Pulse Biosciences(PLSE) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements (unaudited) This section presents the unaudited condensed consolidated financial statements, including balance sheets, operations, and cash flows Condensed Consolidated Balance Sheets Details the company's assets, liabilities, and stockholders' equity at the end of the reporting periods Key Balance Sheet Data | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :----------------------------- | :----------------------------- | :------------------------------- | | Total Assets | $120,251 | $132,460 | | Cash and Cash Equivalents | $106,349 | $118,038 | | Total Liabilities | $15,764 | $17,598 | | Total Stockholders' Equity | $104,487 | $114,862 | | Accumulated Deficit | $(426,463) | $(390,500) | - Total assets decreased by $12,209 thousand from December 31, 2024, to June 30, 2025, primarily due to a reduction in cash and cash equivalents[13] - Total stockholders' equity decreased by $10,375 thousand, largely influenced by the accumulated deficit increasing by $35,963 thousand[13] Condensed Consolidated Statements of Operations and Comprehensive Loss Summarizes revenues, expenses, and net loss for the three- and six-month periods Key Operational Results | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $— | $— | $— | $— | | Research and Development | $12,088 | $7,230 | $22,401 | $13,971 | | General and Administrative | $8,187 | $4,496 | $15,918 | $8,370 | | Total Cost and Expenses | $20,275 | $11,726 | $38,319 | $22,341 | | Net Loss | $(19,168) | $(11,383) | $(35,963) | $(21,520) | | Basic and Diluted Net Loss Per Share | $(0.28) | $(0.20) | $(0.54) | $(0.38) | - Net loss increased significantly for both the three-month period (from $(11,383) thousand in 2024 to $(19,168) thousand in 2025) and the six-month period (from $(21,520) thousand in 2024 to $(35,963) thousand in 2025)[15] - Research and development expenses rose by $8,430 thousand for the six-month period, and general and administrative expenses increased by $7,548 thousand, contributing to the higher net loss[15] Condensed Consolidated Statements of Cash Flows Outlines the sources and uses of cash from operating, investing, and financing activities Cash Flow Summary | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | | Net Cash Used in Operating Activities | $(26,328) | $(18,175) | | Net Cash Used in Investing Activities | $(168) | $(34) | | Net Cash Provided by Financing Activities | $14,807 | $40 | | Net Decrease in Cash and Cash Equivalents | $(11,689) | $(18,169) | | Cash and Cash Equivalents at End of Period | $106,349 | $26,196 | - Net cash used in operating activities increased by $8,153 thousand, reflecting higher operational expenditures[18] - Net cash provided by financing activities saw a substantial increase of $14,767 thousand, primarily driven by proceeds from the exercise of warrants[18] Condensed Consolidated Statements of Stockholders' Equity Details the changes in the company's equity accounts over the reporting periods Stockholders' Equity Changes | Metric (in thousands) | Balance, December 31, 2024 | Balance, June 30, 2025 | | :-------------------- | :------------------------- | :--------------------- | | Common Stock Amount | $66 | $67 | | Additional Paid-in Capital | $505,296 | $530,883 | | Accumulated Deficit | $(390,500) | $(426,463) | | Total Stockholders' Equity | $114,862 | $104,487 | - Total stockholders' equity decreased by $10,375 thousand from December 31, 2024, to June 30, 2025, primarily due to the net loss incurred during the period[21] - Additional paid-in capital increased by $25,587 thousand, largely from stock-based compensation expense ($10,870 thousand) and proceeds from warrant exercises ($13,973 thousand)[21] Notes to Condensed Consolidated Financial Statements Provides supplementary information and disclosures related to the financial statements 1. Description of the Business Pulse Biosciences is a novel ablation company focused on Nano-pulse Stimulation technology - In 2022, the company shifted its primary focus from dermatology to atrial fibrillation ("AF") and surgical soft tissue ablation, leveraging its CellFX System[25] - The company currently generates no revenue and requires additional capital to finance its operations, with no assurance of obtaining necessary financing on acceptable terms[27] 2. Summary of Significant Accounting Policies Outlines the key accounting principles and estimates used in preparing the financial statements - The unaudited condensed consolidated financial statements are prepared consistent with the December 31, 2024, audited statements, omitting certain U.S. GAAP footnote disclosures[28] - Key estimates include stock-based compensation valuation, equity-classified subscription rights, inventory valuation, income taxes, and useful lives of long-lived assets[31] - The company began capitalizing inventory in the first six months of 2025 in preparation for early pilot commercialization of percutaneous electrodes for its nsPFA Percutaneous