Lipocine(LPCN) - 2025 Q2 - Quarterly Report

PART I—FINANCIAL INFORMATION Item 1. Financial Statements This section provides Lipocine Inc.'s unaudited condensed consolidated financial statements and comprehensive notes for the periods ended June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets This table presents the company's financial position, including assets, liabilities, and equity, as of June 30, 2025, and December 31, 2024 | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Assets | | | | Cash and cash equivalents | $6,043,980 | $6,205,926 | | Marketable investment securities | $11,891,702 | $15,427,385 | | Total current assets | $18,420,043 | $22,321,673 | | Total assets | $18,577,193 | $22,510,501 | | Liabilities & Equity | | | | Total current liabilities | $1,448,773 | $1,512,936 | | Total stockholders' equity | $17,128,420 | $20,997,565 | Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) This table details the company's revenues, expenses, and net income or loss for the three and six months ended June 30, 2025, and 2024 | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenues | $622,849 | $89,565 | $716,713 | $7,706,738 | | Research and development | $2,136,769 | $1,874,721 | $3,198,341 | $4,693,646 | | General and administrative | $890,433 | $1,507,412 | $2,012,910 | $3,083,131 | | Total operating expenses | $3,027,202 | $3,382,133 | $5,211,251 | $7,776,777 | | Operating loss | $(2,404,353) | $(3,292,568) | $(4,494,538) | $(70,039) | | Net income (loss) attributable to common shareholders | $(2,205,716) | $(3,068,634) | $(4,070,589) | $444,987 | | Basic earnings (loss) per share | $(0.41) | $(0.57) | $(0.76) | $0.08 | | Diluted earnings (loss) per share | $(0.41) | $(0.56) | $(0.76) | $0.10 | Condensed Consolidated Statements of Changes in Stockholders' Equity This section outlines changes in stockholders' equity, reflecting net loss, stock-based compensation, and common stock transactions - Total stockholders' equity decreased from $20,997,565 at December 31, 2024, to $17,128,420 at June 30, 2025, primarily due to a net loss of $4,070,589 and an unrealized net loss on marketable investment securities of $10,381, partially offset by stock-based compensation and common stock sales through ATM offering[16] Condensed Consolidated Statements of Cash Flows This table summarizes cash flows from operating, investing, and financing activities for the six months ended June 30, 2025, and 2024 | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | | Net income (loss) | $(4,070,589) | $444,987 | | Cash used in operating activities | $(3,855,491) | $(90,258) | | Net cash provided by investing activities | $3,617,927 | $662,531 | | Cash provided by financing activities | $75,618 | $209,340 | | Net increase (decrease) in cash and cash equivalents | $(161,946) | $781,613 | | Cash and cash equivalents at end of period | $6,043,980 | $5,553,371 | Notes to Condensed Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements Basis of Presentation The financial statements are unaudited, prepared in accordance with SEC rules and U.S. GAAP, and include all necessary recurring adjustments. The Company estimates sufficient capital resources through at least August 5, 2026, but acknowledges the need for additional capital through equity, debt, or out-licensing to support long-term operations and potential new clinical studies - The Company believes existing capital resources are sufficient through at least August 5, 2026, but will need to raise additional capital for long-term operations[23] - On January 12, 2024, Lipocine entered into the Verity License Agreement, granting exclusive rights to commercialize the TLANDO product in the US and Canada, with an $11.0 million license fee (partially received) and potential milestones up to $259 million, plus tiered royalties (12-18%)[24][25] Revenue Revenue is primarily generated from license and royalty arrangements. Upfront license fees are recognized upon transfer of technology rights, while contingent milestone payments are recognized when achieved and collectability is probable. Sales-based royalties are recognized when products are sold by the licensee - For the three months ended June 30, 2025, 80% of revenue was from Aché and 20% from Verity Pharma; for the six months ended June 30, 2025, 70% was from Aché and 30% from Verity Pharma[31] - For the three months ended June 30, 2024, 100% of revenue was from Verity Pharma; for the six months