Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended 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: 001-38108 Cumulus Media Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 82-5134717 (State or ...

[Whitehawk Therapeutics Second Quarter 2025 Financial Results and Recent Highlights](index=1&type=section&id=Whitehawk%20Therapeutics%20Second%20Quarter%202025%20Financial%20Results%20and%20Recent%20Highlights) [Corporate and Operational Highlights](index=1&type=section&id=Corporate%20and%20Operational%20Highlights) Whitehawk Therapeutics advances its ADC portfolio with IND filings by mid-2026, supported by a strong cash position funding operations into 2028 - The company is on track to submit IND applications for all three ADC assets by **mid-2026**, with the first two planned for **year-end 2025**[3](index=3&type=chunk)[5](index=5&type=chunk) - Based on current plans, the company's capital is expected to provide a financial runway into **2028**, supporting initial clinical data readouts[3](index=3&type=chunk)[5](index=5&type=chunk) [Second Quarter 2025 Financial Results](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results) Whitehawk Therapeutics reported a **$52.6 million net loss** in Q2 2025, largely due to a **$38.0 million upfront payment**, with cash and equivalents at **$177.2 million** Key Financial Metrics (Q2 2025) | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | | :--- | :--- | :--- | | **Net Loss** | $52.6 | $14.6 | | **Cash, cash equivalents and short-term investments (as of period end)** | $177.2 (as of June 30, 2025) | $47.2 (as of Dec 31, 2024) | - The increased net loss in Q2 2025 includes the remaining portion of an upfront payment of **$38.0 million** related to the Wuxi ADC agreement[5](index=5&type=chunk) [Financial Position (Balance Sheet)](index=3&type=section&id=Financial%20Position%20%28Balance%20Sheet%29) As of June 30, 2025, Whitehawk's total assets increased to **$180.8 million**, driven by cash, with liabilities decreasing and equity strengthening to **$172.1 million** Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | **Cash and cash equivalents** | $144,936 | $28,670 | | **Total current assets** | $178,671 | $61,287 | | **Total assets** | $180,822 | $70,319 | | **Total liabilities** | $8,756 | $17,841 | | **Total stockholders' equity** | $172,066 | $52,478 | [Financial Performance (Statement of Operations)](index=4&type=section&id=Financial%20Performance%20%28Statement%20of%20Operations%29) Q2 2025 saw no product sales and a **$52.6 million net loss** due to R&D, while the six-month period recorded a **$20.4 million net income** from a business sale Statement of Operations Summary - Three Months Ended June 30 (in thousands, except per share data) | Metric | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | **Total Revenue** | $0 | $6,179 | | **Research and development** | $48,809 | $13,093 | | **Loss from operations** | $(54,749) | $(15,584) | | **Net Loss** | $(52,615) | $(14,583) | | **Net Loss Per Share (Basic)** | $(0.76) | $(0.54) | Statement of Operations Summary - Six Months Ended June 30 (in thousands, except per share data) | Metric | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | **Total Revenue** | $7,145 | $11,532 | | **Gain on sale of business** | $87,443 | $0 | | **Net (Loss) Income** | $20,401 | $(32,872) | | **Net (Loss) Income Per Share (Basic)** | $0.37 | $(1.22) | [Company Overview](index=1&type=section&id=Company%20Overview) Whitehawk Therapeutics is an oncology company advancing cancer treatments via modern technologies, with three ADC assets in-licensed from WuXi Biologics - The company's strategy involves applying advanced technologies to established tumor biology for improved cancer treatments[2](index=2&type=chunk)[4](index=4&type=chunk) - Its portfolio comprises three ADC assets in-licensed from WuXi Biologics for exclusive global development and commercialization[4](index=4&type=chunk) [Forward-Looking Statements](index=1&type=section&id=Forward-Looking%20Statements) Forward-looking statements regarding development timelines, ADC potential, and financial runway are subject to significant risks detailed in SEC filings - Statements regarding development timing, ADC portfolio efficacy, and cash runway are forward-looking and not guarantees of future performance[6](index=6&type=chunk) - Key risks encompass uncertainties in preclinical and clinical development, potential trial delays, failure to demonstrate efficacy, and unforeseen adverse reactions[6](index=6&type=chunk) - For a comprehensive understanding of risks, the company refers to its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC[7](index=7&type=chunk)

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides a high-level overview of the company's performance and strategic direction from the CEO, alongside key financial and operational achievements for the quarter [CEO Statement](index=1&type=section&id=CEO%20Statement) CEO Gil West stated that Hertz's transformation is taking hold, with the strategy proving effective through smarter fleet management, improved utilization, enhanced customer experience, and disciplined cost control, leading to a stronger, more resilient company - CEO Gil West highlights that the company's transformation strategy, focusing on smarter fleet management, improved utilization, enhanced customer experience, and disciplined cost control, is successfully building a stronger, more resilient Hertz[2](index=2&type=chunk) [Q2 2025 Key Highlights](index=1&type=section&id=Q2%202025%20Key%20Highlights) Hertz achieved its best quarterly results in nearly two years, driven by a ~$0.5 billion year-over-year improvement in Net Income and Adjusted Corporate EBITDA - Net income and Adjusted Corporate EBITDA both improved by approximately **$0.5 billion year-over-year**, marking the first quarter of positive Adjusted Corporate EBITDA in nearly two years, attributed to disciplined fleet management, operational efficiency, and rigorous cost management[6](index=6&type=chunk) - The "Buy Right, Hold Right, Sell Right" strategy delivered results, with Depreciation Per Unit Per Month (DPU) at **$251**, exceeding the sub-$300 target by 16%[6](index=6&type=chunk) - Vehicle Utilization reached **83%**, a 300 basis point year-over-year increase, reflecting precise fleet optimization[6](index=6&type=chunk) - Direct operating expenses (DOE) **declined 3% year-over-year**, with DOE per transaction day improving both sequentially and year-over-year due to disciplined cost control[6](index=6&type=chunk) - Global Net Promoter Score improved by **11 points year-over-year**, and the company ended the quarter with over **$1.45 billion in liquidity**[6](index=6&type=chunk) [Company Overview](index=1&type=section&id=ABOUT%20HERTZ) This section details the company's global operations, brand portfolio, and business segments [Company Description](index=1&type=section&id=Company%20Description) Hertz Global Holdings, Inc is a leading global car rental and mobility solutions provider, operating brands like Hertz, Dollar, Thrifty, and Firefly across over 11,000 locations in 160 countries - Hertz Global Holdings, Inc operates as a leading global car rental and mobility solutions provider, with brands including Hertz, Dollar, Thrifty, and Firefly across more than **11,000 locations in 160 countries**[5](index=5&type=chunk) - The company also operates Hertz Car Sales for used vehicle sales in the U.S and Hertz 24/7 car-sharing in Europe[5](index=5&type=chunk) [Summary Financial Results](index=2&type=section&id=SUMMARY%20RESULTS) This section presents the key consolidated and segmented financial results for the second quarter [Consolidated Summary](index=2&type=section&id=Consolidated%20Summary) Hertz Global reported a 7% decrease in total revenues to $2,185 million for Q2 