Premiums and Revenue - Gross written premiums for Q3 2025 decreased to $14.6 million, down 2.9% from $15.1 million in Q3 2024[9] - Net written premiums fell significantly by 51.4% to $5.4 million in Q3 2025, compared to $11.2 million in Q3 2024[5] - Net earned premiums also declined by 53.3% to $6.8 million in Q3 2025, down from $14.6 million in the same period last year[5] - Gross earned premiums for Q3 2025 were $17,015 thousand, down from $23,278 thousand in Q3 2024, reflecting a decline of approximately 27.0%[34] - Net earned premiums for Q3 2025 were $6,821 thousand, compared to $14,601 thousand in Q3 2024, representing a decrease of about 53.3%[34] - Total revenue and other income for Q3 2025 was $6,679 thousand, down from $16,017 thousand in Q3 2024, a decline of approximately 58.3%[34] Financial Performance - The company reported a net loss allocable to common shareholders of $4.0 million, or $0.32 per share, for Q3 2025[22] - Adjusted operating loss for Q3 2025 was $2.7 million, translating to a loss of $0.22 per share[23] - Net income for Q3 2025 was $(3,970) thousand, a significant decrease from $53,290 thousand in Q3 2024[30] - The company reported a net loss from continuing operations of $(3,970) thousand for Q3 2025, compared to a loss of $(6,886) thousand in Q3 2024[34] - Adjusted operating income for Q3 2025 was $(2,706) thousand, compared to $(6,850) thousand in Q3 2024, indicating an improvement[30] Underwriting Performance - The personal lines business achieved a combined ratio of 95.2%, indicating improved underwriting performance compared to 100.7% in Q3 2024[19] - The combined ratio for the nine months ended September 30, 2025, was 133.7%, compared to 120.0% for the same period in 2024, indicating ongoing challenges in underwriting[19] Investment and Assets - Net investment income for Q3 2025 was $1.3 million, a decrease of 6.5% from $1.4 million in Q3 2024[20] - Total assets as of September 30, 2025, were $284,995 thousand, a slight increase from $281,656 thousand as of December 31, 2024[32] - Total liabilities decreased to $259,692 thousand as of September 30, 2025, from $260,131 thousand as of December 31, 2024[32] Shareholder Information - The book value per common share outstanding remained at $2.07, unchanged from the previous year[5] - The weighted average common shares outstanding remained constant at 12,222,881 for both Q3 2025 and Q3 2024[34] Future Outlook - The company has indicated expectations regarding future premiums and earnings, although specific forecasts were not detailed in the provided content[29] - The company is focusing on personal lines, which represented 76.2% of total gross written premiums in Q3 2025, with a slight increase from the prior year[18]

Financial Performance - Net revenue for Q3 2025 was $13.4 million, a decline of 73% compared to $50.0 million in Q3 2024, primarily due to Tricare payment suspension and a $2.8 million revenue reduction during the suspension period[6] - Gross profit for the quarter was $8.1 million, representing 60% of revenue, down from $39.8 million or 80% of revenue in Q3 2024[7] - Net loss for Q3 2025 totaled ($42.9) million, or ($1.42) per share, significantly impacted by a non-cash asset impairment charge of $30.7 million[9] - Adjusted EBITDA loss for Q3 2025 was ($12.3) million, compared to an Adjusted EBITDA of $5.1 million in Q3 2024[10] - Total net revenue for Q3 2025 was $13,360,000, a decrease of 73% compared to $49,966,000 in Q3 2024[20] - Net income (loss) for the nine months ended September 30, 2025, was $(73,343,000), compared to $3,609,000 for the same period in 2024[21] - Adjusted EBITDA for Q3 2025 was $(12,343,000), representing -92% of net revenue, compared to 10% in Q3 2024[23] - Total costs of revenue and operating expenses for Q3 2025 were $57,322,000, an increase from $46,164,000 in Q3 2024[20] Cash Flow and Assets - Cash flow from operations for Q3 2025 was ($6.3) million, with total cash and cash equivalents at $13.3 million