ended June 30, 2024, 99% of revenue was from Verity Pharma, including $7.5 million in license revenue[31] Earnings (Loss) per Share Basic and diluted earnings per share calculations are provided, showing a net loss for both three and six months ended June 30, 2025, compared to a loss and income respectively in the prior year. Certain stock options and warrants were antidilutive and excluded from diluted EPS calculations | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $(2,205,716) | $(3,068,634) | $(4,070,589) | $444,987 | | Basic EPS | $(0.41) | $(0.57) | $(0.76) | $0.08 | | Diluted EPS | $(0.41) | $(0.56) | $(0.76) | $0.10 | - Stock options (354,908 for 3M/6M 2025, 295,517 for 3M 2024, 173,443 for 6M 2024) and unvested restricted stock units (19,346 for 3M/6M 2025, 21,762 for 3M 2024, 14,508 for 6M 2024) were antidilutive and excluded from diluted EPS[33] Marketable Investment Securities The Company classifies marketable investment securities as available-for-sale debt securities, carried at fair value with unrealized gains/losses in comprehensive income. All securities are government treasury bills due within one year | Metric | June 30, 2025 | December 31, 2024 | | :----------------------- | :-------------- | :---------------- | | Amortized Cost | $11,892,945 | $15,418,247 | | Aggregate Fair Value | $11,891,702 | $15,427,385 | | Gross Unrealized Gains | $646 | $9,138 | | Gross Unrealized Losses | $(1,889) | $- | - No sales of marketable investment securities occurred, thus no realized gains or losses for the three or six months ended June 30, 2025 or 2024; maturities of $4.5 million (3M 2025) and $8.7 million (6M 2025) were recorded[34] Fair Value The Company values financial instruments using observable inputs, primarily Level 1 (quoted prices in active markets). Cash equivalents (money market funds) and government treasury bills are classified as Level 1 | Asset | June 30, 2025 (Fair Value) | December 31, 2024 (Fair Value) | | :-------------------------- | :------------------------- | :--------------------------- | | Cash equivalents - money market funds | $5,755,118 | $6,155,167 | | Government treasury bills | $11,891,702 | $15,427,385 | | Total | $17,646,820 | $21,582,552 | - All fair value measurements are classified within Level 1 of the fair value hierarchy[36] Income Taxes The Company determines interim tax provisions using an estimated annual effective tax rate. As of June 30, 2025, and December 31, 2024, a full valuation allowance was maintained against deferred tax assets, indicating uncertainty about their realization - A full valuation allowance is maintained against deferred tax assets as of June 30, 2025, and December 31, 2024, due to uncertainty of realization[40] Contractual Agreements Lipocine has several key license and distribution agreements for its TLANDO product across various territories, including the Verity License Agreement (US/Canada), SPC License Agreement (South Korea), Pharmalink Distribution Agreement (GCC), and Aché License Agreement (Brazil). These agreements involve upfront fees, milestone payments, and tiered royalties - Verity License Agreement (January 2024): Granted exclusive rights for TLANDO in US/Canada, includes $11.0 million license fee (partially received), up to $259 million in development/sales milestones, and 12-18% tiered royalties on net sales[41][42][44] - SPC License Agreement (September 2024): Granted exclusive rights for TLANDO in South Korea, includes a one-time upfront fee, additional payments for inventory, marketing authorization, sales milestones, and royalties on net sales[45] - Pharmalink Distribution Agreement (October 2024): Granted exclusive rights for TLANDO in GCC countries, includes a one-time upfront fee and eligibility for regulatory authorization milestones[46] - Aché License Agreement (April 2025): Granted exclusive rights for TLANDO in Brazil, entitled to fees upon regulatory milestones, royalties on net sales, and supply price for TLANDO[47] - Abbott Products, Inc.: Company owes a perpetual 1% royalty on TLANDO net sales, capped at $1.0 million for the first two years post-launch (June 7, 2022); royalty expense was $10,000 (3M 2025) and $18,000 (6M 2025)[48][103] Leases The Company has a non-cancelable operating lease for office and laboratory facilities in Salt Lake City, Utah, extended through February 28, 2026 | Year | Operating Lease Payments | | :--- | :----------------------- | | 2025 | $188,639 | | 