Electrode System[39] 3. Fair Value of Financial Instruments Discloses the fair value hierarchy for financial assets and liabilities Fair Value of Financial Instruments | Asset (in thousands) | Classification | Level 1 | Level 2 | Level 3 | Total | | :------------------- | :---------------------- | :----------- | :------ | :------ | :----------- | | June 30, 2025 | | | | | | | Money market funds | Cash and cash equivalents | $103,606 | $— | $— | $103,606 | | December 31, 2024| | | | | | | Money market funds | Cash and cash equivalents | $113,776 | $— | $— | $113,776 | - All financial instruments measured at fair value on a recurring basis are classified as Level 1, consisting solely of money market funds[50] 4. Balance Sheet Components Provides detailed breakdowns of specific balance sheet accounts Selected Balance Sheet Components | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Property and equipment, net | $1,109 | $1,160 | | Intangible assets, net | $907 | $1,220 | | Accrued expenses | $4,777 | $7,027 | - Intangible assets, net, decreased by $313 thousand due to accumulated amortization, with $332 thousand remaining for amortization in the latter half of 2025[53] - Accrued expenses decreased by $2,250 thousand, primarily due to the resolution of a legal settlement and severance expenses by December 31, 2024[54] 5. Goodwill Details the carrying amount of goodwill and the results of impairment testing - Goodwill of $2.8 million was recorded in connection with 2014 acquisitions[55] - As of June 30, 2025, the company reviewed goodwill for impairment and determined that no impairment existed[56] 6. Stockholders' Equity and Stock-Based Compensation Describes equity transactions and the accounting for stock-based compensation - The 2024 Rights Offering closed on July 3, 2024, generating $60 million in gross proceeds, with Robert W. Duggan, the majority stockholder, purchasing approximately 88% of the units[58] - During the six months ended June 30, 2025, the company received $14.0 million in gross proceeds from exercises of the 2024 Rights Offering Warrants[59] - Total stock-based compensation expense increased significantly to $10,870 thousand for the six months ended June 30, 2025, from $3,811 thousand in the prior year, primarily driven by time-based and market-based options[81][82] - No expense was recognized for performance-based and market and performance-based options during the three-month and six-month periods ended June 30, 2025, as their performance conditions were not deemed probable of achievement[76][81] Stock-Based Compensation Expense | Stock-Based Compensation Expense (in thousands) | 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 Stock-Based Compensation Expense | $5,189 | $2,052 | $10,870 | $3,811 | | Time-based options | $3,579 | $1,315 | $7,686 | $2,478 | | Market-based options | $1,535 | $683 | $3,004 | $1,190 | | Performance-based options | $— | $14 | $— | $22 | 7. Commitments and Contingencies Discloses contractual obligations, lease liabilities, and potential legal contingencies - The company is not currently a party to any legal proceedings that management believes could have a material adverse effect on its results of operations or financial condition[87] Operating Lease Liabilities | Metric (in thousands) | June 30, 2025 | | :-------------------- | :------------ | | Total Lease Liabilities | $8,245 | | Current Operating Lease Liabilities | $1,459 | | Non-Current Operating Lease Liabilities | $6,786 | Future Lease Payments | Year Ending December 31 (in thousands) | Lease Payments | | :------------------------------------- | :------------- | | 2025 (remaining 6 months) | $1,083 | | 2026 | $2,225 | | 2027 | $2,302 | | 2028 | $2,381 | | 2029 | $2,080 | | Thereafter | $73 | | Total Lease Payments | $10,144 | 8. Segment Reporting Confirms the company operates as a single reportable segment - The company operates as a single operating and reportable segment focused on the research and development of its NPS technology[88] - The Chief Operating Decision-Maker (CODM) reviews consolidated net loss and detailed expense categories to monitor performance and allocate resources[88][94] - All of the company's long-lived assets are located in the United States as of June 30, 2025[92] 9. Related Party Transactions Details transactions with the company's majority stockholder - Robert W. Duggan, the company's majority stockholder and Co-Chairman, purchased approximately 88% of the units offered through the 2024 Rights Offering, contributing significantly to the $60 million gross proceeds[93] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Analyzes financial performance, liquidity, capital resources, and operational results for the reporting period Overview Provides an overview of the company's business, technology, and strategic focus CellFX nsPFA Percutaneous Electrode System Details the progress and commercialization plans for the soft tissue ablation system - The company received FDA 510(k) clearance in March 2024 for its nsPFA Percutaneous