2025, but significantly reduced its net loss by 66% to $(294) million and adjusted net loss by 76% to $(104) million Consolidated Financial Highlights | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :-------------------------------- | :----------- | :----------- | :------- | | Total revenues | 2,185 | 2,353 | (7)% | | Net income (loss) | (294) | (865) | (66)% | | Diluted earnings (loss) per share | (0.95) | (2.82) | (66)% | | Adjusted net income (loss) | (104) | (440) | (76)% | | Adjusted diluted earnings (loss) per share | (0.34) | (1.44) | (76)% | | Adjusted Corporate EBITDA | 1 | (460) | NM | | Depreciation Per Unit Per Month | 251 | 595 | (58)% | | Vehicle Utilization | 83% | 80% | 3% pts | [Americas RAC Segment Summary](index=2&type=section&id=Americas%20RAC%20Segment%20Summary) The Americas RAC segment saw a 10% decline in total revenues to $1,738 million but achieved a significant turnaround in Adjusted EBITDA, reaching $42 million from a loss of $(403) million in Q2 2024 Americas RAC Segment Highlights | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :-------------------------------- | :----------- | :----------- | :------- | | Total revenues | 1,738 | 1,928 | (10)% | | Adjusted EBITDA | 42 | (403) | NM | | Adjusted EBITDA Margin | 2% | (21)% | | | Depreciation Per Unit Per Month | 248 | 644 | (61)% | | Vehicle Utilization | 83% | 81% | 2% pts | [International RAC Segment Summary](index=2&type=section&id=International%20RAC%20Segment%20Summary) The International RAC segment reported a 5% increase in total revenues to $447 million and a positive Adjusted EBITDA of $42 million, a significant improvement from a $(6) million loss in Q2 2024 International RAC Segment Highlights | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :-------------------------------- | :----------- | :----------- | :------- | | Total revenues | 447 | 425 | 5% | | Adjusted EBITDA | 42 | (6) | NM | | Adjusted EBITDA Margin | 9% | (1)% | | | Depreciation Per Unit Per Month | 261 | 384 | (32)% | | Vehicle Utilization | 81% | 77% | 4% pts | [Forward-Looking Statements & Risk Factors](index=3&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section outlines the inherent uncertainties in forward-looking statements and details the various factors that could materially affect the company's performance [Cautionary Note](index=3&type=section&id=Cautionary%20Note) The report contains forward-looking statements based on management's assumptions, which are not guarantees of future performance, and the company undertakes no obligation to update these statements - Forward-looking statements are based on management's assumptions and are not guarantees of future performance, with actual results potentially differing materially due to various factors[10](index=10&type=chunk) - The company explicitly states it undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law[15](index=15&type=chunk) [Important Factors Affecting Results](index=3&type=section&id=Important%20Factors%20Affecting%20Results) Key factors that could impact Hertz's actual results include fleet management, supply chain disruptions, travel demand, operational efficiency, competition, cybersecurity, and financial stability - Factors affecting results include fleet management (mix of program/non-program vehicles, residual value risk, ability to purchase/dispose of vehicles, fleet age)[12](index=12&type=chunk) - Supply chain disruptions, manufacturer recalls, and levels of travel demand (business/leisure) are significant external factors[12](index=12&type=chunk) - Operational challenges include the ability to implement business strategy, achieve cost savings, respond to technology changes, manage competition, maintain customer loyalty, and manage labor relations[12](index=12&type=chunk)[13](index=13&type=chunk) - Cybersecurity threats, data protection compliance, risks of operating internationally, tax law changes, and the availability of financing at acceptable rates are also critical[13](index=13&type=chunk)[16](index=16&type=chunk) [Unaudited GAAP Financial Statements](index=6&type=section&id=UNAUDITED%20FINANCIAL%20INFORMATION) This section provides the detailed unaudited consolidated statements of operations, balance sheets, and cash flows for the reporting period [Consolidated Statements of Operations](index=6&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q2 2025, Hertz reported total revenues of $2,185 million, a net loss of $(294) million, and diluted EPS of $(0.95), with the net loss significantly narrowing from the prior year Unaudited Consolidated Statements of Operations | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Revenues | 2,185 | 2,353 | | Direct vehicle and operating expenses | 1,394 | 1,440 | | Depreciation of revenue earning vehicles and lease charges, net | 415 | 1,035 | | Total expenses | 2,501 | 2,826 | | Net income (loss) | (294) | (865) | | Diluted earnings (loss) per share | (0.95) | (2.82) | [Consolidated Balance Sheets](index=7&type=section&id=UNAUDITED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, total assets increased to $23,083 million, while total liabilities also increased, resulting in a total stockholders' deficit of $(504) million Unaudited Consolidated Balance Sheets | Metric | June 30, 2025 ($M) | December 31, 2024 ($M) | | :------------------------------------------ | :----------------- | :--------------------- | | Total assets | 23,083 | 21,802 | | Total liabilities | 23,587 | 21,649 | | Total stockholders' equity (deficit) | (504) | 153 | | Revenue earning vehicles, net | 13,295 | 11,963 | | Total debt | 17,636 | 16,335 | [Consolidated Statements of Cash Flows](index=8&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For Q2 2025, net cash provided by operating activities was $346 million, while net cash used in investing activities significantly decreased to $(846) million Unaudited Consolidated Statements of Cash Flows | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Net cash provided by (used in) operating activities | 346 | 546 | | Net cash provided by (used in) investing activities | (846) | (2,077) | | Net cash provided by (used in) financing activities | 587 | 1,582 | | Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period | 108 | 49 | [Segment Financial Performance](index=9&type=section&id=CONDENSED%20STATEMENT%20OF%20OPERATIONS%20BY%20SEGMENT) This section breaks down the company's financial performance by its primary operating segments, Americas RAC and International RAC, for quarterly and semi-annual periods [Three Months Ended June 30, 2025 & 2024](index=9&type=section&id=Three%20Months%20Ended%20June%2030%2C%202025%20%26%202024) For Q2 2025, the Americas RAC segment's income before taxes improved to $84 million from a $(465) million loss, while the International RAC segment's income improved to $13 million from a $(18) million loss Q2 Segment Performance | Segment | Q2 2025 Revenues ($M) | Q2 2024 Revenues ($M) | Q2 2025 Income (Loss) Before Taxes ($M) | Q2 2024 Income (Loss) Before Taxes ($M) | | :---------------- | :-------------------- | :-------------------- | :-------------------------------------- | :-------------------------------------- | | Americas RAC | 1,738 | 1,928 | 84 | (465) | | International RAC | 447 | 425 | 13 | (18) | | Corporate | — | — | (413) | 10 | | Hertz Global | 2,185 | 2,353 | (316) | (473) | [Six Months Ended June 30, 2025 & 2024](index=10&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20%26%202024) For the first six months of 2025, the Americas RAC segment's loss before taxes narrowed to $(210) million, and the International RAC segment's loss narrowed to $(10) million H1 Segment Performance | Segment | H1 2025 Revenues ($M) | H1 2024 Revenues ($M) | H1 2025 Income (Loss) Before Taxes ($M) | H1 2024 Income (Loss) Before Taxes ($M) | | :---------------- | :-------------------- | :-------------------- | :-------------------------------------- | :-------------------------------------- | | Americas RAC | 3,228 | 3,667 | (210) | (1,016) | | International RAC | 770 | 766 | (10) | (69) | | Corporate | — | — | (621) | 31 | | Hertz Global | 3,998 | 4,433 | (841) | (1,054) | [Non-GAAP Financial Measures & Reconciliations](index=11&type=section&id=RECONCILIATION%20OF%20GAAP%20TO%20NON-GAAP%20MEASURE) This section provides reconciliations of GAAP financial measures to their non-GAAP counterparts to offer a clearer view of the company's operational performance [Adjusted Net Income (Loss) and Adjusted Diluted EPS](index=11&type=section&id=Adjusted%20Net%20Income%20(Loss)%20and%20Adjusted%20Diluted%20EPS) For Q2 2025, Adjusted Net Loss improved significantly to $(104) million from $(440) million, and Adjusted Diluted EPS improved to $(0.34) from $(1.44) Reconciliation of Adjusted Net Income (Loss) | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Net income (loss) (GAAP) | (294) | (865) | | Adjusted Net Income (Loss) | (104) | (440) | | Adjusted Diluted Earnings (Loss) Per Share | (0.34) | (1.44) | [Adjusted Corporate EBITDA](index=12&type=section&id=Adjusted%20Corporate%20EBITDA) Adjusted Corporate EBITDA for Q2 2025 turned positive at $1 million, a substantial improvement from $(460) million in Q2 2024, with the margin improving from (20)% to 0% Reconciliation of Adjusted Corporate EBITDA | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Net income (loss) (GAAP) | (294) | (865) | | Adjusted Corporate EBITDA | 1 | (460) | | Adjusted Corporate EBITDA margin | 0% | (20)% | [Adjusted Operating Cash Flow and Adjusted Free Cash Flow](index=15&type=section&id=Adjusted%20Operating%20Cash%20Flow%20and%20Adjusted%20Free%20Cash%20Flow) For Q2 2025, Adjusted Operating Cash Flow was $(100) million, and Adjusted Free Cash Flow significantly improved to $327 million from $(553) million in the prior year Reconciliation of Adjusted Free Cash Flow | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Net cash provided by (used in) operating activities (GAAP) | 346 | 546 | | Adjusted operating cash flow | (100) | (576) | | Adjusted free cash flow | 327 | (553) | | Net fleet growth after financing | 350 | 45 | [Net Debt Calculation](index=16&type=section&id=Net%20Debt%20Calculation) As of June 30, 2025, Total Net Debt increased to $16,720 million, and Net Corporate Leverage improved to (5.7)x from (2.9)x at year-end 2024 Net Debt and Leverage | Metric | As of June 30, 2025 ($M) | As of December 31, 2024 ($M) | | :------------------------------------------ | :------------------------ | :-------------------------- | | Vehicle Debt | 12,202 | 11,231 | | Non-Vehicle Debt | 5,434 | 5,104 | | Total Debt (as reported) | 17,636 | 16,335 | | Net Debt | 16,720 | 15,416 | | LTM Adjusted Corporate EBITDA | (838) | (1,541) | | Net Corporate Leverage | (5.7)x | (2.9)x | [Key Metrics Calculations](index=17&type=section&id=KEY%20METRICS%20CALCULATIONS) This section details the calculation of key operational metrics for the global, Americas, and International RAC segments [Global RAC Key Metrics](index=17&type=section&id=Global%20RAC%20Key%20Metrics) For Q2 2025, Global RAC Total RPD decreased by 5%, while Vehicle Utilization improved by 3 percentage points and Depreciation Per Unit Per Month decreased by 58% Global RAC Key Metrics | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :------ | :------ | :------- | | Total RPD (in dollars) | 55.65 | 58.80 | (5)% | | Total RPU Per Month (in whole dollars) | 1,400 | 1,425 | (2)% | | Vehicle Utilization | 83% | 80% | 3% pts | | Depreciation Per Unit Per Month (in whole dollars) | 251 | 595 | (58)% | [Americas RAC Key Metrics](index=18&type=section&id=Americas%20RAC%20Key%20Metrics) In Q2 2025, Americas RAC Total RPD decreased by 6%, while Vehicle Utilization improved by 2 percentage points and Depreciation Per Unit Per Month decreased by 61% Americas RAC Key Metrics | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :------ | :------ | :------- | | Total RPD (in dollars) | 56.08 | 59.73 | (6)% | | Total RPU Per Month (in whole dollars) | 1,420 | 1,460 | (3)% | | Vehicle Utilization | 83% | 81% | 2% pts | | Depreciation Per Unit Per Month (in whole dollars) | 248 | 644 | (61)% | [International RAC Key Metrics](index=19&type=section&id=International%20RAC%20Key%20Metrics) For Q2 2025, International RAC Total RPD decreased by 2%, while Vehicle Utilization improved by 4 percentage points and Depreciation Per Unit Per Month decreased by 32% International RAC Key Metrics | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :------ | :------ | :------- | | Total RPD (in dollars) | 53.93 | 54.78 | (2)% | | Total RPU Per Month (in whole dollars) | 1,322 | 1,282 | 3% | | Vehicle Utilization | 81% | 77% | 4% pts | | Depreciation Per Unit Per Month (in whole dollars) | 261 | 384 | (32)% | [Non-GAAP Measures and Key Metrics Definitions](index=20&type=section&id=NON-GAAP%20MEASURES%20AND%20KEY%20METRICS) This section provides detailed definitions for the non-GAAP financial measures and key operational metrics used throughout the report [Non-GAAP Measures Definitions](index=20&type=section&id=Non-GAAP%20Measures%20Definitions) This section defines key non-GAAP financial measures used by Hertz, explaining their calculation and importance for assessing operational performance and liquidity - Adjusted Net Income (Loss) and Adjusted Diluted EPS are used to assess operational performance by excluding non-operational items like debt-related charges and restructuring costs[60](index=60&type=chunk)[62](index=62&type=chunk) - Adjusted Corporate EBITDA is a key operating performance metric for internal monitoring, planning, and investment analysis, isolating profitability effects of core rental business[63](index=63&type=chunk)[65](index=65&type=chunk) - Adjusted Operating Cash Flow and Adjusted Free Cash Flow provide insights into cash generated from operations and cash available for debt reduction, share repurchase, and acquisitions[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - Net Debt measures (Net Non-vehicle Debt, Net Vehicle Debt, Total Net Debt) and Net Corporate Leverage are crucial for assessing the company's corporate and vehicle-related leverage and ability to service debt[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [Key Metrics Definitions](index=21&type=section&id=Key%20Metrics%20Definitions) This section defines operational key metrics, explaining their relevance for management and investors in evaluating fleet efficiency, pricing, and revenue generation - Depreciation Per Unit Per Month (DPU) reflects the effectiveness of managing vehicle costs and facilitates industry comparisons[78](index=78&type=chunk) - Total Revenue Per Transaction Day (RPD) measures changes in underlying pricing in the vehicle rental business[79](index=79&type=chunk) - Total Revenue Per Unit Per Month (RPU) provides a measure of revenue productivity relative to the rental fleet, indicating asset efficiency[80](index=80&type=chunk) - Vehicle Utilization measures the proportion of vehicles used to generate revenues relative to rentable fleet capacity[82](index=82&type=chunk) - Transaction Days represent the total number of revenue-generating days for vehicles on rent[81](index=81&type=chunk)

Exhibit 99.1 CONTACT: Rob Seelig (603) 640-2212 WHITE MOUNTAINS REPORTS SECOND QUARTER RESULTS HAMILTON, Bermuda (August 7, 2025) - White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $1,804 as of June 30, 2025, an increase of 3% for both the second quarter of 2025 and the first six months of 2025, including dividends. Manning Rountree, CEO, commented, "BVPS was up 3% in the quarter. We had sound results at our operating companies and good investment returns. Ark produced an 8 ...

