Financial Performance - For Q3 2025, the company reported a net loss attributable to common shareholders of $13.6 million, or $0.24 per share, compared to a net loss of $23.2 million, or $0.41 per share in Q3 2024[13]. - Total revenue for Q3 2025 was $4,785,000, a 47.2% increase from $3,251,000 in Q3 2024[33]. - Rental income increased to $4,603,000 in Q3 2025, up 58.8% from $2,899,000 in Q3 2024[33]. - Net loss for Q3 2025 was $12,422,000, compared to a net loss of $21,973,000 in Q3 2024, representing a 43.5% improvement[34]. - Net loss attributable to Seritage common shareholders for Q3 2025 was $13,647,000, down from $23,198,000 in Q3 2024, a reduction of 41.5%[33]. - NOI-cash basis for Q3 2025 was $235,000, compared to a loss of $2,256,000 in Q3 2024, indicating a significant turnaround[34]. - Total expenses for Q3 2025 were $10,852,000, down from $22,516,000 in Q3 2024, a decrease of 51.7%[33]. - Interest expense for Q3 2025 was $5,290,000, a decrease from $6,051,000 in Q3 2024, reflecting a reduction of 12.6%[34]. - Management and other fee income decreased to $182,000 in Q3 2025 from $352,000 in Q3 2024, a decline of 48.2%[33]. Asset Management - The company has four assets under contract with anticipated gross proceeds of $240.8 million, including three assets with no due diligence contingencies expected to generate $170.0 million[4]. - The company's current estimated gross sales proceeds for assets not under contract or in PSA negotiation is projected to be between $220 million and $310 million[6]. - The company’s portfolio consists of interests in 13 properties, totaling approximately 1.3 million square feet of gross leasable area as of September 30, 2025[28]. - Properties sold during the nine months ended September 30, 2025, included Boca Raton, Barton Creek, and Santa Rosa, with total square footage sold of 169,200[36]. Financial Position - As of September 30, 2025, the company had cash on hand of $59.9 million, including $8.3 million of restricted cash, which increased to $65.0 million by November 13, 2025[4]. - As of September 30, 2025, the company's total assets amounted to $558.61 million, a decrease from $677.77 million as of December 31, 2024, reflecting a reduction of approximately 17.6%[30]. - The company's net investment in real estate decreased to $164.63 million from $358.63 million, representing a decline of about 54%[30]. - The total liabilities decreased to $219.52 million from $271.97 million, a reduction of approximately 19.3%[30]. - The company's accumulated deficit increased to $1.03 billion from $958.78 million, indicating a rise of about 7.1%[30]. Strategic Initiatives - The company plans to cease providing future sales projections to avoid negatively impacting marketing efforts for remaining assets[5]. - The strategic review process is ongoing as the company executes its Plan of Sale, with no assurance regarding the success of this process[19]. - The company intends to vigorously defend itself against multiple class action and derivative lawsuits alleging violations of federal securities laws[15][16]. Market Conditions - The company continues to face challenging market conditions, including elevated interest rates and difficulties in raising equity capital for land development deals, which may adversely impact asset pricing and shareholder distributions[20]. Impairment and Investments - The company invested $3.8 million in consolidated properties during Q3 2025, primarily related to tenant leasing costs[4]. - The company recognized an impairment charge of $0.8 million on its consolidated properties during Q3 2025[4]. - Impairment of real estate assets for Q3 2025 was $800,000, compared to $0 in Q3 2024, indicating a new challenge for the company[34]. - For the nine months ended September 30, 2025, the company made $40.0 million in principal repayments on its Term Loan Facility[7]. Non-GAAP Measures - The company utilizes non-GAAP financial measures such as NOI-cash basis to provide insights into its financial performance, which may not be comparable to other real estate companies[21][23].

