Financial Condition and Performance - The company has incurred significant losses and negative cash flows from operations since inception, with expectations of continued losses for the foreseeable future[46]. - The independent registered public accounting firm's report contains an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern[46]. - As of December 31, 2025, the company had total cash and cash equivalents of $4.1 million, raising substantial doubt about its ability to continue as a going concern[60]. - The company incurred operating losses of approximately $4.8 million, $14.6 million, and $9.3 million for the years ended December 31, 2025, 2024, and 2023, respectively, with an accumulated deficit of $61.3 million as of December 31, 2025[61]. - The company expects to continue incurring losses for the foreseeable future, particularly if OcuRing™-K and PRF-110 fail in clinical trials or do not gain regulatory approval[62]. - The company will require substantial additional funding to support ongoing operations and product development, with no committed external sources of funds currently available[64]. Product Development and Regulatory Challenges - The company has not yet commercialized any products or technologies and may never become profitable[50]. - The company has limited experience in conducting and managing clinical trials necessary for obtaining regulatory approvals[50]. - The company has not received regulatory approval for its products OcuRing-K or PRF-110, and currently has no drug candidates pending approval with the FDA or other regulatory authorities[82]. - Clinical trials are subject to rigorous regulatory requirements, and delays in these trials can significantly increase costs and slow down product development[83]. - The company faces risks related to the success of its product candidates, including the need for additional clinical development and compliance with regulatory requirements[73]. - The company has scaled back research and development activities on PRF-110 after the Phase 3 clinical trial did not meet its primary endpoint, focusing instead on OcuRing™-K[72]. Market and Competitive Landscape - The market for the DeepSolar solution is new and unproven, with potential limited growth and risks associated with AI technology adoption[50]. - The company may face intense competition in the AI software market, which could hinder the development of a customer base and revenue generation[50]. - The pharmaceutical industry is highly competitive, and the company faces challenges from competitors with greater resources and experience in drug development[96]. - The company faces significant competition from established players in the solar energy market, which may hinder its ability to develop a customer base and generate revenue[142]. Operational Risks and Management - The company has identified a material weakness in internal control over financial reporting, which could impair the ability to produce timely and accurate financial statements[55]. - The company must establish effective financial and management controls to support its growth; failure to do so may lead to increased expenses and hinder revenue generation[138]. - The company is dependent on the retention of key personnel for its success, with potential negative impacts if key management is lost[78]. - The company is currently facing challenges in identifying and executing strategic alliances, which may limit future growth opportunities[193]. Legal and Compliance Issues - Regulatory compliance is critical, and failure to meet requirements could result in penalties, withdrawal of products from the market, or other enforcement actions[97]. - The company is subject to anti-bribery and anti-corruption laws, with violations potentially leading to significant penalties and adverse effects on operations[195]. - The company is subject to the Sarbanes-Oxley Act, specifically Section 404, which requires a comprehensive evaluation of internal controls over financial reporting[218]. Geopolitical and Economic Factors - The ongoing military conflict in Israel, including recent escalations, poses risks to the company's operations and financial condition due to potential disruptions and economic instability[170]. - The company faces potential material adverse effects on its business and financial condition due to political instability and hostilities in Israel, which could negatively impact operations and market share[176]. - Currency exchange rate fluctuations and inflation in Israel could materially affect the company's financial results, particularly due to costs incurred in NIS[201]. Cybersecurity and IT Risks - The company has experienced a cybersecurity incident resulting in a loss of $165,000 due to a fraudulent payment request, highlighting vulnerabilities in its IT systems[191]. - The company has not experienced any material IT system failures or cybersecurity attacks to date, but acknowledges the increasing sophistication of cyber threats[192]. Intellectual Property and Patent Issues - The company relies on a combination of patent, copyright, and trademark laws, as well as trade secrets, to protect its proprietary technology, but faces risks of infringement and piracy[152]. - The company has patent protection for PRF-110 and OcuRingTM, but its DeepSolar business lacks any patents or patent applications, which could adversely affect its competitive position[155]. - The patent prosecution process is complex and costly, and failure to maintain patent protection could lead to significant competition from similar products[157].