[Second Quarter 2025 Results](index=1&type=section&id=Second%20Quarter%202025%20Results) [1.1 Key Financial Highlights](index=1&type=section&id=1.1%20Key%20Financial%20Highlights) Perimeter Solutions experienced a **net loss** in Q2 2025, yet achieved **significant growth in net sales and adjusted EBITDA** | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Net Loss / Income (Millions USD) | $(32.2) | $21.7 | $(53.9)M | | Loss / Earnings Per Diluted Share | $(0.22) | $0.14 | $(0.36) | | Adjusted Net Income (Millions USD) | $57.1 | N/A | N/A | | Adjusted Earnings Per Diluted Share | $0.39 | $0.25 | $0.14 | | Net Sales (Millions USD) | $162.6 | $127.3 | +28% | | Adjusted EBITDA (Millions USD) | $91.3 | $64.9 | +41% | [2](index=2&type=chunk)[5](index=5&type=chunk) [1.2 Segment Performance](index=1&type=section&id=1.2%20Segment%20Performance) Both Fire Safety and Specialty Products segments achieved **strong growth in net sales and adjusted EBITDA** in Q2 2025 Q2 2025 Segment Performance | Segment Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Fire Safety Net Sales (Millions USD) | $120.3 | $98.5 | +22% | | Specialty Products Net Sales (Millions USD) | $42.4 | $28.7 | +47% | | Fire Safety Segment Adjusted EBITDA (Millions USD) | $77.7 | $55.6 | +40% | | Specialty Products Segment Adjusted EBITDA (Millions USD) | $13.7 | $9.3 | +48% | [5](index=5&type=chunk) [2.0 Year-to-Date 2025 Results](index=1&type=section&id=Year-to%20Date%202025%20Results) [2.1 Key Financial Highlights](index=1&type=section&id=2.1%20Key%20Financial%20Highlights) Year-to-date 2025, Perimeter Solutions achieved **net income**, reversing a prior year loss, driven by **strong growth in net sales and adjusted EBITDA** Year-to-Date 2025 Key Financial Highlights | Metric | YTD 2025 | YTD 2024 | Change (YoY) | | :-------------------------------- | :------- | :------- | :----------- | | Net Income / Loss (Millions USD) | $24.5 | $(60.9) | +$85.4M | | Earnings / Loss Per Diluted Share | $0.16 | $(0.42) | +$0.58 | | Non-GAAP Adjusted Earnings Per Share | $0.41 | $0.23 | +$0.18 | | Net Sales (Millions USD) | $234.7 | $186.3 | +26% | | Adjusted EBITDA (Millions USD) | $109.4 | $77.0 | +42% | [5](index=5&type=chunk) [2.2 Segment Performance](index=1&type=section&id=2.2%20Segment%20Performance) Year-to-date, Fire Safety sales and adjusted EBITDA surged, while Specialty Products sales grew with stable adjusted EBITDA Year-to-Date 2025 Segment Performance | Segment Metric | YTD 2025 | YTD 2024 | Change (YoY) | | :-------------------------------- | :------- | :------- | :----------- | | Fire Safety Sales (Millions USD) | $157.4 | $123.7 | +27% | | Specialty Products Sales (Millions USD) | $77.2 | $62.6 | +23% | | Fire Safety Segment Adjusted EBITDA (Millions USD) | $87.7 | $55.4 | +58% | | Specialty Products Segment Adjusted EBITDA (Millions USD) | $21.7 | $21.6 | Relatively flat | [5](index=5&type=chunk)[6](index=6&type=chunk) [3.0 Capital Allocation](index=2&type=section&id=Capital%20Allocation) Perimeter Solutions actively managed capital in Q2 2025, repurchasing shares and resolving a lawsuit by acquiring assets for cash - The company repurchased **2.9 million shares** of common stock at an average price of **$11.13 per share** during the quarter ended June 30, 2025[7](index=7&type=chunk) - In May 2025, Perimeter Solutions settled a trade secret lawsuit with a subsidiary of Compass Minerals International, Inc., concurrently acquiring related assets for **$20 million in cash**[7](index=7&type=chunk) [4.0 Conference Call and Webcast](index=3&type=section&id=Conference%20Call%20and%20Webcast) Perimeter Solutions announced a conference call and webcast for Q2 2025 results, providing access details for live participation and replay - A conference call to discuss Q2 2025 financial results was scheduled for Thursday, August 7, 2025, at 8:30 AM ET, accessible via specific dial-in numbers[8](index=8&type=chunk) - The conference call was simultaneously webcast on Perimeter's investor relations website, with a slide presentation available for reference[9](index=9&type=chunk) - A replay of the webcast and conference call was available after the live event, with specific access details valid until September 6, 2025[9](index=9&type=chunk) [5.0 About Perimeter Solutions](index=3&type=section&id=About%20Perimeter%20Solutions) Perimeter Solutions is a global leader in fire safety and specialty products, structured into two reporting segments [5.1 Fire Safety Segment](index=3&type=section&id=5.1%20Fire%20Safety%20Segment) The Fire Safety segment focuses on fire management products, supported by specialized equipment and a global emergency resupply network - The Fire Safety segment formulates and manufactures fire management products for wildfires, structural fires, flammable liquid fires, and other fire types[11](index=11&type=chunk) - This segment also provides specialized equipment (e.g., airbase retardant storage, mobile bases) and services, including an emergency resupply network for approximately **150 airtanker bases** in North America and other global customer locations[11](index=11&type=chunk) [5.2 Specialty Products Segment](index=3&type=section&id=5.2%20Specialty%20Products%20Segment) The Specialty Products segment develops products for non-fire safety markets, including P2S5-based additives and Smart Manufacturing Solutions - The Specialty Products segment focuses on non-fire safety markets, with its largest application being phosphorus pentasulfide (P2S5)-based lubricant additives, also used in pesticides, mining chemicals, and emerging electric battery technologies[12](index=12&type=chunk) - This segment includes Smart Manufacturing Solutions (IMS), a manufacturer of electronic/electromechanical components for large medical systems, communications infrastructure, energy infrastructure, defense systems, and industrial systems, with a focus on aftermarket repair and replacement[12](index=12&type=chunk) [6.0 Forward-looking Information](index=3&type=section&id=Forward-looking%20Information) This section contains forward-looking statements subject to risks and uncertainties, with no obligation to update unless legally required - This press release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, identifiable by words such as "anticipate," "intend," "plan," and similar future-period expressions[13](index=13&type=chunk) - These statements are not guarantees of performance and involve risks, uncertainties (some beyond the company's control), and assumptions that could cause actual financial results to differ materially from those anticipated in the forward-looking statements, including risk factors