[Overview of Second Quarter 2025 Performance](index=1&type=section&id=Overview%20of%20Second%20Quarter%202025%20Performance) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO highlighted solid year-over-year growth in earnings and cash flow for the first half of 2025, attributing it to a diversified asset base and disciplined execution First Half 2025 Year-over-Year Growth | Metric | YoY Growth | | :--- | :--- | | Net Income | 8% | | Adjusted EBITDA | 7% | | Adjusted DCF | 9% | - The company is pleased with the second-quarter performance of its retail, terminal, and wholesale liquid energy portfolio[4](index=4&type=chunk) - The strategic acquisition of key terminals has expanded the company's reach and enhanced its market presence[4](index=4&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Global Partners reported a decline in key profitability metrics for the second quarter of 2025 compared to the same period in 2024, impacted by a **$2.8 million** loss on the early extinguishment of debt Q2 2025 vs. Q2 2024 Financial Metrics (in millions, except per unit data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income | $25.2 | $46.1 | | Diluted EPS | $0.55 | $1.10 | | EBITDA | $95.7 | $118.8 | | Adjusted EBITDA | $98.2 | $121.1 | | Distributable Cash Flow (DCF) | $52.0 | $73.1 | | Adjusted DCF | $52.3 | $74.2 | | Gross Profit | $272.4 | $287.9 | - All reported non-GAAP financial measures for Q2 2025 include a **$2.8 million** loss on the early extinguishment of debt related to the redemption of the Partnership's **7.00%** senior notes due 2027[7](index=7&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) In Q2 2025, the Wholesale segment's product margin remained stable, while the GDSO segment saw a decrease due to lower site count, with overall sales increasing to **$4.6 billion** driven by Wholesale volume Q2 2025 vs. Q2 2024 Product Margin by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GDSO | $207.9 | $221.5 | | Wholesale | $91.7 | $91.9 | | Commercial | $6.1 | $6.2 | Q2 2025 vs. Q2 2024 Sales and Volume by Segment | Segment | Sales (Q2 2025) | Sales (Q2 2024) | Volume (Q2 2025) | Volume (Q2 2024) | | :--- | :--- | :--- | :--- | :--- | | Wholesale | $3.1B | $2.6B | 1.5B gal | 1.1B gal | | GDSO | $1.2B | $1.5B | 382.4M gal | 407.0M gal | | Commercial | $275.8M | $280.9M | 141.9M gal | 119.5M gal | | **Total** | **$4.6B** | **$4.4B** | **2.0B gal** | **1.6B gal** | - The decline in GDSO product margin from both gasoline distribution and station operations was partly attributed to a decreased site count year-over-year[10](index=10&type=chunk) [Recent Developments](index=2&type=section&id=Recent%20Developments) The company completed a **$450 million** senior unsecured notes offering due 2033 to refinance debt and announced a quarterly cash distribution of **$0.7500 per common unit** - Completed an upsized private offering of **$450 million** of **7.125%** senior unsecured notes due 2033[15](index=15&type=chunk) - Net proceeds were used to purchase outstanding **$400 million** **7.00%** senior notes due 2027 and to repay a portion of borrowings under its credit agreement[15](index=15&type=chunk) - Announced a quarterly cash distribution of **$0.7500 per common unit** (**$3.00 annualized**), payable on August 14, 2025[15](index=15&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, Global Partners reported total sales of **$4.63 billion** and net income of **$25.2 million**, a decrease from **$46.1 million** in Q2 2024, while six-month net income increased to **$43.9 million** Income Statement Highlights (in thousands, except per unit data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Sales | $4,626,925 | $4,409,698 | $9,219,122 | $8,555,090 | | Gross Profit | $272,362 | $287,884 | $527,603 | $503,019 | | Operating Income | $60,066 | $83,869 | $115,953 | $109,705 | | Net Income | $25,210 | $46,149 | $43,894 | $40,547 | | Diluted Net Income per Unit | $0.55 | $1.10 | $0.92 | $0.73 | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Global Partners had total assets of **$3.78 billion** and total liabilities of **$3.10 billion**, with cash and cash equivalents increasing to **$16.1 million** Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $16,097 | $8,208 | | Total current assets | $1,215,163 | $1,207,380 | | Total assets | $3,784,338 | $3,788,198 | | Total current liabilities | $1,027,264 | $1,000,121 | | Senior notes | $1,270,916 | $1,186,723 | | Total liabilities | $3,098,033 | $3,071,585 | | Partners' equity | $686,305 | $716,613 | [Non-GAAP Financial Measures and Reconciliations](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [Explanation of Non-GAAP Measures](index=3&type=section&id=Explanation%20of%20Non-GAAP%20Measures) The company uses non-GAAP measures like Product Margin, EBITDA, Adjusted EBITDA, DCF, and Adjusted DCF to evaluate core profitability, operational performance, and cash generation for distributions and debt service - Product Margin (product sales minus product costs) is used to measure the core profitability of operations[19](index=19&type=chunk) - EBITDA and Adjusted EBITDA are used to assess financial performance, ability to generate cash, and compliance with debt covenants[20](index=20&type=chunk)[23](index=23&type=chunk) - Distributable Cash Flow (DCF) and Adjusted DCF serve as indicators of the company's success in providing a cash return to limited partners[21](index=21&type=chunk)[24](index=24&type=chunk) [Financial Reconciliations](index=8&type=section&id=Financial%20Reconciliations) The report provides detailed reconciliations, showing Q2 2025 gross profit of **$272.4 million** reconciled to a combined product margin of **$305.7 million**, and net income of **$25.2 million** reconciled to Adjusted EBITDA of **$98.2 million** and Adjusted DCF of **$52.3 million** Q2 2025 Reconciliations (in thousands) | Reconciliation | Starting Value (GAAP) | Ending Value (Non-GAAP) | | :--- | :--- | :--- | | Gross Profit to Product Margin | $272,362 | $305,725 | | Net Income to Adjusted EBITDA | $25,210 | $98,158 | | Net Income to Adjusted DCF | $25,210 | $52,281 | - EBITDA, adjusted EBITDA, DCF and adjusted DCF for Q2 2025 all include a loss on early extinguishment of debt of **$2.8 million**[32](index=32&type=chunk) [Other Information](index=3&type=section&id=Other%20Information) [About Global Partners LP](index=3&type=section&id=About%20Global%20Partners%20LP) Global Partners LP is a Fortune 500 master limited partnership operating **54 liquid energy terminals** and approximately **1,700 retail locations** across the Northeast, Mid-Atlantic, and Texas, trading on the NYSE under the ticker symbol **"GLP"** - A Fortune 500 company operating **54 liquid energy terminals** and approximately **1,700 retail locations**[17](index=17&type=chunk) - Distributes gasoline, distillates, residual oil, and renewable fuels to wholesale, retail, and commercial customers[17](index=17&type=chunk) - Trades on the New York Stock Exchange as a master limited partnership under the ticker symbol **"GLP"**[18](index=18&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section contains a standard safe harbor statement, cautioning readers that forward-looking statements are based on current expectations and are subject to significant risks and uncertainties - The press release contains forward-looking statements based on current expectations, which are not guarantees of future performance[26](index=26&type=chunk) - Readers are cautioned about significant risks and uncertainties and are directed to the Partnership's SEC filings (Form 10-K, 10-Q, 8-K) for more details[26](index=26&type=chunk)[27](index=27&type=chunk)

Exhibit 99.1 MBX Biosciences Reports Second Quarter 2025 Financial Results and Recent Corporate Highlights Topline results for the Phase 2 Avail™ trial of canvuparatide in hypoparathyroidism on track for Q3 2025 Imapextide (MBX 1416) Phase 2a trial initiation in patients with post-bariatric hypoglycemia anticipated in Q3 2025 MBX 4291 Phase 1 trial initiation in obesity anticipated in Q3 2025 $224.9 million in cash, cash equivalents and marketable securities as of June 30, 2025; expected to support operatio ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20STATEMENTS) [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) Senti Biosciences reported a $28.8 million net loss for H1 2025, with cash decreasing to $21.6 million, raising substantial doubt about its going concern ability [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $68.5 million by June 30, 2025, driven by