as of September 30, 2025[10] - Cash and cash equivalents at the end of Q3 2025 were $13,259,000, down from $37,630,000 at the end of Q3 2024[21] - Total current assets decreased to $37.0 million as of September 30, 2025, down from $75.2 million at the end of 2024[19] Liabilities and Debt - Total liabilities increased to $86.7 million as of September 30, 2025, compared to $86.4 million at the end of 2024[19] - Zynex has entered a 30-day grace period and will not make a $1.5 million interest payment on its $60 million Convertible Notes due in May 2026[4] - The company incurred interest expense of $890,000 in Q3 2025, compared to $625,000 in Q3 2024[20] Revenue Breakdown - Devices revenue for Q3 2025 was $7,057,000, down from $14,858,000 in Q3 2024[20] - Supplies revenue for Q3 2025 was $6,303,000, compared to $35,108,000 in Q3 2024[20] Expenses - Sales and marketing expenses decreased by 54% to $9.5 million from $20.7 million in Q3 2024, primarily due to reduced sales force headcount[8] - The company reported impairment charges of $30,740,000 for the nine months ended September 30, 2025[20] Strategic Initiatives - The company has engaged Province, LLC to evaluate strategic alternatives, including potential capital raising and restructuring strategies[3] Shareholder Information - Weighted average basic shares outstanding decreased to 30,314,000 in Q3 2025 from 31,775,000 in Q3 2024[20]

Financial Results - Inotiv, Inc. announced preliminary unaudited financial results for Q4 and fiscal year ended September 30, 2025[4] - The press release detailing financial results is available in the Investors section of the Company's website[4] Upcoming Events - The presentation by CEO Robert Leasure at the Jefferies Global Healthcare Conference is scheduled for November 18, 2025[4]

Financial Performance - The company generated a net income of approximately $3.8 million for the year ended July 31, 2025, compared to $6.0 million in 2024 and $3.4 million in 2023[378]. - Revenue for the fiscal year ended July 31, 2025, was approximately $90.37 million, reflecting a 32.07% increase from $68.42 million in 2024[330]. - Gross in-game purchase amount for fiscal year 2025 reached $106.99 million, up from $84.46 million in 2024 and $81.39 million in 2023, representing a year-over-year increase of 26.5%[311]. - Net income decreased by about US$2.2 million, or 36.4%, from about US$6.0 million in fiscal 2024 to about US$3.8 million in fiscal 2025[369]. Cash Flow and Investments - As of July 31, 2025, the company had approximately $12.2 million in cash and cash equivalents, a decrease from $14.5 million in 2024, while net working capital increased from $6.1 million in 2024 to $9.7 million[375]. - For the year ended July 31, 2025, net cash provided by operating activities was approximately $0.1 million, down from $1.6 million in 2024 and $2.6 million in 2023[376]. - The company used about $1.2 million in investing activities for the year ended July 31, 2025, primarily for property and equipment purchases and investments in films and television programs[382]. - The net cash used in investing activities for 2025 was about US$1.2 million, consistent with 2024, and an increase from US$0.5 million in 2023[382][383]. User Metrics and Engagement - Daily active users (DAUs) increased to 264,149 in fiscal year 2025, compared to 197,100 in 2024 and 189,985 in 2023, reflecting a growth of 33.9% year-over-year[311]. - Monthly active users (MAUs) increased to 3,378,835 in fiscal year 2025, compared to 2,301,929 in 2024, marking a growth of 46.9% year-over-year[311]. - Paying daily active users (PDAUs) rose to 17,458 in fiscal year 2025, a 6.2% increase from 16,446 in 2024 and a 29.0% increase from 13,541 in 2023[311]. - The ratio of PDAUs to DAUs decreased to 6.61% in fiscal year 2025 from 8.34% in 2024, indicating a decline in conversion efficiency[311]. Expenses and Cost Management - Cost of revenue increased by approximately $5.8 million, or 36.0%, to $22.04 million for