described in the company's filings with the U.S. Securities and Exchange Commission (SEC), such as its Annual Report on Form 10-K for the year ended December 31, 2024[14](index=14&type=chunk) - Perimeter undertakes no obligation to update any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law[15](index=15&type=chunk) [7.0 Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents Perimeter Solutions, Inc. and its subsidiaries' unaudited condensed consolidated financial statements, including operations, balance sheets, and cash flows [7.1 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20(Loss)%20Income) Q2 2025 saw a **net loss** despite sales growth, while year-to-date achieved **net income**, reversing a prior year loss Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) | Metric (Thousands USD) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net sales | $162,639 | $127,276 | $234,669 | $186,320 | | Gross profit | $101,496 | $73,267 | $129,649 | $93,969 | | Total operating expenses | $127,722 | $28,249 | $78,068 | $123,815 | | Operating (loss) income | $(26,226) | $45,018 | $51,581 | $(29,846) | | Net (loss) income | $(32,161) | $21,650 | $24,525 | $(60,908) | | Total comprehensive (loss) income | $(8,041) | $20,661 | $56,530 | $(67,440) | | Diluted (Loss) earnings per share | $(0.22) | $0.14 | $0.16 | $(0.42) | [17](index=17&type=chunk) [7.2 Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets, liabilities, and stockholders' equity all increased as of June 30, 2025, compared to December 31, 2024 Condensed Consolidated Balance Sheets (Unaudited) | Metric (Thousands USD) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Total current assets | $420,079 | $394,024 | | Total assets | $2,486,262 | $2,416,394 | | Total current liabilities | $103,964 | $62,488 | | Total liabilities | $1,307,631 | $1,259,124 | | Total stockholders' equity | $1,178,631 | $1,157,270 | [19](index=19&type=chunk) [7.3 Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased year-to-date, but significant cash use in investing and financing led to a net decrease in cash Condensed Consolidated Statements of Cash Flows (Unaudited) | Metric (Thousands USD) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $20,894 | $11,418 | | Net cash (used in) provided by investing activities | $(42,803) | $187 | | Net cash used in financing activities | $(40,560) | $(14,784) | | Net change in cash and cash equivalents | $(57,798) | $(4,114) | | Cash and cash equivalents, end of period | $140,658 | $43,162 | [21](index=21&type=chunk) [8.0 Non-GAAP Financial Metrics](index=9&type=section&id=Non-GAAP%20Financial%20Metrics) Perimeter Solutions uses non-GAAP metrics like Adjusted EBITDA and Adjusted EPS to provide a clearer understanding of business performance [8.1 Adjusted EBITDA](index=9&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA grew significantly in Q2 2025 and year-to-date, reflecting strong operational performance after specific adjustments - Adjusted EBITDA is defined as (loss) income before income taxes, plus net interest and other financing expenses, depreciation, and amortization, consistently adjusted for certain non-recurring, unusual, or non-operating items such as restructuring costs, founders advisory fees, stock-based compensation expense, and foreign currency (gain) loss[23](index=23&type=chunk) Adjusted EBITDA Reconciliation (Three Months Ended June 30) | Metric (Thousands USD) | Q2 2025 Total | Q2 2024 Total | | :-------------------------------- | :------------ | :------------ | | (Loss) income before income taxes | $(33,848) | $34,130 | | Depreciation and amortization | $17,924 | $16,359 | | Interest and financing expense | $9,930 | $10,590 | | Founders advisory fees - related party | $96,883 | $588 | | Non-recurring expenses | $307 | $23 | | Stock-based compensation expense | $2,238 | $2,994 | | Foreign currency (gain) loss | $(2,096) | $224 | | **Segment Adjusted EBITDA** | **$91,338** | **$64,908** | Adjusted EBITDA Reconciliation (Six Months Ended June 30) | Metric (Thousands USD) | YTD 2025 Total | YTD 2024 Total | | :-------------------------------- | :------------- | :------------- | | Income (loss) before income taxes | $35,331 | $(52,702) | | Depreciation and amortization | $34,817 | $32,771 | | Interest and financing expense | $19,574 | $21,238 | | Founders advisory fees - related party | $16,270 | $68,921 | | Non-recurring expenses | $1,775 | $563 | | Stock-based compensation expense | $4,909 | $4,736 | | Foreign currency (gain) loss | $(3,255) | $1,517 | | **Segment Adjusted EBITDA** | **$109,421** | **$77,044** | [8.2 Adjusted Net Income and Adjusted Earnings Per Share](index=10&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20Earnings%20Per%20Share) Adjusted net income and EPS were significantly higher than GAAP net loss, indicating improved profitability after non-GAAP adjustments - Adjusted net income is defined as net (loss) income plus amortization, certain non-recurring items, founders advisory fees, stock-based compensation expense, foreign currency (gain) loss, and the tax impact of these non-GAAP adjustments; adjusted EPS is adjusted net income divided by adjusted diluted shares[26](index=26&type=chunk) Adjusted Net Income and Adjusted Earnings Per Share Reconciliation (Three Months Ended June 30) | Metric (Thousands USD, except per share) | Q2 2025 | Q2 2024 | | :-------------------------------------- | :------ | :------ | | GAAP net (loss) income | $(32,161) | $21,650 | | Amortization | $14,604 | $13,755 | | Founders advisory fees - related party | $96,883 | $588 | | Non-recurring expenses | $307 | $23 | | Stock-based compensation expense | $2,238 | $2,994 | | Foreign currency (gain) loss | $(2,096) | $224 | | Tax impact of non-GAAP adjustments | $(22,631) | $(3,441) | | **Adjusted Net Income** | **$57,144** | **$35,793** | | GAAP (Loss) Earnings Per Share (diluted) | $(0.22) | $0.14 | | **Adjusted Earnings Per Share (diluted)** | **$0.39** | **$0.25** | Adjusted Net Income and Adjusted Earnings Per Share Reconciliation (Six Months Ended June 30) | Metric (Thousands USD, except per share) | YTD 2025 | YTD 2024 | | :-------------------------------------- | :------- | :------- | | GAAP net income (loss) | $24,525 | $(60,908) | | Amortization | $28,703 | $27,526 | | Founders advisory fees - related party | $16,270 | $68,921 | | Non-recurring expenses | $1,775 | $563 | | Stock-based compensation expense | $4,909 | $4,736 | | Foreign currency (gain) loss | $(3,255) | $1,517 | | Tax impact of non-GAAP adjustments | $(11,694) | $(8,632) | | **Adjusted net income** | **$61,233** | **$33,723** | | GAAP Earnings (Loss) Per Share (diluted) | $0.16 | $(0.42) | | **Adjusted Earnings Per Share (diluted)** | **$0.41** | **$0.23** |

