Financial Performance - Total revenue for Q3 2025 was $59.4 million, representing a 155% increase year-over-year from $23.3 million[6] - GAAP net loss for the quarter was ($2.7) million, equating to a GAAP diluted EPS of ($0.03)[6] - Adjusted net loss for Q3 2025 was ($1.1) million, with an adjusted diluted EPS of ($0.01)[6] - Total Company adjusted EBITDA was $8.0 million, while operated segment adjusted EBITDA reached $12.6 million for the quarter[6] - Adjusted net income for the nine months ended September 30, 2025, was $26.1 million, with an adjusted diluted EPS of $0.27[14] - Adjusted EBITDA for the total company was $7.968 million for Q3 2025, compared to an operating loss of $6.426 million[40] - Net loss attributable to Acacia Research Corporation was $2.730 million in Q3 2025, an improvement from a net loss of $13.996 million in Q3 2024[27] - The comprehensive loss attributable to Acacia Research Corporation was $2.844 million in Q3 2025, compared to a loss of $13.996 million in Q3 2024[27] - For the nine months ended September 30, 2025, the consolidated GAAP Operating Income was $19,494,000, compared to a loss of $17,644,000 in the previous year[41] - Adjusted EBITDA for the nine months ended September 30, 2025, reached $60,540,000, up from $44,208,000 in the prior year[41] Revenue Breakdown - Revenue from Manufacturing Operations contributed $30.8 million in Q3 2025, marking the third full quarter of operations in this segment[6] - Energy Operations generated $14.2 million in revenue, while Intellectual Property Operations brought in $7.8 million for the quarter[8] - Intellectual property operations generated revenues of $7.795 million in Q3 2025, compared to $486 thousand in Q3 2024, marking a growth of 1511%[27] - Energy operations revenues were $14.176 million in Q3 2025, slightly down from $15.817 million in Q3 2024, a decrease of 10.4%[27] - Manufacturing operations reported revenues of $30.815 million in Q3 2025, with no revenues reported in Q3 2024[27] Cash and Assets - Cash, cash equivalents, equity securities, and loans receivable totaled approximately $332.4 million, or $3.45 per share, at the end of Q3 2025[3] - Cash and cash equivalents increased to $332.4 million at September 30, 2025, up from $297.0 million at December 31, 2024, reflecting a $35.4 million increase[20] - Total assets as of September 30, 2025, were $768.9 million, compared to $756.4 million at December 31, 2024[26] - Total liabilities decreased to $192.0 million as of September 30, 2025, from $203.8 million at December 31, 2024[26] - The Parent company's total indebtedness was zero, while consolidated total indebtedness was $94.0 million as of September 30, 2025[20] - Acacia's total stockholders' equity increased to $576.8 million as of September 30, 2025, compared to $552.6 million at December 31, 2024[26] - Acacia's equity securities measured at fair value totaled $27.2 million as of September 30, 2025, up from $23.1 million at December 31, 2024[26] Operational Efficiency - The company implemented targeted pricing strategies and cost-saving measures to mitigate tariff pressures and streamline operations[2] - Looking ahead, the company aims to leverage its strong cash position to pursue both organic and inorganic growth opportunities[3] - The company generated $70.3 million from operating activities during the nine months ended September 30, 2025[20] Costs and Expenses - Total costs and expenses increased to $65.872 million in Q3 2025 from $33.582 million in Q3 2024, reflecting a rise of 96%[27] - Stock-Based Compensation for the nine months ended September 30, 2025, was $3,751,000, an increase from $3,239,000 in the prior year[41] - The company incurred transaction-related costs of $320,000 for the three months ended September 30, 2024[41] - For the nine months ended September 30, 2024, the company reported legacy matter costs of $2,777,000[41]

Financial Performance - Collaboration revenue increased to $8.2 million for Q3 2025, up from $7.8 million in Q3 2024, driven by advancements in programs under the Lilly Collaboration Agreement[14] - Net loss for Q3 2025 was $15.8 million, compared to a net loss of $19.1 million in Q3 2024, reflecting improved financial performance[18] - Total operating expenses for Q3 2025 were $26.7 million, down from $31.7 million in Q3 2024[22] - General and administrative expenses were $6.7 million for Q3 2025, down from $7.0 million in Q3 2024, primarily due to lower facilities and IT-related expenses[18] - Research and development expenses decreased to $20.0 million in Q3 2025 from $24.7 million in Q3 2024, attributed to reduced costs in FHD-286 and personnel-related expenses[14] - As of September 30, 2025, the company had $180.3 million in cash, cash equivalents, and marketable securities, providing a cash runway into 2028[18] Research and Development - FHD-909 is in a Phase 1 dose escalation trial targeting SMARCA4-mutated cancers, with non-small cell lung cancer (NSCLC) as the primary focus[1] - The Selective CBP degrader program is advancing towards IND readiness in 2026, with promising preclinical data for ER+ breast cancer[7] - The Selective ARID1B degrader program is progressing towards in vivo proof-of-concept in 2026, targeting up to 5% of solid tumors[9] Collaboration - The company is collaborating with Lilly under a 50/50 co-development and co-commercialization agreement for its selective SMARCA2 oncology program[4]

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 ☐ 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: 001-39630 MOONLAKE IMMUNOTHERAPEUTICS (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1711963 (State or o ...