the fiscal year ended July 31, 2025[337]. - General and administrative expenses rose by 63.78% to $8.48 million, driven by increased administrative functionalities and public company costs[330][323]. - Research and development expenses surged by 480.48% to $5.53 million, reflecting the company's commitment to technology and content improvement[330][325]. - Sales and marketing expenses increased by approximately US$16.0 million, or 40.5%, in fiscal 2025, accounting for approximately 61.3% of total revenue[355]. Market and Revenue Sources - Japan remained the largest market, contributing approximately 69.6% of total revenue in fiscal 2025, down from 81.5% in fiscal 2024[335]. - Revenue from South Korea increased by approximately $6.1 million, or 188.0%, indicating strong user growth following new releases[334]. - The developer of "Vivid Army" was the largest customer, contributing 30.1%, 40.3%, and 58.2% of revenues for the fiscal years ended July 31, 2025, 2024, and 2023, respectively[303]. Future Outlook and Strategic Initiatives - The company expects significant capital expenditures in the foreseeable future to support business expansion and enhance research and development capabilities[386]. - The company aims to expand its active user base and enhance monetization through collaborations with leading game developers and IP providers[312]. - The company plans to continue investing in research and development to improve user gaming experience and operational efficiency[390]. Accounting and Compliance - The company appointed Golden Ocean FAC PAC as its new independent registered public accounting firm effective September 5, 2025, succeeding YCM CPA INC.[372]. - The company has not entered into any off-balance sheet financial guarantees or derivative contracts that are not reflected in its combined financial statements[389]. - The adoption of ASC 326 for expected credit losses did not have a material impact on the company's financial statements[394].

Financial Performance - For the three months ended September 30, 2025, the Company reported net income attributable to common shareholders of $25.6 million, or $0.55 per diluted share, compared to $13.0 million, or $0.28 per diluted share for the same period in 2024[146]. - For the nine months ended September 30, 2025, net income attributable to common shareholders was $58.7 million, or $1.28 per diluted share, down from $67.6 million, or $1.48 per diluted share for the same period in 2024[148]. - The Company’s net income tax expense increased by $13.0 million, from $8.4 million in the first nine months of 2024 to $21.4 million for the same period in 2025[151]. Interest Income and Assets - Net interest income for the three months ended September 30, 2025, increased by $18.5 million, or 19.1%, to $115.5 million compared to $97.0 million for the same period in 2024[153]. - Average interest-earning assets increased by $2.19 billion, or 19.0%, to $13.77 billion for the third quarter of 2025, compared to $11.57 billion for the third quarter of 2024[153]. - For the nine months ended September 30, 2025, net interest income increased by $46.8 million, or 16.8%, to $325.2 million compared to $278.4 million for the same period in 2024[155]. - Total interest-earning assets for the three months ended September 30, 2025, were $13.77 billion, generating interest income of $231.43 million[159]. - The yield on average interest-earning assets decreased by 51 basis points to 6.67% for the third quarter of 2025[153]. - The yield on average interest-earning assets decreased by 42 basis points to 6.72% for the nine months ended September 30, 2025[155]. Credit Losses and Provisions - The provision for credit losses decreased by $12.3 million, or 35.5%, to $22.2 million for the third quarter of 2025, compared to $34.5 million for the same period in 2024[149]. - For the nine months ended September 30, 2025, the provision for credit losses increased to $74.5 million, up $11.8 million from $62.6 million in the