Exhibit 99.1 LAZYDAYS REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS Tampa, FL (August 14, 2025) – Lazydays Holdings, Inc. (NasdaqCM: GORV) ("Lazydays," the "Company" or "we") today reports financial results for the second quarter ended June 30, 2025. Ron Fleming, CEO, said, "We continued to advance our turnaround plan in the second quarter of 2025. Our focus on operational performance resulted in increases in gross profit margins across all products and services compared to the prior year period, and our pu ...

Exhibit 99.1 LAZYDAYS REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS Tampa, FL (August 14, 2025) – Lazydays Holdings, Inc. (NasdaqCM: GORV) ("Lazydays," the "Company" or "we") today reports financial results for the second quarter ended June 30, 2025. Ron Fleming, CEO, said, "We continued to advance our turnaround plan in the second quarter of 2025. Our focus on operational performance resulted in increases in gross profit margins across all products and services compared to the prior year period, and our pu ...

EX-99.1 2 realpha_ex991.htm PRESS RELEASE EXHIBIT 99.1 reAlpha Tech Corp. Announces 1,909% Year-over-Year Revenue Growth for Quarter Ended June 30, 2025 DUBLIN, Ohio, August 14, 2025 (GLOBE NEWSWIRE) -- reAlpha Tech Corp. (Nasdaq: AIRE) (the "Company" or "reAlpha"), an AI-powered real estate technology company, today announced financial results and business highlights for the quarter ended June 30, 2025. Business Highlights · Revenue increased 1,909% to approximately $1.3 million in the second quarter of 20 ...

[Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlights the transformative Beckley Psytech combination, solidifying atai's leadership in psychedelic mental health and advancing its clinical pipeline with strong investor confidence - The planned strategic combination with Beckley Psytech is expected to establish atai as a **global leader** in psychedelic mental health[3](index=3&type=chunk) - The combination adds **BPL-003**, a late-stage, clinically-validated asset for treatment-resistant depression (TRD), to atai's wholly owned pipeline[3](index=3&type=chunk) - Recent fundraising efforts in 2025 totaled nearly **$140 million**, reflecting strong investor confidence in the company's strategy[3](index=3&type=chunk) [Key Highlights](index=1&type=section&id=Key%20Highlights) Positive topline data for BPL-003 in TRD demonstrated rapid, durable effects, with cash expected to fund operations into H2 2027, and key milestones anticipated in Q3 2025 - Positive topline data from the **Phase 2b trial of BPL-003** in TRD met primary and key secondary endpoints, showing single-dose effects for up to **8 weeks**[4](index=4&type=chunk) - Topline data from the eight-week open-label extension of the BPL-003 Phase 2b trial is expected in **Q3 2025**[4](index=4&type=chunk) - The company's cash, securities, and other assets are expected to fund combined operations into the **second half of 2027**[4](index=4&type=chunk) [Recent Clinical Highlights and Upcoming Milestones](index=2&type=section&id=Recent%20Clinical%20Highlights%20and%20Upcoming%20Milestones) Updates on key clinical programs include positive BPL-003 Phase 2b results, VLS-01 data delay to H2 2026, ongoing EMP-01 enrollment, and Inidascamine's Phase 2b trial not meeting its primary endpoint [BPL-003 (Intranasal Mebufotenin)](index=2&type=section&id=BPL-003) BPL-003's Phase 2b study in TRD met all endpoints, showing rapid, durable antidepressant effects for up to 8 weeks, with the 8 mg dose selected for Phase 3 - The Phase 2b study met its primary endpoint, demonstrating rapid and durable antidepressant effects for up to **8 weeks** with a single dose[5](index=5&type=chunk) - BPL-003 was generally well-tolerated, with **99%** of treatment-emergent adverse events being mild or moderate, and no drug-related serious adverse events[5](index=5&type=chunk) - The **8 mg dose** has been selected for Phase 3 advancement, with an End-of-Phase 2 meeting request planned for **Q3 2025**[5](index=5&type=chunk) [VLS-01 (Buccal Film DMT)](index=2&type=section&id=VLS-01) Topline data for VLS-01 in TRD is delayed to H2 2026 due to slower site activation and patient recruitment in its Phase 2 trial - Topline data from the Phase 2 trial of VLS-01 in TRD patients is now anticipated in the **second half of 2026**[5](index=5&type=chunk) - The delay is attributed to slower-than-anticipated site activation and patient recruitment[5](index=5&type=chunk) [EMP-01 (Oral R-MDMA)](index=2&type=section&id=EMP-01) Enrollment continues for the Phase 2 study of EMP-01 for social anxiety disorder, with topline data expected in Q1 2026 - Patient enrollment continues in the Phase 2 study of EMP-01 for social anxiety disorder (SAD)[5](index=5&type=chunk) - Topline data from the Phase 2 study are anticipated in the **first quarter of 2026**[5](index=5&type=chunk) [Inidascamine (RL-007)](index=3&type=section&id=Inidascamine) Inidascamine's Phase 2b trial for CIAS did not meet its primary endpoint, leading atai to reallocate resources to its wholly owned psychedelic programs - The Phase 2b trial of inidascamine for CIAS did not meet its primary endpoint with statistical significance[10](index=10&type=chunk) - atai plans to allocate resources to its wholly owned pipeline of psychedelic product candidates focused on affective disorders[10](index=10&type=chunk) [Novel 5-HT2A Receptor Agonists](index=2&type=section&id=Novel%205-HT2A%20Receptor%20Agonists) Novel 5-HT2A receptor agonists with non-hallucinogenic potential in rodent studies are undergoing further optimization and evaluation for therapeutic use - Discovered novel **5-HT2A receptor agonists** that maintain non-hallucinogenic