2026 | $62,880 | | Total | $251,519 | - Rent expense was $94,000 (3M 2025) and $187,000 (6M 2025)[51] Stockholders' Equity Shareholders approved a reduction in authorized common stock from 200,000,000 to 75,000,000 shares. The Company continues to issue common stock through an ATM offering and maintains a Rights Agreement. Stock-based compensation expense is recognized for various awards, and common stock warrants from the November 2019 offering expired in November 2024 - Authorized common stock reduced from 200,000,000 to 75,000,000 shares, effective June 4, 2025[52] - Sold 23,739 shares of common stock through A.G.P. Sales Agreement for net proceeds of $76,000 during the three and six months ended June 30, 2025[56][215] - Stock-based compensation expense was $65,205 (3M 2025) and $136,207 (6M 2025)[63] - As of June 30, 2025, 354,908 stock options were outstanding with a weighted average exercise price of $21.26, and 197,655 shares remained available for grant under the 2014 Plan[69][70] - Common stock warrants from the November 2019 Offering expired in November 2024, extinguishing the related liability; no warrants were outstanding as of June 30, 2025[73][76] Commitments and Contingencies The Company is involved in various legal matters in the ordinary course of business but is not currently aware of any material litigation that could significantly impact its financial condition. It also enters into agreements with standard guarantee and indemnification provisions - No current litigation is expected to have a material adverse effect on financial condition, liquidity, or results of operations[77] Agreement with Spriaso, LLC Lipocine has a license and services agreement with Spriaso, a related party. Lipocine assigned intellectual property rights for cough and cold products to Spriaso in exchange for a 20% royalty on net proceeds up to $10.0 million. Lipocine did not receive revenue from Spriaso during the reported periods and does not consolidate Spriaso as it is not the primary beneficiary - Lipocine assigned intellectual property for cough and cold products to Spriaso, a related party, in exchange for a 20% royalty on net proceeds up to $10.0 million[79] - No revenue was received from Spriaso during the three and six months ended June 30, 2025, and 2024[79] Segment Reporting The Company operates as a single reporting segment, focusing on its proprietary technology platform for oral drug delivery. The CEO manages resources and assesses performance on a total company basis using consolidated financial information - The Company operates as a single reporting segment, focused on leveraging its proprietary technology platform for oral drug delivery[80] | Expense Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenues | $622,849 | $89,565 | $716,713 | $7,706,738 | | Program expenses (LPCN 1154) | $1,042,929 | $1,024,607 | $1,049,621 | $2,677,093 | | Non-program expenses | $735,511 | $1,252,539 | $1,736,128 | $2,759,176 | | Personnel costs | $1,028,142 | $1,033,638 | $2,112,907 | $1,999,836 | | Stock-based compensation | $65,205 | $102,265 | $136,207 | $201,571 | | Total segment operating income (loss) | $(2,404,353) | $(3,292,568) | $(4,494,538) | $(70,039) | | Net income (loss) | $(2,205,716) | $(3,068,634) | $(4,070,589) | $444,987 | Recent Accounting Pronouncements The FASB issued ASU 2024-03 in November 2024, requiring disaggregation of certain income statement expense captions in financial statement notes. The Company is currently evaluating the impact of this guidance, which is effective for annual periods beginning after December 15, 2026 - FASB issued ASU 2024-03 (November 2024) requiring disaggregation of income statement expenses, effective for annual periods after December 15, 2026; the Company is evaluating its impact[84][85] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section discusses Lipocine's business overview, corporate strategy, pipeline, financial performance, liquidity, and critical accounting policies Overview of Our Business Lipocine is a biopharmaceutical company utilizing its proprietary Lip'ral platform for oral drug delivery, focusing on differentiated products for CNS disorders, liver diseases, and hormone supplementation. TLANDO®, an oral testosterone replacement therapy, received FDA approval in March 2022 and has been licensed to multiple partners globally - Lipocine is a biopharmaceutical company leveraging its proprietary Lip'ral platform for oral delivery