a 55.3% reduction in cash and cash equivalents to $21.6 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $21,576 | $48,277 | | Total current assets | $32,521 | $58,961 | | TOTAL ASSETS | $68,540 | $97,841 | | **Liabilities & Equity** | | | | Total current liabilities | $9,987 | $13,146 | | TOTAL LIABILITIES | $43,888 | $47,086 | | TOTAL STOCKHOLDERS' EQUITY | $24,652 | $25,649 | - Cash and cash equivalents decreased by **55.3%** from **$48.3 million** at the end of 2024 to **$21.6 million** as of June 30, 2025[9](index=9&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Net loss widened to $28.8 million for H1 2025, up from $23.3 million in H1 2024, primarily due to increased R&D and G&A expenses Statement of Operations Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Research and development | $10,029 | $9,151 | $19,310 | $17,929 | | General and administrative | $6,769 | $4,205 | $13,885 | $11,728 | | Loss from operations | $(16,798) | $(13,356) | $(33,195) | $(29,657) | | Net loss | $(14,733) | $(11,203) | $(28,845) | $(23,314) | | Net loss per share | $(0.56) | $(2.45) | $(1.59) | $(5.10) | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity decreased to $24.7 million by June 30, 2025, with all Series A preferred stock converting to common stock and accumulated deficit reaching $326.0 million - In the first quarter of 2025, all outstanding Series A redeemable convertible preferred stock (**21,157 shares**) was converted into **21,157,000 shares** of common stock[13](index=13&type=chunk)[76](index=76&type=chunk) - The accumulated deficit increased by **$28.9 million** during the first six months of 2025, reaching **$326.0 million**[9](index=9&type=chunk)[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to $27.1 million for H1 2025, resulting in a $26.7 million net decrease in cash and equivalents Cash Flow Summary (in thousands) | Activity | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(27,123) | $(20,027) | | Net cash used in investing activities | $(184) | $(15) | | Net cash provided by financing activities | $597 | $0 | | **Net decrease in cash** | **$(26,710)** | **$(20,042)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes disclose substantial doubt about going concern due to insufficient cash, detailing the GeneFab transaction, leases, stock compensation, and related party dealings - The company concluded that substantial doubt exists about its ability to continue as a going concern, as its cash and cash equivalents of **$21.6 million** as of June 30, 2025, are not sufficient to fund operations for at least one year[24](index=24&type=chunk) - On March 20, 2025, the company entered into an at-the-market (ATM) offering agreement to sell up to **$17.5 million** of its common stock. Through June 30, 2025, it sold **155,840 shares** for gross proceeds of **$0.6 million**[70](index=70&type=chunk) - The company has significant related party transactions, primarily with GeneFab, LLC, which provides manufacturing services and subleases facilities from Senti. As of June 30, 2025, Senti had a **$5.5 million** prepaid expense balance and a **$3.5 million** receivable from GeneFab[30](index=30&type=chunk)[38](index=38&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses clinical-stage biotech status, recent developments including SENTI-202 Orphan Drug Designation and SN301A trial halt, and reiterates going concern doubts due to insufficient cash - The company's lead product candidate, SENTI-202, received **Orphan Drug Designation** from the FDA for treating relapsed/refractory hematologic malignancies[140](index=140&type=chunk) - Enrollment in the clinical trial for SN301A, which incorporates Senti's SENTI-301A gene circuit, was stopped by partner Celest Therapeutics due to the observation of dose-limiting toxicities[123](index=123&type=chunk)[141](index=141&type=chunk) - Management concluded there is substantial doubt about the company's ability to continue as a going concern, as cash and cash equivalents of **$21.6 million** as of June 30, 2025, are not sufficient to fund operations for at least one year[185](index=185&type=chunk) Comparison of Operating Results (in thousands) | Period | R&D Expense | G&A Expense | Net Loss | | :--- | :--- | :--- | :--- | | **Q2 2025** | $10,029 | $6,769 | $(14,733) | | **Q2 2024** | $9,151 | $4,205 | $(11,203) | | **Six Months 2025** | $19,310 | $13,885 | $(28,845) | | **Six Months 2024** | $17,929 | $11,728 | $(23,314) | [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) As a smaller reporting company, Senti Biosciences is exempt from providing quantitative and qualitative market risk disclosures - As a "smaller reporting company," Senti Biosciences is not required to provide quantitative and qualitative disclosures about market risk[195](index=195&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls were effective as of June 30, 2025, having remediated a previously identified material weakness in finance and accounting resources - A material weakness in internal control over financial reporting, related to insufficient resources in the finance and accounting function, was previously identified[198](index=198&type=chunk) - Management believes the previously identified material weakness has been remediated as of June 30, 2025, and concluded that disclosure controls and procedures were effective[199](index=199&type=chunk) [PART II - OTHER INFORMATION](index=43&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=43&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company is not aware of any material legal proceedings or claims that would adversely affect its operations or financial condition - The company reports no material legal proceedings[203](index=203&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20RISK%20FACTORS) Key risks include recurring losses, going concern doubts, unproven gene circuit technology, SN301A trial halt, reliance on GeneFab, and IP protection challenges - The company has a history of recurring losses and its financial condition raises substantial doubt about its ability to continue as a going concern, requiring it to obtain sufficient funding[205](index=205&type=chunk)[212](index=212&type=chunk) - The company's gene circuit platform is a novel, unproven technology, which makes it difficult to predict the time and cost of development and the potential for regulatory approval[206](index=206&type=chunk)[248](index=248&type=chunk) - There are significant risks related to the transaction with GeneFab, including potential failure to realize anticipated benefits and GeneFab's non-payment of approximately **$3.5 million** in sublease and service obligations as of June 30, 2025[283](index=283&type=chunk)[306](index=306&type=chunk)[315](index=315&type=chunk) - Clinical trials may fail or suffer delays. The SN301A trial was stopped due to dose-limiting toxicities, and SENTI-202, the lead candidate, is still in early clinical development[205](index=205&type=chunk)[246](index=246&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=119&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reported no unregistered sales of equity securities during the period - None[558](index=558&type=chunk) [Defaults Upon Senior Securities](index=119&type=section&id=Item%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) The company reported no defaults upon senior securities - None[559](index=559&type=chunk) [Mine Safety Disclosures](index=119&type=section&id=Item%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - None[560](index=560&type=chunk) [Other Information](index=119&type=section&id=Item%205.%20OTHER%20INFORMATION) No directors or officers adopted or terminated Rule 10b5-1 trading plans during the quarter ended June 30, 2025 - No directors or officers adopted or terminated any Rule 10b5-1 trading plans during the quarter[561](index=561&type=chunk) [Exhibits](index=120&type=section&id=Item%206.%20EXHIBITS) This section lists exhibits filed with the quarterly report, including officer certifications and Inline XBRL data files

MarketWise CEO Dr. David Eifrig commented, "I am delighted by the results for the quarter as our teams continue to deliver against our strategic priorities of growth, efficiency, and new business. I see meaningful contributions from everywhere in the Company and could not be prouder of the dedication of our 400+ employees as we provide world-class financial research and tools to our millions of engaged subscribers." Eifrig continued, "The strength of our business model was displayed during the second quarte ...