Financial Performance - Revenue for Q3 2025 was $1.3 million, down 31% from $1.9 million in Q3 2024, reflecting a strategic pivot away from legacy services to new commercial models [5]. - Gross Loss for Q3 2025 was ($1.3 million), compared to a profit of $38 thousand in Q3 2024, driven by increased satellite depreciation and reduced contribution from legacy high-margin services [5]. - Net Loss for Q3 2025 was $6.0 million, compared to a loss of $3.9 million in Q3 2024, marking a 55% increase in losses [11]. - Adjusted EBITDA loss was $4.0 million for Q3 2025, compared to a loss of $2.5 million in Q3 2024, reflecting a 62% increase in losses [11]. - Total revenue for the three months ended September 30, 2025, was $1,298,058, a decrease from $1,868,958 in the same period of 2024, representing a decline of approximately 30.6% [15]. - Net loss for the nine months ended September 30, 2025, was $18,073,296, compared to a net loss of $11,849,173 for the same period in 2024, indicating an increase in losses of about 52.2% [17]. - Basic and diluted loss per common share for the three months ended September 30, 2025, was $0.24, compared to $0.93 for the same period in 2024 [15]. Expenses - Cost of Revenue increased to $2.6 million, up 42% from Q3 2024, primarily due to increased satellite and software depreciation and higher material and labor costs [5]. - SG&A Expenses rose to $4.3 million, up from $3.2 million in Q3 2024, attributed to headcount growth and operational scaling [5]. - Operating expenses for the three months ended September 30, 2025, totaled $4,332,441, up from $3,210,069 in the same period of 2024, reflecting an increase of approximately 35.0% [15]. - Cash used in operating activities for the nine months ended September 30, 2025, was $14,065,111, compared to $10,288,228 for the same period in 2024, marking an increase of about 36.0% [17]. - Depreciation and amortization for the nine months ended September 30, 2025, was $3,224,809, up from $1,494,449 in the same period of 2024, indicating an increase of about 116.0% [17]. - Total other expense for the three months ended September 30, 2025, was $402,193, compared to $730,691 in the same period of 2024, showing a decrease of approximately 45.0% [15]. Cash Position - Cash Position as of September 30, 2025, was $12.7 million, down from $15.7 million a year earlier [5]. - Cash at the end of the period on September 30, 2025, was $12,734,087, a decrease from $15,703,579 at the beginning of the period [17]. - The company reported a net cash provided by financing activities of $16,885,424 for the nine months ended September 30, 2025, compared to $15,406,183 in 2024, reflecting an increase of about 9.6% [17]. Strategic Initiatives - The company appointed Lawrence Hollister as Chief Business Officer to drive strategic growth and market expansion [3]. - Sidus Space completed two capital raises to fund key technology initiatives, including the Fortis™ VPX product line [3]. - The company advanced design and manufacturing across multiple LizzieSat® platforms and broadened its product families with new designs [2]. - Proceeds from the issuance of common stock units for the nine months ended September 30, 2025, amounted to $15,511,838, compared to $13,742,311 in 2024, representing an increase of approximately 12.9% [17].