same period of 2024, driven by loan growth and charge-off impacts[167]. - The allowance for credit losses on loans and leases increased by $18.2 million, or 10.9%, to $185.7 million at September 30, 2025[213]. Noninterest Income and Expenses - Noninterest expense increased by $27.6 million, or 11.9%, primarily due to increased salaries and employee benefits of $11.9 million and technology expenses of $4.8 million[150]. - Total noninterest income for Q3 2025 decreased by $2.3 million, or 7.0%, to $30.6 million compared to $32.9 million in Q3 2024[173]. - For the nine months ended September 30, 2025, total noninterest income decreased by $2.5 million, or 2.6%, to $90.7 million compared to $93.2 million in the same period in 2024[175]. Loans and Leases - Loans and leases held for investment at historical cost reached $11.27 billion as of September 30, 2025, an increase of $1.79 billion, or 18.8%, compared to September 30, 2024[168]. - Net charge-offs for Q3 2025 were $16.8 million, or 0.61% of average quarterly loans, compared to $1.7 million, or 0.08%, in Q3 2024, marking an increase of 883.4%[169]. - Total loans and leases 90 or more days past due increased by $46.0 million, or 18.0%, compared to December 31, 2024[215]. Assets and Equity - Total assets at September 30, 2025, were $14.67 billion, an increase of $1.72 billion, or 13.3%, compared to $12.94 billion at December 31, 2024[192]. - Total deposits at September 30, 2025, were $13.29 billion, an increase of $1.53 billion, or 13.0%, from $11.76 billion at December 31, 2024[192]. - Total shareholders' equity at September 30, 2025, was $1.20 billion, an increase of $199.1 million, or 19.8%, from $1.00 billion at December 31, 2024[193]. Regulatory Capital Ratios - The Company's Common Equity Tier 1 Capital ratio as of September 30, 2025, was 10.51%, significantly above the minimum requirement of 4.50%[227]. - Total Capital to Risk-Weighted Assets ratio was 12.67% as of September 30, 2025, exceeding the minimum requirement of 8.00%[227]. Accounting Policies and Estimates - The Company’s critical accounting policy involves the allowance for credit losses, which requires subjective judgments about uncertain matters[229]. - Changes in the allowance for credit losses could materially impact the Company's financial position and results of operations[229]. - Understanding the accounting policies is essential for reviewing the Company's financial statements[229].

Financial Performance - Total sales for the 39 weeks ended September 28, 2025, were $10,864,445, a decrease from $11,649,610 for the same period in 2024, representing a decline of approximately 6.7%[15] - Net income for the 39 weeks ended September 28, 2025, was $640,157, compared to a net loss of $735,131 for the same period in 2024, indicating a significant turnaround[15] - The company reported total costs and expenses of $10,496,720 for the 39 weeks ended September 28, 2025, down from $12,543,993 for the same period in 2024, a decrease of approximately 16.3%[15] - For the 39-week period ended September 28, 2025, BT Brands reported a net income of $640,157, a significant improvement compared to a net loss of $735,131 for the same period in 2024[21] - Basic net income per common share for the 13 weeks ended September 28, 2025, was $0.10, compared to a loss of $(0.12) for the same period in 2024[57] - Net income for the 13 weeks ending September 28, 2025, was $914,975, a significant improvement from a net loss of $219,479 in the same period of 2024[107] - Operating income improved to $367,725 from a loss of $894,383 in 2024, reflecting cost-saving initiatives and a net gain from asset sales[135] Assets and Liabilities - The company reported total current assets of $6,633,241 as of September 28, 2025, an increase from $5,119,404 as of December 29, 2024, reflecting a growth of approximately 29.6%[14] - Total liabilities decreased to $4,214,101 as of September 28, 2025, down from $5,031,570 as of December 29, 2024, showing a reduction