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 March 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: 001-40793 OCEAN BIOMEDICAL, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 87-1309280 55 Clav ...

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 March 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: 001-40793 OCEAN BIOMEDICAL, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 87-1309280 55 Clav ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 March 31, 2025 Commission File Number: 001-39752 Petros Pharmaceuticals, Inc. (Exact name of registrant as specified in its charter) Delaware 85-1410058 (State of Incorporation) (I. R. S. Employer Identification No.) 1185 Avenue of the Americas, 3rd Floor, New York, New York 10036 ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 March 31, 2025 or For the transition period from ________________ to ________________ Commission file number 001-41775 Capstone Holding Corp. (Exact name of registrant as specified in its charter) Delaware 8 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 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: 001-39290 WINDTREE THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware (State or ...

Investment and Development - The company emphasizes the need for significant investment in research and development to deliver innovative products and avoid reliance on third-party technologies[50] - The complexity and rapid development of AI technology require significant investment to ensure compliance with evolving legal frameworks, potentially increasing operational costs[66] - The company plans to continue investing in direct marketing, partner distribution channels, and infrastructure to attract new customers[71] Competition and Market Dynamics - The company faces competition from various software vendors and technology companies, which may impact its market share and revenue[56] - The competitive environment is characterized by rapid technological changes and evolving customer preferences, necessitating continuous innovation[55] - The competitive landscape includes threats from both established companies and new entrants, with many competitors offering free or low-cost alternatives[56] - The introduction of new products by competitors could reduce the company's market share and revenue[59] Customer Retention and Satisfaction - Customer retention is critical, with the company relying on existing customers to expand their use of solutions and convert non-paying customers to paying ones[69] - Customer satisfaction and the perceived value of solutions are critical for retention and acquisition, with competition and economic conditions impacting these factors[73] - The company may experience declining customer retention rates, which could slow revenue growth and adversely affect operating results[70] - High-quality customer support is essential for customer satisfaction, and any failure to meet support expectations could negatively impact customer retention and business[112] Regulatory and Compliance Challenges - The evolving regulatory landscape for AI technologies, including the EU AI Act, may impose additional compliance costs and operational challenges[65] - The company is subject to a high degree of regulation, including compliance with various federal and state consumer protection laws, which could adversely affect its business operations and financial condition[123] - The California Consumer Privacy Act (CCPA) imposes requirements on companies regarding the collection and use of personal information, which could lead to increased compliance costs and potential penalties[104] - The regulatory landscape for blockchain technologies and digital assets is evolving, with potential implications for the company's operations as state and federal regulations may require additional licensing[134] Acquisitions and Integration - The company has completed several acquisitions, including Avira and Avast, which involve risks such as integration challenges and potential loss of customers[67] - The company may face challenges in identifying and executing strategic acquisitions that align with its business strategy and generate expected financial benefits[68] - The company completed the acquisition of MoneyLion in April 2025, following previous acquisitions of Avira in January 2021 and Avast in September 2022, indicating a strategic focus on expanding its cybersecurity portfolio[67] - The company may face increased costs and operational challenges related to acquisitions, including integration difficulties and potential liabilities from acquired businesses[72] Financial Performance and Risks - There are substantial accounting charges related to acquisition costs, asset impairments, and increased stock-based compensation expenses[72] - The company faces risks associated with open source software that could negatively affect its business, including potential litigation and the requirement to release proprietary source code[155] - The company’s quarterly financial results have fluctuated in the past, which could affect the trading price of its stock and complicate future capital raising efforts[173] - The company’s ability to meet its debt obligations is dependent on cash flow generation from its subsidiaries, which may not always be possible[158] Cybersecurity and Operational Risks - Cybersecurity events pose a material risk to the company's reputation and future sales, with heightened concerns from customers due to recent high-profile attacks in the financial services industry[97] - The company is an attractive target for cyberattacks, particularly from nation-states, which may increase due to geopolitical tensions, potentially harming its reputation and operations[98] - Data breaches could lead to significant legal, financial, and reputational harm, including government inquiries and negative publicity, impacting customer trust and operational capabilities[99] - The company relies on third-party service providers for critical operations, and any disruption in their services could lead to operational interruptions and increased costs[108] Economic and Market Conditions - Adverse macroeconomic conditions, including high inflation and rising interest rates, could lead to increased financing costs and negatively impact the consumer finance industry[166] - The company may experience a decline in demand for its lending products due to increased interest rates and economic downturns, which could adversely affect its financial condition[172] - Increased unemployment levels may lead to higher non-repayment rates on loans and cash advances, adversely impacting the company’s financial performance[171] Strategic Challenges - The company faces challenges in accurately measuring customer usage and counts, which may affect the understanding of business performance[74] - The company faces challenges in managing sales and distribution channels, which could adversely affect operating results if partners do not effectively market and sell its solutions[79] - The company must navigate risks associated with the development and deployment of AI, including potential legal liabilities and reputational harm[62] - The company must attract and retain skilled personnel in a competitive marketplace, particularly in areas like AI and cybersecurity[90]

