Financial Performance - Consolidated net sales for the quarter ended September 30, 2025 were $286.6 million, a decrease of 1% compared to the same prior year period [103]. - Organic revenue for the quarter ended September 30, 2025 decreased 1%, with foreign currency exchange having a favorable impact of 1% [103]. - Consolidated gross margin for the quarter ended September 30, 2025 was 65.6%, up from 63.2% in the prior year [104]. - Adjusted gross margin for the quarter ended September 30, 2025 was 70.2%, compared to 69.5% for the same quarter in 2024 [104]. - The Protein Sciences segment's net sales for the quarter ended September 30, 2025 were $202.2 million, a decrease of 1% compared to the prior year [110]. - The Diagnostics and Spatial Biology segment's net sales for the quarter ended September 30, 2025 were $79.5 million, a decrease of 4% compared to the prior year [112]. Expenses - Selling, general and administrative expenses decreased 2% to $116.2 million for the quarter ended September 30, 2025 [108]. - Research and development expenses increased 2% to $24.2 million for the quarter ended September 30, 2025 [109]. Cash Flow and Investments - Cash and cash equivalents were $145.0 million as of September 30, 2025, down from $162.2 million as of June 30, 2025 [120]. - The Company generated cash of $27.6 million from operating activities in the first quarter of fiscal 2026, compared to $63.9 million in the first quarter of fiscal 2025 [123]. - In the first quarter of fiscal 2026, the Company received $4.6 million for assets held-for-sale, with no comparable activity in the first quarter of fiscal 2025 [126]. - The Company invested $15.0 million into Spear Bio during the first quarter of fiscal 2025, with no comparable activity in the first quarter of fiscal 2026 [126]. - Cash dividends paid to common shareholders were $12.4 million in the first quarter of fiscal 2026, compared to $12.7 million in fiscal 2025 [128]. - Cash received from the exercise of stock options was $23.5 million in the first quarter of fiscal 2026, down from $25.1 million in fiscal 2025 [129]. - The Company made repayments of $46.0 million on its long-term debt in the first quarter of fiscal 2026, compared to $19.0 million in fiscal 2025 [129]. - Taxes paid related to restricted stock and stock options were $9.2 million in the first quarter of fiscal 2026, up from $5.0 million in fiscal 2025 [130]. Non-GAAP Measures - The Company’s non-GAAP financial measures include organic revenue, adjusted gross margin, adjusted operating margin, and adjusted net earnings, which exclude stock-based compensation and other non-recurring items [134]. Forward-Looking Statements - Forward-looking statements indicate expectations regarding capital expenditures, gross margin fluctuations, and increased research and development expenses [142]. Market Risk - The Company’s exposure to market risk from changes in interest rates and currency exchange rates has not changed materially from the previous year [143]. Tax Distributions - The Company received tax distributions of $1.4 million from its equity method investee during the first quarter of both fiscal 2026 and 2025 [127].