potential in rodent drug discrimination studies[6](index=6&type=chunk) [Corporate Updates](index=3&type=section&id=Corporate%20Updates) atai is advancing its strategic combination with Beckley Psytech for Q4 2025 shareholder approval and initiating US redomiciliation for structural and operational efficiencies - The planned strategic combination with Beckley Psytech is expected to proceed to shareholder approval in **Q4 2025**[10](index=10&type=chunk) - The company has initiated the process to move its corporate domicile to the US for structural simplification and operational efficiencies[10](index=10&type=chunk) [Consolidated Financial Results](index=3&type=section&id=Consolidated%20Financial%20Results) Q2 2025 net loss significantly narrowed to $27.7 million, cash increased to $95.9 million, R&D expenses decreased, and G&A expenses rose due to strategic transactions [Financial Position and Liquidity](index=3&type=section&id=Financial%20Position%20and%20Liquidity) As of June 30, 2025, cash and equivalents totaled $95.9 million, an increase driven by $89.2 million in equity issuances, funding operations into H2 2027 Cash, Cash Equivalents, and Short-Term Securities | Metric | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Cash, cash equivalents and short-term securities | $95.9 million | $72.3 million | - The **$23.6 million** increase in cash is primarily due to **$89.2 million** in net proceeds from equity issuances, offset by cash used in operations and debt payoff[7](index=7&type=chunk) - The company's cash runway is expected to fund operations for the combined company into the **second half of 2027**[7](index=7&type=chunk) [Operating Expenses and Net Loss](index=3&type=section&id=Operating%20Expenses%20and%20Net%20Loss) Q2 2025 saw R&D expenses decrease to $11.1 million, G&A expenses increase to $14.9 million, and net loss narrow significantly to $27.7 million Operating Expenses and Net Loss (Q2) | Expense Category | 2025 (Millions USD) | 2024 (Millions USD) | Change (Millions USD) | | :--- | :--- | :--- | :--- | | R&D Expenses | $11.1 | $12.6 | ($1.5) | | G&A Expenses | $14.9 | $13.4 | +$1.5 | | Net Loss | ($27.7) | ($57.3) | $29.6 | - The decrease in R&D expenses was primarily due to lower personnel-related expenses and consulting services[8](index=8&type=chunk) - The increase in G&A expenses was largely due to legal and professional service costs related to the planned Beckley Psytech combination and US redomiciliation[9](index=9&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) Condensed consolidated financial statements detail a Q2 2025 net loss of $27.7 million, with total assets of $189.2 million and stockholders' equity of $143.9 million [Condensed Consolidated Statements of Operations](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q2 2025 statements show revenue of $0.7 million, total operating expenses of $26.0 million, and a net loss of $27.7 million, or ($0.14) per share Condensed Consolidated Statements of Operations (Three Months Ended June 30) | Metric | 2025 (unaudited) | 2024 | | :--- | :--- | :--- | | Revenue (Thousands USD) | $719 | $273 | | Total operating expenses (Thousands USD) | $25,992 | $26,002 | | Loss from operations (Thousands USD) | ($25,273) | ($25,729) | | Net loss attributable to stockholders (Thousands USD) | ($27,729) | ($57,312) | | Net loss per share — basic and diluted (USD) | ($0.14) | ($0.36) | [Condensed Consolidated Balance Sheet](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET) As of June 30, 2025, the balance sheet reports total assets of $189.2 million, total liabilities of $45.3 million, and stockholders' equity of $143.9 million Condensed Consolidated Balance Sheet (Thousands USD) | Metric | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $61,940 | $17,505 | | Total assets | $189,204 | $159,387 | | Total liabilities | $45,279 | $42,833 | | Total stockholders' equity | $143,925 | $116,554 | [Legal Disclaimers and Forward-Looking Statements](index=4&type=section&id=Legal%20Disclaimers) This section outlines forward-looking statements regarding business strategy, clinical development, the Beckley Psytech transaction, and financial projections, all subject to significant risks and uncertainties - The press release includes forward-looking statements regarding business strategy, product candidate development, the proposed transaction with Beckley Psytech, and cash runway[13](index=13&type=chunk) - These statements involve risks and uncertainties, including the possibility that proposed transactions may not be completed or their anticipated benefits realized[14](index=14&type=chunk) - Investors are urged to read the S-4 Registration Statement and Proxy Statement, when available, for important information about the proposed transactions[16](index=16&type=chunk)

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) Presents Werewolf Therapeutics' unaudited condensed consolidated financial statements and management's discussion for Q2 and H1 2025 [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) Presents Werewolf Therapeutics' unaudited condensed consolidated financial statements for Q2 and H1 2025, showing a net loss and decreased cash [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $92.6 million by June 30, 2025, driven by reduced cash, while equity fell due to net losses Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $77,596 | $110,995 | | Total current assets | $80,439 | $113,066 | | Total assets | $92,566 | $126,929 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $15,171 | $15,180 | | Total liabilities | $51,102 | $53,539 | | Accumulated deficit | $(450,659) | $(414,588) | | Total stockholders' equity | $41,464 | $73,390 