Exhibit 99.1 Arvinas Reports Third Quarter 2025 Financial Results and Provides Corporate Update – Presented positive data from Phase 1 clinical trials with ARV-102 in healthy volunteers and patients with Parkinson's disease – – Presented preclinical data from ARV-806 demonstrating robust and differentiated activity in models of KRAS G12D-mutated cancer – – Announced agreement with Pfizer to jointly select a third party for the commercialization and potential further development of vepdegestrant – – Company ...

Financial Performance - Net sales for Q3 2025 reached $350.1 million, a 20.1% increase compared to $291.4 million in Q3 2024[3] - Adjusted EBITDA grew by 55.7% to $27.1 million, up from $17.4 million in the same quarter last year[4] - The company reported a net loss of $4.2 million, an improvement from a net loss of $6.2 million in Q3 2024[4] - Diluted EPS improved to $(0.18) from $(0.27) year-over-year, reflecting a 33.3% reduction in losses[4] - Adjusted income from operations for Q3 2025 was $20.6 million, compared to $11.0 million in Q3 2024, reflecting an increase of 87.3%[45] - Adjusted net income attributable to controlling interest for Q3 2025 was $10.8 million, compared to $8.1 million in Q3 2024, marking a 33.3% increase[48] - Adjusted EPS for Q3 2025 was $0.47, up from $0.36 in Q3 2024, representing a 30.6% increase[48] Revenue Segments - The acquisition of TerraSource Holdings contributed to a 24.1% increase in Material Solutions net sales, totaling $156.9 million[15] - Infrastructure Solutions net sales increased by 17.1% to $193.2 million, driven by strong demand for asphalt and concrete plants[15] - Materials Solutions segment revenue increased by $30.5 million or 24.1%, reaching $156.9 million compared to $126.4 million in 2024[28] - Infrastructure Solutions segment revenue rose to $193.2 million, up $28.2 million or 17.1% from $165.0 million in the prior year[28] Cash Flow and Liquidity - Total liquidity stood at $312.1 million, including $67.3 million in cash and cash equivalents[15] - Operating cash flow for the quarter was negative $8.1 million, and free cash flow was negative $12.3 million[15] - Free cash flow for Q3 2025 was negative at $(12.3) million, compared to positive $19.9 million in Q3 2024[54] Guidance and Future Outlook - The company updated its full-year adjusted EBITDA guidance, raising the lower end from $123 million to $132 million, while maintaining the upper end at $142 million[4] Assets and Liabilities - The total assets of the company as of September 30, 2025, were $1,349.0 million, an increase from $1,043.6 million at the end of 2024[34] - Long-term debt increased significantly to $323.6 million from $105.0 million at the end of 2024[34] - Cash, cash equivalents, and restricted cash decreased to $69.3 million from $90.8 million at the end of 2024[37] Operational Efficiency - Segment Operating Adjusted EBITDA for Infrastructure Solutions improved to $23.9 million, a $8.3 million increase or 53.2% from $15.6 million[28] - The Infrastructure Solutions segment's Operating Adjusted EBITDA margin improved to 15.6%, a 400 basis points increase from 11.6% in 2024[32] Capital Expenditures - Capital expenditures for the quarter amounted to $4.2 million, with a dividend payment of $0.13 per share[15] - The company incurred $5.2 million in transformation program costs in Q3 2025, down from $8.4 million in Q3 2024[51] - The company incurred $248.5 million in cash outflows for acquisitions during the nine months ended September 30, 2025[38] EBITDA Analysis - EBITDA for Q3 2025 was $13.8 million, significantly up from $0.6 million in Q3 2024[51] - Adjusted EBITDA for Q3 2025 was $27.1 million, compared to $17.4 million in Q3 2024, an increase of 55.5%[51]