PART I. FINANCIAL INFORMATION [Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=ITEM%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Presents unaudited condensed consolidated financial statements for Hertz Global Holdings, including balance sheets, income, cash flows, and detailed notes [Financial Statements - Hertz Global Holdings, Inc.](index=5&type=section&id=Financial%20Statements%20-%20Hertz%20Global%20Holdings%2C%20Inc%2E) Hertz Global Holdings reported decreased Q2 2025 revenue but a narrowed net loss, with assets increasing and equity turning to a deficit Hertz Global Holdings, Inc. - Key Financials (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | | :--- | :--- | :--- | | **Revenues** | $2,185 | $2,353 | | **Net Loss** | $(294) | $(865) | | **Basic and Diluted EPS** | $(0.95) | $(2.82) | Hertz Global Holdings, Inc. - Balance Sheet Summary | Metric | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | Total Assets | $23,083 | $21,802 | | Total Liabilities | $23,587 | $21,649 | | Total Stockholders' Equity (Deficit) | $(504) | $153 | - For the six months ended June 30, 2025, net cash provided by operating activities was **$597 million**, a decrease from **$916 million** in the prior year period. Net cash used in investing activities improved to **$1.56 billion** from **$2.78 billion**[26](index=26&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail an **$89 million** gain from sale-leaseback, improved vehicle disposal gains, total debt increase to **$17.6 billion**, and a **$330 million** litigation accrual - In June 2025, the company sold and leased back certain properties, recognizing a pre-tax gain of **$89 million**. An additional sale-leaseback in July 2025 is expected to generate a pre-tax gain between **$35 million** and **$40 million**[56](index=56&type=chunk)[57](index=57&type=chunk) - The company recorded a net gain on disposal of revenue earning vehicles of **$38 million** in Q2 2025, a significant improvement from a **$182 million** loss in Q2 2024. This was a primary driver of improved profitability[60](index=60&type=chunk) Total Debt Summary | Debt Category | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | Non-Vehicle Debt | $5,434 | $5,104 | | Vehicle Debt | $12,202 | $11,231 | | **Total Debt** | **$17,636** | **$16,335** | - The company has accrued approximately **$330 million** for litigation related to make-whole premiums and post-petition interest on Unsecured Notes following an adverse appellate court ruling. The company is seeking a review by the U.S. Supreme Court[154](index=154&type=chunk) [Segment Information](index=39&type=section&id=Segment%20Information) Both operating segments improved profitability year-over-year, with Americas RAC Adjusted EBITDA swinging to **$42 million** profit and International RAC also turning positive, driven by lower vehicle depreciation Segment Performance (Three Months Ended June 30) | Segment | Revenues 2025 (in millions) | Revenues 2024 (in millions) | Adjusted EBITDA 2025 (in millions) | Adjusted EBITDA 2024 (in millions) | | :--- | :--- | :--- | :--- | :--- | | Americas RAC | $1,738 | $1,928 | $42 | $(403) | | International RAC | $447 | $425 | $42 | $(6) | | **Total** | **$2,185** | **$2,353** | **$84** | **$(409)** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=46&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A discusses Q2 2025 financial results, highlighting improved profitability despite revenue decline, primarily due to reduced vehicle depreciation, and details liquidity, capital resources, and debt financing [Consolidated Results of Operations](index=50&type=section&id=Consolidated%20Results%20of%20Operations) Q2 2025 consolidated revenues decreased by **7%** to **$2.19 billion**, but net loss narrowed significantly to **$179 million**, primarily due to a **60%** (**$620 million**) decrease in vehicle depreciation - The decrease in total revenues for Q2 2025 was primarily due to lower pricing and volume, particularly in the Americas RAC segment[200](index=200&type=chunk) - The key driver of improved profitability was a **$620 million** decrease in net vehicle depreciation expense in Q2 2025 compared to Q2 2024, resulting from a fleet refresh, stronger residual values, and gains on vehicle sales[201](index=201&type=chunk) [Results of Operations by Segment](index=53&type=section&id=Results%20of%20Operations%20by%20Segment) Americas RAC revenue declined **10%** but Adjusted EBITDA improved to **$42 million** profit, driven by **61%** lower depreciation; International RAC revenue grew **5%**, with Adjusted EBITDA turning to **$42 million** profit Americas RAC - Key Metrics (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1,738 M | $1,928 M | (10)% | | Adjusted EBITDA | $42 M | $(403) M | NM | | Total RPD | $56.08 | $59.73 | (6)% | | Depreciation Per Unit Per Month | $248 | $644 | (61)% | International RAC - Key Metrics (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $447 M | $425 M | 5% | | Adjusted EBITDA | $42 M | $(6) M | NM | | Vehicle Utilization | 81% | 77% | +4 p.p. | | Depreciation Per Unit Per Month | $261 | $384 | (32)% | [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) Corporate liquidity was **$1.45 billion** as of June 30, 2025, a decrease from year-end 2024, deemed sufficient for the next twelve months, with recent RCF amendments and new vehicle-backed notes - Corporate liquidity stood at **$1.45 billion** as of June 30, 2025, down from **$1.84 billion** at December 31, 2024[275](index=275&type=chunk) - In May 2025, the company amended its First Lien RCF, extending the maturity of **$1.7 billion** of commitments from June 2026 to March 2028[277](index=277&type=chunk) - Net capital expenditures for revenue earning vehicles for the first six months of 2025 was **$1.65 billion**, a **40%** decrease from **$2.73 billion** in the same period of 2024, driven by higher proceeds from vehicle disposals[306](index=306&type=chunk)[307](index=307&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk exposures, including interest rates, foreign currency, and fuel prices, have occurred since the 2024 Form 10-K disclosures - There have been no material changes to the company's market risk disclosures since its Annual Report on Form 10-K for the year ended December 31, 2024[328](index=328&type=chunk) [Controls and Procedures](index=73&type=section&id=ITEM%204.%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[329](index=329&type=chunk)[331](index=331&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended June 30, 2025[330](index=330&type=chunk)[332](index=332&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=74&type=section&id=ITEM%201.