of difficult-to-deliver molecules, focusing on CNS disorders, liver diseases, and hormone supplementation[90] - TLANDO®, an oral testosterone replacement therapy, was FDA approved on March 28, 2022, and commercially launched on June 7, 2022; it has since been licensed to Verity Pharma (US/Canada), SPC (South Korea), Pharmalink (GCC), and Aché (Brazil)[91][92][93] Corporate Strategy Lipocine's corporate strategy centers on leveraging its Lip'ral drug delivery technology, advancing CNS product candidates like LPCN 1154 for PPD, supporting partners in TLANDO commercialization, and seeking partnerships for other pipeline assets such as liver programs (LPCN 1144, LPCN 1148) and LPCN 2401 and LPCN 1107 - Key strategies include leveraging the Lip'ral drug delivery platform, advancing CNS candidates (priority on LPCN 1154 for PPD), supporting TLANDO commercialization partners (Verity Pharma, SPC, Pharmalink, Aché), and developing partnerships for pipeline assets (LPCN 1144, LPCN 1148, LPCN 2401, LPCN 1107)[97][98][99][100] Our Pipeline Product Candidates Lipocine's pipeline includes TLANDO (oral TRT) with multiple international licenses, and several CNS disorder candidates (LPCN 1154 for PPD, LPCN 2101 for epilepsy, LPCN 2203 for essential tremor). Other candidates like LPCN 2401 (obesity management), LPCN 1148 (decompensated cirrhosis), LPCN 1144 (MASH), and LPCN 1107 (preterm birth prevention) are being explored for partnerships TRT Franchise – TLANDO and LPCN 1111 (TLANDO XR) TLANDO, an FDA-approved oral testosterone replacement therapy, is licensed to Verity Pharma (US/Canada), SPC (South Korea), Pharmalink (GCC), and Aché (Brazil). These partners are responsible for development, commercialization, and regulatory approvals in their respective territories, with Lipocine receiving license fees, milestones, and tiered royalties - TLANDO is licensed to Verity Pharma (US/Canada), SPC (South Korea), Pharmalink (GCC), and Aché (Brazil); partners are responsible for regulatory approvals and commercialization[102][104] - Verity Pharma payments include $11.0 million license fee (partially received), up to $259 million in milestones, and 12-18% tiered royalties[105] - SPC, Pharmalink, and Aché agreements include upfront fees, potential milestones, and royalties/supply prices[106][107][108] Oral Programs for CNS Disorders Lipocine is developing oral neuroactive steroids (NASs) for CNS disorders, leveraging its technology for effective oral delivery. LPCN 1154 for PPD is in Phase 3, LPCN 2101 for epilepsy has an accepted IND for Phase 2, and LPCN 2203 for essential tremor is planning a Phase 2 study - Oral brexanolone (NAS) qEEG study showed robust CNS activity, supporting development for neuropsychiatric disorders[111][112] - LPCN 1154 (oral brexanolone for PPD) met bioequivalence with IV brexanolone in a definitive PK study and is now in a Phase 3 safety and efficacy study[113][114] - LPCN 2101 (NAS for epilepsy) IND accepted for Phase 2 study; LPCN 2203 (NAS for essential tremor) is planning a Phase 2 study[123][137] - Unmet need in PPD for rapid-acting oral therapies, especially after Zulresso withdrawal and ZURZUVAE's CNS depressant effects; LPCN 1154 aims for robust, rapid relief with good tolerability[120][121][122] - Unmet need in epilepsy for women of childbearing age due to ASM teratogenic effects, contraception failure, and comorbidities; oral endogenous NASs like LPCN 2101 could offer benefits without these downsides[132][134][135] Other Pipeline Candidates Lipocine is seeking partnerships for LPCN 2401 (obesity), LPCN 1148 (cirrhosis), LPCN 1144 (MASH), and LPCN 1107 (preterm birth), all showing promising clinical results - LPCN 2401 (anabolic androgen receptor agonist for obesity management) showed 4.4% increase in lean mass and 6.7% decrease in fat mass in a Phase 2 study; a proof-of-concept Phase 2 study as an adjunct to GLP-1 agonists is planned for Q3 2025[145][148] - LPCN 1148 (testosterone laurate for decompensated cirrhosis) Phase 2 study met primary endpoint (increased skeletal muscle index) and showed improvements in clinical outcomes like OHE prevention and hospitalizations[157][158] - LPCN 1144 (oral prodrug of testosterone for MASH) Phase 2 study met MASH resolution endpoint with no worsening of fibrosis and received FDA Fast Track Designation; FDA recommended a Phase 2 dose ranging study prior to pivotal study[169][172][173] - LPCN 1107 (oral HPC for prevention of preterm