Financial Performance - Total operating revenues for the three months ended September 30, 2025, increased to $182.716 million, up from $161.782 million in the same period of 2024, representing a growth of 12.0%[30] - Net income for the nine months ended September 30, 2025, was $101.701 million, compared to $90.833 million for the same period in 2024, reflecting an increase of 12.6%[30] - Operating income for the three months ended September 30, 2025, was $61.733 million, up from $55.068 million in the same period of 2024, a rise of 12.1%[30] - The company reported a basic earnings per share of $1.06 for the three months ended September 30, 2025, compared to $0.95 for the same period in 2024, reflecting an increase of 11.6%[30] - Net income for the nine months ended September 30, 2025, was $81,344,000, compared to $74,555,000 in 2024, reflecting an increase of 9.4%[43] - For the nine months ended September 30, 2025, operating revenues reached $493,795,000, up from $433,000,000 in the previous year, marking an increase of approximately 14%[127] - AWR's net income for the three months ended September 30, 2025, was $41.167 million, compared to $35.834 million for the same period in 2024, reflecting a 6.1% increase[91] - AWR's consolidated diluted earnings per share increased to $1.06 for Q3 2025, up from $0.95 in Q3 2024, primarily due to higher construction activities and new customer rates[149] Assets and Equity - The company's total assets as of September 30, 2025, amounted to $2.655 billion, an increase from $2.500 billion as of December 31, 2024, indicating a growth of 6.2%[28] - Common shareholders' equity rose to $1.009 billion as of September 30, 2025, compared to $920.051 million at the end of 2024, marking an increase of 9.7%[27] - Total consolidated assets as of September 30, 2025, amounted to $2,655,273,000, with total net property, plant, and equipment at $2,240,869,000[131] Liabilities and Debt - Long-term debt increased to $790.261 million as of September 30, 2025, from $640.382 million at the end of 2024, representing a rise of 23.4%[27] - Long-term debt increased to $705,639,000 in 2025 from $605,547,000 in 2024, marking a rise of 16.5%[41] - AWR's long-term debt increased to $794.3 million as of September 30, 2025, up from $643.9 million as of December 31, 2024, representing a 23.4% increase[107] - GSWC's long-term debt rose to $709.3 million as of September 30, 2025, compared to $608.9 million as of December 31, 2024, marking a 16.5% increase[108] Cash Flow and Dividends - The company paid dividends of $0.5040 per common share for the three months ended September 30, 2025, compared to $0.4655 in the same period of 2024, an increase of 8.3%[30] - The company paid dividends totaling $55.1 million during the nine months ended September 30, 2025, compared to $49.4 million in 2024, reflecting an increase of approximately 11.5%[36] - Cash flows from operating activities provided $156,004,000, up from $106,125,000 in the same period last year, reflecting a 47.0% increase[50] Operating Expenses - Total operating expenses for the nine months ended September 30, 2025, were $227,251,000, up from $208,154,000 in 2024, indicating an increase of 9.2%[43] - Total operating expenses increased by $28.986 million (9.5%) to $335.6 million, with significant increases in water purchased costs by $12.2 million (21.8%) and maintenance costs by $5.3 million (50.4%)[198] - Administrative and general expenses increased to $77.5 million in 2025, up 6.1% from $73.0 million in 2024, with significant increases in electric services costs[215] Revenue Segmentation - For the three months ended September 30, 2025, total water revenues were $132.3 million, a 6.0% increase from $124.0 million in the same period of 2024[70] - Electric revenues for the three months ended September 30, 2025, reached $13.3 million, up 47.5% from $9.0 million in the prior year[70] - Contracted services revenues from contracts with customers for the three months ended September 30, 2025, totaled $37.1 million, a 29.2% increase compared to $28.7 million in 2024[70] - Water revenues increased by $29.3 million (9.0%) to $354.0 million, primarily due to CPUC-approved rate increases effective January 1, 2025, and a 5.7% increase in billed water consumption[200] Regulatory and Compliance - GSWC's new M-WRAM and ICBA regulatory mechanisms became effective January 1, 2025, impacting revenue recognition and cost recovery[140] - The CPUC's final decision on