Electrode System for soft tissue ablation, with a second size cleared in August 2024[103] - The CellFX System is in early pilot commercialization, with nine sites in the U.S. performing over 140 patient procedures under evaluation agreements[104] - A clinical trial is expected to commence in Q3 2025 to support planned commercialization of the system for benign thyroid nodules in H2 2025[104] Our Cardiac Surgical Program Describes the development of nsPFA technology for treating Atrial Fibrillation - The program focuses on treating Atrial Fibrillation (AF) using nsPFA technology, which offers advantages over thermal ablation, such as faster ablations and sparing of acellular tissue[106][109] - The CellFX nsPFA Cardiac Clamp received FDA Breakthrough Device Designation and is enrolled in the TPLC Advisory Program, with a pivotal clinical trial for AF expected to begin in the next few months[110][111] - The CellFX nsPFA Cardiac Catheter, designed for circumferential ablation, has shown promising acute and remapping data from clinical studies in Prague and Rome, with a U.S. IDE pivotal clinical study anticipated soon[112][114] The CellFX Console Explains the role of the core platform technology - The CellFX Console is a tunable, software-enabled platform designed to accommodate various disposable applicators across clinical applications[116] - The company ceased commercial sales and marketing operations in dermatology in September 2022 to focus on cardiology and soft tissue ablation, while continuing to support existing commercial users[116] Financing Our Business Discusses historical funding sources and future capital requirements - The company has historically funded its business through equity securities and debt, with significant investments from Robert Duggan, its majority stockholder and Co-Chairman[118] - The 2024 Rights Offering raised $60.0 million, with Mr. Duggan purchasing approximately 88% of the units[118] - The company has incurred substantial operating losses and will need to raise additional capital, with no assurance that financing will be available on acceptable terms, potentially leading to curtailed operations or product development[119][120] Critical Accounting Policies and Estimates Highlights significant judgments and estimates affecting the financial statements - The preparation of financial statements requires significant estimates and judgments, particularly concerning the valuation and recognition of stock-based compensation[121] - Fair value of market-based and performance-based stock options is estimated using a Monte Carlo simulation model, requiring assumptions about expected volatility, risk-free interest rate, cost of equity, and expected term[122][124] - As of June 30, 2025, no stock-based compensation expense was recognized for market and performance-based options because the achievement of performance conditions was not deemed probable[76] Results of Operations Compares operating results for the three- and six-month periods ended June 30, 2025 and 2024 Comparison of the three-month periods ended June 30, 2025 and 2024 Analyzes the changes in revenues, expenses, and net loss for the second quarter Q2 2025 vs Q2 2024 Performance | Metric (in thousands) | Q2 2025 | Q2 2024 | $ Change | | :-------------------- | :----------- | :----------- | :----------- | | Revenues | $— | $— | $— | | Net Loss | $(19,168) | $(11,383) | $(7,785) | | Research and Development | $12,088 | $7,230 | $4,858 | | General and Administrative | $8,187 | $4,496 | $3,691 | | Interest Income, net | $1,107 | $343 | $764 | - Net loss increased by $7.8 million, primarily due to a $4.9 million increase in R&D expenses and a $3.7 million increase in G&A expenses, partially offset by a $0.8 million rise in interest income[127][129][130][131] Comparison of the six-month periods ended June 30, 2025 and 2024 Analyzes the changes in revenues, expenses, and net loss for the first half of the year H1 2025 vs H1 2024 Performance | Metric (in thousands) | H1 2025 | H1 2024 | $ Change | | :-------------------- | :----------- | :----------- | :----------- | | Revenues | $— | $— | $— | | Net Loss | $(35,963) | $(21,520) | $(14,443) | | Research and Development | $22,401 | $13,971 | $8,430 | | General and Administrative | $15,918 | $8,370 | $7,548 | | Interest Income, net | $2,356 | $821 | $1,535 | - Net loss increased by $14.4 million, driven by an $8.4 million increase in R&D expenses and a $7.5 million increase in G&A expenses, partially offset by a $1.5 million rise in interest income[132][134][135][136] Liquidity and Capital Resources Assesses the company's ability to meet its short-term and long-term obligations - As of June 30, 2025, the company had $106.3 million in cash and cash equivalents, which is believed to be sufficient to fund projected operating requirements for at least the next twelve months[139] - The company will need to raise additional capital in the future through equity offerings, debt financings, or collaborations, with no assurance of availability