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net loss for Q2 2025 was $18.0 million, with H1 2025 net loss at $36.1 million, and collaboration revenue at zero Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Collaboration revenue | $0 | $1,143 | $0 | $1,885 | | Research and development | $13,143 | $15,271 | $26,263 | $28,179 | | General and administrative | $4,399 | $4,832 | $9,270 | $9,828 | | Operating loss | $(17,542) | $(18,960) | $(35,533) | $(36,122) | | Net loss | $(17,982) | $(17,249) | $(36,071) | $(33,442) | | Net loss per share, basic | $(0.40) | $(0.40) | $(0.80) | $(0.79) | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity decreased from $73.4 million to $41.5 million by June 30, 2025, primarily due to the $36.1 million net loss - Total stockholders' equity declined from **$73.4 million** at December 31, 2024 to **$41.5 million** at June 30, 2025, primarily due to a net loss of **$36.1 million** for the six-month period[26](index=26&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to $34.1 million in H1 2025, leading to a $33.7 million net decrease in cash Six Months Ended June 30, Cash Flow Summary (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(34,112) | $(29,474) | | Net cash used in investing activities | $0 | $(128) | | Net cash provided by financing activities | $388 | $10,539 | | **Net decrease in cash** | **$(33,724)** | **$(19,063)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Details accounting policies, the conclusion of the Jazz collaboration, the K2HV loan, and the company's liquidity outlook - The company is an early-stage biopharmaceutical company pioneering therapeutics to stimulate the immune system for cancer treatment[31](index=31&type=chunk) - With **$77.6 million** in cash and cash equivalents as of June 30, 2025, the company expects to fund its operating expenses and capital expenditure requirements for at least the next twelve months, but will require additional funding thereafter[33](index=33&type=chunk) - In June 2024, the company completed its last material performance obligation under the Collaboration Agreement with Jazz Pharmaceuticals, resulting in the recognition of all remaining deferred revenue from that agreement[44](index=44&type=chunk) - In May 2024, the company repaid its loan with Pacific Western Bank and entered into a new loan agreement with K2 HealthVentures (K2HV), drawing down **$30.0 million** in gross proceeds[55](index=55&type=chunk)[56](index=56&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition, clinical program updates for WTX-124 and WTX-330, and liquidity, confirming cash sufficiency into Q4 2026 [Overview](index=20&type=section&id=Overview) Werewolf develops conditionally activated immunotherapies, with lead candidates WTX-124 and WTX-330 in Phase 1/1b and Phase 1b/2 trials respectively - The company's most advanced product candidates, WTX-124 (IL-2) and WTX-330 (IL-12), are systemically delivered, conditionally activated INDUKINE molecules for treating various tumor types[91](index=91&type=chunk) - WTX-124 is being evaluated in a Phase 1/1b clinical trial as a monotherapy and in combination with KEYTRUDA, with plans to present interim data from expansion arms in the second half of 2025[92](index=92&type=chunk) - WTX-330 initiated a Phase 1b/2 clinical trial in Q1 2025, with the first patient dosed in Q2 2025 for the treatment of advanced or metastatic solid tumors[93](index=93&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q2 2025 saw zero revenue and decreased R&D expenses, while H1 2025 net loss increased to $36.1 million due to lower interest income Comparison of Three Months Ended June 30, (in thousands) | Item | 2025 | 2024 | $ Change | | :--- | :--- | :--- | :--- | | Collaboration revenue | $0 | $1,143 | $(1,143) | | Research and development | $13,143 | $15,271 | $(2,128) | | General and administrative | $4,399 | $4,832 | $(433) | | **Net loss** | **$(17,982)** | **$(17,249)** | **$(733)** | - The **$2.1 million** decrease in Q2 2025 R&D expenses was primarily due to a **$1.8 million** decrease in manufacturing costs for WTX-330 and a **$0.5 million** decrease in personnel costs[116](index=116&type=chunk)[119](index=119&type=chunk) Comparison of Six Months Ended June 30, (in thousands) | Item | 2025 | 2024 | $ Change | | :--- | :--- | :--- | :--- | | Collaboration revenue | $0 | $1,885 | $(1,885) | | Research and development | $26,263 | $28,179 | $(1,916) | | General and administrative | $9,270 | $9,828 | $(558) | | **Net loss** | **$(36,071)** | **$(33,442)** | **$(2,629)** | - The **$1.9 million** decrease in H1 2025 R&D expenses was mainly from a **$2.2 million** reduction in manufacturing costs and a **$0.7 million** decrease in personnel costs, partially offset by a **$0.7 million** increase in clinical trial costs for WTX-124 and WTX-330[126](index=126&type=chunk)[127](index=127&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company had $77.6 million in cash, sufficient into Q4 2026, but requires substantial additional funding - As of June 30, 2025, the company had cash and cash equivalents of **$77.6 million**[147](index=147&type=chunk) - Management estimates that existing cash will be sufficient to fund operational expenses and capital expenditure requirements into the fourth quarter of 2026[147](index=147&type=chunk) - The company has an active K2HV Loan Agreement with **$30.0 million** drawn and up to an additional **$20.0 million** available through May 1, 2026, subject to lender consent[139](index=139&type=chunk)[140](index=140&type=chunk) - The company's at-the-market (ATM) offering capacity is limited to an aggregate offering price of up to **$12.5 million** due to the "Baby Shelf Limitation" under Form S-3 rules[145](index=145&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the registrant is exempt from providing market risk disclosures - As a smaller reporting company, the registrant is not required to provide the information for this item[161](index=161&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Based on an evaluation as of June 30, 2025, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level[162](index=162&type=chunk) - There were no changes during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[163](index=163&type=chunk) [PART II. OTHER INFORMATION](index=34&type=section&id=PART%20II.