GSWC's general rate case set new rates for 2025-2027, with a cumulative balance of $2.6 million under-collection recorded as a regulatory asset[79] - GSWC expects to receive approximately $19 million from 3M Company related to PFAS contamination litigation, with $12.5 million recognized as a receivable in Q2 2025[83] Capital Expenditures - Capital expenditures for the nine months ended September 30, 2025, were $173.1 million, slightly down from $173.5 million in the same period of 2024[36] - GSWC is authorized to invest approximately $573.1 million in capital infrastructure over the three-year capital cycle from 2025 to 2027[139] - BVES is authorized to invest approximately $52.5 million in capital infrastructure over the four-year rate cycle from 2023 to 2026, with an additional $23.1 million to be filed for revenue recovery[143] Other Financial Metrics - Interest expense decreased to $27,145,000 for the nine months ended September 30, 2025, from $28,970,000 in 2024, a reduction of 6.3%[43] - The overall actual percentage of purchased water for the three months ended September 30, 2025, was 44.2%, up from 43.2% in the same period of 2024[175] - The water supply cost balancing account showed a $0.7 million over-collection in 2025, down from a $2.1 million over-collection in 2024[210]

Financial Performance - The company reported a significant operating loss since inception, indicating potential future losses if current trends continue[13] - The company has incurred significant operating losses, raising concerns about its financial sustainability[13] - The company has incurred substantial operating losses and may need to raise additional capital to fund its drug development programs[17] Regulatory and Market Challenges - The commercialization of BRIUMVI is ongoing, with expectations for market acceptance and pricing still uncertain[12] - Regulatory approvals for BRIUMVI and other product candidates remain a critical focus, with potential delays affecting commercialization[12] - Future regulatory developments could impose additional costs and affect the company's ability to market its products[13] - The company acknowledges that unfavorable pricing regulations and reimbursement policies could adversely affect its business[17] Competition and Market Opportunities - The company has faced substantial competition, which could limit its market opportunities for BRIUMVI and other products[13] - The company faces substantial competition in the pharmaceutical industry, which could limit its commercial opportunities[17] Supply Chain and Development Risks - The company relies on third parties for clinical trials and manufacturing, which poses risks to timely product availability[22] - The company relies on third parties for clinical trials and manufacturing, increasing risks related to product supply and regulatory approval[22] - The company anticipates challenges in maintaining a reliable supply of products to meet market demand, which could impact commercialization efforts[12] Intellectual Property and Personnel - The company is subject to various risks related to intellectual property, including potential challenges to patent validity and enforcement[22] - The company emphasizes the importance of attracting and retaining key personnel for successful product development and commercialization[22] Market Volatility - The company is subject to market volatility, which may impact stock price and investor confidence[21] - The incidence and prevalence of target patient populations for BRIUMVI have not been precisely established, potentially affecting revenue projections[13]

Financial Performance - Total net sales for Q3 2025 were $165.881 million, a decrease of 10% from $184.807 million in Q3 2024[133]. - Gross profit for Q3 2025 was $67.703 million, down 15% from $79.211 million in Q3 2024, with gross margins decreasing from 43% to 41%[133][135]. - Net sales for the nine months ended September 30, 2025, were $499.3 million, a decrease of 7% compared to $535.2 million in the prior year[144]. - Gross profit for the same period decreased to $204.9 million, representing a gross margin of 41%, down from 43% in the prior year[144]. - Net interest income for the nine months ended September 30, 2025, was $3.1 million, an increase of 138% from $1.3 million in the prior year[153]. - Income tax expense for the nine months ended September 30, 2025, was $5.2 million, compared to $5.7 million in the prior year, reflecting a favorable