on acceptable terms[139][140] - Proceeds from the exercise of warrants contributed $14.1 million to financing activities during the six months ended June 30, 2025[145] Cash Flow Activity Summary | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | | Net Cash Used in Operating Activities | $(26,328) | $(18,175) | | Net Cash Provided by Financing Activities | $14,807 | $40 | Contractual Obligations Confirms no material changes to contractual obligations - There have been no material changes to the company's contractual obligations outside the ordinary course of business since the Annual Report on Form 10-K for the year ended December 31, 2024[147] Off-Balance-Sheet Arrangements States the company has no off-balance-sheet arrangements - As of June 30, 2025, the company did not have any transactions, obligations, or relationships that constitute off-balance sheet arrangements[148] - The company enters into standard indemnification arrangements with third parties, directors, and officers, but the maximum potential amount of future payments is not determinable[149][150] Trends, Events and Uncertainties Discusses key factors that could impact future results - Research and development of new technologies are inherently unpredictable, and there is no assurance that financing will be sufficient to generate future sales or sustain operations[151] - The company cannot assure investors that its technology will be adopted or that it will achieve sustainable revenues, profitability, or positive operating cash flows[153] - Insufficient funds could lead to delays, scaling back activities, headcount reductions, discontinuing clinical trials, stopping manufacturing, deferring capital expenditures, or licensing technologies on unfavorable terms, potentially curtailing or discontinuing operations entirely[153] Item 3. Quantitative and Qualitative Disclosures About Market Risk Discloses the company's exposure to market risks, primarily interest rate fluctuations - There have been no material changes in market risk from the information provided in the Annual Report on Form 10-K for the year ended December 31, 2024[156] - The company's primary market risk exposure is a result of fluctuations in interest rates[156] - The company does not hold financial instruments for trading purposes[156] Item 4. Controls and Procedures Confirms the effectiveness of disclosure controls and procedures and notes no material changes in internal controls Evaluation of Disclosure Controls and Procedures Management concluded that disclosure controls and procedures were effective - Management, under the supervision of the CEO and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2025[157] Changes in Internal Control Over Financial Reporting No material changes in internal control over financial reporting were identified - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, internal control over financial reporting[158] Inherent Limitations on Effectiveness of Controls Acknowledges that control systems provide reasonable, not absolute, assurance - Management acknowledges that disclosure controls and internal control over financial reporting can only provide reasonable, not absolute, assurance against errors and fraud[159] - Inherent limitations include faulty judgments, simple errors, circumvention by individuals or collusion, and management override[159] PART II. OTHER INFORMATION Item 1. Legal Proceedings The company is not currently involved in any material legal proceedings - The company is not presently a party to any legal proceedings that, in management's opinion, could have a material adverse effect on its results of operations or financial condition[161] - Any litigation, regardless of outcome, could adversely impact the company due to defense and settlement costs, diversion of management resources, negative publicity, and reputational harm[161] Item 1A. Risk Factors Outlines the significant risks and uncertainties associated with the company's business and stock Summary Summarizes key risks related to financial position, product development, IP, and corporate governance - The company faces risks related to its financial position and need for additional capital, including dependence on NPS technology success, limited commercialization experience, and potential for further dilution or debt[165] - Product development and commercialization risks include the complex, expensive, and high-failure-rate process, uncertainty of regulatory approval for AF treatments, limited sales/marketing experience, and intense competition[165] - Intellectual property, cybersecurity, and data privacy risks involve reliance on patents, potential infringement claims, inability to protect IP globally, and vulnerability to cyber threats and data breaches[168][170] - Corporate governance and common stock risks include dependence on key personnel, concentrated ownership by the Co-Chairman (72% voting power) limiting other investors' influence, and stock price volatility[169][170] Risks Relating to Our Business, Industry