%20OTHER%20INFORMATION) Presents other information including significant risk factors and a list of exhibits filed with the Form 10-Q [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) Details risks including limited operating history, dependence on early-stage candidates, funding needs, reliance on third parties, and intense competition [Risks Related to Financial Position and Capital Requirements](index=34&type=section&id=Risks%20Related%20to%20Our%20Limited%20Operating%20History,%20Financial%20Position%20and%20Capital%20Requirements) The company faces risks from its limited operating history, accumulated deficit of $450.7 million, ongoing losses, and the need for substantial additional funding - The company has a limited operating history, an accumulated deficit of **$450.7 million** as of June 30, 2025, and expects to incur significant losses for the foreseeable future[166](index=166&type=chunk)[167](index=167&type=chunk) - Substantial additional funding is required to complete the development and commercialization of product candidates, and an inability to raise this capital could force the company to delay, reduce, or eliminate its R&D programs[170](index=170&type=chunk) - The K2HV Loan Agreement contains operating covenants that restrict the company's ability to incur future debt, pay dividends, and dispose of assets, among other limitations[177](index=177&type=chunk) [Risks Related to Discovery, Development, and Commercialization](index=38&type=section&id=Risks%20Related%20to%20the%20Discovery,%20Development,%20Regulatory%20Approval%20and%20Commercialization%20of%20Our%20Product%20Candidates) Business success depends on early-stage candidates and an unproven platform, facing risks in development, manufacturing, and intense competition - The company's business is highly dependent on the success of its initial INDUKINE and INDUCER molecules, which are in early stages of development and require significant additional development[187](index=187&type=chunk) - The PREDATOR platform approach is unproven, and there is no guarantee it will produce commercially valuable products[196](index=196&type=chunk) - Manufacturing the company's novel multi-domain biologics is complex, has never been done at commercial scale, and is subject to risks of delay or failure[200](index=200&type=chunk) - The company faces substantial competition from major pharmaceutical and biotechnology companies developing immunotherapies, including numerous companies developing IL-2 and IL-12 based therapies[238](index=238&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk) [Risks Related to Dependence on Third Parties](index=50&type=section&id=Risks%20Related%20to%20Our%20Dependence%20on%20Third%20Parties) Reliance on third-party CROs and CMOs for clinical trials and manufacturing, and a license agreement with Harpoon Therapeutics, poses significant operational risks - The company depends on third-party CROs to conduct preclinical studies and clinical trials and is responsible for ensuring their compliance with regulations like cGCP[259](index=259&type=chunk)[261](index=261&type=chunk) - Without its own clinical manufacturing capabilities, the company relies on third-party CMOs, exposing it to risks of supply disruption, quality issues, and regulatory non-compliance[265](index=265&type=chunk) - The company relies on a license agreement with Harpoon Therapeutics for patent rights essential to its PREDATOR platform and product candidates[285](index=285&type=chunk) [Risks Related to Intellectual Property](index=54&type=section&id=Risks%20Related%20to%20Our%20Intellectual%20Property) Success hinges on obtaining and maintaining patent protection, which is uncertain, and managing risks of infringement claims and trade secret protection - The company's success depends on obtaining and maintaining patent protection for its PREDATOR platform and product candidates, but the scope and validity of such protection are uncertain[275](index=275&type=chunk)[276](index=276&type=chunk) - The company may face third-party claims of intellectual property infringement, which could be expensive and time-consuming to defend and could prevent or delay development efforts[309](index=309&type=chunk) - The company relies on trade secret protection for key aspects of its technology, but it cannot guarantee that these secrets will not be disclosed or independently discovered by competitors[305](index=305&type=chunk) [Risks Related to Regulatory Approval and Legal Compliance](index=65&type=section&id=Risks%20Related%20to%20Regulatory%20Approval%20and%20Marketing%20of%20Our%20Product%20Candidates%20and%20Other%20Legal%20Compliance%20Matters) Regulatory approval is expensive and uncertain, with ongoing compliance burdens, healthcare fraud laws, data privacy regulations, and potential FDA disruptions posing risks - The regulatory approval process is expensive, time-consuming, and uncertain, and the company has no experience in filing for marketing approvals[338](index=338&type=chunk) - Disruptions at the FDA and other government agencies due to funding cuts, personnel