Financial Performance - Total revenue for the third quarter of 2025 reached $1,335 million, reflecting a 6% increase compared to the same period in 2024[3] - Operating profit increased by 37% to $152 million, with an operating profit margin of 11.4%, up 250 basis points year-over-year[3] - Adjusted EBITDA for the third quarter was $253 million, representing a 17% increase, with an adjusted EBITDA margin of 14.1%, up 210 basis points[3] - Revenues for Q3 2025 increased to $1,335 million, a 6% growth compared to Q3 2024, with North America contributing $435 million, up 5%[20] - Operating profit for Q3 2025 reached $152 million, reflecting a 37% increase from Q3 2024, driven by North America's significant growth of 37% to $57 million[20] - North America segment operating margin improved to 13.1% in Q3 2025, compared to 10.1% in Q3 2024, indicating enhanced profitability[24] - Latin America revenues for Q3 2025 were $327 million, a slight increase of 2% year-over-year, despite a 6% decline in operating profit to $66 million[20] - Europe segment revenues grew by 12% to $353 million in Q3 2025, with operating profit increasing by 15% to $46 million[20] Cash Flow and Capital Allocation - Free cash flow increased by 30% year-over-year, driven by improved profitability and working capital metrics[2] - The company reduced its outstanding share count by 5% year-to-date as part of its capital allocation framework[2] - The company is prioritizing capital allocation towards technology-enabled solutions, including AMS and DRS, to drive future growth[21] - Cash flows from operating activities (GAAP) for the nine months ended September 30, 2024, were $426.0 million, with free cash flow before dividends at $399.9 million[53] - The free cash flow before dividends for the nine months ended September 30, 2024, was $399.9 million, indicating strong cash generation[53] Guidance and Future Outlook - The company plans to achieve mid-to-high teens organic revenue growth for AMS/DRS and adjusted EBITDA margin expansion of 30-50 basis points in 2025[7] - Q4 2025 revenue guidance is set between $1,330 million and $1,380 million, with non-GAAP adjusted EBITDA expected to be between $267 million and $287 million[7] - Full-year 2025 revenue guidance anticipates organic revenue growth, with a focus on expanding adjusted EBITDA margins and free cash flow conversion[21] Assets and Liabilities - Total assets increased from $6,623.1 million at the end of 2024 to $6,953.0 million by September 30, 2025[11] - Total liabilities rose from $6,310.6 million at the end of 2024 to $6,556.5 million by September 30, 2025[11] Corporate Expenses and Strategic Initiatives - Corporate expenses decreased significantly by 35% to $29 million in Q3 2025, contributing to overall profit improvement[20] - The Brink's Company is actively pursuing strategic initiatives, including potential acquisitions and market expansions, to enhance its competitive position[21] Non-GAAP Metrics and Adjustments - Non-GAAP operating profit and margin metrics are utilized to evaluate performance, excluding other items not allocated to segments[41] - The company reported non-GAAP free cash flow before dividends, reflecting cash flows available for capital or investing activities[40] - Non-GAAP income from continuing operations for the nine months ended September 30, 2024, was $309.3 million, with an effective income tax rate of 23.2%[46] - For the nine months ended September 30, 2025, Non-GAAP income from continuing operations increased to $335.3 million, with an effective income tax rate of 27.7%[46] - Non-GAAP EPS for the full year 2024 was $3.61, and for the nine months ended September 30, 2025, it was $5.49[49] Risks and Challenges - The company faces risks related to macroeconomic conditions, including inflation and geopolitical tensions, which may impact future performance[22] Transformation and Restructuring - The company initiated a multi-year transformation program in 2023, incurring $28.4 million in expenses in 2024 and an additional $18.6 million in the first nine months of 2025[32] - Restructuring costs related to acquisitions were $10.3 million in the first nine months of 2025, with integration costs of $2.7 million incurred during the same period[30]

Exhibit 99.2 McDonald's Corporation Supplemental Information (Unaudited) Quarter and Nine Months Ended September 30, 2025 | Impact of the War in the Middle East | 1 | | --- | --- | | Impact of Foreign Currency Translation | 1 | | Net Income and Diluted Earnings per Share | 2 | | Revenues | 4 | | Comparable Sales | 5 | | Systemwide Sales and Franchised Sales | 6 | | Restaurant Margins | 7 | | Selling, General & Administrative Expenses | 8 | | Other Operating (Income) Expense, Net | 8 | | Operating Income | 9 ...