Investment Income - Investment income for the three months ended September 30, 2025, was $2,314, a significant decrease from $35,792 for the same period in 2024, primarily due to the liquidation of Hera Systems convertible notes in 2024 [141][142]. - For the nine months ended September 30, 2025, investment income rose to $179,140 from $97,793 in the same period of 2024, attributed to increased accrued interest on current notes [153][154]. Operating Expenses - Operating expenses increased to approximately $432,943 for the three months ended September 30, 2025, compared to $391,753 for the same period in 2024, mainly driven by higher professional fees [143][144]. - Operating expenses for the nine months ended September 30, 2025, totaled approximately $786,161, a decrease from $(2,182,907) in the same period of 2024, primarily due to a management fee waiver in 2024 [155][156]. Net Investment Loss - The net investment loss before taxes for the three months ended September 30, 2025, was $(430,629), compared to $(355,961) for the same period in 2024, reflecting increased professional fees and the prior year's management fee waiver [145][146]. - The net investment loss before taxes for the nine months ended September 30, 2025, was $(607,021), contrasting with a net investment income of $2,280,700 for the same period in 2024, largely due to the management fee waiver [157]. Net Realized and Unrealized Losses - For the nine months ended September 30, 2025, net realized losses amounted to $(24,169,015), while the net change in unrealized depreciation on investments was $24,011,904 [159][160]. - The company recognized net realized losses of approximately $(11,686,668) from the sale of investments during the nine months ended September 30, 2024 [161]. Fair Value and Portfolio Composition - As of September 30, 2025, the fair value of the investment portfolio was approximately $0.3 million, down from $1.0 million at December 31, 2024 [138]. - The portfolio composition as of September 30, 2025, included 57.8% in Advanced Materials and 19.9% in Exchange-Traded/Money Market Funds, compared to 24.5% and 70.3% respectively at December 31, 2024 [139]. Changes in Net Assets - The net decrease in net assets resulting from operations for the three months ended September 30, 2025, was $450,712, with a basic and fully diluted net change in net assets per share of $(0.07) [151][152]. - For the nine months ended September 30, 2024, the net increase in net assets resulting from operations was $283,776, with a basic and fully diluted net change in net assets per share of $0.04 [163]. - For the nine months ended September 30, 2025, the net decrease in net assets resulting from operations totaled $764,132, resulting in a basic and fully diluted net change in net assets per share of $(0.11) [162]. Distributions and Obligations - The board of directors will determine the timing and amount of distributions, with no minimum level of distributions required [165]. - The company is required to distribute substantially all net realized gains to stockholders on an annual basis, holding proceeds of liquidated investments in cash pending distribution [186]. - The company does not have any contractual obligations or off-balance sheet arrangements that require disclosure [166][167]. Valuation and Market Conditions - The valuation of portfolio investments is based on market prices or fair value determined in good faith by the board of directors, with significant reliance on independent valuation firms for private securities [169][179]. - Inflation has not significantly affected the company's results of operations, although portfolio companies may experience its impacts [175]. Investment Risks - Investments in small privately-held companies are considered speculative and may be subject to legal or contractual restrictions on resale, affecting liquidity and marketability [183]. - As of September 30, 2025, a portion of the company's assets was invested in cash and/or cash equivalents, which are expected to earn low yields [184].

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 September 30, 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: 001-41047 CHAIN BRIDGE I (Exact name of registrant as specified in its charter) | Cayman Islands | 95-1578955 | | --- | --- | | (State or ...

Financial Position - As of September 30, 2025, the company had cash of $1,001,325 and a working capital deficit of $357,128[223]. - As of September 30, 2025, the company did not have any off-balance sheet arrangements[243]. Net Loss - For the three months ended September 30, 2025, the company reported a net loss of approximately $1,300,000, primarily due to a loss from the change in fair value of derivative liabilities of approximately $1.1 million[228]. - For the nine months ended September 30, 2025, the company had a net loss of approximately $1,700,000, which included a loss from the change in fair value of derivative liabilities of approximately $1.0 million[230]. - For the three months ended September 30, 2024, the company had a net income of approximately $326,000, driven by gains from the change in fair value of derivative liabilities of approximately $882,000[229]. Business Operations - The company has until November 15, 2026, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed[225]. - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern[226]. Derivative Liabilities - The fair value of converted loans as of September 30, 2025, was $57,500, included in contingently issuable private placement warrants[224]. - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date until exercised[233]. Regulatory Classification - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[244]. - No quantitative and qualitative disclosures about market risk are required for smaller reporting companies[246].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42607 DUNE ACQUISITION CORPORATION II (Exact Name of Registrant as Specified in Its Charter) Cayman Islands N/A (State or othe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42607 DUNE ACQUISITION CORPORATION II (Exact Name of Registrant as Specified in Its Charter) Cayman Islands N/A (State or othe ...

