to $21,998 compared to $13,126 in the same period of 2024[104]. - The gross profit for the three months ended September 30, 2025, was $640, a decrease of $882, or 58.0%, from $1,522 in the same period of 2024[105]. - The gross margin percentage for the three months ended September 30, 2025, decreased to 9.3% from 23.7% in the same period of 2024, primarily due to an unfavorable sales mix[105]. - For the nine months ended September 30, 2025, the gross margin from the Critical Power segment decreased to 9.6% of revenues, down from 20.6% for the same period in 2024[106]. - The net loss from continuing operations for the three months ended September 30, 2025, was $1,770, compared to a net loss of $738 in the same period of 2024[99]. - Operating loss from continuing operations increased by approximately $1,327, or 31.8%, to $5,502 for the nine months ended September 30, 2025, compared to $4,175 in 2024[112]. - Net loss from continuing operations per share for the nine months ended September 30, 2025, was $0.46, compared to $0.39 for the same period in 2024[121]. Operating Expenses and Cash Flow - The total operating expenses for the three months ended September 30, 2025, were $2,087, compared to $2,236 in the same period of 2024[99]. - Consolidated selling, general and administrative expenses increased by approximately $710, or 11.5%, to $6,878 for the nine months ended September 30, 2025, compared to $6,168 in 2024[109]. - Cash used in operating activities was $4,780 during the nine months ended September 30, 2025, compared to $4,118 in 2024[129]. - Cash used in investing activities was $2,751 for the nine months ended September 30, 2025, compared to $1,277 in 2024[130]. - Cash used in financing activities was $16,755 during the nine months ended September 30, 2025, compared to cash provided of $4,893 in 2024[132]. - As of September 30, 2025, working capital was $22,766, down from $26,679 as of December 31, 2024[133]. Business Strategy and Market Conditions - The company intends to grow its business through continued internal investments in product development and expansion of personnel in manufacturing, engineering, sales, and marketing[94]. - The Critical Power business includes mobile EV charging solutions and power generation equipment, with services such as preventative maintenance and remote monitoring[96]. - The company sold its Pioneer Custom Electrical Products Corp. business unit in October 2024 as part of a strategic change, leaving it with one reportable segment: Critical Power Solutions[96]. External Factors and Risks - Future operating results are expected to be influenced by the cyclical nature of the electrical equipment industry and changing customer requirements[138]. - The company faces potential impacts from fluctuations in prices of key raw materials, including copper, steel, and aluminum[138]. - Ongoing geopolitical conflicts, such as those involving Russia, Ukraine, Israel, and Hamas, may adversely affect business operations and market volatility[138]. - The shutdown of the U.S. federal government and changes in U.S. policy could impact the economy, tariff policies, and international trade relations[138]. - The company predominantly sells to customers in the industrial production and commercial construction markets, making it sensitive to changes in these sectors[138].

Financial Results Announcement - Catheter Precision, Inc. announced its financial results for the three and nine months ended September 30, 2025[4]. - The press release detailing the financial results was issued on November 13, 2025[4]. - The financial results include key metrics that will be detailed in Exhibit 99.1 attached to the report[4]. - The financial statements and exhibits are included in the report, with Exhibit 99.1 being the press release[6]. Company Information - The company is listed on the NYSE American under the trading symbol VTAK[2]. - The report indicates that Catheter Precision, Inc. is not an emerging growth company[3]. - The company has not elected to use the extended transition period for new financial accounting standards[3]. - The report is not deemed "filed" under the Securities Exchange Act of 1934[5]. - The report was signed by Philip Anderson, Chief Financial Officer, on November 14, 2025[10]. - The address of the company's principal executive offices is 1670 Highway 160 West, Suite 205, Fort Mill, SC 29708[1].