effective tax rate[154]. Revenue Breakdown - Semiconductor revenue decreased by 5% year-over-year in Q3 2025, accounting for 71% of total revenue, primarily driven by system shipments of Laser Spike Annealing, Ion Beam Deposition EUV, and Advanced Packaging wet processing[119]. - The Compound Semiconductor market saw a 30% decline in sales, from $15.556 million in Q3 2024 to $10.912 million in Q3 2025[134]. - Data Storage revenue dropped significantly by 70%, from $32.750 million in Q3 2024 to $9.971 million in Q3 2025[134]. - The Scientific & Other market experienced a 116% increase in sales, rising from $12.358 million in Q3 2024 to $26.676 million in Q3 2025[134]. Expenses - Research and development expenses decreased by 10% to $28.988 million in Q3 2025 from $32.216 million in Q3 2024[133][136]. - Selling, general, and administrative expenses increased by 8% to $27.263 million in Q3 2025, influenced by costs related to the Merger Agreement[133][137]. - Research and development expenses were $89.1 million, a decrease of 5% from $93.6 million in the prior year, due to reduced personnel-related costs[144][149]. - Selling, general, and administrative expenses increased to $76.2 million, up 2% from $74.6 million in the prior year, primarily due to costs associated with a Merger Agreement[144][150]. Cash and Investments - Cash and cash equivalents increased to $193.2 million as of September 30, 2025, compared to $145.6 million at the end of 2024[157]. - Net cash provided by operating activities was $44.6 million for the nine months ended September 30, 2025, compared to $35.4 million in the prior year[159]. - Capital expenditures for the nine months ended September 30, 2025, were $12.9 million, consistent with $12.9 million in the prior year[160]. - The investment portfolio had a fair value of approximately $176.1 million as of September 30, 2025, with a potential decrease of $1.2 million in value for a 100 basis point increase in interest rates[166]. Merger and Future Outlook - The company entered into a Merger Agreement with Axcelis Technologies, with the merger subject to stockholder and regulatory approvals[112]. - The convertible senior notes will be assumed by Axcelis in connection with the merger[164]. - Industry analysts forecast long-term growth in the Semiconductor industry, driven by trends such as artificial intelligence and high-performance computing, with 2024 sales estimated at around $650 billion[113][114]. Foreign Sales and Currency Risk - Net sales to customers outside the United States represented approximately 84% and 85% of total net sales for the three and nine months ended September 30, 2025, respectively[169]. - Sales denominated in currencies other than the U.S. dollar accounted for approximately 3% and 5% of total net sales for the three and nine months ended September 30, 2025, respectively[169]. - A 10% change in foreign exchange rates would have an immaterial impact on the consolidated results of operations since most sales outside the United States are denominated in U.S. dollars[170]. - The company uses derivative financial instruments to mitigate currency exchange risk, executing transactions with highly rated financial institutions[168]. - Changes in currency exchange rates could affect foreign currency denominated monetary assets and liabilities, impacting forecasted cash flows[167].

Financial Performance - Net sales for the third quarter of 2025 were $1,653 million, a decrease of $26 million, or 2%, compared to $1,679 million in the same period of 2024[100][105] - Net earnings attributable to the Company were $30 million, or $0.19 per share (diluted), in the third quarter of 2025, compared to a net loss of $80 million, or $0.52 per share, in the same period of 2024[104] - Net sales for the first nine months of 2025 decreased by $76 million, or 2%, to $4,926 million, primarily due to lower sales volumes and average selling prices[121] - The Company reported a net earnings decrease of $209 million, or $1.35 per share, in the first nine months of 2025 due to restructuring and other charges[142] Segment Performance - Segment operating profit for reportable segments increased by $91 million, or 63%, to $235 million in the third quarter of 2025, compared to $144 million in the same period of 2024[112] - The Americas segment reported net sales of $940 million, unchanged from the prior year, with a 7% decrease in glass container shipments[108] - Europe segment net sales were $688 