and Financial Condition Details risks from limited operating history, lack of revenue, and need for capital - The company has a limited operating history and no significant revenue, making future business evaluation difficult and anticipating continued operating losses for several years[172][173] - Insufficient funding could lead to curtailment of operations, delays in R&D, discontinuation of clinical trials, or cessation of business, as additional financing may not be available on commercially reasonable terms[175][176][181] - Future profitability is entirely dependent on the CellFX System and Nano-pulse Stimulation platform, making the business vulnerable to product obsolescence or lack of market adoption[184][185] - Operating results may fluctuate significantly due to factors like R&D timing, regulatory approvals, clinical trial enrollment, reimbursement policies, manufacturing costs, and litigation, making future results difficult to predict[188][191] - The company faces intense competition from well-established medical technology manufacturers with greater financial, technical, and marketing resources[192] Risks Related to Product Development and Product-Related Risks Highlights uncertainties in clinical development, regulatory approval, and product safety - The CellFX System or future products may cause serious adverse side effects, potentially delaying or preventing regulatory approval, limiting commercial desirability, or resulting in negative consequences[221][222] - Clinical development is lengthy, expensive, and uncertain; early study results may not predict future trial outcomes, and limited human experience in AF and thyroid nodules exists[223] - Long-term growth depends on developing marketable products for AF, tumors, and nodules, but rapid technological changes in the medical device industry could render products obsolete[225] - Failure to maintain or obtain necessary regulatory clearances or approvals for products or new indications could significantly harm commercial prospects[229][233] - The exact mechanism of action of NPS technology is not fully understood, which could make obtaining regulatory approvals or partnerships more challenging[236] - Difficulties in enrolling sufficient eligible patients in clinical trials could delay or prevent product development[237] - The safety and effectiveness of products may depend on the user's technique, and laboratory results may not be replicable in commercial or field conditions[238][240] - Issues with proprietary firmware and software, including malfunctions or security vulnerabilities, could negatively affect device function, harm patients, or lead to unauthorized data release[241] Risks Related to Intellectual Property, Cybersecurity, Data Privacy, & Litigation Covers risks of protecting IP, infringement claims, data breaches, and product liability - Inability to protect intellectual property (patents, trade secrets) could adversely affect the company's financial condition, results of operations, and competitive position, as patents may be challenged, invalidated, or circumvented[242][245] - Litigation or third-party claims of intellectual property infringement could result in substantial expenses, diversion of resources, or prevent the development, regulatory approval, or commercialization of product candidates[243] - Failure to protect confidential proprietary information and know-how could enable competitors to duplicate technological achievements, eroding the company's competitive position[248] - The company's intellectual property rights may not be protected throughout the world, as filing patents globally is expensive and foreign laws may offer less extensive protection[250] - Compromised information technology systems or data, or those of third parties, could lead to regulatory investigations, litigation, fines, business disruptions (including clinical trials), reputational harm, and financial losses[251][255] - Product liability lawsuits could cause substantial liabilities and limit commercialization, even if claims are successfully defended, due to defense costs, reputational harm, and potential regulatory actions[257][258] Risks Related to Government Regulation Discusses risks from extensive regulation, healthcare policy changes, and compliance failures - The company is subject to extensive and rigorous domestic and foreign regulation (e.g., FDA), which governs device development, testing, manufacturing, labeling, marketing, and safety, and can be costly, lengthy, and unpredictable[261][263] - Changes in healthcare policy, such as those related to the Affordable Care Act or cost-reduction proposals, could increase costs, decrease revenues, and impact product sales and reimbursement[264] - Disruptions at government agencies (e.g., FDA) due to funding shortages, government shutdowns, or global health concerns could hinder timely review and approval of new product candidates[265][267] - Dependence on strong working relationships with physicians for product development and marketing exposes