%20Legal%20Proceedings) Refers to Note 12 of the Condensed Consolidated Financial Statements for detailed information on pending legal proceedings - For a description of pending legal proceedings, the report refers to Note 12, "Contingencies and Off-Balance Sheet Commitments," in Part I, Item 1[334](index=334&type=chunk) [Risk Factors](index=74&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to risk factors have occurred since those disclosed in the company's 2024 Annual Report on Form 10-K - There have been no material changes to the risk factors disclosed in the company's 2024 Form 10-K[335](index=335&type=chunk) [Other Items (Items 2, 3, 5, 6)](index=74&type=section&id=Other%20Items%20%28Items%202%2C%203%2C%205%2C%206%29) Covers standard disclosures, reporting no unregistered equity sales, no defaults on senior securities, no Rule 10b5-1 trading plans by directors/officers, and refers to the Exhibit Index - The company reported no unregistered sales of equity securities or use of proceeds for the period[336](index=336&type=chunk) - No defaults upon senior securities were reported[337](index=337&type=chunk) - No director or officer entered into a Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025[338](index=338&type=chunk)

Cumulus Media Reports Operating Results for the Second Quarter 2025 ATLANTA, GA — August 7, 2025: Cumulus Media Inc. (OTCQB: CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three and six months ended June 30, 2025. Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "While the advertising backdrop for legacy media remains challenging, in the quarter we continued to outperform our radio peers, gaining market share across all bro ...

PepGen Reports Second Quarter 2025 Financial Results and Recent Corporate Highlights – Last patient dosed in 15 mg/kg cohort of FREEDOM-DM1; on track to report topline data from study in early Q4 2025 – – FREEDOM to conclude with the 15 mg/kg cohort based on splicing and safety data observed to date; clinical sites will begin transitioning to the Phase 2 multiple ascending dose study, FREEDOM2-DM1 – BOSTON— August 7, 2025-- PepGen Inc. (Nasdaq: PEPG), a clinical-stage biotechnology company advancing the nex ...

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 001-39511 _________________________ BURFORD CAPITAL LIMITED (Exact name of registrant as ...

[Overview and Business Highlights](index=1&type=section&id=Overview%20and%20Business%20Highlights) UroGen Pharma achieved a transformative milestone with ZUSDURI™ FDA approval and launch, complementing JELMYTO®'s continued growth and advancing its pipeline [Executive Summary](index=1&type=section&id=Executive%20Summary) UroGen Pharma's Q2 2025 results highlight the transformative FDA approval and commercial launch of ZUSDURI™, establishing the company as a multi-product uro-oncology entity alongside JELMYTO®'s continued growth - The FDA approval of ZUSDURI™ for recurrent low-grade intermediate-risk non-muscle invasive bladder cancer (LG-IR-NMIBC) is a **transformative milestone**, establishing UroGen as a multi-product company[3](index=3&type=chunk)[8](index=8&type=chunk) - The company is executing the commercial launch of ZUSDURI™ to address an estimated market opportunity of **over $5 billion**[3](index=3&type=chunk) Q2 2025 Key Metrics Snapshot | Metric | Value | Growth (YoY) | | :--- | :--- | :--- | | JELMYTO® Net Sales | $24.2 million | 11% | | Cash & Marketable Securities | $161.6 million | N/A | [Product Portfolio and Pipeline Update](index=1&type=section&id=Product%20Portfolio%20and%20Pipeline%20Update) UroGen's commercial portfolio expanded with ZUSDURI™'s launch, complementing JELMYTO®'s growth, while the pipeline advances with next-generation formulations and an immuno-oncology candidate [ZUSDURI™ (mitomycin) for intravesical solution](index=1&type=section&id=ZUSDURI%E2%84%A2%20(mitomycin)%20for%20intravesical%20solution) ZUSDURI™ received FDA approval as the first and only medication for recurrent LG-IR-NMIBC, supported by strong Phase 3 and Phase 2b clinical data - On June 12, 2025, ZUSDURI™ (formerly UGN-102) was approved by the FDA, becoming the **first and only approved medication** for adults with recurrent LG-IR-NMIBC[8](index=8&type=chunk) - Updated data from the Phase 3 ENVISION trial demonstrated a **72.2% probability** of patients remaining in complete response at 24 months[8](index=8&type=chunk) - Five-year results from the Phase 2b OPTIMA II trial showed a median duration of response of **approximately 3.5 years**[8](index=8&type=chunk) [JELMYTO® (mitomycin) for pyelocalyceal solution](index=1&type=section&id=JELMYTO%C2%AE%20(mitomycin)%20for%20pyelocalyceal%20solution) JELMYTO® demonstrated 11% year-over-year revenue growth in Q2 2025, driven by increased demand and price favorability, with ongoing real-world data collection JELMYTO® Q2 2025 Performance | Metric | Q2 2025 | Q2 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Net Product Revenue | $24.2 million | $21.8 million | 11% | - The **11% year-over-year revenue growth** was driven by a **7% increase in underlying demand** and price favorability[8](index=8&type=chunk)[11](index=11&type=chunk) - The uTRACT Registry, a real-world study of JELMYTO®, is ongoing to provide insights into treatment patterns, long-term outcomes, and patient safety[8](index=8&type=chunk) [Pipeline Development](index=1&type=section&id=Pipeline%20Development) UroGen's pipeline advanced with completed enrollment for UGN-103's Phase 3 trial, initiation of UGN-104's Phase 3 study, and completed dose escalation for UGN-301 - **UGN-103 (Next-gen ZUSDURI):** Enrollment is **complete** in the Phase 3 UTOPIA clinical trial for patients with recurrent LG-IR-NMIBC[6](index=6&type=chunk) - **UGN-104 (Next-gen JELMYTO):** A Phase 3 study to evaluate the safety and efficacy of this next-generation product for LG-UTUC has been **initiated**[9](index=9&type=chunk) - **UGN-301 (zalifrelimab):** Enrollment is **complete** in the dose escalation phase for this anti-CTLA4 antibody, showing an acceptable safety profile and observed responses[10](index=10&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) UroGen's Q2 2025 financial performance reflects increased net loss due to ZUSDURI™ launch preparations and R&D investments, alongside JELMYTO® revenue growth and reaffirmed full-year guidance [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) UroGen reported a wider Q2 2025 net loss of $49.9 million, primarily driven by increased SG&A for ZUSDURI™ launch and higher R&D