[Second Quarter 2025 Overview](index=1&type=section&id=Rallybio%20Reports%20Second%20Quarter%202025%20Financial%20Results%20and%20Provides%20Business%20Updates) Rallybio reported its Q2 2025 financial results, highlighting the advancement of its lead program RLYB116, the strategic divestiture of REV102, and an extended cash runway into mid-2027 [Executive Summary](index=1&type=section&id=Executive%20Summary) Rallybio reported its Q2 2025 financial results, highlighting the advancement of its lead program RLYB116, the strategic divestiture of REV102, and an extended cash runway into mid-2027 - Data readouts from Cohort 1 and Cohort 2 of RLYB116 confirmatory PK/PD study are on track for 3Q and 4Q 2025, respectively[2](index=2&type=chunk) - Sold interest in REV102 to Recursion Pharmaceuticals for up to **$25 million**, including an upfront equity payment of **$7.5 million**[2](index=2&type=chunk) - Cash runway extended into **mid-2027**[2](index=2&type=chunk) Q2 2025 Key Financial Highlights (in millions) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :----- | :------ | :------ | :----------- | | Net Loss | $(9.7) | $(16.2) | Improved by $6.5 | | Net Loss Per Common Share | $(0.22) | $(0.37) | Improved by $0.15 | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Stephen Uden highlighted the significant progress of RLYB116 into a confirmatory PK/PD study and the strategic importance of the REV102 divestiture for disciplined portfolio management and balance sheet strengthening - Advanced lead program RLYB116 into a confirmatory PK/PD study, reflecting strong science and team dedication[3](index=3&type=chunk) - Strategic divestiture of a preclinical asset (REV102) underscores commitment to disciplined portfolio management, sharpening focus and strengthening the balance sheet[3](index=3&type=chunk) - Topline data from RLYB116 Cohort 1 and Cohort 2 expected in **3Q and 4Q 2025**, respectively[3](index=3&type=chunk) [Recent Business Highlights and Upcoming Milestones](index=1&type=section&id=Recent%20Business%20Highlights%20and%20Upcoming%20Milestones) Rallybio achieved significant program milestones, including advancing RLYB116, divesting REV102, and evaluating RLYB332, while discontinuing RLYB212 [Corporate Updates](index=1&type=section&id=Corporate%20Updates) Rallybio announced the sale of its interest in REV102 to Recursion Pharmaceuticals, securing an upfront equity payment and potential future milestones and royalties, which significantly extends the company's cash runway - Entered into a definitive agreement in **July 2025** to sell interest in REV102 to Recursion Pharmaceuticals for up to **$25.0 million**[4](index=4&type=chunk) - Upfront equity payment of **$7.5 million** extends Rallybio's cash runway into **mid-2027**[4](index=4&type=chunk) - Eligible for contingent equity payment of **$12.5 million** upon initiation of additional preclinical studies and a **$5.0 million** cash milestone upon initiation of dosing in a Phase 1 clinical study[4](index=4&type=chunk) - Also eligible to receive low single-digit royalties on future net sales and potential payments if Recursion sells the REV102 program[4](index=4&type=chunk) [RLYB116 Program](index=1&type=section&id=RLYB116%20Program) The RLYB116 program initiated dosing in its confirmatory PK/PD study in June 2025, with data expected later in the year, and has identified immune platelet transfusion refractoriness (PTR) and refractory antiphospholipid syndrome (APS) as initial indications - Dosing initiated in RLYB116 confirmatory clinical PK/PD study in **June 2025**[5](index=5&type=chunk) - Results from Cohort 1 and Cohort 2 anticipated in **3Q and 4Q 2025**, expected to demonstrate complete and sustained complement inhibition and improved tolerability[5](index=5&type=chunk) - Initial indication focus for RLYB116 will be immune platelet transfusion refractoriness (PTR) and refractory antiphospholipid syndrome (APS)[5](index=5&type=chunk) [RLYB332 Program](index=2&type=section&id=RLYB332%20Program) Rallybio is evaluating future development plans for RLYB332, a long-acting anti-matriptase-2 antibody, which has shown superior preclinical data for treating iron overload diseases - Continues to evaluate plans for future development of RLYB332, a long-acting, monoclonal anti-matriptase-2 antibody[6](index=6&type=chunk) - Potential to be a best-in-class treatment for diseases of iron overload[6](index=6&type=chunk) - Preclinical data demonstrated superior impact on PD parameters (serum iron, UIBC, TSAT) relative to comparator molecules[6](index=6&type=chunk) [RLYB212 Program](index=2&type=section&id=RLYB212%20Program) The RLYB212 program for preventing FNAIT was discontinued in April 2025 due to pharmacokinetic data from the Phase 2 trial indicating the dose regimen's inability to achieve target concentrations required for efficacy - Discontinuation of the RLYB212 program in **April 2025** for the prevention of fetal and neonatal alloimmune thrombocytopenia (FNAIT)[7](index=7&type=chunk) - Decision based on PK data from Phase 2 clinical trial showing inability of dose regimen to achieve predicted target concentrations and minimum target concentration for efficacy[7](index=7&type=chunk) - Safety follow-up of the sentinel participant in the Phase 2 trial will continue[7](index=7&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) Rallybio reported a significant reduction in net loss for Q2 2025, driven by lower operating expenses, and maintained a cash position supporting operations into mid-2027 [Key Financial Highlights](index=2&type=section&id=Key%20Financial%20Highlights) Rallybio reported a decrease in revenue and a significant reduction in net loss for Q2 2025 compared to Q2 2024, primarily driven by lower R&D and G&A expenses, partially offset by workforce reduction costs. The company's cash position was $45.7 million as of June 30, 2025, with a projected runway into mid-2027 Selected Financial Results (Q2 2025 vs. Q2 2024) (in thousands) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (YoY) | Primary Reason for Change | | :----- | :--------------------- | :--------------------- | :----------- | :------------------------ | | Revenue | $212 | $299 | $(87) | Decrease related to collaboration agreement with Johnson & Johnson in Q2 2024 | | R&D Expenses | $6,074 | $12,946 | $(6,872) | Decrease in development costs for RLYB212, RLYB116, and other candidates, offset by increased payroll due to workforce reduction | | G&A Expenses | $4,195 | $4,388 | $(193) | Decrease in professional fees and other G&A, offset by increased payroll due to workforce reduction | | Net Loss | $(9,703) | $(16,236) | $(6,533) | Improved due to lower R&D and G&A expenses | | Net Loss Per Common Share | $(0.22) | $(0.37) | $(0.15) | Improved | - Cash, cash equivalents, and marketable securities were **$45.7 million** as of **June 30, 2025**[10](index=10&type=chunk) - Funds, combined with the upfront payment from REV102 sale, are expected to support operations into **mid-2027**[10](index=10&type=chunk) [About Rallybio](index=2&type=section&id=About%20Rallybio) Rallybio is a clinical-stage biotechnology company focused on developing transformative therapies for severe and rare diseases, with a pipeline in complement dysregulation and hematology [Company Overview and Pipeline](index=2&type=section&id=Company%20Overview%20and%20Pipeline) Rallybio is a clinical-stage biotechnology company dedicated to developing transformative therapies for severe and rare diseases, with a pipeline focused on complement dysregulation and hematology, including its lead program RLYB116 - Clinical-stage biotechnology company focused on developing and commercializing life-transforming therapies for patients with severe and rare diseases[9](index=9&type=chunk) - Pipeline addresses unmet medical needs in complement dysregulation and hematology[9](index=9&type=chunk) - Lead program RLYB116 is a differentiated C5 inhibitor for diseases of complement dysregulation, initially focusing on immune platelet transfusion refractoriness (PTR) and refractory antiphospholipid syndrome (APS)[9](index=9&type=chunk) - Pipeline also includes RLYB332, a preclinical long-acting matriptase-2 antibody for iron overload[9](index=9&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section provides a cautionary statement regarding forward-looking statements, outlining inherent risks and uncertainties that could cause actual results to differ materially [Disclaimer and Risk Factors](index=3&type=section&id=Disclaimer%20and%20Risk%20Factors) This section serves as a cautionary statement, indicating that the press release contains forward-looking statements based on management's current expectations, which are subject to various known and unknown risks, uncertainties, and assumptions, and are not guaranteed to occur - Press release contains forward-looking statements based on management's beliefs and assumptions, subject to known and unknown risks, uncertainties, and