Financial Performance - Total revenue for the three months ended March 31, 2025, was $71,946,000, representing an increase of $6,885,000 or 10.6% compared to $65,061,000 in the same period in 2024[107] - Rental revenue increased by $6,936,000 or 10.8% to $71,078,000 for the three months ended March 31, 2025, compared to $64,142,000 in 2024[107] - Gross profit decreased to $14,349,000 for the three months ended March 31, 2025, down $2,139,000 or 13.0% from $16,488,000 in the same period in 2024[107] - Net loss for the three months ended March 31, 2025, was $5,688,000, an increase of $5,118,000 or 897.9% compared to a net loss of $570,000 in 2024[107] - Adjusted gross profit for the three months ended March 31, 2025, was $12,492,000, down from $14,847,000 in the same period in 2024[119] - Adjusted EBITDA for the three months ended March 31, 2025, was $2,240,000, a decrease of $3,390,000 or 60.3% from $5,630,000 in 2024[121] - Adjusted net income (loss) for the same period was $(3.356) million, a decrease from an adjusted net income of $0.983 million in 2024[123] Operating Expenses - Operating expenses increased by $2,197,000 or 17.3% to $14,885,000 for the three months ended March 31, 2025, compared to $12,688,000 in 2024[115] - Fixed cash operating expenses increased to $10.402 million in Q1 2025 from $9.390 million in Q1 2024, reflecting a rise of approximately 10.8%[124] Cash Flow and Liquidity - Cash provided by operating activities increased by $1.5 million to $3.438 million in Q1 2025 compared to $1.980 million in Q1 2024[130] - As of May 12, 2025, the company had total cash on hand of $12.8 million, including $7.1 million of unrestricted cash, raising concerns about its ability to repay loans at maturity[126] - The company had a combined principal balance outstanding of approximately $113.3 million related to the RLOC and term loan, both maturing within twelve months[125] - The company experienced a decrease in net proceeds from the RLOC of $4.9 million, contributing to a change in cash used in financing activities of $12.2 million in Q1 2025 compared to Q1 2024[132] Debt and Interest Rates - The interest rate on the RLOC increased from 7.5% to 8.5% per annum, with the current rate at 12.9% as of March 31, 2025[141] - The interest rate on the Term Loan was 18.4% as of March 31, 2025, which includes 6.00% PIK interest[142] - The company is currently seeking to refinance its loans prior to maturity in June 2025, which raises substantial doubt about its ability to continue as a going concern[126] Originations and Write-offs - Gross originations for the three months ended March 31, 2025, were $55,630,000, a decrease of $8,569,000 or 15.4% from $64,199,000 in the same period in 2024[99] - Write-offs as a percentage of total revenue were 9.0% for the three months ended March 31, 2025, compared to 8.4% in the same period in 2024, remaining within the target range of 8% to 10%[109] - Katapult Pay represented 35% of gross originations during the three months ended March 31, 2025, up from 26% in the same period in 2024[100]