Financial Performance - Net sales for Q4 2025 were $30.3 million, a 5.9% increase from $28.6 million in Q4 2024[5] - Net income for Q4 2025 was $897 thousand, or $0.32 per basic share, compared to a net loss of $1,478 thousand, or $(0.54) per basic share in Q4 2024, representing a 160.7% improvement[6] - Adjusted EBITDA for Q4 2025 was $1.2 million, a significant recovery from a loss of $585 thousand in Q4 2024, marking a 305.6% increase[6] - Nortech achieved a gross profit of $5.1 million in Q4 2025, a 79.5% increase from $2.8 million in Q4 2024[5] - EBITDA for 2025 was $2.263 million, up from $1.543 million in 2024, reflecting operational improvements[17] - Adjusted EBITDA for 2025 reached $2.529 million, compared to $2.114 million in 2024, showing enhanced profitability[17] - Net loss improved to $(252) thousand in 2025 from $(1,295) thousand in 2024, indicating a positive trend in financial performance[16] Operational Metrics - The company reported a 90-day backlog of $27.3 million as of December 31, 2025, up from $26.5 million a year earlier[6] - Operating expenses increased by 2.9% to $4.2 million in Q4 2025, compared to $4.0 million in Q4 2024[5] - The company reported a gross profit margin of 15.3% in Q4 2024, which improved to 15.8% in Q4 2025[18] Financial Position - The company closed on $17.2 million in debt financing, enhancing its financial position[6] - Total assets decreased slightly to $71.919 billion in 2025 from $72.435 billion in 2024[14] - Current liabilities increased significantly to $29.844 billion in 2025 from $21.428 billion in 2024, primarily due to a new line of credit of $7 billion[14] - Cash at the end of 2025 increased to $1.655 million from $916 thousand in 2024, indicating better liquidity[16] - Accounts receivable rose to $16.998 billion in 2025 from $14.875 billion in 2024, suggesting increased sales activity[14] - Inventories decreased to $20.695 billion in 2025 from $21.638 billion in 2024, reflecting improved inventory management[14] - Proceeds from the line of credit amounted to $101.785 million in 2025, down from $129.793 million in 2024, indicating a reduction in reliance on external financing[16] Strategic Initiatives - Nortech's gross margin improved significantly, reflecting the successful execution of strategic restructuring initiatives[2] - The AS9100:D certification achieved at the Monterrey facility enhances competitiveness in aerospace and high-reliability markets[3] - The company is optimistic about future performance, supported by a strong North American and Asian footprint and a growing customer backlog[3]

Exhibit 99.1 Sanuwave Announces Record Revenues and Financial Results for Q4 and Full Year 2025 Q4 2025 revenues were $13.4 million, up 29.7% from Q4 2024. This was an all-time quarterly record for the Company. Full year 2025 revenues were $44.1 million up 35.0% from full year 2024 revenues. This was an all-time annual record for the Company. Q4 2025 gross margin was 74.7%, versus 77.9% in Q4 2024 and 77.6% in Q3 2025. Full year 2025 gross margin was 77.1% versus 75.2% in 2024. GAAP Operating Income was $2. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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 001-42383 Oaktree Acquisition Corp. III Life Sciences (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1799512 State or othe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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 001-42383 Oaktree Acquisition Corp. III Life Sciences (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1799512 State or othe ...

