CVRx(CVRX) - 2025 Q2 - Quarterly Report

Cautionary Note on Forward-Looking Statements and Summary Risk Factors This section cautions on forward-looking statements and summarizes key risks, including significant losses and Barostim dependence - The company has a history of significant losses and expects them to continue, with no assurance of achieving or sustaining profitability[10] - CVRx is highly dependent on its single product, Barostim, and its failure to increase market acceptance in the U.S. would negatively impact business, liquidity, and results of operations[10] - Key risks include intense competition, dependence on third-party manufacturers and suppliers, potential product liability claims, and the need to retain key executives and obtain long-term clinical data[11] Part I — Financial Information Item 1. Financial Statements This section presents unaudited condensed consolidated financial statements, including balance sheets, income statements, equity, cash flows, and explanatory notes Condensed Consolidated Balance Sheets Total assets decreased from $133.4 million to $119.6 million, driven by reduced cash, while total stockholders' equity declined from $71.1 million to $57.9 million Key Balance Sheet Metrics | Metric | Dec 31, 2024 (in thousands) | Jun 30, 2025 (in thousands) | Change (in thousands) | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------- | | Cash and cash equivalents | $105,933 | $95,025 | $(10,908) | | Total current assets | $129,813 | $116,145 | $(13,668) | | Total assets | $133,414 | $119,564 | $(13,850) | | Total current liabilities | $10,762 | $9,689 | $(1,073) | | Total liabilities | $62,359 | $61,630 | $(729) | | Total stockholders' equity | $71,055 | $57,934 | $(13,121) | Condensed Consolidated Statements of Operations and Comprehensive Loss Revenue and gross profit increased for both periods, but net loss varied, influenced by operating expenses and a significant SG&A decrease for the six-month period Key Operations Metrics | Metric (in thousands) | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change ($) | YoY Change (%) | | :-------------------- | :-------------------------- | :-------------------------- | :------------- | :------------- | | Revenue | $13,589 | $11,807 | $1,782 | 15% | | Gross profit | $11,450 | $9,907 | $1,543 | 16% | | Net loss | $(14,736) | $(14,029) | $(707) | 5% | | Metric (in thousands) | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change ($) | YoY Change (%) | | :-------------------- | :-------------------------- | :-------------------------- | :------------- | :------------- | | Revenue | $25,937 | $22,577 | $3,360 | 15% | | Gross profit | $21,762 | $19,062 | $2,700 | 14% | | Net loss | $(28,502) | $(36,215) | $7,713 | (21)% | - Net loss per share (basic and diluted) improved from $(0.65) to $(0.57) for the three months ended June 30, 2025, and from $(1.69) to $(1.10) for the six months ended June 30, 2025[15] Condensed Consolidated Statements of Stockholders' Equity Stockholders' equity decreased from $71.1 million to $57.9 million, primarily due to net loss, partially offset by stock option exercises and common stock issuance Key Equity Metrics | Metric (in thousands) | Dec 31, 2024 | Jun 30, 2025 | Change | | :-------------------- | :----------- | :----------- | :----- | | Common stock | $253 | $261 | $8 | | Additional paid-in capital | $608,354 | $623,724 | $15,370 | | Accumulated deficit | $(537,346) | $(565,848) | $(28,502) | | Total stockholders' equity | $71,055 | $57,934 | $(13,121) | - The number of issued and outstanding common shares increased from 25,324,684 at December 31, 2024, to 26,145,951 at June 30, 2025[17] Condensed Consolidated Statements of Cash Flows Operating and investing activities used cash, while financing activities significantly increased to $10.0 million from common stock issuance, resulting in a $10.9 million net cash decrease Key Cash Flow Metrics | Cash Flow Activity (in thousands) | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change | | :-------------------------------- | :-------------------------- | :-------------------------- | :--------- | | Net cash used in operating activities | $(20,703) | $(20,726) | $23 | | Net cash used in investing activities | $(217) | $(1,272) | $1,055 | | Net cash provided by financing activities | $10,007 | $1,834 | $8,173 | | Net change in cash and cash equivalents | $(10,908) | $(20,169) | $9,261 | | Cash and cash equivalents at end of period | $95,025 | $70,400 | $24,625 | - Cash provided by financing