losses, or other factors could hinder the timely approval of product candidates[347](index=347&type=chunk) - The company is subject to healthcare fraud and abuse laws, which could expose it to criminal sanctions, civil penalties, and exclusion from government healthcare programs if found non-compliant[415](index=415&type=chunk) - The company must comply with complex and evolving state, national, and international privacy and data security laws, with non-compliance potentially leading to significant fines and reputational damage[425](index=425&type=chunk) [Risks Related to Business Operations and Public Company Status](index=83&type=section&id=Risks%20Related%20to%20Our%20Business%20Operations,%20Employee%20Matters%20and%20Managing%20Growth) Risks include dependence on key personnel, cybersecurity threats, stock price volatility, and increased public company compliance costs - The company is highly dependent on retaining key employees and faces fierce competition for qualified personnel in the Boston area[450](index=450&type=chunk)[451](index=451&type=chunk) - The company is exposed to risks from cyberattacks, which could lead to data loss, operational disruption, and financial loss[453](index=453&type=chunk)[454](index=454&type=chunk) - The company's stock price is volatile, and it may be delisted from Nasdaq if it fails to meet continued listing requirements, such as the minimum bid price[465](index=465&type=chunk)[467](index=467&type=chunk) - In the past, the company has identified material weaknesses in its internal control over financial reporting, which have since been fully remediated[480](index=480&type=chunk) [Item 6. Exhibits](index=91&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Form 10-Q, including corporate governance documents and officer certifications - This section lists the exhibits filed with the report, including corporate governance documents, an employment agreement, and officer certifications required by the Sarbanes-Oxley Act[493](index=493&type=chunk)

Cambridge, MA – August 14, 2025 – Leap Therapeutics, Inc. (Nasdaq:LPTX), a biotechnology company focused on developing targeted and immuno-oncology therapeutics, today reported financial results for the second quarter of 2025. Leap Highlights: DKN-01 Development Update · Reported updated clinical data from Part B of the DeFianCe study of sirexatamab plus bevacizumab and chemotherapy in CRC patients. In the updated analysis as of May 22, 2025, sirexatamab demonstrated a statistically significant benefit on o ...

PART I: FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Unaudited financial statements for June 30, 2025, reflect substantial asset and income growth, primarily from the October 2024 Loan Portfolio Acquisition, maintaining a focus on U.S. cannabis industry loans [Statements of Assets and Liabilities](index=5&type=section&id=Statements%20of%20Assets%20and%20Liabilities) As of June 30, 2025, total assets reached **$331.8 million**, with net assets at **$301.8 million**, reflecting a slight increase from year-end 2024 and a NAV per share of **$13.23** Key Balance Sheet Data (in thousands) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Investments at fair value | $307,499 | $275,241 | | Cash and cash equivalents | $13,829 | $23,932 | | **Total Assets** | **$331,750** | **$309,561** | | **Liabilities** | | | | Revolving line of credit | $5,000 | $0 | | **Total Liabilities** | **$29,907** | **$8,398** | | **Net Assets** | **$301,844** | **$301,163** | | **NAV per Share** | **$13.23** | **$13.20** | [Statements of Operations](index=6&type=section&id=Statements%20of%20Operations) For the six months ended June 30, 2025, total investment income surged to **$25.0 million**, driving net investment income to **$15.3 million** and a net increase in net assets from operations of **$16.2 million** Statements of Operations Highlights (Six Months Ended June 30) | Metric (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Total Investment Income | $25,003 | $5,842 | | Net Expenses | $9,690 | $4,396 | | **Net Investment Income** | **$15,313** | **$1,446** | | Net Realized/Unrealized Gains | $886 | $367 | | **Net Increase in Net Assets** | **$16,199** | **$1,813** | | NII Per Share | $0.67 | $0.23 | | Net Increase in Net Assets Per Share | $0.71 | $0.29 | [Statements of Changes in Net Assets](index=7&type=section&id=Statements%20of%20Changes%20in%20Net%20Assets) For the six months ended June 30, 2025, net assets increased by **$0.7 million** to **$301.8 million**, primarily due to a **$16.2 million** net increase from operations, largely offset by **$15.5 million** in stockholder distributions - The primary drivers for the change in net assets during the first six months of 2025 were net income from operations of **$16.2 million**, offset by distributions to stockholders of **$15.5 million**[20](index=20&type=chunk) [Statements of Cash Flows](index=9&type=section&id=Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was **$5.3 million**, and in financing activities was **$4.8 million**, leading to a **$10.1 million** decrease in cash and cash equivalents Cash Flow Summary (Six Months Ended June 30, 2025) | Activity | Net Cash Flow (in millions) | | :--- | :--- | | Operating Activities | $(5.3) | | Financing Activities | $(4.8) | | **Net Decrease in Cash** | **$(10.1)** | | Cash at Beginning of Period | $23.9 | | **Cash at End of Period** | **$13.8** | [Schedule of Investments](index=10&type=section&id=Schedule%20of%20Investments) As of June 30, 2025, the investment portfolio's fair value reached **$307.5 million**, predominantly in first-lien senior secured U.S. debt, with a **76.1%** concentration in the U.S. Cannabis sector Total Investments (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Amortized Cost | $305,719 | $274,347 | | Fair Value | $307,499 | $275,241 | | % of Net Assets | 101.9% | 91.4% | - The portfolio is heavily concentrated in the U.S. Cannabis industry, which represents **76.1% of net assets** as of June 30, 2025[24](index=24&type=chunk) [Notes to Financial Statements](index=18&type=section&id=Notes%20to%20Financial%20Statements) The notes detail organization, accounting policies, and key events, including the October 2024 Loan Portfolio Acquisition and the new **$100 million** revolving credit facility, with all investments classified as Level 3 - On October 1, 2024, the company acquired a loan portfolio from Chicago Atlantic Loan Portfolio, LLC (CALP) in exchange for **16.6 million shares** of common stock, valued at **$219.6 million**. In connection with this, the company was renamed Chicago Atlantic BDC, Inc. and its ticker changed to 'LIEN'[43](index=43&type=chunk)[45](index=45&type=chunk) - As of June 30, 2025, there were no investments on non-accrual status[75](index=75&type=chunk) - On February 11, 2025, the company entered into a **$100 million** senior secured revolving credit facility maturing in March 2028. As of June 30, 2025, **$5 million** was outstanding[117](index=117&type=chunk)[119](index=119&type=chunk)[122](index=122&type=chunk) - Subsequent to the quarter end, on July 31, 2025, the company received a full principal repayment of approximately **$38.7 million** from its loan to STIIIZY Inc. Additionally, on August 12, 2025, the Board approved a quarterly cash dividend of **$0.34 per share**[169](index=169&type=chunk)[170](index=170&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=51&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes significant growth in investment income and portfolio size to the October 2024 Loan Portfolio Acquisition, with the **$307.5 million** portfolio focused on first-lien senior secured cannabis loans, all rated 'Grade 2' - The company's investment strategy focuses on four primary sub-strategies: Cannabis, Growth & Technology, Esoteric & Asset-Based Lending, and Liquidity Solutions[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) - As of June 30, 2025, the top three portfolio companies represented **39.5%** of the portfolio's fair value, and the single largest portfolio company represented **16.8%**[209](index=209&type=chunk) - All investments in the portfolio were rated 'Grade 2' as of June 30, 2025, indicating they are performing in-line with expectations and involve an acceptable level of risk similar to the time of origination[212](index=212&type=chunk) Operating Expenses Comparison (Six Months Ended June 30) | Expense Category (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Income-based incentive fees | $3,885 | $329 | | Management fee | $2,606 | $492 | | General and administrative expense | $2,341 | $0 | | Transaction expenses related to Loan Portfolio Acquisition | $0 | $2,639 | | **Total operating expenses** | **$11,456** | **$4,396** | | Waivers / Expense limitation | $(1,766) | $0 | | **Net operating expenses** | **$9,690** | **$4,396** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=77&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces valuation, interest rate, and credit risks, with **76.2%** of its debt portfolio in floating-rate investments, where a 100 basis point rate increase could boost annual net income by **$1.8 million** - As of June 30, 2025, **76.2%** of the company's debt investments by principal balance were floating-rate, while **23.8%** were fixed-rate[270](index=270&type=chunk) Annualized Impact of Interest Rate Changes on Net Income (in thousands) | Change in Interest Rates | Increase (Decrease) in Net Income | | :--- | :--- | | Up 300 basis points | $6,445 | | Up 200 basis points | $4,146 | | Up 100 basis points | $1,848 | | Down 100 basis points | $(1,088) | | Down 200 basis points | $(1,730) | | Down 300 basis points | $(2,242) | [Item 4. Controls and Procedures](index=77&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The company's disclosure controls and procedures were deemed effective as of the end of the period covered by the report[272](index=272&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended June 30, 2025[273](index=273&type=chunk) PART II: OTHER INFORMATION [Item 1. Legal Proceedings](index=79&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to, nor aware of, any material legal proceedings or threats thereof - As of the filing date, the company is not a party to any material legal proceedings[274](index=274&type=chunk) [Item 1A. Risk Factors](index=79&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors, except for new risks associated with the February 2025 senior secured revolving credit facility, including asset pledging and default consequences - The company highlights new risks associated with its senior secured revolving credit facility entered into in February 2025, noting that a significant amount of assets are pledged as collateral[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=79&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On April 11, 2025, the company issued **22 shares** of common stock at **$10.71** per share via its Dividend Reinvestment Plan (DRIP), exempt from registration - The company issued **22 shares** of common stock on April 11, 2025, pursuant to its DRIP[280](index=280&type=chunk) [Item 3. Defaults Upon Senior Securities](index=79&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[281](index=281&type=chunk) [Item 5. Other Information](index=81&type=section&id=Item%205.%20Other%20Information) No officers or directors adopted or terminated any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements during the second quarter of 2025 - No officers or directors adopted or terminated any Rule 10b5-1 trading plans during the quarter[284](index=284&type=chunk) [Item 6. Exhibits](index=82&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the quarterly report, including certifications from the Principal Executive Officer and Principal Financial Officer, and XBRL data