Clinical Development and Trials - Azenosertib (ZN-c3) is a clinical-stage biopharmaceutical company developing a potentially first-in-class WEE1 inhibitor for ovarian cancer, with a focus on Cyclin E1-positive platinum-resistant ovarian cancer (PROC) [23]. - The DENALI Part 2 clinical trial aims to enroll approximately 100 patients with Cyclin E1-positive PROC, with a topline readout anticipated by the end of 2026; the trial has the potential to support accelerated approval from the FDA [26]. - In January 2025, clinical data from DENALI Part 1b showed an objective response rate (ORR) of 34.9% in response-evaluable patients with Cyclin E1-positive PROC [32]. - Azenosertib is also being evaluated in combination with bevacizumab in a Phase 1b clinical trial for ovarian cancer, with ongoing patient enrollment [30]. - The company plans to initiate a Phase 3 trial (ASPENOVA) in the first half of 2026 to compare azenosertib against standard-of-care chemotherapy for Cyclin E1-positive PROC [30]. - The median duration of response (mDOR) for the intent-to-treat population in DENALI Part 1b was approximately 6.3 months as of January 13, 2025 [35]. - A total of 193 patients were involved in the ZN-c3-001 study, with a daily dose of ≥300 mg, showing a 5.2% discontinuation rate due to treatment-related adverse events [42]. - The safety profile of azenosertib showed treatment-related serious adverse events in 21.6% of patients, with common adverse events including nausea (65.7%) and fatigue (59.8%) [33]. - Patient enrollment is critical for clinical trials, and difficulties in this area could lead to significant delays or abandonment of trials [192]. Market Opportunity and Competition - The global ovarian cancer market was approximately $3 billion in 2022, with an estimated 21,500 PROC patients in the U.S. and EU4 who overexpress Cyclin E1, indicating a significant market opportunity for azenosertib [28]. - Approximately 50% of PROC patients are estimated to overexpress Cyclin E1, highlighting the unmet need for targeted therapies in this patient population [28]. - The biotechnology and pharmaceutical industries are characterized by significant competition, with potential competitors having greater financial resources and expertise [45]. - There are currently no FDA-approved WEE1 inhibitors, but several companies are evaluating various WEE1 inhibitors in clinical trials [49]. - The company faces intense competition in oncology, with numerous established and emerging companies developing similar therapies [205]. - Competitors may develop safer, more effective products, potentially reducing the company's market opportunity [208]. Regulatory Environment - Azenosertib has received Fast Track Designation from the FDA for treating PROC patients who are positive for Cyclin E1 protein levels [30]. - The FDA regulates the drug approval process, requiring substantial time and financial resources for compliance [60]. - The FDA aims to review a standard New Drug Application (NDA) within ten months from the date of filing, with a typical review taking twelve months [72]. - The FDA may issue a Complete Response Letter if the NDA/BLA has deficiencies, requiring resubmission or withdrawal of the application [75]. - Approval of an NDA/BLA may include conditions such as changes to proposed labeling or the development of Risk Evaluation and Mitigation Strategies (REMS) [76]. - The FDA offers expedited programs like Fast Track and Breakthrough Therapy Designation to facilitate the review of products addressing serious conditions [80][81]. - The FDA requires approval of companion diagnostics at the same time as therapeutic products, which may complicate the approval process for new treatments [122]. - The FDA may deny PMA approval based on application deficiencies, which could delay the approval process significantly [128]. - The FDA requires pediatric assessments for most drugs under the Pediatric Research Equity Act (PREA) unless a deferral or waiver is granted [78]. - The FDA grants orphan drug designation to products intended for rare diseases affecting fewer than 200,000 individuals in the U.S. or those with no reasonable expectation of recovering development costs [87]. Financial Performance and Projections - Zentalis incurred net losses of $137.1 million and $165.9 million for the years ended December 31, 2025, and December 31, 2024, respectively, with an accumulated deficit of $1.2 billion as of December 31, 2025 [140]. - The company has no products approved for commercial sale and has not generated any revenue from product sales to date [138]. - The company expects to continue incurring significant expenses and increasing operating losses as it advances research and development efforts for azenosertib and future product candidates [141]. - The company anticipates substantial additional capital will be required to finance operations and support the commercialization of any approved product candidates [145]. - The company does not have any committed external funding sources and may need to seek additional financing through equity offerings or collaborations, which could dilute stockholder value [148]. - The company has incurred significant costs related to the development of a companion diagnostic and may face additional unanticipated costs in the future [145]. Strategic Focus and Governance - Zentalis completed a strategic restructuring in 2025, which included a workforce reduction of approximately 40% to support late-stage development for azenosertib [131]. - The company is primarily focused on the late-stage clinical development of azenosertib following a strategic restructuring in January 2025, but long-term success may depend on developing additional product candidates [157]. - The company aims to maintain a strong governance framework, including regular employee training on data privacy and cybersecurity [136]. - The company is committed to enhancing diversity and inclusivity within its workforce and has implemented various employee development opportunities [132]. Risks and Challenges - The regulatory approval process for azenosertib is lengthy and unpredictable, and failure to obtain approval would significantly harm the company's business [161]. - The company faces risks related to the timely completion of clinical trials and the successful commercialization of azenosertib, which are essential for generating revenue [152]. - Collaborators may not commit sufficient resources to the marketing and distribution of products, which could hinder commercialization efforts [158]. - The company may need additional capital to pursue further development or commercialization of product candidates if collaborations are terminated or not successful [155]. - Changes in manufacturing methods during product development could increase costs and delay clinical trials [210]. - Product liability risks could adversely affect the company's business and financial condition if sufficient insurance coverage is not obtained [211]. - Coverage and reimbursement from third-party payors are essential for the commercialization of product candidates [212]. - The reimbursement process is time-consuming and costly, with no guarantee of consistent coverage across payors [213]. - Third-party payors are increasingly challenging drug prices and may require discounts, impacting revenue [214]. - International operations face extensive price controls and regulations, potentially limiting revenue from product candidates [215]. Manufacturing and Supply Chain - The company currently relies on third-party contract manufacturing organizations (CMOs) for the production of product candidates, with no plans to establish its own manufacturing facilities [43]. - Clinical trial supplies for azenosertib are obtained from CMOs on a purchase order basis, with no long-term supply arrangements in place [44]. - Delays in developing a sustainable manufacturing process for companion diagnostics may hinder the timely commercialization of azenosertib and future product candidates [184].