birth) completed a multi-dose PK study showing comparable or higher HPC levels than injectable HPC; received FDA Orphan Drug Designation[176][178] - Significant unmet need for muscle-preserving options in GLP-1 obesity management, as current therapies cause substantial lean mass loss; LPCN 2401 aims to address this[150][152] - Makena, an injectable HPC for preterm birth, was withdrawn by the FDA in April 2023 due to lack of verified clinical benefit, highlighting the unmet need LPCN 1107 aims to address[179] Financial Operations Overview Lipocine's revenue to date primarily comes from license fees, royalties, and milestone payments, not product sales. Research and development expenses, which are expensed as incurred, have been significant ($157.8 million since inception) and are expected to continue increasing due to ongoing clinical trials. General and administrative expenses are also expected to rise as a public company - Revenue primarily from license fees, royalties, and milestones; no product sales to date[180] - Incurred $157.8 million in R&D expenses since inception through June 30, 2025, with significant future costs expected for pipeline development[181][182] - General and administrative expenses are expected to increase as a public company, covering legal, consulting, audit, and intellectual property costs[189] Results of Operations This section compares Lipocine's financial performance for the three and six months ended June 30, 2025, and 2024, across key revenue and expense categories Comparison of the Three Months Ended June 30, 2025 and 2024 This section compares Lipocine's financial results for the three months ended June 30, 2025, and 2024 | Metric | 3M Ended June 30, 2025 | 3M Ended June 30, 2024 | Variance | | :------------------------------ | :--------------------- | :--------------------- | :------- | | Revenue | $622,849 | $89,565 | $533,284 | | R&D expenses | $2,136,769 | $1,874,721 | $262,048 | | G&A expenses | $890,433 | $1,507,412 | $(616,979) | | Interest & investment income | $198,637 | $308,845 | $(110,208) | | Unrealized loss on warrant liability | $- | $(84,430) | $84,430 | - Revenue increased by $533,284, driven by $500,000 in license revenue in 2025 (vs. $0 in 2024) and higher royalty revenue from TLANDO sales ($123,000 in 2025 vs. $90,000 in 2024)[192] - R&D expenses increased by $262,048 due to a $153,000 increase for LPCN 2401 clinical studies and an $81,000 increase in other R&D costs[193] - G&A expenses decreased by $616,979, primarily from lower business development fees ($350,000), legal fees ($184,000), and Delaware franchise tax ($40,000)[194] Comparison of the Six Months Ended June 30, 2025 and 2024 This section compares Lipocine's financial results for the six months ended June 30, 2025, and 2024 | Metric | 6M Ended June 30, 2025 | 6M Ended June 30, 2024 | Variance | | :------------------------------ | :--------------------- | :--------------------- | :------- | | Revenue | $716,713 | $7,706,738 | $(6,990,025) | | R&D expenses | $3,198,341 | $4,693,646 | $(1,495,305) | | G&A expenses | $2,012,910 | $3,083,131 | $(1,070,221) | | Interest & investment income | $424,149 | $640,209 | $(216,060) | | Unrealized loss on warrant liability | $- | $(124,502) | $124,502 | - Revenue decreased by $6,990,025, primarily due to $7.5 million in license revenue from the Verity License Agreement in 2024, with only $500,000 in license revenue in 2025[199] - R&D expenses decreased by $1,495,305, mainly due to a $1.6 million decrease in LPCN 1154 Phase III clinical study costs in 2025 compared to 2024, partially offset by increased LPCN 2401 study costs[200] - G&A expenses decreased by $1,070,221, primarily from a $512,000 decrease in one-time business development fees related to the Verity License Agreement in 2024 and a $410,000 decrease in other business development expenses[201] Liquidity and Capital Resources Lipocine's operations are financed through equity sales, debt, and license agreements. As of June 30, 2025, cash, cash equivalents, and marketable securities totaled $17.9 million, down from $21.6 million at December 31, 2024. The Company expects existing capital to fund operations through August 5, 2026, but will require additional capital for long-term needs and further product development. Cash used in operating activities increased significantly in 2025 due to R&D for LPCN 1154 Phase III - Unrestricted cash, cash equivalents, and marketable investment securities