Corporate Actions - The company completed a reverse stock split at a ratio of 1:30, reducing the number of outstanding shares from approximately 30.1 million to approximately 1 million shares [131][132]. - The merger agreement with 20/20 Biolabs includes a requirement to raise a minimum of $4 million in concurrent financing, with up to $2 million allowed as debt [134]. - The company acquired substantially all assets of PMGC Holdings Inc. for a total consideration of 38,308 shares of common stock and $56,525 in cash, with additional earnout payments based on future sales [136][137]. - The company closed a private placement on January 2, 2025, generating gross proceeds of approximately $1.85 million [151]. Financial Performance - As of March 31, 2025, the company reported a negative net working capital of $3,805,736 and a net loss from continuing operations of $1,505,867 [149]. - Gross sales for the three months ended March 31, 2025, were $534,943, resulting in net sales of $510,353 and a gross profit of $269,823 [153][154]. - Operating expenses increased by 29% to $1,776,574 for the three months ended March 31, 2025, driven by selling and marketing expenses of $280,549 and general and administrative expenses of $1,275,161 [153][156]. - Research and development expenses decreased by 54% to $196,912 compared to the same period in 2024, reflecting cost-cutting measures [156]. - Net cash used in operating activities decreased by $322,825 to $(752,953) for the three months ended March 31, 2025, compared to the same period in 2024 [165]. - Other expenses, net, significantly decreased to $884 for the three months ended March 31, 2025, compared to $2,172,817 in the same period of 2024 [157]. Compliance and Regulatory Issues - The company received notices from Nasdaq regarding non-compliance with listing requirements, including a market value below $35 million and a minimum bid price below $1 per share [141][142]. - The Nasdaq Hearings Panel granted an additional compliance period until September 2, 2025, to regain compliance with listing requirements [144]. Economic and Operational Challenges - Economic uncertainties, including geopolitical tensions and inflation, could materially affect the company's financial condition and operations [146]. - The company is facing substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flows from operations [150][161]. - The company had cash of $770,047 as of March 31, 2025, and is exploring additional capital raising options to enhance liquidity [158][161]. Future Projections - The Elevai Acquisition completed on January 16, 2025, is expected to contribute approximately $2.5 million in revenue based on 2024 performance [151][160].

Corporate Actions - The company executed a reverse stock split at a ratio of 1:30, reducing the number of outstanding shares from approximately 30.1 million to about 1 million shares [131][132]. - The merger agreement with 20/20 Biolabs includes a requirement for the company to raise a minimum of $4 million in concurrent financing, with up to $2 million allowed as debt [134]. - The company completed the acquisition of Elevai Skincare, Inc., involving the issuance of 38,308 shares of common stock and a cash payment of $56,525 contingent on product sales [136][137]. Financial Performance - As of March 31, 2025, the company reported a negative net working capital of $3,805,736 and a net loss from continuing operations of $1,505,867, with negative cash flow from operations of $752,953 for the three months ended March 31, 2025 [149][150][158]. - Gross sales for the three months ended March 31, 2025, were $534,943, resulting in net sales of $510,353 and a gross profit of $269,823 [153][154]. - Operating expenses increased by 29% to $1,776,574 for the three months ended March 31, 2025, compared to $1,380,345 in the same period of 2024 [153]. - Research and development expenses decreased by 54% to $196,912 in the first quarter of 2025, down from $429,420 in the same period of 2024 [156]. - The company completed the Elevai Acquisition on January 16, 2025, which generated approximately $2.5 million in revenue in 2024 [151][160]. - The net loss from continuing operations decreased by 58% from $3,553,162 in the first quarter of 2024 to $1,505,867 in the first quarter of 2025 [165]. Compliance and Regulatory Issues - The company received Nasdaq delisting notices due to failing to meet the minimum market value of listed securities requirement of $35 million and the minimum bid price requirement of $1 per share [141][142]. - The Nasdaq Hearings Panel granted the company an additional compliance period until September 2, 2025, to regain compliance with listing requirements [144]. - The company believes that the merger and reverse stock split may help regain compliance with Nasdaq's listing requirements, but there are no guarantees [145]. Economic Factors - Economic uncertainties, including geopolitical tensions and inflation, could materially affect the company's financial condition and results of operations [146]. Capital and Liquidity - Net cash provided by financing activities was $1,515,861 for the three months ended March 31, 2025, compared to cash used in financing activities of $195,726 for the same period in 2024 [167]. - The company is exploring raising additional capital and out-licensing certain research and development programs to enhance liquidity [152][160]. - As of March 31, 2025, the company had outstanding debt totaling $119,409 related to insurance premium financing [163]. - The company anticipates that revenue from the continued commercialization of its cosmetic products will assist in extending its cash runway [160].

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 March 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: 001-42211 Voyager Acquisition Corp. (Exact name of registrant as specified in its charter) Cayman Islands N/A ...