Financial Performance - Research and development expenses for the years ended December 31, 2025, and 2024 were approximately $18.3 million and $15.1 million, respectively, indicating a year-over-year increase of 15.5%[151]. - The company may face increased competition that could lead to price reductions and revenue shortfalls, impacting its financial condition and operating results[168]. - Legislative changes, such as the Budget Control Act of 2011, have reduced Medicare payments to providers, which may adversely affect revenue and commercial prospects[208]. - The overall escalating cost of medical products has led to increased pressures on the healthcare industry to reduce costs, impacting demand for products[204]. Supply Chain Management - The company has established long-term relationships with key suppliers, including Largan for lens modules (over 17 years), Toshiba for CMOS image sensors (over 11 years), and Moai/Speedbridge for ASICs (over 6 years), ensuring favorable terms and reasonable lead times[152]. - The company is actively planning mitigation measures to address supply chain risks, including qualifying backup suppliers and building reserve supplies of critical components[158]. - The company has entered into multiple memorandums of understanding and agreements with suppliers to secure critical components for its products, ensuring a stable supply chain[153][155][156]. Product Development and Innovation - CapsoCam Plus captures a full 360° panoramic video, providing superior diagnostic yield compared to competitor systems that offer limited views and require wired data recorders[162]. - CapsoCam Colon, once FDA cleared, is expected to outperform existing colorectal cancer detection methods, which suffer from poor sensitivity and high costs, with colonoscopy having only a 74% detection rate for cancer[164]. - The CapsoCloud platform allows providers to remotely access data and stream in vivo videos, enhancing workflow efficiency and patient data management[166]. - The company has developed a comprehensive intellectual property portfolio related to its capsule camera products, including over 140 issued patents worldwide as of December 31, 2025[220]. - The company is focusing on enhancing image quality with patents for image enhancement methods for dark areas of capsule images, with Patent No. 8150123 expiring on September 3, 2030[222]. - The company is actively pursuing advancements in endoscopic imaging, with multiple patents related to structured light and physiological feature size measurement, all expiring in 2035[223]. Regulatory Compliance - The FDA regulates the company's products as medical devices, requiring either 510(k) clearance or PMA approval for commercial distribution in the U.S.[171]. - The FDA's 510(k) clearance process allows devices to be marketed if deemed substantially equivalent to existing devices, while non-equivalent devices require a more rigorous PMA process[176]. - Clinical trials for medical devices must comply with FDA regulations, and significant risk devices require an IDE application before human trials can commence[181]. - Post-market regulations include stringent quality management system requirements and mandatory reporting of device-related adverse events to the FDA[186]. - Manufacturers are subject to periodic inspections by the FDA, and non-compliance with QMSR requirements can lead to production shutdowns or product recalls[187]. - The FDA has broad enforcement powers, including the ability to impose fines, withdraw approvals, or initiate criminal prosecutions for regulatory violations[188]. Competition and Market Landscape - Competitors in the market include well-established companies like Medtronic, which have significant resources and brand recognition, posing challenges for market share[161]. - Future healthcare reform measures could limit government payments for healthcare products and services, resulting in reduced demand and pricing pressure[209]. Employee Relations - As of December 31, 2025, the company had approximately 99 full-time employees, with no employees represented by a labor union[228]. - The company maintains a good relationship with its employees and focuses on recruiting, retaining, and incentivizing talent[229]. Legal and Corporate Governance - The company is not currently involved in any litigation or legal proceedings that are likely to have a material adverse effect on its business[230]. - The corporate headquarters is located at 18805 Cox Avenue, Suite 250, Saratoga, California 95070[231]. - The company provides access to its Annual Report, Quarterly Reports, and Current Reports on its website, free of charge[232]. - The SEC maintains a website that contains reports and information filed by the company electronically[232]. - The company encourages investors and the media to follow its disclosure channels for material information[233]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[570].