[PART I: FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides the unaudited financial statements, management's discussion, market risk disclosures, and controls and procedures for Chicago Atlantic BDC, Inc [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201%20Financial%20Statements%20(unaudited)) This section presents the unaudited financial statements for Chicago Atlantic BDC, Inc. as of June 30, 2025, including statements of assets, operations, cash flows, and investments [Statements of Assets and Liabilities](index=5&type=section&id=Statements%20of%20Assets%20and%20Liabilities) Assets grew to $331.8 million, liabilities to $29.9 million, driven by investments and new borrowings, with NAV per share at $13.23 Key Balance Sheet Data (in thousands) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Investments at fair value | $307,499 | $275,241 | | Cash and cash equivalents | $13,829 | $23,932 | | **Total Assets** | **$331,750** | **$309,561** | | **Liabilities** | | | | Revolving line of credit | $5,000 | $0 | | Payable for investments purchased | $11,760 | $0 | | **Total Liabilities** | **$29,907** | **$8,398** | | **Total Net Assets** | **$301,844** | **$301,163** | | **NAV Per Share** | **$13.23** | **$13.20** | [Statements of Operations](index=6&type=section&id=Statements%20of%20Operations) Investment income surged to $25.0 million, driving net investment income to $15.3 million and a $16.2 million net increase in net assets Statements of Operations Highlights (Six Months Ended June 30, in USD) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Investment Income | $25,003,040 | $5,841,580 | | Net Expenses | $9,690,012 | $4,395,756 | | Net Investment Income | $15,313,028 | $1,445,824 | | Net Increase in Net Assets from Operations | $16,198,622 | $1,812,672 | | Net Investment Income Per Share | $0.67 | $0.23 | | Net Increase in Net Assets Per Share | $0.71 | $0.29 | [Statements of Changes in Net Assets](index=7&type=section&id=Statements%20of%20Changes%20in%20Net%20Assets) Net assets increased by $0.7 million to $301.8 million, driven by operations and offset by stockholder distributions - Net assets increased from **$301.16 million** at the end of 2024 to **$301.84 million** at June 30, 2025[20](index=20&type=chunk) - The increase was primarily due to a **$16.2 million** net increase from operations, offset by **$15.5 million** in distributions to stockholders[20](index=20&type=chunk) [Statements of Cash Flows](index=9&type=section&id=Statements%20of%20Cash%20Flows) Net cash used in operating activities was $5.3 million, and financing activities used $4.8 million, reducing cash to $13.8 million Cash Flow Summary (Six Months Ended June 30, 2025, in USD) | Activity | Net Cash Flow | | :--- | :--- | | Operating Activities | ($5,314,609) | | Financing Activities | ($4,788,443) | | **Net Decrease in Cash** | **($10,103,052)** | | Cash at Beginning of Period | $23,932,406 | | **Cash at End of Period** | **$13,829,354** | [Schedule of Investments](index=10&type=section&id=Schedule%20of%20Investments) Investments at fair value reached $307.5 million, primarily debt, with the U.S. Cannabis sector as the largest concentration Total Investments (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Amortized Cost | $305,719 | $274,347 | | Fair Value | $307,499 | $275,241 | - The portfolio consists predominantly of U.S. Corporate Debt, with First Lien Senior Secured loans and Senior Secured Notes making up the vast majority of holdings[24](index=24&type=chunk)[26](index=26&type=chunk) - The U.S. Debt Cannabis sector is the largest single concentration, with a fair value of **$229.7 million**[24](index=24&type=chunk) [Notes to Financial Statements](index=18&type=section&id=Notes%20to%20Financial%20Statements) Notes detail the company's BDC structure, RIC election, Level 3 investment valuation, portfolio, credit facility, related party transactions, and dividends - The company is an externally managed BDC that has elected to be treated as a RIC for tax purposes. Its investment objective is to maximize risk-adjusted returns, with a focus on the cannabis industry[39](index=39&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - All investments are valued at fair value using significant unobservable inputs and are categorized as Level 3 assets. The valuation process is performed by the Adviser as the designated Valuation Designee[54](index=54&type=chunk)[59](index=59&type=chunk)[65](index=65&type=chunk) - In February 2025, the company entered into a **$100 million** senior secured revolving credit facility, of which **$5 million** was outstanding as of June 30, 2025[117](index=117&type=chunk)[122](index=122&type=chunk) - The company declared and paid quarterly dividends of **$0.34 per share** for the first two quarters of 2025[151](index=151&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=51&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition, operational results, investment portfolio growth to $307.5 million, asset quality, liquidity, and critical accounting estimates - The company is a specialty finance BDC focused on direct loans to privately held companies, primarily in the cannabis industry, but also in growth & technology, esoteric & asset-based lending, and liquidity