Revenue Performance - Revenue for the three months ended September 30, 2025 totaled $2.4 million, a decrease of $2.0 million or 45% compared to $4.4 million for the same quarter in the prior year[329]. - Revenue for the nine months ended September 30, 2025 totaled $8.1 million, a decrease of $4.6 million or 36% compared to $12.8 million for the same period in the prior year[335]. - The Company experienced a 36% decline in revenue for the nine months ended September 30, 2025, totaling $8,142,000 compared to $12,756,000 in 2024[374]. - Total revenue decreased by $2.0 million, or 45%, to $2.4 million compared to $4.4 million in the prior year quarter[377]. - Total revenue for the nine months ended September 30, 2025, decreased by $4.6 million, or 36%, to $8.1 million compared to $12.8 million in the prior year period[378]. Cost and Expenses - Cost of revenue for the three months ended September 30, 2025 decreased $1.4 million, or 50% to $1.3 million, compared to $2.7 million in the comparable prior year quarter[330]. - Cost of revenue for the nine months ended September 30, 2025 decreased $3.1 million, or 40% to $4.6 million, compared to $7.7 million in the comparable prior year period[336]. - Total operating expense for the three months ended September 30, 2025 decreased $1.0 million, or 20% to $4.1 million, compared to $5.2 million in the comparable prior year quarter[333]. - Total operating expense for the nine months ended September 30, 2025 decreased $3.8 million, or 22% to $13.4 million, compared to $17.3 million in the comparable prior year period[337]. - Selling, marketing and advertising expense decreased by $698,000, or 29%, primarily due to a $914,000 reduction in personnel costs[384]. - Engineering, technology and development expense decreased by $247,000, or 27%, driven by a $436,000 reduction in product and engineering personnel costs[387]. - General and administrative expenses for the three months ended September 30, 2025, decreased by $170,000 (9%) compared to the same period in 2024, totaling $1,765,000[389]. - Total general and administrative expenses for the nine months ended September 30, 2025, decreased by $1,620,000 (25%) to $4,938,000 compared to the same period in 2024[389]. Net Loss - Net loss for the three months ended September 30, 2025 was $3.6 million, compared to a net loss of $3.6 million in the comparable prior year quarter[333]. - Net loss for the nine months ended September 30, 2025 was $10.6 million or $(4.96) per share, compared to a net loss of $11.3 million, or $(80.10) per share, in the comparable prior year period[337]. - The net loss from operations for the three months ended September 30, 2025, was $3,051,000, a 12% improvement from a loss of $3,453,000 in the same period of 2024[374]. Financing Activities - The Company entered into Securities Purchase Agreements for a PIPE Offering, raising approximately $20 million for various corporate purposes[342]. - The Company completed equity financings totaling $20.0 million in gross proceeds in October 2025, providing significant additional working capital[410]. - The Company achieved a net cash provided by financing activities of $5.6 million for the nine months ended September 30, 2025, compared to $1.3 million in 2024, indicating a significant increase of over 330%[420]. - The Company raised approximately $670,000 from the May III Offering by selling 79,750 shares at $4.80 per share, closing on June 2, 2025[454]. - The Company utilized net proceeds from the May I Offering, totaling approximately $700,400, for working capital and to repay a portion of its indebtedness[458]. Asset Management - Cash and cash equivalents totaled $1.1 million as of September 30, 2025, down from $1.3 million at December 31, 2024[409]. - The company reported a net decrease in cash of $249,000 for the nine months ended September 30, 2025, compared to a decrease of $7.3 million in 2024[414]. - The company capitalized software development costs of $200,000 during the nine months ended September 30, 2025, compared to $434,000 in 2024[417]. Strategic Partnerships and Acquisitions - The acquisition of Supersocial expanded the Company's partnerships and included multiple live branded games on Roblox, enhancing its engagement with brands[354]. - The Company expanded its partnership with Meta-Stadiums Corp. to unlock new revenue opportunities within the TikTok creator ecosystem[357]. - The Company sold 100% of the membership interests of InPvP for $350,000, retaining rights to ad sales and brand integration for two years[355][356]. Stock and Equity Transactions - The Company converted $1.0 million of debt into 1.0 million shares of common stock at $1.00 per share as part of the Belleau Exchange Agreement[347]. - The Company issued 2,333,057 Series B Warrants with an exercise price of $1.00, which will be exercisable starting one year after issuance[349]. - The Company increased its authorized shares of Common Stock from 400 million to 750 million through the Third Amended and Restated Certificate of Incorporation[351]. Legal and Compliance - The Company regained compliance with NASDAQ Listing Rule 5550(a)(2) regarding minimum bid price requirements on July 8, 2025[367]. - The Company reported stockholders' equity of $170,000 in its Annual Report for the year ended December 31, 2024, which was below the $2,500,000 requirement[371]. - The company assesses collectability of receivables based on past transaction history and customer creditworthiness, impacting revenue recognition timing[470]. Market and Risk Assessment - The company is not currently exposed to market risks from interest rate changes or foreign currency exchange rates[481]. - The company qualifies as a "smaller reporting company," allowing it to take advantage of exemptions from certain reporting requirements[477]. - The company ceased being an "emerging growth company" as of December 31, 2024, but continues to be a smaller reporting company[480].