million, a decrease of $18 million, or 3%, with lower average selling prices contributing to the decline[109] - In the Americas, net sales increased by $63 million, or 2%, to $2,756 million in the first nine months of 2025, driven by higher selling prices[127] - In Europe, net sales decreased by $121 million, or 5%, to $2,095 million in the first nine months of 2025, impacted by lower average selling prices and shipments[128] Costs and Expenses - Net interest expense rose to $91 million in the third quarter of 2025, up from $87 million in the same period of 2024[117] - Net interest expense increased by $5 million to $257 million in the first nine months of 2025, primarily due to higher write-offs related to refinancing[140] - The effective tax rate for the first nine months of 2025 was 68.7%, up from 62.6% in the same period of 2024, influenced by restructuring charges and adjustments to deferred income taxes[141] - The Company recorded restructuring and other charges of approximately $61 million and $252 million for the three and nine months ended September 30, 2025, respectively[150] Operational Initiatives - The Company experienced a favorable impact of $60 million from its Fit to Win initiatives, which helped reduce operating costs in the third quarter of 2025[112] - The Company anticipates generating more than $275 million to $300 million in Fit To Win benefits in 2025, with cumulative benefits expected to reach at least $650 million through 2027[146] - Retained corporate costs decreased to $26 million in Q3 2025 from $31 million in Q3 2024, driven by benefits from the Fit To Win initiative[148] Cash Flow and Financing - Cash provided by operating activities is expected to approximate $600 million for 2025, while capital expenditures are projected to be between $400 million and $450 million[147] - Cash provided by operating activities increased to $198 million for the nine months ended September 30, 2025, compared to $171 million in the same period in 2024[165] - Cash utilized in investing activities was $309 million for the nine months ended September 30, 2025, down from $506 million in the same period in 2024[167] - Cash utilized in financing activities was $103 million for the nine months ended September 30, 2025, compared to cash provided of $184 million in the same period of 2024[169] - The Company anticipates sufficient cash flows from operations and credit facilities to meet short-term and long-term obligations[170] - The Company is actively managing its business to maintain cash flow and has significant liquidity[170] Market and Economic Conditions - The ongoing conflict between Russia and Ukraine has increased volatility in the global gas market, potentially affecting the Company's energy costs and supply[116] - The Company cannot reasonably estimate the negative financial impact from global trade policy changes and the Russia-Ukraine conflict, which could be material[170] - The Company faces various risks that could impact future financial performance, including supply chain disruptions and changes in consumer preferences[176] Future Outlook - The Company expects to continue rolling out ULTRA technology, aiming to reduce the weight of glass containers by up to 30%[145] - Forward-looking statements are based on assumptions and analyses that may not guarantee future performance, with actual results potentially differing materially[177]

Financial Performance - For the three months ended September 30, 2025, the Company reported a net loss attributable to common shareholders of $6.158 million, compared to a net income of $320.164 million for the same period in 2024 [75]. - The total revenues for the nine months ended September 30, 2025, were $103.193 million, a decrease of $139.374 million compared to $242.567 million for the same period in 2024 [84]. - For the nine months ended September 30, 2025, net income attributable to common shareholders was $43.4 million, down $485.8 million from $529.3 million in 2024 [89]. - For the three months ended September 30, 2025, the company reported an operating loss of $137.0 million, a significant increase of $77.2 million compared to the same period in 2024 [85]. - The company recorded impairment charges of $106.6 million for the nine months ended September 30, 2025, compared to $66.6 million in the prior year, reflecting a $39.9 million increase [85]. Revenue and Occupancy - The aggregate occupancy rate of the Company's operating shopping center portfolio