were $17.9 million as of June 30, 2025, down from $21.6 million at December 31, 2024[206] - Existing capital resources are projected to be sufficient through at least August 5, 2026, but additional capital will be needed for long-term operations and further product development[216] - Net cash used in operating activities increased from $90,258 (6M 2024) to $3,855,491 (6M 2025), primarily due to cash required for LPCN 1154 Phase III clinical trial[220][221] - Net cash provided by investing activities was $3.6 million (6M 2025) and $663,000 (6M 2024), mainly from maturities of marketable investment securities[222] - Net cash provided by financing activities was $76,000 (6M 2025) from ATM sales and $209,000 (6M 2024) from Cantor Sales Agreement[223][224] Critical Accounting Policies and Significant Judgments and Estimates The Company's financial statements rely on estimates and assumptions in accordance with U.S. GAAP, particularly for revenue recognition from license agreements. No significant material changes to critical accounting policies occurred during the six months ended June 30, 2025 - No significant material changes to critical accounting policies during the six months ended June 30, 2025[228] Item 3. Quantitative and Qualitative Disclosures About Market Risk The Company is exposed to market risks, primarily from changes in interest rates, but does not use derivatives for speculative purposes. No material changes to market risk occurred during the first six months of 2025 - No material changes to the Company's market risk during the first six months of 2025[230] Item 4. Controls and Procedures Lipocine's management, including the CEO and Principal Financial Officer, evaluated the effectiveness of its disclosure controls and procedures as of June 30, 2025, concluding they were effective. No material changes in internal control over financial reporting occurred during the quarter - Disclosure controls and procedures were evaluated and deemed effective as of June 30, 2025[232] - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[233][234] PART II—OTHER INFORMATION Item 1. Legal Proceedings Lipocine is involved in routine legal matters but is not currently a party to any material litigation that could significantly impact its financial condition, liquidity, or results of operations - The Company is not currently a party to any material litigation or other material legal proceedings[236] Item 1A. Risk Factors This section updates risk factors from the 2024 Form 10-K, focusing on development and commercialization risks for LPCN 1154, potential patent infringement, reliance on third-party suppliers, influence of management/directors, stock price volatility, and the Company's history of operating losses and future capital requirements - LPCN 1154 development and NDA submission face risks, including uncertainty of clinical trial results, FDA acceptance, and the need for additional studies[239] - Commercialization of LPCN 1154 is dependent on finding a partner, and there's no assurance of favorable terms or successful partnership; labeling requirements (warnings) could negatively impact commercialization[240] - Risks include third-party patent infringement proceedings and reliance on third-party vendors for brexanolone supply[241][242] - Management and directors beneficially own approximately 6.5% of common stock, potentially influencing corporate affairs[243] - The market price of common stock has been volatile (traded between $2.83 and $7.83 over the past year) and may continue to be so[244] - The Company has incurred significant operating losses in most years since inception (accumulated deficit of $203.8 million as of June 30, 2025) and expects continued losses due to R&D expenses for pipeline candidates[245][246] Item 5. Other Information No directors or executive officers adopted or terminated any Rule 10b5-1 trading arrangements during the second quarter of 2025 - No directors or executive officers adopted or terminated Rule 10b5-1 trading arrangements during Q2 2025[247] Item 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including amendments to the Certificate of Incorporation, Certificate of Designation, certifications (Sarbanes-Oxley Act), and XBRL interactive data files - Includes amendments to Certificate of Incorporation (e.g., reduction of authorized common stock), Certificate of Designation of Preferred Stock, and various certifications (e.g., Sarbanes-Oxley Act)[250]