activities in H1 2025 was significantly boosted by $9.2 million from the issuance of common stock through an ATM offering[19] Notes to Condensed Consolidated Financial Statements These notes provide essential context and detail for the condensed consolidated financial statements, covering the company's business, accounting policies, and specific financial line items 1. Business organization CVRx, a medical device company, markets Barostim for heart failure and hypertension, expecting continued operating losses and negative cash flows - The company markets Barostim, a medical device for heart failure and resistant hypertension, primarily in the U.S. and Europe[21] - Management expects continued operating losses and negative cash flows in the foreseeable future, with no assurance of achieving profitability or positive cash flows[22] 2. Summary of significant accounting policies Unaudited financial statements are prepared under U.S. GAAP, consolidating CVRx and its subsidiary, with an extended transition period for new accounting standards - The company is an emerging growth company and has elected to use the extended transition period for complying with new or revised financial accounting standards[25] - Revenue is recognized when a customer obtains control of promised goods or services, typically at the point of delivery, with payment terms generally between 30 and 90 days[32] - Stock-based compensation expense is recognized based on the grant date fair value of awards, using the Black-Scholes model for stock options and ESPP purchase rights, and closing stock price for RSUs[33][52] 3. Selected balance sheet information This section details inventory, property and equipment, and accrued expenses, showing slight decreases in all categories, particularly in accrued bonuses and 401(k) match Inventory Breakdown | Inventory (in thousands) | Jun 30, 2025 | Dec 31, 2024 | | :----------------------- | :----------- | :----------- | | Raw material | $7,698 | $6,857 | | Work-in-process | $230 | $353 | | Finished goods | $3,792 | $4,897 | | Total Inventory | $11,720 | $12,107 | Accrued Expenses Breakdown | Accrued Expenses (in thousands) | Jun 30, 2025 | Dec 31, 2024 | | :------------------------------ | :----------- | :----------- | | Bonuses | $2,515 | $3,621 | | 401(k) match | $637 | $1,106 | | Total Accrued Expenses | $6,657 | $8,180 | 4. Debt CVRx has $50.0 million in outstanding Term Loans with Innovatus Life Sciences, bearing a floating interest rate, with compliance to all covenants as of June 30, 2025 - CVRx has $50.0 million in outstanding Term Loans as of June 30, 2025, under a Loan Agreement with Innovatus Life Sciences Fund I, LP[37] - The Term Loans bear a floating interest rate and have principal maturities of $16.7 million in 2027 and $33.3 million in 2028[37][38] - The company was in compliance with all debt covenants as of June 30, 2025[37] 5. Leases CVRx leases its Minneapolis offices and manufacturing facility, expanding space in May 2025, with total operating lease liabilities of $1.152 million as of June 30, 2025 - CVRx expanded its existing office space by 3,678 square feet in May 2025, with the lease term running concurrently with the existing lease until August 31, 2028[39] Lease Metrics Summary | Lease Metric (in thousands) | Jun 30, 2025 | Dec 31, 2024 | | :-------------------------- | :----------- | :----------- | | Operating lease right-of-use asset | $1,048 | $1,069 | | Total operating lease liabilities | $1,152 | $1,159 | - Operating cash outflows from the lease were $0.3 million for both the six months ended June 30, 2025, and 2024[40] 6. Stockholders' equity This section details common stock warrants and the ATM offering, under which 543,462 shares were issued for $9.5 million, with $6.7 million remaining capacity Common Stock Warrants - As of June 30, 2025, 103,349 common stock warrants were exercisable at a weighted average exercise price of $12.92 per share[41] - Johnson & Johnson Innovation – JJDC, Inc. exercised 607,725 common stock warrants for 604,000 shares via net exercise during the six months ended June 30, 2024[41] At-the-Market ("ATM") Offering - CVRx issued 543,462 shares of common stock for gross proceeds of $9.5 million under its ATM offering during the six months ended June 30, 2025[43] - The company has approximately $6.7 million of additional capacity remaining under its $50.0 million ATM offering[43] 7. Stock-based compensation CVRx operates under stock incentive plans, with increased stock options and RSU grants, and a significant