Investment Portfolio - As of September 30, 2025, the company had 262 debt and equity investments in 209 portfolio companies with an aggregate fair value of approximately $1.2 billion[204] - As of December 31, 2024, the company had 262 debt and equity investments in 207 portfolio companies with an aggregate fair value of approximately $1.3 billion[204] - The investment portfolio primarily consisted of floating rate loans in a falling rate environment, contributing to lower total investment income[214] - The company’s investment portfolio at fair value decreased from $1.3 billion as of December 31, 2024 to $1.2 billion as of September 30, 2025[214] - For the nine months ended September 30, 2025, the company experienced a net unrealized depreciation of $42.9 million related to existing portfolio investments[221] Financial Performance - For the three months ended September 30, 2025, gross investments amounted to $138.67 million, while sold investments totaled $156.03 million, resulting in a total new investment of $(17.36) million[206] - Total investment income for the three months ended September 30, 2025 was $31.69 million, down from $37.31 million in the same period of 2024, reflecting a decrease in interest income[213] - Net investment income for the nine months ended September 30, 2025 was $40.40 million, compared to $47.80 million for the same period in 2024[213] - Interest expense for the nine months ended September 30, 2025 was $38.30 million, down from $43.85 million in the same period of 2024[215] - Net unrealized losses on investments for the three months ended September 30, 2025 were $(9.04) million, compared to $(1.05) million for the same period in 2024[220] Debt and Financing - The principal amount of first-lien senior secured debt investments funded for the three months ended September 30, 2025, was $121.39 million[206] - As of September 30, 2025, total investments amounted to $1.33 billion, a decrease from $1.45 billion as of December 31, 2024[209] - The company has total contractual obligations of $752.35 million due by September 30, 2025, including $294.64 million from the BoA Credit Facility and $155.42 million from the WF Credit Facility[267] - As of September 30, 2025, the principal outstanding under the BoA Credit Facility was $297.1 million[239] - The WF Credit Facility was amended to increase the borrowing amount from $150 million to $175 million and extend the maturity date to December 18, 2028[241] Investment Commitments - The average new investment commitment amount for the three months ended September 30, 2025, was $4.76 million, an increase from $2.72 million in the same period of 2024[207] - The percentage of new debt investment commitments at floating rates was 97.75% for the three months ended September 30, 2025[207] - The weighted average interest rate of new investment commitments for the three months ended September 30, 2025, was 8.48%[207] - As of September 30, 2025, the company had 24 unfunded commitments totaling $16.4 million, down from 26 commitments totaling $21.6 million as of December 31, 2024[268] Dividends and Tax Treatment - The company intends to distribute quarterly dividends to stockholders, contingent on available income[250] - To maintain RIC tax treatment, the company must distribute at least 90% of its net ordinary income and net short-term capital gains[251] - The company has adopted a dividend reinvestment plan, allowing stockholders to reinvest dividends unless they opt for cash[254] - The company may retain capital gains for investment, incurring corporate-level tax, and treat them as deemed distributions to stockholders[253] Management and Advisory - The company is externally managed by an Investment Advisor registered with the SEC, which oversees day-to-day operations and investment management[199] - The Investment Advisor, which is majority-owned by PSCM, has an indirect pecuniary interest in the company, as several executive officers are involved[265] - The company has entered into an Advisory Agreement with an annual base management fee of 1.75% of the average value of total net assets, with an incentive fee based on performance[266] Risk Factors - The company is subject