Financial Performance and Funding - The company has not yet generated any revenue from sales of a commercial product and does not have any products approved for sale[25]. - In October 2025, the company entered into a collaboration agreement with Chugai Pharmaceutical, receiving a $10.0 million upfront payment and potential milestones totaling up to $175.0 million[27]. - The company sold approximately 42.6 million shares of Class A common stock and warrants for a total gross proceeds of approximately $60.3 million in October 2025[29]. - The company has received a total of $1.2 million under the Chugai Research Agreement for evaluation services of certain compounds[137]. Product Development and Clinical Trials - The company initiated a Phase 1 clinical trial for RT-114, a GLP-1/GLP-2 dual agonist for obesity, in December 2025[44]. - RT-114 demonstrated a relative bioavailability of 111% compared to subcutaneously administered PG-102 in preclinical studies[39]. - In February 2025, preclinical studies showed successful oral delivery of semaglutide via the RaniPill HC, with a relative bioavailability of 107% compared to subcutaneous administration[51][53]. - The study demonstrated comparable weight loss and decreased food intake in both oral and subcutaneous groups, indicating a pharmacodynamic effect[53]. - RT-105, an oral formulation of adalimumab, has a mean bioavailability of 49%, compared to 46% for subcutaneous injection[62]. - A Phase 1 study of RT-111 showed high bioavailability of 84% for the 0.5 mg dose relative to subcutaneous STELARA, with no serious adverse events reported[68][72]. - The Phase 1 study of RT-111 involved 55 participants, with no participants reporting difficulty swallowing the capsule[70]. - The company has tested over 350 RaniPill HC devices in vivo, including a clinical trial initiated in December 2025 for a GLP-1/GLP-2 dual agonist for obesity treatment[103]. - A recent study showed the RaniPill HC achieved a 100% oral delivery success rate for antibodies adalimumab and dupilumab in canine models[108]. - The company conducts extensive preclinical and clinical development for each product candidate, including laboratory tests and human clinical trials, which require FDA and IRB approval[168]. - Human clinical trials are typically conducted in three phases, with Phase 1 involving 20 to 80 subjects, Phase 2 involving several hundred subjects, and Phase 3 involving several hundred to several thousand subjects[177]. Market Potential and Strategy - The global market for anti-obesity treatments is estimated to reach $100 billion by 2030, with over 100 million adults in the U.S. classified as obese[37]. - The global biologics market was valued at $511.0 billion in 2024 and is projected to reach $1.4 trillion by 2033[82]. - The company aims to disrupt the injectable biologics market by developing oral biologics therapies, targeting chronic disease patients who currently rely on injections[86]. - The key markets for the company's products, once approved, will be in the United States, Europe, and Asia[144]. Manufacturing and Technology - The RaniPill capsule technology is designed to deliver a wide variety of drug substances, including antibodies and peptides, with high bioavailability[23]. - The company has invested in automated manufacturing production lines for the RaniPill capsule, which will result in significant future capital outlays[26]. - The RaniPill capsule is designed to deliver drug payloads up to 200µL with high bioavailability, and the RaniPill GO can deliver up to a 3 mg dose in microtablet form[89]. - The RaniPill capsule's proprietary coating allows it to withstand stomach acid and deploy in the small intestine, ensuring high bioavailability[95]. - The company plans to expand in-house manufacturing and optimize processes through automation, considering third-party contract manufacturers for commercial scale[91]. - The manufacturing process for RaniPill capsules involves a series of integrated and optimized steps to ensure high reliability[140]. - The company is pursuing a vertically integrated manufacturing strategy for RaniPill capsules, which allows for rapid product iteration and control over product quality[139]. Regulatory and Compliance - The company is navigating regulatory pathways for product approval, adhering to FDA regulations for biologic products[117]. - The company expects most product candidates to follow the BLA path for regulatory approval, leveraging FDA's prior conclusions of safety, purity, and potency for already-approved products[122][123]. - The company completed a pre-IND meeting with the FDA regarding RT-102, determining that a 505(b)(2) pathway is suitable for its development in the U.S.