decrease in six-month stock-based compensation due to a prior-year modification expense Summary of plans and activity - The 2021 Equity Incentive Plan automatically increased by 1,266,234 shares on January 1, 2025, with 1,392,926 shares available for future issuance as of June 30, 2025[45] Stock Options Stock Option Activity Summary | Stock Option Activity | Dec 31, 2024 | Jun 30, 2025 | | :-------------------- | :----------- | :----------- | | Balance of Options | 5,550,419 | 6,025,124 | | Granted | N/A | 926,572 | | Cancelled / Forfeited | N/A | (246,004) | | Exercised | N/A | (205,863) | | Weighted Average Exercise Price | $11.81 | $12.06 | - Unrecognized compensation expense for stock options was $23.2 million as of June 30, 2025, to be recognized over approximately 2.7 years[48] Restricted Stock Units RSU Activity Summary | RSU Activity | Dec 31, 2024 | Jun 30, 2025 | | :----------- | :----------- | :----------- | | Unvested Balance | 0 | 335,658 | | Granted | N/A | 340,078 | | Forfeited | N/A | (4,420) | | Weighted Average Grant Date Fair Value | N/A | $12.85 | - Unrecognized compensation expense for RSUs was $4.0 million as of June 30, 2025, to be recognized over approximately 3.7 years[49] Employee Stock Purchase Plan - For the six months ended June 30, 2025, 71,942 shares were purchased under the ESPP for $0.4 million in employee contributions[51] - As of January 1, 2025, an additional 253,246 shares were reserved for issuance under the ESPP, with 814,111 shares available as of June 30, 2025[51] Stock-based compensation expense Stock-based Compensation Expense Summary | Stock-based Compensation Expense (in thousands) | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :-------------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Options | $2,596 | $2,485 | $4,810 | $13,513 | | RSUs | $265 | $0 | $357 | $0 | | Employee Stock Purchase Plan | $55 | $59 | $204 | $172 | | Total | $2,916 | $2,544 | $5,371 | $13,685 | - The significant decrease in stock-based compensation expense for the six months ended June 30, 2025, compared to 2024, was primarily due to an $8.4 million non-cash expense recognized in H1 2024 related to the modification of stock options for the former CEO's retirement[54][110] 8. Income taxes CVRx recorded a nominal income tax benefit, maintaining a full valuation allowance against deferred tax assets due to cumulative net losses, and is evaluating the OBBBA's impact - CVRx maintains a full valuation allowance against all deferred tax assets due to its cumulative net loss position[55] - As of December 31, 2024, the company had federal NOLs of approximately $429.7 million and federal tax credit carryforwards of $10.2 million[56] - The company is evaluating the potential impact of the One Big Beautiful Bill Act (OBBBA), enacted in July 2025, on its financial statements, which includes provisions for R&D cost capitalization and international tax framework modifications[58][59] 9. Loss Per Share Basic and diluted net loss per share improved for both periods, with potentially dilutive securities excluded from EPS calculation due to their anti-dilutive effect Loss Per Share Summary | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net loss per share, basic and diluted | $(0.57) | $(0.65) | $(1.10) | $(1.69) | | Weighted-average common shares outstanding | 26,071,316 | 21,628,542 | 25,974,229 | 21,430,276 | - Potentially dilutive securities, totaling 6,464,131 shares as of June 30, 2025, were excluded from diluted EPS calculation due to their anti-dilutive effect[60] 10. Commitments and contingencies No material contingent liabilities were identified as of June 30, 2025, or December 31, 2024 - No material contingent liabilities were identified as of June 30, 2025, or December 31, 2024[61] 11. Employee benefit plans CVRx sponsors a 401(k) plan with matching contributions, incurring $0.3 million expense for each three-month period and $0.6 million for each six-month period - The company adopted a policy to match employee 401(k) contributions starting January 1, 2024[62] 401(k) Matching Contributions Summary | 401(k) Matching Contributions (in millions) | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :---------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Expense | $0.3 | $0.3 | $0.6 | $0.6 | 12. Segment, geographic information, and revenue disaggregation CVRx operates as a single segment, with performance evaluated by consolidated net loss and geographic revenue, primarily from U.S. sales where most assets are located - CVRx operates