to interest rate sensitivity, with potential impacts on net investment income due to changes in interest rates, which could materially affect earnings[270] - A hypothetical increase of 200 basis points in interest rates could result in a net increase of $10.30 million in net investment income, while a decrease of 200 basis points could lead to a decrease of $10.38 million[272] - The company’s investments denominated in foreign currencies are subject to risks associated with currency exchange rate fluctuations[273] - The company may hedge against interest rate and currency exchange rate fluctuations using standard hedging instruments, subject to regulatory requirements[274] Liquidity and Cash Position - The company generated net cash provided by operating activities of $104.9 million during the nine months ended September 30, 2025, primarily from proceeds of $433.7 million from the sale of investments[223] - As of September 30, 2025, the company had cash and cash equivalents of $4.2 million and $227.9 million in undrawn capacity under the BoA Credit Facility[225] - The company maintains sufficient liquidity to fund unfunded commitments, supported by cash, receivables, and borrowing capacity[268] - The company does not have any off-balance sheet financings or liabilities other than contractual commitments and legal contingencies[269] Shareholder Activities - The company completed its IPO on January 22, 2024, issuing 5,450,000 shares at a public offering price of $16.45 per share[198] - During the nine months ended September 30, 2025, the company issued and sold 32,662 shares at an aggregate purchase price of $0.5 million[227] - The company repurchased 756,508 shares of its common stock under the Company Rule 10b5-1 Repurchase Plan and Extended Company Rule 10b5-1 Stock Repurchase Plan[230] - The company purchased 38,119 shares of its common stock under the PSCM Rule 10b5-1 Stock Purchase Plan and Extended PSCM Rule 10b5-1 Stock Purchase Plan[233] Asset Coverage - The asset coverage ratio as of September 30, 2025, was 165%, exceeding the required minimum of 150%[226]

Financial Performance - Net sales for Q3 2025 totaled $177.8 million, a 4.3% increase compared to the prior year period, driven by higher volume in both Specialty Nutrition Systems and Pain Management and Recovery segments [5]. - Adjusted net income for Q3 2025 was $10.1 million, down from $16.7 million a year ago, while adjusted diluted earnings per share decreased to $0.22 from $0.36 [8]. - The company reported a net loss of $1.4 million for Q3 2025, compared to net income of $5.9 million in the same period last year [8]. - Operating profit for Q3 2025 was $0.1 million, significantly lower than the $12.0 million reported in the prior year, with adjusted operating profit at $15.2 million compared to $25.3 million last year [6]. - For the nine months ended September 30, 2025, net sales were $520.3 million, an increase from $508.2 million in the same period of 2024 [34]. - The total net income for the nine months ended September 30, 2025, was $5.2 million, with a reported loss of $71.6 million [46]. - The company reported a basic loss per share of $0.03 for the three months ended September 30, 2025, compared to earnings of $0.10 per share in the same period of 2024 [34]. - The diluted earnings per share, as adjusted, for the three months ended September 30, 2025, was $0.33 [46]. Segment Performance - Specialty Nutrition Systems segment achieved net sales of $114.0 million, reflecting a $15.8 million increase and 14.0% volume growth due to strong demand in enteral feeding and neonate solutions [9]. - Pain Management & Recovery segment net sales were $59.0 million, a $1.2 million increase, with Radio Frequency Ablation products growing 10.5% [11]. - Specialty Nutrition Systems reported total net sales of $114.0 million for the three months ended September 30, 2025, a 16.1% increase compared to $98.2 million in the same period of 2024 [60]. - Enteral feeding sales increased by 14.9% to $82.7 million in Q3 2025, while neonate solutions grew by 19.5% to $31.3 million [60]. - Pain Management & Recovery segment saw total net sales of $59.0 million, a slight increase of 2.1% from $57.8 million in Q3 2024 [60]. - Surgical pain and recovery sales decreased by 7.9% to $24.4 million, while Radiofrequency Ablation sales increased by 10.5% to $34.6 million [60]. - Year-to-date net sales for Specialty Nutrition Systems increased by 9.4%, driven by a 9.1% volume increase [60]. - The Pain Management & Recovery segment experienced a year-to-date sales growth of 1.6%, with a volume increase of 2.4% [60]. - Corporate and other segment's year-to-date sales declined by 40.6%, primarily due to the withdrawal from certain revenue streams [61]. Guidance and Future Outlook - The company raised and narrowed its 2025 estimated revenue guidance to between $690 million and $700 million, and adjusted diluted earnings per share guidance to a range of $0.85 to $0.95 [21]. - The company plans to continue focusing on restructuring and transformation charges, with an estimated range of $0.10 to $0.12 for post RH-Divestiture restructuring charges in 2025 [54]. Cash Flow and Debt - Cash flow from operations for the nine months ended September 30, 2025, was $46.5 million, an increase from $42.8 million a year ago [19]. - Total debt outstanding as of September 30, 2025, was $102.8 million, down from $134.7 million at the end of 2024 [19]. - Free cash flow for the three months ended September 30, 2025, was $7.0 million, a decrease from $20.0 million in the same period of 2024 [52]. - Cash provided by operating activities for the nine months ended September 30, 2025, was $46.5 million, compared to $42.8 million in the same period of 2024 [52]. Expenses and Impairments - Selling, General and Administrative (SG&A) expenses for the three months ended September 30, 2025, were $74.3 million, representing 43.6% of revenue [48]. - The company incurred a goodwill impairment of $77.0 million for the nine months ended September 30, 2025 [34]. - The corporate and other segment reported a significant operating loss of $24.9 million in Q3 2025, compared to a loss of $7.4 million in Q3 2024, largely due to a $77.0 million goodwill impairment [60]. - The effective tax rate for the nine months ended September 30, 2025, as reported was 46.4% [44]. - Acquisition and integration-related charges for the three months ended September 30, 2025, amounted to $1.6 million [46]. - Research and development expenses for the three months ended September 30, 2025, were $6.0 million, a decrease of 16.7% from $7.2 million in the same period of 2024 [34]. - Capital expenditures for the three months ended September 30, 2025, were $7.0 million, compared to $3.0 million in the same period of 2024 [52]. Profitability Metrics - Gross profit for the three months ended September 30, 2025, was $86.0 million, resulting in a gross profit margin of 48.4%, down from 54.5% in the same period of 2024 [34][38]. - EBITDA for the three months ended September 30, 2025, was $9.5 million, down from $21.5 million in the same period of 2024 [34]. - The adjusted non-GAAP operating income for the three months ended September 30, 2025, was $15.2 million, compared to $25.3 million for the same period in 2024 [40]. - For the three months ended September 30, 2025, the adjusted non-GAAP income before taxes was $20.6 million, compared to a loss of $1.2 million as reported [42]. - The company reported total assets of $1,067.7 million as of September 30, 2025, down from $1,154.2 million at the end of 2024 [56]. - The SG&A expenses as a percentage of revenue, as adjusted, for the nine months ended September 30, 2025, was 39.7% [48]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $71.5 million, up from $58.8 million in the same period of 2024, reflecting a growth of approximately 21.5% [50].

The Company today also released new data from multiple clinical trials of its Nanobody SLK: ® MoonLake Immunotherapeutics Reports Third Quarter 2025 Financial Results and Announces New Data from Clinical Trials of its Nanobody® Sonelokimab ZUG, Switzerland, November 5, 2025 – MoonLake Immunotherapeutics (NASDAQ: MLTX) ("MoonLake" or the "Company"), a clinical-stage biotechnology company focused on creating next-level therapies for inflammatory diseases, today announced its financial results for the third qu ...