Financial Performance - Revenue for the three months ended September 30, 2025 totaled $2.4 million, a decrease of $2.0 million or 45% compared to $4.4 million for the same period in 2024[329] - Revenue for the nine months ended September 30, 2025 totaled $8.1 million, a decrease of $4.6 million or 36% compared to $12.8 million for the same period in 2024[335] - Total revenue decreased by $2.0 million, or 45%, to $2.4 million compared to $4.4 million in the prior year quarter[377] - The Company experienced a 36% decrease in revenue for the nine months ended September 30, 2025, totaling $8,142,000 compared to $12,756,000 in 2024[374] - Media and advertising revenue decreased by $513,000, or 33%, to $1.0 million compared to $1.5 million in the prior year quarter[377] - Publishing and content studio revenue decreased by $1.2 million, or 47%, to $1.4 million compared to $2.6 million in the prior year quarter[377] - Media and advertising revenue for the nine months ended September 30, 2025 decreased by $864,000, or 19%, to $3.8 million compared to $4.6 million in the prior year period[378] - Publishing and content studio revenue for the nine months ended September 30, 2025 decreased by $3.3 million, or 45%, to $4.1 million compared to $7.4 million in the prior year period[378] Cost and Expenses - Cost of revenue for the three months ended September 30, 2025 decreased $1.4 million, or 50% to $1.3 million, compared to $2.7 million in the prior year quarter, resulting in a gross profit margin of 45%[330] - Total operating expense for the three months ended September 30, 2025 decreased $1.0 million, or 20% to $4.1 million, compared to $5.2 million in the prior year quarter[333] - Cost of revenue for the nine months ended September 30, 2025 decreased $3.1 million, or 40% to $4.6 million, compared to $7.7 million in the prior year period[336] - Total operating expense for the nine months ended September 30, 2025 decreased $3.8 million, or 22% to $13.4 million, compared to $17.3 million in the prior year period[337] - Selling, marketing and advertising expense decreased by $698,000, or 29%, for the three months ended September 30, 2025[384] - Engineering, technology and development expense decreased by $247,000, or 27%, for the three months ended September 30, 2025[387] - General and administrative expenses for the three months ended September 30, 2025, decreased by $170,000 (9%) compared to the same period in 2024, totaling $1,765,000[389] - Total general and administrative expenses for the nine months ended September 30, 2025, decreased by $1,620,000 (25%) compared to the same period in 2024, totaling $4,938,000[389] Net Loss and Cash Flow - Net loss for the three months ended September 30, 2025 was $3.6 million, unchanged from the net loss of $3.6 million in the comparable prior year quarter[333] - The Company reported a net cash used in operating activities of $6.8 million for the nine months ended September 30, 2025, compared to $8.2 million for the same period in 2024, reflecting a decrease of approximately 17%[414] - The company reported net cash provided by financing activities of $5.6 million for the nine months ended September 30, 2025, compared to $1.3 million for the same period in 2024[420] Workforce and Cost Reduction - The company executed a 35% workforce reduction in April 2025, which is expected to reduce fiscal year operating costs by approximately $2.7 million through December 31, 2025[324] - The company achieved a 29% reduction in operating expenses for the three months ended September 30, 2025, and a 24% reduction for the nine months ended September 30, 2025, compared to the same periods in 2024[412] Financing Activities - On October 22, 2025, the company entered into Securities Purchase Agreements for a PIPE Offering, raising approximately $20 million before deducting offering costs[342] - The company issued a $4.5 million Convertible Note with an annual interest rate