as a single reportable and operating segment[63] Revenue by Geography Summary | Revenue by Geography (in thousands) | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :---------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | U.S. | $12,243 | $10,673 | $23,444 | $20,508 | | Other countries (Europe) | $1,346 | $1,134 | $2,493 | $2,069 | | Total Revenue | $13,589 | $11,807 | $25,937 | $22,577 | - Substantially all long-lived assets are located in the U.S[64] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses financial condition, operations, recent developments, performance factors, liquidity, capital resources, and critical accounting policies Overview CVRx commercializes Barostim for HFrEF, aiming to expand sales and secure reimbursement, anticipating continued net losses from commercialization investments - CVRx commercializes Barostim, the first and only neuromodulation device indicated to improve symptoms for patients with HFrEF, leveraging the Autonomic Nervous System[65] - The company's sales and marketing efforts target electrophysiologists, HF specialists, interventional and general cardiologists, and vascular surgeons, with hospitals as primary customers in the U.S[67][68] - CVRx expects to continue incurring net losses for several years due to planned investments in commercialization efforts, which may require additional funding[73] Recent Developments CMS proposed new Category I CPT codes for Barostim in 2026 MPFS and retained it under New Technology APC 1580 with a $45,000 outpatient rate in 2026 OPPS - CMS proposed new Category I CPT codes for Barostim implant and follow-up services in the 2026 MPFS, aiming to eliminate automatic denials and improve prior authorization predictability[74] - CMS proposed to retain the Barostim implant procedure under New Technology APC 1580 in the 2026 OPPS, with an associated outpatient payment rate of approximately $45,000[75] - The final rules for both MPFS and OPPS are expected in November 2025 and will take effect on January 1, 2026[74][75] Factors affecting our performance Performance is influenced by U.S. revenue growth, gross margin fluctuations, increasing R&D and SG&A expenses, debt-related interest expense, and nominal income tax due to valuation allowances Revenue U.S. sales are expected to drive the majority of revenue, fueled by increased awareness, sales force expansion, and potential Barostim labeling expansion - U.S. sales are expected to continue accounting for the majority of revenue, driven by increased awareness, sales force expansion, and potential expanded labeling for Barostim[77] - European revenue fluctuates based on average selling price, channel mix, and foreign currency exchange rates[78] Cost of goods sold and gross margin Cost of goods sold will rise with revenue, while gross margin is affected by average sale price, product mix, and manufacturing overhead efficiency - Cost of goods sold is expected to increase with revenue growth, while gross margin is influenced by average sale price, full system vs. individual IPG sales, and manufacturing overhead alignment with production volume[79][80] - Gross margin benefits from increased direct sales and production volumes but may fluctuate with new products and manufacturing changes[80][81][82] Research and development expenses R&D expenses are projected to increase as the company continues developing Barostim enhancements - R&D expenses are expected to increase in absolute dollars as the company continues to develop enhancements to Barostim[83] Selling, general and administrative expenses SG&A expenses are expected to increase in absolute dollars due to expanding U.S. sales force and international commercial organization - SG&A expenses are expected to increase in absolute dollars due to the expansion of the direct sales force and commercial organization in the U.S. and international presence[85] - SG&A expenses are expected to decrease as a percentage of revenue as revenue grows[85] Interest expense Interest expense comprises debt interest and amortization of associated financing costs - Interest expense consists of interest on debt and amortization of associated financing costs[86] Other income, net Other income, net, primarily includes interest income, partially offset by foreign currency exchange rate effects - Other income, net, primarily consists of interest income on interest-bearing accounts, partially offset by foreign currency exchange rate effects[87] Benefit (provision) for income taxes Income tax benefit/provision relates to