of about 16.2%[14] - Cash and cash equivalents decreased to $1,277,738 as of September 28, 2025, from $1,951,415 as of December 29, 2024, a decline of about 34.6%[14] - The company’s accumulated deficit improved to $(3,720,942) as of September 28, 2025, from $(4,361,099) as of December 29, 2024, indicating a reduction in the deficit of approximately 14.7%[14] - The total property and equipment net value decreased from $3,343,340 as of December 29, 2024, to $2,638,957 as of September 28, 2025[62] - The total carrying value of acquired intangible assets as of September 28, 2025, was $319,337, down from $367,799 in December 2024[59] Investments and Impairments - The company incurred a loss of $304,000 related to an equity investment in a related company during the reporting period[15] - The company recorded an impairment charge of $304,000 related to its investment in NGI Corporation, reflecting the impairment of its minority investment[31] - The equity investment in Bagger Dave's was $0 as of September 28, 2025, down from $304,439 as of December 29, 2024, due to cumulative net losses exceeding the recorded investment[39] - The investment in NGI was impaired with a recorded allowance of $304,000 due to recurring operating losses and lack of sufficient capital[88] Cash Flow and Operating Activities - The company reported a net cash provided by operating activities of $402,800 for the 39 weeks ended September 28, 2025, compared to a net cash used of $197,102 in the prior year[21] - Cash flows from operating activities generated $402,800, contrasting with a cash outflow of $197,102 in the previous period[21] - Operating cash flow for the 39 weeks ending September 28, 2025, was $402,800, driven by improved operating income and seasonal patterns[152] Stock and Shareholder Information - The weighted average shares used in computing net income per common share (basic) for the 39 weeks ended September 28, 2025, was 6,154,724, compared to 6,221,154 for the same period in 2024[15] - BT Brands has purchased approximately 339,511 Disney-character aluminum bottles, expecting to generate an estimated $509,266 from their sale[87] - The company has repurchased 306,394 shares under the 2024 Share Repurchase Program, which represents approximately 48.9% of the authorized 625,000 shares[83] - The company entered into an Equity Distribution Agreement to sell shares of common stock with a maximum aggregate sales proceeds of up to $3,005,000[85] Future Plans and Mergers - BT Brands plans to merge with Aero Velocity Inc., with the merger agreement including a spin-off of shares to BT Brands shareholders, retaining 11% ownership in the merged company[32][33] - The proposed merger will involve Aero shareholders receiving convertible preferred stock valued at $101,100,000, convertible into common stock at $1.48 per share[33] - The company plans to pursue a listing for BT Group, Inc., which will retain all restaurant assets and liabilities post-merger[32] Cost Management and Efficiency - Labor costs for the 39 weeks fell to 35.7% of sales from 39.8% in 2024, reflecting improved staffing efficiency[109] - Food and paper costs decreased to 30.5% of sales ($1,176,619) from 35.9% ($1,563,073) in the prior year, reflecting improved margins due to menu price increases and cost-cutting measures[114] - General and administrative costs decreased to $178,389 from $375,451, reducing as a percentage of sales to 4.6% from 8.6% in the prior year[119] - Management plans to focus on operational efficiencies and disciplined expense management to improve profitability in future quarters[140]

Exhibit 99.1 Trip.com Group Limited Reports Unaudited Third Quarter of 2025 Financial Results SINGAPORE, November 17, 2025 — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) ("Trip.com Group" or the "Company"), a leading global one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the third quarter of 2025. Key Highlights for the Third Quarter of 2025 • International busin ...