expenses, despite JELMYTO® revenue growth Q2 2025 Financial Summary (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | JELMYTO Revenue | $24.2 million | $21.8 million | | R&D Expenses | $18.9 million | $15.4 million | | SG&A Expenses | $43.2 million | $30.1 million | | Net Loss | $49.9 million | $33.4 million | | Net Loss per Share | ($1.05) | ($0.82) | | Cash & Equivalents (End of Period) | $161.6 million | N/A | - The increase in SG&A expenses was primarily driven by **commercial preparation activities for the ZUSDURI™ launch**[13](index=13&type=chunk) - Higher R&D expenses were mainly due to **increased manufacturing costs** and costs associated with the Phase 3 UTOPIA trial for UGN-103[12](index=12&type=chunk) [Financial Statements](index=2&type=section&id=Financial%20Statements) The condensed consolidated financial statements present detailed financial position and operational results for the three and six months ended June 30, 2025, compared to 2024 [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This statement details the company's revenues, expenses, and net loss for the three and six months ended June 30, 2025, and 2024 Condensed Consolidated Statements of Operations (in thousands, except per share data) | | Three months ended June 30, | Six months ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Revenue** | **$ 24,215** | **$ 21,848** | **$ 44,469** | **$ 40,629** | | Gross profit | 20,665 | 19,619 | 38,589 | 36,672 | | Total operating expenses | 62,113 | 45,458 | 116,951 | 88,251 | | **Operating loss** | **(41,448)** | **(25,839)** | **(78,362)** | **(51,579)** | | **Net loss** | **$ (49,940)** | **$ (33,403)** | **$ (93,783)** | **$ (65,689)** | | **Net loss per share** | **$ (1.05)** | **$ (0.82)** | **$ (1.97)** | **$ (1.69)** | [Selected Consolidated Balance Sheets](index=2&type=section&id=Selected%20Consolidated%20Balance%20Sheets) This statement provides a snapshot of the company's assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Selected Consolidated Balance Sheet Data (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and marketable securities | $ 161,586 | $ 241,707 | | Total assets | $ 208,717 | $ 285,711 | | Total liabilities | $ 302,093 | $ 294,514 | [Full-Year 2025 Guidance](index=2&type=section&id=Full-Year%202025%20Guidance) UroGen reaffirmed its full-year 2025 guidance, projecting JELMYTO® net product revenues between $94 million and $98 million and total operating expenses from $215 million to $225 million Full-Year 2025 Financial Guidance | Metric | Guidance Range | | :--- | :--- | | JELMYTO Net Product Revenues | $94 - $98 million | | Total Operating Expenses | $215 - $225 million | | Non-cash Share-based Compensation | $11 - $14 million | - The revenue guidance implies an **8% to 12% year-over-year growth rate** for JELMYTO® over 2024 demand-driven sales[19](index=19&type=chunk) [Product and Company Information](index=3&type=section&id=Product%20and%20Company%20Information) This section provides detailed information on UroGen's commercial products, ZUSDURI™ and JELMYTO®, including their uses, mechanisms, and safety profiles, along with company overview [About ZUSDURI™](index=3&type=section&id=About%20ZUSDURI%E2%84%A2) ZUSDURI™ is an FDA-approved, mitomycin-based intravesical solution utilizing RTGel® technology for recurrent LG-IR-NMIBC, with detailed information on its use and safety - ZUSDURI™ is a prescription medicine for adults with recurrent LG-IR-NMIBC whose previous bladder surgery was not effective[25](index=25&type=chunk) - It utilizes UroGen's proprietary **RTGel® technology**, a sustained-release hydrogel, to enable non-surgical treatment of tumors in an outpatient setting[24](index=24&type=chunk) - Important safety information includes contraindication for patients with a perforated bladder and the need for effective contraception for both females and males during and after treatment[26](index=26&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk) [About JELMYTO®](index=4&type=section&id=About%20JELMYTO%C2%AE) JELMYTO® is a mitomycin-containing reverse thermal gel approved for LG-UTUC, with details on its mechanism, approved use, and important safety information - JELMYTO® is a prescription medicine for the treatment of adult patients with low-grade Upper Tract Urothelial Cancer (LG-UTUC)[34](index=34&type=chunk) - Its **reverse thermal gel technology** becomes a semi-solid at body temperature, allowing the drug to remain in the collecting system for **four to six hours** for sustained chemoablative therapy[33](index=33&type=chunk) - Serious side effects can include swelling and narrowing of the ureter (ureteric obstruction) and bone marrow problems leading to decreased blood cell counts[44](index=44&type=chunk) [About UroGen Pharma Ltd.](index=5&type=section&id=About%20UroGen%20Pharma%20Ltd.) UroGen is a biotech company focused on developing and commercializing innovative solutions for urothelial and specialty cancers using its proprietary RTGel® platform, with two approved products - UroGen is a biotech company dedicated to developing and commercializing innovative solutions for urothelial and specialty cancers[42](index=42&type=chunk) - The company's proprietary **RTGel® platform** is a sustained-release, hydrogel-based technology designed to improve the therapeutic profiles of existing drugs for local therapy[42](index=42&type=chunk) [Other Information](index=2&type=section&id=Other%20Information) This section provides details on the conference call for Q2 results and includes cautionary forward-looking statements regarding potential risks and uncertainties [Conference Call & Webcast Information](index=2&type=section&id=Conference%20Call%20%26%20Webcast%20Information) UroGen management hosted a conference call and webcast on August 7, 2025, to discuss financial results and provide a business update - A live conference call and webcast were held on the day of the earnings release to review financial results and provide a general business update[20](index=20&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section contains cautionary forward-looking statements, highlighting various risks and uncertainties that could cause actual results to differ materially from projections - The press release includes forward-looking statements regarding the market opportunity for ZUSDURI, pipeline progress, financial guidance, and the potential of its RTGel technology[43](index=43&type=chunk) - These statements are subject to numerous risks and uncertainties, including clinical results, regulatory approval, commercialization challenges, competition, and market acceptance[43](index=43&type=chunk)