foreign jurisdictions, with a full valuation allowance for deferred tax assets - Income tax benefit/provision is primarily related to foreign jurisdictions, with a full valuation allowance maintained for deferred tax assets[88] Results of operations This section details financial results for Q2 and H1 2025 vs 2024, highlighting revenue growth, gross profit increases, and changes in operating expenses and net loss Three months ended June 30, 2025, compared to the three months ended June 30, 2024 Three Months Ended June 30, 2025 vs 2024 | Metric (in thousands) | Jun 30, 2025 | Jun 30, 2024 | Change ($) | Change (%) | | :-------------------- | :----------- | :----------- | :--------- | :--------- | | Revenue | $13,589 | $11,807 | $1,782 | 15% | | Gross profit | $11,450 | $9,907 | $1,543 | 16% | | Gross margin | 84% | 84% | 0% | 0% | | R&D expenses | $2,469 | $2,765 | $(296) | (11)% | | SG&A expenses | $23,357 | $21,115 | $2,242 | 11% | | Net loss | $(14,736) | $(14,029) | $(707) | 5% | - U.S. revenue increased by 15% to $12.2 million, driven by growth in the HF business, expansion into new sales territories (47 vs 42), new accounts, and increased awareness[91][92][93] - Active implanting centers grew from 189 to 240[93] - European revenue increased by 19% to $1.3 million, despite a decrease in total revenue units (61 vs 63) and a reduction in sales territories (5 vs 6)[91][94] Six months ended June 30, 2025, compared to the six months ended June 30, 2024 Six Months Ended June 30, 2025 vs 2024 | Metric (in thousands) | Jun 30, 2025 | Jun 30, 2024 | Change ($) | Change (%) | | :-------------------- | :----------- | :----------- | :--------- | :--------- | | Revenue | $25,937 | $22,577 | $3,360 | 15% | | Gross profit | $21,762 | $19,062 | $2,700 | 14% | | Gross margin | 84% | 84% | 0% | 0% | | R&D expenses | $4,986 | $5,822 | $(836) | (14)% | | SG&A expenses | $44,589 | $49,445 | $(4,856) | (10)% | | Net loss | $(28,502) | $(36,215) | $7,713 | (21)% | - U.S. revenue increased by 14% to $23.4 million, with HF revenue units growing from 658 to 740[104][105] - European revenue increased by 20% to $2.5 million, with total revenue units increasing from 107 to 120[104][106] - The decrease in SG&A expenses for the six-month period was primarily due to an $8.2 million decrease in non-cash stock-based compensation expense, related to a one-time modification for the former CEO's retirement in Q1 2024[110] Liquidity, capital resources and plan of operations CVRx incurred significant losses and negative cash flows, with cash decreasing to $95.0 million, but believes existing resources will cover requirements for at least three years - Cash and cash equivalents decreased from $105.9 million at December 31, 2024, to $95.0 million at June 30, 2025[114] - Net cash used in operating activities was $20.7 million for both the six months ended June 30, 2025, and 2024[114] - The company believes existing cash resources and cash from operations will be sufficient for operating liquidity, capital expenditures, and debt services for at least the next three years[118] Cash flows Net cash used in operating activities remained stable, investing cash use decreased, and financing cash provided increased substantially to $10.0 million from common stock issuance Key Cash Flow Metrics | Cash Flow Activity (in thousands) | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :-------------------------------- | :-------------------------- | :-------------------------- | | Operating activities | $(20,703) | $(20,726) | | Investing activities | $(217) | $(1,272) | | Financing activities | $10,007 | $1,834 | | Net change in cash and cash equivalents | $(10,908) | $(20,169) | - Net cash provided by financing activities in H1 2025 was primarily driven by $9.2 million from the issuance of common stock via the ATM offering[126] Contractual obligations and commitments No material changes to contractual obligations were reported as of June 30, 2025, compared to the prior Annual Report on Form 10-K - No material changes to contractual obligations were reported as of June 30, 2025[128] Critical accounting policies and estimates Critical accounting policies and estimates remain consistent with the prior Annual Report on Form 10-K - Critical accounting policies and estimates are unchanged from the previous Annual Report on Form 10-K[129] JOBS Act accounting election As an emerging growth company, CVRx uses an extended transition period for new accounting standards, potentially affecting comparability - CVRx has elected