was 86.7% at September 30, 2025, down from 90.6% at December 31, 2024 [82]. - For the nine months ended September 30, 2025, the Company reported a decrease in base and percentage rental income of $107.324 million primarily due to the disposition of shopping centers [84]. - Recoveries from tenants for the nine months ended September 30, 2025, were approximately 68.6% of operating expenses, down from 82.3% in 2024, primarily due to transactional activity [86]. Dividends and Shareholder Returns - The Company declared special cash dividends of $1.50 and $3.25 per common share in June and August 2025, respectively, and announced an additional special cash dividend of $1.00 per common share to be paid in November 2025 [82]. - The Company declared special cash dividends totaling $250.3 million during the nine months ended September 30, 2025 [113]. - The Company repurchased 0.5 million common shares at an aggregate cost of approximately $26.6 million under its share repurchase program [116]. Debt and Financing - The weighted-average debt outstanding decreased from $1.3 billion in 2024 to $0.3 billion in 2025, with a weighted-average interest rate increasing from 5.2% to 6.1% [87]. - As of September 30, 2025, the Company had $251.3 million in consolidated indebtedness, with a mortgage facility secured by 10 assets [106]. - The Company has no consolidated debt maturing in 2025 and expects to fund future maturities from cash on hand, asset sales, and cash flow from operations [130]. - The Company may seek additional debt financings or asset sales to manage its balance sheet and repay upcoming maturities [127]. - The Company's fixed-rate debt as of September 30, 2025, amounts to $97.5 million with a weighted average interest rate of 6.7% [144]. - The Company's variable-rate debt as of September 30, 2025, is $151.2 million with a weighted average interest rate of 6.9% [144]. Asset Management and Sales - The Company generated approximately $3.1 billion in gross proceeds from property sales from July 1, 2023, to December 31, 2024, to fund acquisitions and repay debt [76]. - The company sold six wholly-owned shopping centers in 2025, compared to 40 shopping centers sold in 2024, indicating a strategic shift in asset management [90]. - The Company has entered into agreements to sell five properties for an aggregate sales price of approximately $292.1 million, with expected closing in Q4 2025 [120]. - From January 1, 2025, to November 5, 2025, the Company sold wholly-owned shopping centers for a total sales price of $380.9 million [122]. Operational Costs and Expenses - Cash flow provided by operating activities decreased by $115.1 million to $28.084 million for the nine months ended September 30, 2025 [112]. - The company experienced a decrease in general and administrative expenses for the nine months ended September 30, 2025, primarily due to the transfer of employees to Curbline during the spin-off [85]. - The Company anticipates approximately $28.4 million in costs to complete redevelopment projects at properties owned by Curbline [108]. - The Company had approximately $4.4 million in construction in progress for various active re-tenanting projects as of September 30, 2025 [123]. Market and Economic Conditions - The Company is subject to risks from changing economic conditions, including inflation and interest rate fluctuations, which could impact retail sales and tenant performance [138]. - The Company benefits from a diversified tenant base, with only five tenants accounting for 3% or more of the Company's annualized base rent [137]. - A 100 basis-point increase in short-term market interest rates on variable-rate debt would result in an increase in interest expense of approximately $1.1 million for the nine months ended September 30, 2025 [144]. - The fair value of the Company's fixed-rate debt would increase to $102.2 million with a 100 basis-point increase in market interest rates as of September 30, 2025 [147]. Regulatory and Compliance Issues - The Company is subject to complex regulations related to its status as a REIT, which could be adversely affected if it fails to qualify as a REIT [143]. - The Company may incur additional expenses to comply with or respond to claims under the Americans with Disabilities Act or changes in government regulations [146]. - The Company’s exposure to increases in interest rates could rise if it incurs additional variable-rate indebtedness in a rising interest rate environment [145]. - The Company and its joint ventures intend to actively manage interest costs on their variable-rate debt portfolio [148].