Telehealth Performance - Telehealth revenue increased by 34% for the nine months ended September 30, 2025, compared to the same period in 2024, with total revenue from recurring subscriptions approximately 95%[156]. - Telehealth revenue accounted for 79% of total revenue, increasing by approximately $6.4 million due to higher online sales demand[171]. - Telehealth revenue for the nine months increased by 34%, contributing approximately $41.2 million to the overall revenue growth[177]. Patient Engagement - LifeMD currently treats approximately 311,000 active patient subscribers and has served around 1,293,000 customers since inception[153]. - The GLP-1 Weight Management Program has grown to approximately 82,000 patient subscribers as of September 30, 2025, following its launch in April 2023[161]. - LifeMD's core telehealth brands, including LifeMD and Rex MD, have served over 1.26 million customers collectively, addressing various healthcare needs[161][165]. Financial Performance - Total revenue for the three months ended September 30, 2025, was approximately $60.2 million, a 13% increase from $53.3 million in the same period of 2024[171]. - For the nine months ended September 30, 2025, total revenue was approximately $187.0 million, a 25% increase from $149.3 million in the same period of 2024[177]. - Gross profit increased by 9% to approximately $52.8 million, with gross profit margin decreasing to 88% from 91% year-over-year[173]. Operating Expenses - Operating expenses for the three months ended September 30, 2025, were approximately $54.7 million, a 5% increase from $52.3 million in the prior year[174]. - Operating expenses for the nine months ended September 30, 2025, were approximately $164.9 million, an increase of 11% or approximately $15.8 million compared to $149.1 million for the same period in 2024[180]. - Selling and marketing expenses increased by approximately $10.6 million, or 14%, primarily due to additional initiatives for LifeMD virtual primary care[182]. Net Loss and Cash Flow - The company recorded a net loss of approximately $3.6 million for the three months ended September 30, 2025, compared to a net loss of $4.8 million in the same period of 2024[170]. - Net cash provided by operating activities was approximately $11.6 million for the nine months ended September 30, 2025, compared to approximately $16.4 million for the same period in 2024[184]. - Working capital decreased by approximately $0.5 million during the nine months ended September 30, 2025, with current assets at approximately $41.1 million and current liabilities at approximately $56.7 million[183]. Debt and Financing - The company recorded a loss on debt extinguishment of $1.2 million related to the repayment of the Avenue Facility during the three months ended September 30, 2025[176]. - The Company recorded a $1.2 million loss on debt extinguishment related to the repayment of the Avenue Facility during the nine months ended September 30, 2025[181]. - The Company sold 762,990 shares of common stock under the ATM Sales Agreement during the three months ended September 30, 2025, generating net proceeds of $8.7 million[189]. Future Plans and Developments - The company plans to expand insurance acceptance to over 60 million Medicare beneficiaries nationwide, with access to qualifying services across 49 states[155]. - The company aims to introduce new telehealth product and service offerings to complement its existing treatment areas as part of its long-term growth strategy[154]. - LifeMD's wholly-owned affiliated commercial pharmacy, opened in November 2024, is designed to fill up to 5,000 daily prescriptions, enhancing the integrated care journey[163]. Accounting Standards - FASB issued ASU 2025-06 to simplify accounting for internal-use software costs, effective for annual periods after December 15, 2027[197]. - Capitalization of eligible software development costs begins when management authorizes and commits to funding the project[197]. - The company is evaluating the impact of the new guidance on consolidated financial statements and related disclosures[197].