assumptions[11](index=11&type=chunk) - Forward-looking statements include timing of RLYB116 data, potential commercial opportunity, future payments from REV102 sale, and cash runway[11](index=11&type=chunk) - Risks include ability to conduct clinical trials, sufficiency of cash resources, ability to raise capital, strategic partnerships, competition, and SEC filings[11](index=11&type=chunk) - Company is not obligated to publicly update or revise any forward-looking statements unless required by applicable law[11](index=11&type=chunk) [Financial Tables](index=4&type=section&id=Financial%20Tables) This section presents the unaudited condensed consolidated financial statements, including statements of operations and balance sheets, for the specified periods [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Presents the unaudited consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025, and 2024, detailing revenue, operating expenses, other income, and net loss Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) | (in thousands, except share and per share amounts) | FOR THE THREE MONTHS ENDED JUNE 30, 2025 | FOR THE THREE MONTHS ENDED JUNE 30, 2024 | FOR THE SIX MONTHS ENDED JUNE 30, 2025 | FOR THE SIX MONTHS ENDED JUNE 30, 2024 | | :----------------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Collaboration and license revenue | $212 | $299 | $424 | $299 | | Total revenue | $212 | $299 | $424 | $299 | | Research and development | $6,074 | $12,946 | $11,799 | $25,882 | | General and administrative | $4,195 | $4,388 | $8,352 | $11,239 | | Total operating expenses | $10,269 | $17,334 | $20,151 | $37,121 | | Loss from operations | $(10,057) | $(17,035) | $(19,727) | $(36,822) | | Interest income | $523 | $1,143 | $1,167 | $2,419 | | Other income | $118 | $143 | $292 | $310 | | Total other income, net | $641 | $1,286 | $1,459 | $2,729 | | Loss before equity in losses of joint venture | $(9,416) | $(15,749) | $(18,268) | $(34,093) | | Loss on investment in joint venture | $287 | $487 | $874 | $1,172 | | Net loss | $(9,703) | $(16,236) | $(19,142) | $(35,265) | | Net loss per common share, basic and diluted | $(0.22) | $(0.37) | $(0.43) | $(0.83) | | Weighted-average common shares outstanding, basic and diluted | 44,841,140 | 44,128,059 | 44,808,055 | 42,450,837 | | Net unrealized loss on marketable securities | $(30) | — | $(51) | $(86) | | Other comprehensive loss | $(30) | — | $(51) | $(86) | | Comprehensive loss | $(9,733) | $(16,236) | $(19,193) | $(35,351) | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Presents the unaudited condensed consolidated balance sheets as of June 30, 2025, and December 31, 2024, detailing assets, liabilities, and stockholders' equity Condensed Consolidated Balance Sheets (Unaudited) | (in thousands) | JUNE 30, 2025 | DECEMBER 31, 2024 | | :------------- | :------------ | :---------------- | | Cash, cash equivalents and marketable securities | $45,749 | $65,511 | | Total assets | $51,003 | $68,108 | | Total liabilities | $5,039 | $6,454 | | Total stockholders' equity | $45,964 | $61,654 | [Contacts](index=5&type=section&id=Investor%20Contacts) This section provides contact information for investor relations and media inquiries for Rallybio Corporation [Investor and Media Contacts](index=5&type=section&id=Investor%20and%20Media%20Contacts) Provides contact information for investor relations and media inquiries for Rallybio Corporation - Investor Contacts: Samantha Tracy (Rallybio Corporation) and Kevin Lui (Precision AQ)[15](index=15&type=chunk) - Media Contact: media@rallybio.com[15](index=15&type=chunk)

Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the transition period from to Commission file number: 001-38997 RAPT Therapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 47-3313701 (State or other jurisdiction of incorporation or organization) 561 Eccles Avenue, South San Francisco, California 94080 (Address of principal executive offices) (Zip Code) (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE AC ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38596 REPLIMUNE GROUP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________to ________ Commission File Number: 001-40367 BARINTHUS BIOTHERAPEUTICS PLC (Exact Name of Registrant as Specified in its Charter) Engl ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________to ________ Commission File Number: 001-40367 BARINTHUS BIOTHERAPEUTICS PLC (Exact Name of Registrant as Specified in its Charter) Engl ...