Financial Performance - Revenue for Q3 2025 reached $93,973,000, a 102% increase compared to $46,435,000 in Q3 2024[13] - Net income for Q3 2025 was $9,545,000, compared to a net loss of $32,097,000 in Q3 2024[13] - The company experienced a comprehensive income of $9,684,000 in Q3 2025, compared to a comprehensive loss of $31,392,000 in Q3 2024[16] - Net loss for the nine months ended September 30, 2025, was $45.878 million, compared to a net loss of $125.878 million for the same period in 2024, representing a 63.5% improvement[25] - Total revenue for the nine months ended September 30, 2025, was $205.3 million, a significant increase from $131.5 million in the same period of 2024[116] - Adjusted EBITDA for the three months ended September 30, 2025, was $27.95 million, compared to a loss of $14.30 million for the same period in 2024[186] Revenue Breakdown - Revenue from the Minimal Residual Disease (MRD) and Immune Medicine business areas is generated through services such as clonoSEQ reports and sample testing, contributing to the company's growth strategy[36] - MRD revenue for the three months ended September 30, 2025, was $56.788 million, up 51% from $37.470 million in the prior year[44] - Immune Medicine collaboration revenue for the three months ended September 30, 2025, was $33.742 million, compared to $3.512 million in the same period of 2024[44] - MRD revenue increased by $19,318,000 (52%) to $56,788,000, primarily driven by a $15,400,000 increase in revenue from clonoSEQ tests[152] - Immune Medicine revenue rose by $28,220,000 (315%) to $37,185,000, largely due to the termination of the Genentech Agreement[153] Expenses and Liabilities - Operating expenses for Q3 2025 totaled $83,683,000, up from $79,067,000 in Q3 2024, indicating a rise of approximately 6%[13] - Research and development expenses were $23,669,000 in Q3 2025, slightly down from $24,163,000 in Q3 2024[13] - The total cost of revenue for the MRD segment was $49.7 million for the nine months ended September 30, 2025[116] - The cost of revenue increased by $1,490,000 (9%) to $18,157,000, mainly due to higher materials costs and shipping expenses[154] - General and administrative expenses decreased by $1.6 million to $53.1 million, making up 26% of total revenue, down from 42%[173] Cash and Assets - Cash and cash equivalents increased to $55,034,000 from $47,920,000, representing a growth of about 15%[11] - Cash, cash equivalents, and restricted cash at the end of the period were $57.723 million, up from $41.062 million at the end of September 2024, indicating a 40.6% increase[25] - As of September 30, 2025, cash, cash equivalents, and marketable securities totaled $216.8 million, down from $256.0 million as of December 31, 2024[128] - Total assets decreased to $490,610,000 as of September 30, 2025, down from $539,376,000 at the end of 2024[11] Shareholder Equity and Stock Options - Total shareholders' equity increased to $204,253,000 as of September 30, 2025, from $202,485,000 at the end of 2024[11] - The company had a restricted cash balance of $2.7 million as of September 30, 2025, down from $2.9 million at the end of 2024[33] - As of September 30, 2025, a total of 45,198,447 shares of common stock are reserved for future issuance, including 11,060,826 shares from outstanding stock options and 16,942,404 shares from restricted stock units[87] - Stock options outstanding decreased from 12,295,297 at December 31, 2024 to 11,060,826 at September 30, 2025, with a weighted average exercise price of $15.58[92] Future Outlook - The company expects the majority of its non-current deferred revenue to be recognized over approximately three years from September 30, 2025[61] - The company expects variability in revenue in the near term but anticipates long-term growth from current and future products and services[194] - The company plans to utilize existing cash primarily for commercial activities related to clonoSEQ and ongoing research and development initiatives[193] - The company may consider raising additional capital to expand its business and pursue strategic investments[189]

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 September 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: 000-50633 CYTOKINETICS, INCORPORATED (Exact name of registrant as specified in its charter) Delaware 94-32913 ...