[124]. - The company must navigate various preclinical, clinical, and commercial approval requirements from regulatory authorities to obtain marketing approval for its product candidates[166]. - The FDA must grant authorization for clinical trials through an IND or IDE application, which becomes effective 30 days after receipt unless safety concerns arise[179]. - The NDA or BLA submission must include proof of safety and efficacy, and the FDA has ten months for standard review or six months for priority review after acceptance for filing[186]. - The FDA may require post-marketing clinical trials as a condition of approval for products receiving accelerated approval[190]. - Regulatory agencies require extensive monitoring and auditing of clinical activities, and progress reports must be submitted at least annually to the FDA[174]. - The FDA conducts pre-approval inspections of manufacturing facilities to ensure compliance with cGMP requirements before approving an NDA or BLA[187]. - The company must adhere to FDA regulations governing investigational product labeling, informed consent, and human subject protections throughout the clinical trial process[181]. - The FDA imposes ongoing regulations on products post-approval, including cGMP compliance and user fee requirements[192]. - Non-compliance with FDA regulations can lead to severe consequences, including product recalls and fines[193]. Strategic Partnerships and Collaborations - The company intends to enter into licenses and collaborations with biopharmaceutical companies to develop and commercialize oral versions of their biologics and drugs[34]. - The company has entered into a License and Supply Agreement with Celltrion for the development of RT-105 and RT-111, enhancing its product pipeline[61][67]. - Under the ProGen Collaboration Agreement, development costs and operating profits from the commercialization of RT-114 will be equally shared between the company and ProGen[132]. - The company is actively pursuing strategic partnerships to enhance the oral delivery of biologics and strengthen its intellectual property portfolio[91]. - The company has built a patent portfolio globally, with its initial patent family expected to extend into at least 2030 if all fees are paid[161]. Organizational Structure and Employment - As of December 31, 2025, the company had 69 full-time employees and two part-time employees, primarily based in San Jose and Fremont, California[215]. - The company underwent significant organizational transactions in connection with its IPO, including the establishment of a holding company structure with Rani Holdings as the parent company[216]. - The Tax Receivable Agreement was terminated on December 31, 2025, releasing the company from any further obligations under the agreement[217][219]. - The company amended and restated its operating agreement to appoint Rani Holdings as the sole managing member of Rani LLC and exchanged all outstanding interests into Class A Units and Class B units[218]. - The company filed an Amended and Restated Certificate of Incorporation on December 31, 2025, which became effective upon filing[220]. - The company adopted Amended and Restated Bylaws on December 31, 2025, to reflect changes resulting from the adoption of the Restated Charter[221].

Financial Performance - Fourth quarter 2025 total revenues were $27.0 million, a decrease of 3.5% year-over-year, while full year 2025 total revenues were $103.5 million, down 16.5% from 2024[7] - The net loss for Q4 2025 was $(32.7) million, or $(0.28) per share, an improvement from a net loss of $(76.7) million, or $(0.76) per share in Q4 2024[18] - The net loss for the year ended December 31, 2025, was $83.39 million, compared to a net loss of $201.32 million in 2024, showing an improvement of approximately 58.6%[33] - Adjusted EBITDA for Q4 2025 was a loss of $(10.3) million, an improvement from a loss of $(14.8) million in Q4 2024[20] - Adjusted EBITDA for the year ended December 31, 2025, was $(58.115) million, an increase in loss compared to $(52.675) million for the year ended December 31, 2024[35] Revenue Breakdown - Service revenues in Q4 2025 increased by 62% year-over-year to $14.7 million, representing 54% of total revenue, compared to 32% in Q4 2024[12] - Product revenues in Q4 2025 were $11.0 million, down 35.7% from $17.2 million in Q4 2024[4] - Total revenues for the year ended December 31, 2025, were $103.52 million, a decrease from $124.04 million in 2024, representing a decline of approximately 16.6%[29] - Product sales for the three months ended December 31, 2025, were $11.04 million, down from $17.17 million in the same period of 2024, indicating a decrease of about 35.7%[29] Expenses and Liabilities - Operating expenses in Q4 2025 decreased by 54% to $37.0 million, compared to $81.2 million in Q4 2024[16] - Operating expenses for the year ended December 31, 2025, totaled $109.60 million, down from $240.84 million in 2024, indicating a reduction