solutions[175](index=175&type=chunk)[180](index=180&type=chunk) - As of June 30, 2025, the investment portfolio's fair value was **$307.5 million**, up from **$275.2 million** at year-end 2024, with **78.5%** concentrated in the cannabis industry[200](index=200&type=chunk)[207](index=207&type=chunk) - All investments were rated '**Grade 2**' as of June 30, 2025, indicating performance in line with expectations and an acceptable level of risk. No investments were on non-accrual status[212](index=212&type=chunk)[213](index=213&type=chunk) - Net investment income for the six months ended June 30, 2025, was **$15.3 million**, a significant increase from **$1.4 million** in the prior-year period, primarily due to the growth of the investment portfolio following the Loan Portfolio Acquisition[222](index=222&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=77&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces valuation, credit, and interest rate risks, with 76.2% of its debt portfolio in floating-rate investments, impacting net income - The company's primary market risks are valuation risk, interest rate risk, and credit risk[267](index=267&type=chunk) - Valuation risk exists due to the inherent uncertainty of determining fair value for investments without readily available market quotes (Level 3 assets)[268](index=268&type=chunk) Portfolio Interest Rate Composition (by Principal Balance) | Rate Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Floating-rate | 76.2% | 79.5% | | Fixed-rate | 23.8% | 20.5% | Annualized Impact of Interest Rate Changes on Net Income (in thousands) | Change in Interest Rates | Increase (Decrease) in Net Income | | :--- | :--- | | Up 200 basis points | $4,146 | | Up 100 basis points | $1,848 | | Down 100 basis points | ($1,088) | [Item 4. Controls and Procedures](index=77&type=section&id=Item%204%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The company's disclosure controls and procedures were deemed effective as of June 30, 2025[272](index=272&type=chunk) - No material changes were made to the internal control over financial reporting during the three months ended June 30, 2025[273](index=273&type=chunk) [PART II: OTHER INFORMATION](index=79&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, and exhibits for Chicago Atlantic BDC, Inc [Item 1. Legal Proceedings](index=79&type=section&id=Item%201%20Legal%20Proceedings) The company is not subject to any material legal proceedings, nor is it aware of any being threatened - As of the filing date, the company is not a party to any material legal proceedings[274](index=274&type=chunk) [Item 1A. Risk Factors](index=79&type=section&id=Item%201A%20Risk%20Factors) No material changes to risk factors, except for new risks associated with the senior secured revolving credit facility and potential asset foreclosure - No material changes to risk factors from the 2024 Form 10-K, except for new risks associated with the recently established credit facility[275](index=275&type=chunk) - The new credit facility subjects a significant portion of the company's assets to security interests, and a default could result in foreclosure and forced sale of these assets[276](index=276&type=chunk)[278](index=278&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=79&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On April 11, 2025, 22 common shares were issued at $10.71 per share under the DRIP, exempt from registration - On April 11, 2025, **22 shares** of common stock were issued at **$10.71 per share** under the company's DRIP[280](index=280&type=chunk) [Item 3. Defaults Upon Senior Securities](index=79&type=section&id=Item%203%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults on its senior securities during the period - None[281](index=281&type=chunk) [Item 4. Mine Safety Disclosures](index=79&type=section&id=Item%204%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[283](index=283&type=chunk) [Item 5. Other Information](index=81&type=section&id=Item%205%20Other%20Information) No officers or directors adopted or terminated Rule 10b5-1 trading plans during the second quarter of 2025 - No officers or directors adopted or terminated Rule 10b5-1 trading plans during the three months ended June 30, 2025[284](index=284&type=chunk) [Item 6. Exhibits](index=82&type=section&id=Item%206%20Exhibits) This section lists exhibits filed, including CEO and CFO certifications and various incorporated agreements - Exhibits filed include CEO and CFO certifications pursuant to Sarbanes-Oxley Act Sections 302 and 906[285](index=285&type=chunk) - The Credit Agreement, among other documents, is incorporated by reference from previous filings[285](index=285&type=chunk)[287](index=287&type=chunk)

Chicago Atlantic BDC, Inc. Reports Second Quarter 2025 Financial Results Exhibit 99.1 Portfolio and Investment Activity Results of Operations For the three months ended June 30, 2025, total investment income was approximately $13.1 million. For the three months ended June 30, 2025, the Company incurred net expenses of approximately $5.4 million, resulting in net investment income of approximately $7.7 million, or $0.34 per weighted average share, and a net increase in net assets from operations of approxima ...

Exhibit 99.1 Chicago Atlantic BDC, Inc. Reports Second Quarter 2025 Financial Results NEW YORK, August 14, 2025 --- Chicago Atlantic BDC, Inc. ("LIEN" or the "Company") (NASDAQ: LIEN), a specialty finance company that has elected to be regulated as a business development company, today announced its financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Highlights and Subsequent Activity Peter Sack, Chief Executive Officer of the Company, commented, "Through a consistent and measu ...