Revenue Performance - Revenue for the three months ended September 30, 2025, was $851.57 million, a 4.7% increase compared to $815.63 million for the same period in 2024[120] - For the nine months ended September 30, 2025, revenue reached $2.49 billion, up from $2.38 billion in 2024, reflecting a growth of 4.7%[120] - Revenue increased by $35.9 million, or 4.4%, to $851.6 million for the three months ended September 30, 2025, compared to $815.6 million for the same period in 2024[124] - Revenue for the nine months ended September 30, 2025, increased by $111.6 million, or 4.7%, to $2,491.3 million from $2,379.7 million in 2024[139] - Total revenue for the nine months ended September 30, 2025, was $2.49 billion, an increase from $2.38 billion in 2024, with Medicaid contributing 57.5% of total revenue[154] Cost and Expense Analysis - Salaries, wages, and benefits accounted for 54.3% of total revenue in Q3 2025, compared to 52.5% in Q3 2024[120] - Salaries, wages, and benefits (SWB) expense rose to $462.2 million for the three months ended September 30, 2025, an increase of $34.1 million from $428.1 million in 2024, representing 53.6% of revenue[125] - Professional fees were $51.5 million for the three months ended September 30, 2025, or 6.0% of revenue, compared to $48.5 million, or 5.9% of revenue, in the same period of 2024[127] - Other operating expenses increased to $128.8 million, or 15.1% of revenue, for the three months ended September 30, 2025, compared to $112.1 million, or 13.8% of revenue, in 2024[130] - Interest expense increased to $100.9 million for the nine months ended September 30, 2025, compared to $86.3 million in 2024, primarily due to interest on the 7.375% Senior Notes issued in early 2025[146] - Transaction, legal, and other costs surged to $138.4 million for the nine months ended September 30, 2025, compared to $17.2 million in 2024[149] Income and Profitability - The net income attributable to Acadia Healthcare Company, Inc. for Q3 2025 was $36.25 million, a decrease from $68.13 million in Q3 2024[120] - The provision for income taxes for the three months ended September 30, 2025, was $1.7 million, reflecting an effective tax rate of 4.2%, a decrease from $27.2 million and 27.6% in 2024[136] - The provision for income taxes for the nine months ended September 30, 2025, was $18.1 million, reflecting an effective tax rate of 17.5%, down from $72.9 million and 24.0% in 2024[151] - Revenue for the nine months ended September 30, 2025, was $2,011.1 million, with a net income of $24.1 million[180] Operational Metrics - Same facility revenue growth for the three months ended September 30, 2025, was 3.7%, while for the nine months it was 5.1%[121] - Patient days growth was 1.3% for Q3 2025 and 1.8% for the nine months ended September 30, 2025[121] - The average length of stay decreased by 1.9% for Q3 2025 compared to the same period in 2024[121] - Same facility revenue increased by $29.5 million, or 3.7%, driven by a 2.3% growth in revenue per day, 1.3% growth in patient days, and 3.3% growth in admissions[124] Capital and Financing Activities - Cash provided by operating activities for the nine months ended September 30, 2025, was $218.2 million, a substantial increase from $13.0 million in 2024[157] - Cash used in investing activities for the nine months ended September 30, 2025, was $463.8 million, down from $533.1 million in 2024, primarily due to capital expenditures of $478.6 million[158] - Cash provided by financing activities for the nine months ended September 30, 2025, was $288.0 million, compared to $502.2 million in 2024, with significant borrowings on long-term debt of $1.2 billion[159] - The company entered into a Credit Agreement providing for a $1.0 billion Revolving Facility and a $650.0 million Term Loan Facility, both maturing on February 28, 2030[163] - The Term Loan Facility requires quarterly principal repayments starting at $4.0 million, increasing to $16.2 million by June 2029[165] - As of September 30, 2025, the Consolidated Total Net Leverage Ratio was 3.4x, in compliance with all financial covenants[169] - Long-term debt as of September 30, 2025, was $2,284.8 million, an increase from $1,880.1 million as of December 31, 2024[180] - The company issued $550.0 million of 7.375% Senior Notes due 2033 on March 10, 2025, to pay down outstanding borrowings under the Revolving Facility[176] Compliance and Regulatory Matters - For the nine months ended September 30, 2025, total costs related to government investigations amounted to $123.3 million, a significant increase from $5.6 million in the same period of 2024[150] - Total obligations and commitments as of September 30, 2025, amounted to $3,162.4 million[181] Cash and Liquidity - Total available cash and cash equivalents increased to $118.7 million as of September 30, 2025, from $76.3 million at December 31, 2024[161] - Current assets increased to $532.8 million as of September 30, 2025, from $436.6 million as of December 31, 2024[180] - The company had $786.7 million of availability under the Revolving Facility as of September 30, 2025[170] Interest Rate Sensitivity - A hypothetical 1% increase in interest rates would decrease pretax income by approximately $8.5 million annually[184]

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 September 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 001-36350 Q2 Holdings, Inc. Exact Name of Registrant as Specified in its Charter Delaw ...