of approximately 54.5%[29] - Total liabilities decreased to $82.96 million in 2025 from $99.51 million in 2024, a reduction of approximately 16.7%[31] Cash Position - Cash and cash equivalents as of December 31, 2025, totaled $39.6 million, with no debt[24] - Cash and cash equivalents at the end of 2025 were $39.57 million, a decrease from $41.85 million at the end of 2024[34] Future Outlook - For full year 2026, the company expects revenue in the range of $105 million to $115 million, with gross margins of approximately 35%[10] - The company anticipates continued growth in repeatable charging services and network recurring revenue, supported by improving utilization trends[9] Strategic Initiatives - The company completed a $20 million public equity offering in December 2025 to strengthen liquidity and support investment in DC fast charging infrastructure[8] - Blink Charging's principal line of products includes the Blink EV charging network, which utilizes proprietary cloud-based software to operate and maintain charging stations[40] - The company has established strategic partnerships for EV charging solutions across various locations, including parking facilities, healthcare facilities, and retail locations[40] Accounting and Reporting - The company reported a gross profit of $25.50 million for the year ended December 31, 2025, compared to $37.65 million in 2024, a decrease of about 32%[29] - The company reported a provision for credit losses of $3.89 million for the year ended December 31, 2025, compared to $1.72 million in 2024, representing an increase of approximately 126%[33] - Blink Charging's management believes that EBITDA is a key measure for evaluating the economic productivity of its operations[37] - The company emphasizes that Adjusted EBITDA excludes significant non-cash or non-recurring expenses, providing a clearer view of core operating results[38] Forward-Looking Statements - Forward-looking statements indicate that actual results may differ materially from projected revenue and adjusted EBITDA targets due to inherent risks and uncertainties[41] - Blink Charging has no obligation to update forward-looking statements unless required by federal securities law[41]

Financial Performance - Alpha Cognition generated fourth quarter 2025 net product revenue of $2.5 million, contributing to full year 2025 total revenue of $10.2 million[1] - Total revenues for the year ended December 31, 2025, reached $10,220,275, compared to $0 in 2024[36] - Product sales generated $6,792,024, while licensing contributed $3,428,251 to total revenues[36] - The company reported a net loss of $20,669,875 for 2025, an increase from a net loss of $14,788,727 in 2024[36] - The company reported an operating loss of $22.7 million for 2025, compared to $12.0 million in 2024[8] Growth Indicators - Bottles dispensed in Q4 increased 62% quarter-over-quarter to 4,941, with December being the strongest month since launch, selling 1,859 bottles[5] - The number of prescribers increased by 50% in Q4, indicating growing adoption of ZUNVEYL in long-term care settings[5] - The company executed a second national PBM contract, now having agreements with two of the four major PBMs relevant to long-term care[4] Expenses and Investments - Research and Development expenses decreased to $1.9 million in 2025 from $3.9 million in 2024 as the company transitioned to a commercial stage[8] - Selling, General & Administrative expenses rose to $29.1 million in 2025 from $8.0 million in 2024, reflecting increased commercial investment[8] - Selling, general and administrative expenses surged to $29,076,123 in 2025, compared to $8,012,230 in 2024, reflecting a significant increase of 263%[36] - Research and development expenses decreased to $1,867,972 in 2025 from $3,920,412 in 2024, a reduction of 52.3%[36] Cash and Assets - Cash and cash equivalents totaled $66 million at year-end 2025, supporting the target of operating profitability in 2027[1] - Cash and cash equivalents rose to $66,046,789, compared to $48,546,210 in the previous year, marking a 36% increase[34] - Total current assets increased to $79,010,272 in 2025, up from $50,251,178 in 2024, reflecting a growth of 57.3%[34] - Total liabilities increased to $17,200,060 in 2025, up from $11,642,111 in 2024, representing a 47.5% rise[34] - Stockholders' equity grew to $62,530,175 in 2025, compared to $39,094,827 in 2024, indicating a 60% increase[34] Future Plans - The company plans to initiate multiple studies, including the CONVERGE study and RESOLVE study, to further evaluate ZUNVEYL's effectiveness in long-term care[8] - Alpha Cognition expects two product approvals outside the U.S. via its partner, CMS, in Asia[8] Share Information - The weighted-average shares used to compute net loss per share increased to 17,680,597 in 2025 from 7,247,864 in 2024[36]