to use the extended transition period under the JOBS Act for new accounting standards, potentially impacting comparability with other public companies[130] Recent accounting pronouncements Recent accounting pronouncements are discussed in Note 2 to the condensed consolidated financial statements - The FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures," effective for annual periods beginning after December 15, 2024, which CVRx is currently evaluating[34][131] Item 3. Quantitative and Qualitative Disclosures About Market Risk Market risks include interest rate fluctuations on cash and debt, foreign currency exchange rate changes, and inflation affecting gross margins and operating expenses Interest rate risk Interest rate risk is limited to cash equivalents and floating-rate debt, with no use of financial derivatives - Interest rate risk is limited to cash equivalents and debt under the Loan Agreement, which bears a floating rate[132] - The company does not use financial derivatives[132] Foreign currency exchange rate risk Foreign currency exchange rate fluctuations, especially in the Euro, can impact international revenue and operating expenses - Foreign currency exchange rate fluctuations, particularly in the Euro, can impact revenue and operating expenses from international operations[133] - Foreign currency transaction gains and losses have not been material to date, and the company has not engaged in hedging transactions[133] Inflation risk Inflation could adversely affect operating results if costs increase faster than product selling prices - Inflationary factors could adversely affect operating results if cost of goods sold and operating expenses increase more than product selling prices[134] Credit risk Cash and cash equivalents are held with financial institutions, with balances potentially exceeding insured limits - Cash and cash equivalents are held with financial institutions believed to have sufficient assets, but balances may exceed insured limits[135] Item 4. Controls and Procedures Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting Evaluation of disclosure controls and procedures - The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2025[136][137] Changes in internal control over financial reporting - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[138] Part II — Other Information Item 1. Legal Proceedings The company is not currently a party to any material legal proceedings - The company is not involved in any material legal proceedings[140] Item 1A. Risk Factors This section updates risk factors, highlighting extensive foreign regulation; Barostim's EU MDR compliance was approved, but ongoing adherence is required to market products - Barostim's compliance with the EU Medical Device Regulation (MDR) was approved on April 9, 2025, following extensive updates to quality systems and technical file documentation[146] - The company must continue to submit updates for substantial changes and undergo annual audits to verify ongoing MDR compliance[146] - Failure to comply with foreign regulatory requirements, including those in the EEA, could result in enforcement actions and impair the ability to market products[146] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds No unregistered sales of equity securities or use of proceeds were reported - No unregistered sales of equity securities or use of proceeds were reported[147] Item 3. Defaults Upon Senior Securities No defaults upon senior securities were reported - No defaults upon senior securities were reported[148] Item 4. Mine Safety Disclosures This item is not applicable to CVRx - Mine Safety Disclosures are not applicable to the registrant[149] Item 5. Other Information No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted, modified, or terminated by directors or officers during Q2 2025 - No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted, modified, or terminated by directors or officers during Q2 2025[150] Item 6. Exhibits This section lists exhibits filed with the Form 10-Q, including corporate governance documents, a lease amendment, CEO/CFO certifications, and XBRL documents - Key exhibits include corporate governance documents (Certificate of Incorporation, By-Laws), a lease amendment, CEO/CFO certifications, and XBRL financial data files[153] Signatures The report was signed by President and CEO Kevin Hykes and CFO Jared Oasheim on August 5, 2025 - The report was signed by the President and CEO, Kevin Hykes, and the CFO, Jared Oasheim, on August 5, 2025[156]