Lightbridge(US:LTBR)2025-05-12 20:00PART I - FINANCIAL INFORMATION This section presents unaudited financial statements for Q1 2025, showing increased assets and equity from financing activities despite ongoing net losses Item 1. Condensed Consolidated Financial Statements (unaudited) This section presents unaudited financial statements for the quarter ended March 31, 2025, highlighting increased assets and equity driven by financing activities despite ongoing net losses Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $56,930 | $39,991 | | Total Assets | $58,288 | $40,953 | | Total Current Liabilities | $966 | $425 | | Total Stockholders' Equity | $57,321 | $40,528 | Condensed Consolidated Statements of Operations (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $0 | $0 | | General and administrative | $3,480 | $2,158 | | Research and development | $1,666 | $1,024 | | Operating Loss | ($5,146) | ($3,182) | | Net Loss | ($4,771) | ($2,820) | | Net Loss Per Share | ($0.24) | ($0.21) | Condensed Consolidated Statements of Cash Flows (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | ($3,300) | ($1,878) | | Net Cash Provided by Financing Activities | $20,239 | $1,222 | | Net Increase (Decrease) in Cash | $16,939 | ($656) | - In Q1 2025, the company sold 2,605,619 shares under its At-the-Market (ATM) offering, resulting in net proceeds of $20.2 million, compared to 427,300 shares sold for $1.2 million in net proceeds in Q1 202455 - Subsequent to the quarter end, from April 1 to May 12, 2025, the company sold an additional 677,300 shares under its ATM, raising net proceeds of approximately $5.0 million85 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses financial performance, liquidity, and strategic developments, focusing on Lightbridge Fuel™ and future funding needs Overview of Our Business and Development of Lightbridge Fuel™ Lightbridge develops advanced nuclear fuel, collaborating on R&D to enhance reactor economics and safety - Signed a memorandum of understanding (MOU) with Oklo, Inc. in January 2025 to evaluate co-locating a fuel fabrication facility and explore collaboration on reprocessing spent fuel106 - The total estimated cost for work with Battelle Energy Alliance (BEA) at INL under both CRADA and SPPA agreements is now approximately $6.8 million114 - INL has indicated that due to resource and manufacturing constraints, it may not meet the company's preferred project timeline, and total project costs will exceed the current budget115 - The company expects to begin demonstrating lead test assemblies (LTAs) in commercial reactors in the 2030s and anticipates receiving initial purchase orders 15-20 years from now125 Operations Review Q1 2025 net loss increased 71% to $4.8 million, driven by a 63% rise in total operating expenses Comparison of Operating Results (in millions) | Expense Category | Q1 2025 | Q1 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | General and administrative | $3.5 | $2.2 | $1.3 | 59% | | Research and development | $1.7 | $1.0 | $0.7 | 70% | | Total Operating Expenses | $5.2 | $3.2 | $2.0 | 63% | | Net Loss | ($4.8) | ($2.8) | ($2.0) | 71% | - The $1.3 million increase in G&A expenses was primarily due to a $0.7 million increase in stock-based compensation (including $0.5 million for accelerated vesting for a former employee), a $0.4 million increase in professional fees, and a $0.2 million increase in employee compensation131132 - The $0.7 million increase in R&D expenses was driven by a $0.4 million increase in INL project labor costs and a $0.6 million increase in allocated employee compensation and stock-based compensation, partially offset by the completion of two R&D studies in 2024134 - The company anticipates investing approximately $17.0 million in R&D for the full year 2025135 Liquidity, Capital Resources, and Financial Position Cash increased to $56.9 million from ATM offerings, sufficient for 12 months, though significant future funding is required for commercialization - Cash and cash equivalents increased by $16.9 million during the quarter to $56.9 million at March 31, 2025139 - The company raised net proceeds of $20.2 million from its ATM offering in Q1 2025 and believes current cash is sufficient for the next 12 months139138 - Total R&D and capital expenditure investment to reach commercial deployment is estimated to be in the range of $200 million to $300 million over the next 10-15 years141 - Projected total expenditures for the full year 2025 are approximately $25.0 million, with R&D expenses expected to increase over the next 12 months144 Item 3. Quantitative and Qualitative Disclosures About Market Risk The company is a "smaller reporting company" and is therefore not required to provide this information - As a "smaller reporting company," the Company is not required to provide quantitative and qualitative disclosures about market risk156 Item 4. Controls and Procedures Management concluded the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - Based on an evaluation by management, the CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2025160 - There were no changes in the company's internal control over financial reporting during Q1 2025 that have materially affected, or are reasonably likely to materially affect, its internal controls161 PART II - OTHER INFORMATION This section provides additional information on legal proceedings, risk factors, equity sales, and filed exhibits Item 1. Legal Proceedings The company is not currently aware of any legal proceedings that would have a material adverse effect on its business, financial condition, or results of operations - The company is not currently aware of any legal proceedings or claims that are expected to have a material adverse effect on its business162 Item 1A. Risk Factors There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes have been made to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024163 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company reports no unregistered sales of equity securities during the period - None reported for the period164 Item 5. Other Information This section discloses the adoption of Rule 10b5-1 trading plans by several directors and the Chief Financial Officer during the first quarter of 2025 Rule 10b5-1 Trading Plan Adoptions in Q1 2025 | Name | Title | Date Adopted | Aggregate of Securities to be Sold | | :--- | :--- | :--- | :--- | | Jesse Funches | Director | 1/9/2025 | 6,250 | | Mark Tobin | Director | 1/13/2025 | 6,000 | | Sherri Goodman | Director | 1/24/2025 | 7,000 | | Larry Goldman | CFO | 3/7/2025 | Indeterminable (covers 140,349 shares) | Item 6. Exhibits This section lists the exhibits filed with the 10-Q report, including amendments to incorporation articles, modifications to R&D agreements with Battelle Energy Alliance, and various certification documents - Filed exhibits include modifications to project task statements under the CRADA and SPPA agreements with Battelle Energy Alliance, LLC169 - Other filed exhibits include the Certificate of Designation and Withdrawal of Series X Preferred Stock, amended Articles of Incorporation, and the Form of Performance-Based Restricted Stock Award Agreement169 Signatures The report is duly signed by the President, Chief Executive Officer, and Director, Seth Grae, and the Chief Financial Officer, Larry Goldman, on May 12, 2025 - The report was signed on May 12, 2025, by Seth Grae (CEO) and Larry Goldman (CFO)175