[Management Commentary](index=1&type=section&id=Management%20Commentary) The CEO highlighted significant progress in the SENTI-202 clinical trial, including the completion of dose finding and confirmation of the recommended Phase 2 dose (RP2D), with additional efficacy and durability data anticipated by the end of 2025 - Completed dose finding and confirmed the recommended Phase 2 dose (RP2D) for the SENTI-202 Phase 1 study[2](index=2&type=chunk) - Currently enrolling additional relapsed/refractory AML patients in the dose expansion phase at the RP2D[2](index=2&type=chunk) - Expects to release additional efficacy and durability data from the ongoing Phase 1 study in Q4 2025[1](index=1&type=chunk)[2](index=2&type=chunk) [Recent Pipeline and Corporate Updates](index=1&type=section&id=Recent%20Pipeline%20and%20Corporate%20Updates) Senti Bio has made notable progress with its lead program, SENTI-202, securing FDA Orphan Drug Designation and additional grant funding, while strengthening leadership and increasing market awareness [SENTI-202 Program Highlights](index=1&type=section&id=SENTI-202%20Program%20Highlights) - The dose finding phase for the Phase 1 clinical trial of SENTI-202 (NCT06325748) for hematologic malignancies including AML is complete, and the recommended Phase 2 dose (RP2D) has been confirmed[5](index=5&type=chunk) - The U.S. FDA granted **Orphan Drug Designation** for the use of SENTI-202 to treat Acute Myeloid Leukemia (AML)[5](index=5&type=chunk) - Received an additional **$1.0 million** tranche from a California Institute for Regenerative Medicines (CIRM) grant to advance the clinical development of SENTI-202[5](index=5&type=chunk) [Corporate Developments and Market Awareness](index=1&type=section&id=Corporate%20Developments%20and%20Market%20Awareness) - Strengthened leadership with the appointment of Bryan Baum to the Board of Directors and Dr. James B. Trager to the Scientific Advisory Board[5](index=5&type=chunk) - Increased visibility through participation in various events, including Nasdaq's Amplify Spotlight Series, the 2025 SEED Conference, and virtual investor webinars hosted by Chardan and Webull[5](index=5&type=chunk)[9](index=9&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) For the second quarter of 2025, Senti Bio reported a net loss of $14.7 million and held $21.6 million in cash and cash equivalents, with operating expenses increasing due to higher R&D and G&A costs Key Financial Metrics (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | R&D Expenses | $10.0 million | $9.2 million | +$0.8 million | | G&A Expenses | $6.8 million | $4.2 million | +$2.6 million | | Net Loss | $14.7 million | $11.2 million (from table) | +$3.5 million | | Net Loss per Share | $0.56 | $2.45 (from table) | N/A (share count changed) | Cash Position | Date | Cash and Cash Equivalents | | :--- | :--- | | June 30, 2025 | $21.6 million | | December 31, 2024 | $48.3 million | - The increase in R&D expenses was primarily due to a **$0.8 million** rise in external services and supplies costs[9](index=9&type=chunk) - The increase in G&A expenses was mainly driven by a **$2.5 million** increase in personnel-related expenses[9](index=9&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) The unaudited financial statements provide a detailed view of Senti Bio's financial position as of June 30, 2025, and its operational results for the three and six months then ended, showing a decrease in cash and total assets since year-end 2024 [Unaudited Selected Consolidated Balance Sheet Data](index=5&type=section&id=Unaudited%20Selected%20Consolidated%20Balance%20Sheet%20Data) Consolidated Balance Sheet Data (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | **$21,576** | **$48,277** | | Total assets | $68,540 | $97,841 | | Total liabilities | $43,888 | $47,086 | | Accumulated deficit | $(325,979) | $(297,134) | | Total stockholders' equity | $24,652 | $25,649 | [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Condensed Consolidated Statements of Operations (in thousands, except per share data) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Operating Expenses** | | | | | | Research and development | $10,029 | $9,151 | $19,310 | $17,929 | | General and administrative | $6,769 | $4,205 | $13,885 | $11,728 | | **Total operating expenses** | **$16,798** | **$13,356** | **$33,195** | **$29,657** | | Loss from operations | $(16,798) | $(13,356) | $(33,195) | $(29,657) | | Total other income | $2,065 | $2,153 | $4,350 | $6,343 | | **Net loss** | **$(14,733)** | **$(11,203)** | **$(28,845)** | **$(23,314)** | | **Net loss per share** | **$(0.56)** | **$(2.45)** | **$(1.59)** | **$(5.10)** |