Financial Performance - Total revenue for the three months ended September 30, 2025, was approximately $60.2 million, a 13% increase from $53.3 million in the same period of 2024, driven by a $6.4 million increase in telehealth subscription revenue[171]. - For the nine months ended September 30, 2025, total revenue was approximately $187.0 million, a 25% increase from $149.3 million in the same period of 2024, with telehealth revenue increasing by 34%[177]. - Telehealth revenue accounted for 78.57% of total revenue in Q3 2025, while WorkSimpli revenue accounted for 21.43%, with the latter decreasing by approximately $225 thousand, or 2%[171]. - Gross profit for Q3 2025 was approximately $52.8 million, a 9% increase from $48.3 million in Q3 2024, with gross profit as a percentage of revenues decreasing to approximately 88% from 91%[173]. - Gross profit increased by approximately 21% to approximately $163.5 million for the nine months ended September 30, 2025, compared to approximately $134.7 million for the same period in 2024[179]. - Operating expenses for Q3 2025 were approximately $54.7 million, a 5% increase from $52.3 million in Q3 2024, mainly due to higher selling and marketing expenses[174]. - Operating expenses for the nine months ended September 30, 2025, were approximately $164.9 million, an increase of 11% or approximately $15.8 million compared to $149.1 million for the same period in 2024[180]. - The company recorded a net loss of approximately $3.6 million for Q3 2025, compared to a net loss of $4.8 million in Q3 2024, representing an improvement in net loss margin from (8.99)% to (5.91)%[170]. Telehealth Services - Telehealth revenue increased by 34% for the nine months ended September 30, 2025, compared to the same period in 2024, with total revenue from recurring subscriptions approximately 95%[156]. - LifeMD currently treats approximately 311,000 active patient subscribers and has served around 1,293,000 customers since inception[153]. - The GLP-1 Weight Management Program has grown to approximately 82,000 patient subscribers as of September 30, 2025, following its launch in April 2023[161]. - LifeMD's telehealth platform includes a 50-state medical group and a nationwide pharmacy network, supporting a broad range of healthcare needs[153]. - LifeMD's core telehealth brands, including LifeMD and Rex MD, have served over 1.26 million customers collectively, addressing various healthcare needs[161][165]. - The company aims to introduce new telehealth product and service offerings to complement its existing treatment areas as part of its long-term growth strategy[154]. Cost and Expenses - Total cost of revenue increased by approximately 48% to $7.4 million in Q3 2025, up from $5.0 million in Q3 2024, primarily due to increased sales volume[172]. - Total cost of revenue for the nine months ended September 30, 2025, increased by approximately 60% to $23.5 million, up from $14.6 million in the same period of 2024[178]. - Selling and marketing expenses increased by approximately $10.6 million, or 14%, primarily due to additional initiatives for LifeMD virtual primary care[182]. Cash Flow and Financing - Net cash provided by operating activities was approximately $11.6 million for the nine months ended September 30, 2025, compared to approximately $16.4 million for the same period in 2024[184]. - Net cash used in investing activities was approximately $10.2 million for the nine months ended September 30, 2025, compared to approximately $8.8 million for the same period in 2024[185]. - Net cash used in financing activities was approximately $12.6 million for the nine months ended September 30, 2025, compared to approximately $3.2 million for the same period in 2024[186]. - Working capital decreased by approximately $0.5 million during the nine months ended September 30, 2025, resulting in a working capital of $(15.6) million[183]. - As of September 30, 2025, the Company had $23.8 million in cash, expected to be sufficient to fund planned operating expenses and capital expenditures for at least the next 12 months[190]. - The Company sold 762,990 shares of common stock under the ATM Sales Agreement during the three months ended September 30, 2025, resulting in net proceeds of $8.7 million[189]. Debt and Interest - The company experienced a loss on debt extinguishment of $1.2 million related to the repayment of the Avenue Facility during Q3 2025[176]. - Interest expense decreased by approximately $296 thousand in Q3 2025 compared to Q3 2024, primarily due to the repayment of the Avenue Facility[175]. - The Company recorded a $1.2 million loss on debt extinguishment related to the repayment of the Avenue Facility during the nine months ended September 30, 2025[181]. Accounting Standards - FASB issued ASU 2025-06 to simplify accounting for internal-use software costs, effective for annual periods beginning after December 15, 2027[197]. - The amendments clarify that capitalization of eligible software development costs begins when management commits to funding the project[197]. - Early adoption of the new guidance is permitted, with options for prospective, retrospective, or modified approaches for in-process projects[197]. - Other accounting standards updates from FASB are not expected to materially impact consolidated financial statements upon adoption[198]. - As a smaller reporting company, the company is not required to provide detailed market risk disclosures[199].