of 8%, scheduled to commence amortization in January 2026[326] - The Company completed equity financings totaling $20.0 million in gross proceeds in October 2025, providing significant additional working capital and liquidity[410] - The Company raised approximately $670,000 from the May III Offering by selling 79,750 shares at $4.80 per share, closing on June 2, 2025[454] - The May II Offering generated net proceeds of approximately $380,000 from the sale of 104,167 shares at a public price of $4.80 per share[456] Asset Sales and Acquisitions - The Company sold 100% of the membership interests of InPvP for $350,000, retaining rights to ad sales and brand integration for two years[355][356] - The Company sold its Mineville assets for cash consideration totaling $350,000, with no gain or loss recognized[392] - The company recorded a gain on the sale of Minehut assets totaling $144,000 for the three and nine months ended September 30, 2024[394] - The company recognized additional gains on the sale of Minehut assets totaling $343,000 for the nine months ended September 30, 2025[394] - The acquisition of Supersocial expanded the Company's partnerships and included multiple live branded games on Roblox[354] Stock and Equity - The Company increased its authorized shares of Common Stock from 400 million to 750 million through an amended certificate[351] - The Company issued 2,333,057 Series B Warrants with an exercise price of $1.00, exercisable after one year from issuance[349] - The Company has the right to direct Yield Point to purchase up to $20,000,000 in shares of common stock under the YP Equity Purchase Agreement[459] Compliance and Reporting - The Company regained compliance with the minimum bid price requirement under NASDAQ Listing Rule 5550(a)(2) on July 8, 2025[367] - The stockholders' equity reported in the Annual Report for the year ended December 31, 2024, was $170,000, which did not meet the $2,500,000 requirement for continued listing on the Nasdaq Capital Market[371] - The company qualifies as a "smaller reporting company," allowing it to take advantage of certain reporting exemptions[477] - The company expects to utilize reporting exemptions until it no longer qualifies as a smaller reporting company[479] - The company ceased being an "emerging growth company" as of December 31, 2024, but continues to be a smaller reporting company[480] Revenue Recognition and Accounting Policies - The Company generates revenue from innovative advertising, content and technology, and direct-to-consumer offers[468] - Revenue is recognized when the Company transfers promised goods or services to customers, reflecting the consideration expected in exchange[469] - The company assesses the collectability of receivables based on past transaction history and customer creditworthiness, impacting revenue recognition timing and amounts[470] - Significant judgments and estimates are required to determine revenue arrangements, which can materially affect financial results[472] - The fair value of certain promissory notes is measured at estimated fair value on a recurring basis, impacting other comprehensive income and interest expense[473] - The estimated fair value adjustments for promissory notes are recognized in other income (expense) and interest expense, reflecting market fluctuations[474] - The company uses the Black-Scholes option pricing model to determine the fair value of warrants, with significant judgments affecting financial results[476]

Financial Position - As of September 30, 2025, Eledon Pharmaceuticals reported estimated cash, cash equivalents, and short-term investments of approximately $93.4 million[6] Clinical Trials - The company announced results from its Phase 2 BESTOW trial evaluating tegoprubart for the prevention of organ rejection in kidney transplant patients[9] - A conference call is scheduled for November 7, 2025, to discuss updated Phase 2 BESTOW clinical data[10]