the company to scrutiny by government agencies (OIG, DOJ) regarding compliance with laws governing these relationships[272] - The company is subject to various federal and state healthcare laws and regulations, including anti-kickback, false claims, HIPAA, Sunshine Act, and consumer privacy laws, with non-compliance potentially leading to substantial penalties[273] - Even if cleared or approved, products may only receive narrow indications, limiting commercial viability and making it difficult to achieve desired revenues[279] - Ongoing compliance with quality system regulations and other requirements is strictly enforced, and failure to comply could result in sanctions, product recalls, or withdrawal of approvals[280] - The company is exposed to the risk of fraud or misconduct by employees and collaborators, violating regulatory standards or healthcare fraud laws, which could lead to significant fines or sanctions[281] - Compliance with environmental regulations and anti-corruption laws (e.g., FCPA) is required, and violations could lead to significant liabilities, criminal/civil penalties, and reputational harm[285][287][289] Risks Related to Owning Our Common Stock Addresses stock price volatility, concentrated ownership, and corporate governance issues - The price of the company's common stock has been, and is expected to remain, highly volatile due to factors such as clinical trial results, regulatory actions, financial fluctuations, competition, IP disputes, financing efforts, and general market conditions[290][291] - Sales or purchases of common stock by the company or its stockholders, particularly Robert W. Duggan (majority stockholder), may adversely affect the market price[293] - An active, liquid, and orderly trading market for common stock may not exist, making it difficult for investors to sell shares quickly or at a desired price[294] - Robert W. Duggan's controlling ownership (approximately 72% of voting power) limits the ability of other stockholders to influence corporate actions and creates potential for conflicts of interest[295][296] - As a "controlled company" under Nasdaq rules, the company may elect not to comply with certain corporate governance requirements, potentially reducing protections for other stockholders[297][299] - Anti-takeover provisions in charter documents and Delaware law could delay or prevent a change of control or management, which may be beneficial to stockholders[309][310] General Risk Factors Covers broad risks from economic conditions, internal controls, and natural disasters - Unfavorable global economic or political conditions, including armed conflicts, health epidemics, and trade tariffs, could adversely affect the company's business, financial condition, or results of operations[312][314] - Future material weaknesses in internal control over financial reporting could adversely affect investor confidence in financial data and the value of common stock[315] - Incorrect interpretations, estimates, or judgments used in preparing financial statements could lead to a loss of investor confidence and a decline in stock price[317] - Involvement in litigation (securities, product liability, patent infringement, etc.) can be time-consuming, costly, and divert management's attention, potentially having a material adverse effect[318] - The company's facilities in Hayward, California, are located near known earthquake faults, making them vulnerable to damage from natural disasters, which could seriously impair business operations[319] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Confirms no unregistered sales of equity securities occurred during the period - The company completed no unregistered sales of its securities during the three-month period ended June 30, 2025[321] Item 3. Default Upon Senior Securities The company reported no default upon senior securities during the period - The company reported no default upon senior securities[322] Item 4. Mine Safety Disclosures This item is not applicable to the company - Mine Safety Disclosures are not applicable to the company[323] Item 5. Other Information Reports no adoption or termination of Rule 10b5-1 trading arrangements by directors or officers - None of the company's directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" during the three-month period ended June 30, 2025[324] Item 6. Exhibits Lists all exhibits filed with the Form 10-Q, including certifications and XBRL documents - The exhibits include certifications of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002[325] - Inline XBRL Instance Document and Taxonomy Extension documents are provided for financial data[325] - The certifications under Section 906 (Exhibit 32.1 and 32.2) are deemed furnished and not filed with the SEC[325] Signatures The report is duly signed on behalf of the company by its President and CEO - The report was signed by Paul A. LaViolette, President and Chief Executive Officer (Principal Executive Officer)[330] - The signing date of the report is August 12, 2025[330]