Financial Performance - Net loss for the three months ended September 30, 2025, was approximately $3,284,000, a decrease of 11% from $3,700,000 in the same period of 2024[221] - The company incurred a net loss of approximately $9,783,000 for the nine months ended September 30, 2025, a decrease of 14% from $11,353,000 in 2024[234] Revenue and Income - Revenues from the Ampligen® Cost Recovery Program decreased to $26,000 for the three months ended September 30, 2025, down from $35,000 in 2024, reflecting a decrease of $9,000[223] - Interest and other income increased significantly to approximately $3,052,000 for the three months ended September 30, 2025, compared to $718,000 in 2024, an increase of approximately $2,334,000[225] Expenses - Research and Development costs decreased to approximately $607,000 for the three months ended September 30, 2025, down from $1,437,000 in 2024, reflecting a decrease of approximately $830,000[228] - General and Administrative expenses decreased to approximately $1,798,000 for the three months ended September 30, 2025, from $3,079,000 in 2024, a reduction of approximately $1,281,000[229] Cash Flow - Cash used in operating activities for the nine months ended September 30, 2025, was approximately $8,971,000, a decrease of $1,962,000 from $10,933,000 in 2024[247] - Cash provided by financing activities increased to approximately $7,669,000 for the nine months ended September 30, 2025, compared to $5,407,000 in 2024, an increase of $2,262,000[249] - As of September 30, 2025, the company had approximately $2,409,000 in cash and cash equivalents, a decrease of approximately $1,568,000 from December 31, 2024[250] Stockholder Equity and Compliance - As of September 30, 2025, the company's stockholders' deficit was approximately ($6,077,000), necessitating an increase in stockholders' equity to at least $6,000,000 to regain compliance with exchange listing requirements[259] - The company is required to maintain Stockholders Equity of $6,000,000 to comply with NYSE American continued listing requirements[295] Securities and Financing Activities - The company filed a Universal Shelf Registration Statement to register the offering of up to $100,000,000 of various securities, which has not yet been declared effective[262] - An Equity Distribution Agreement with Maxim allows the company to issue and sell up to $3,000,000 of common stock, with a commission of 3.0% on gross proceeds from each sale[263][266] - The company has entered into a Purchase Agreement with Atlas Sciences, committing to purchase up to $15,000,000 of common stock, with the registration statement declared effective on May 1, 2024[272][273] - As of September 30, 2025, a total of 30,829 shares have been issued under the Purchase Agreement for approximately $398,000 after clearing costs[282] - On June 3, 2024, the company issued 56,410 shares of common stock and warrants to a single accredited investor, with warrants exercisable at $36.30 per share[283] - The company received approximately $1,260,000 in gross proceeds from the Transactions before deducting fees to the Placement Agent and other estimated offering expenses[290] - The company issued 46,530 shares of common stock at a purchase price of $28.00 per share in a registered direct offering[289] - The Class E and F warrants were issued at a combined public offering price of $4.00 per share, with gross proceeds of approximately $8,000,000 before deducting placement agent fees and offering expenses[293] - The exercise price for the Class C and Class D Warrants is set at $28.00, and they are not exercisable until December 3, 2024[291] - The Common Warrants have an allocated proceeds total of approximately $2,500,000, with no warrants exercised for the nine months ended September 30, 2025[288] - The Class E and F Warrants were classified as liabilities on the balance sheet as they may require the company to issue additional stock under certain circumstances[294] - The Placement Agent received a cash fee of 8% of the aggregate gross proceeds from the securities sold in the Transactions[287] - The registration statement for the resale of Common Warrant Shares was declared effective by the SEC on July 11, 2024[286] Other Financial Obligations - The company recognized losses from warrant issuances of $4,410,000 during the nine months ended September 30, 2025[234] - The company has an outstanding deposit of $240,000 as of September 30, 2025, which may be used to offset future clinical research expenditures[256] - The company entered into a Forbearance Agreement with a lender, resulting in an outstanding balance of $2,484,000 after applying a 1% fee[257] - The company has a lock-up agreement preventing executive officers and directors from selling securities for 90 days following the closing of the Transactions[285]