Vicarious Surgical (RBOT) - 2025 Q2 - Quarterly Report

PART I: FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) This section presents the unaudited condensed consolidated financial statements, including the balance sheets, statements of operations, stockholders' equity, and cash flows, along with detailed notes explaining the company's business, accounting policies, and specific financial line items Condensed Consolidated Balance Sheets The condensed consolidated balance sheets provide a snapshot of the company's financial position as of June 30, 2025, compared to December 31, 2024, showing a significant decrease in cash, investments, and total assets, alongside a reduction in total liabilities and stockholders' equity Condensed Consolidated Balance Sheets (in thousands): | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :----------------------------- | :----------------------------- | :----------------------------- | | Cash and cash equivalents | $3,910 | $9,737 | | Short-term investments | $20,053 | $39,360 | | Total current assets | $26,067 | $51,698 | | Total assets | $40,890 | $67,719 | | Total current liabilities | $5,098 | $7,667 | | Total liabilities | $17,827 | $21,021 | | Total stockholders' equity | $23,063 | $46,698 | | Accumulated deficit | $(224,544) | $(195,935) | Condensed Consolidated Statements of Operations The condensed consolidated statements of operations show the company's net loss and operating expenses for the three and six months ended June 30, 2025, compared to the same periods in 2024, indicating a reduction in net loss and operating expenses year-over-year Condensed Consolidated Statements of Operations (in thousands): | 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 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating expenses | $13,519 | $17,713 | $29,266 | $33,822 | | Loss from operations | $(13,519) | $(17,713) | $(29,266) | $(33,822) | | Net loss | $(13,215) | $(15,205) | $(28,609) | $(32,206) | | Net loss per share | $(2.23) | $(2.59) | $(4.82) | $(5.49) | Condensed Consolidated Statements of Stockholders' Equity This statement details the changes in stockholders' equity for the three and six months ended June 30, 2025 and 2024, reflecting the impact of net losses, stock-based compensation, and other comprehensive losses Stockholders' Equity Balances (in thousands): | Metric (in thousands) | Balance, January 1, 2025 | Balance, June 30, 2025 | | :-------------------- | :----------------------- | :--------------------- | | Total Stockholders' Equity | $46,698 | $23,063 | Changes for Six Months Ended June 30, 2025: * Stock-based compensation: $4,983[20] * Net loss: $(28,609)[20] * Other comprehensive loss: $(50)[20] Condensed Consolidated Statements of Cash Flows The condensed consolidated statements of cash flows outline the cash generated from or used in operating, investing, and financing activities for the six months ended June 30, 2025 and 2024, showing a decrease in cash used in operations but a significant shift from cash used to cash provided in investing activities Condensed Consolidated Statements of Cash Flows (in thousands): | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | | Net cash used in operating activities | $(25,300) | $(25,479) | | Net cash provided by (used in) investing activities | $19,432 | $(7,095) | | Net cash provided by financing activities | $41 | $2 | | Cash, cash equivalents and restricted cash, end of period | $4,846 | $21,186 | Notes to the Condensed Consolidated Financial Statements These notes provide detailed explanations and disclosures for the condensed consolidated financial statements, covering the company's business, significant accounting policies, specific financial instrument valuations, and other relevant financial information 1. Nature of Business and Basis of Presentation This section describes Vicarious Surgical Inc.'s business as a developer of a surgical robotic system and highlights the company's going concern status due to accumulated deficits and negative cash flows, indicating a need for additional capital - The Company is developing a differentiated surgical robotic system using proprietary de-coupled actuators to perform minimally invasive surgical procedures[25] - Since inception, the Company has generated negative cash flows from operations and has an accumulated deficit of $224,544, raising substantial doubt about its ability to continue as a going concern[26][27] - Management does not believe the Company's cash, cash equivalents, and short-term investments balance of $23,963 at June 30, 2025, will be sufficient to support operations for the next 12 months[27] 2. Summary of Significant Accounting Policies This section outlines the company's key accounting policies, including the retroactive adjustment for a 1-for-30 reverse stock split, the use of estimates, fair value measurements, and the treatment of warrant liabilities and research and development costs. It also notes the company's status as an emerging growth company - The Company effected a 1-for-30 reverse stock split on June 12, 2024, with all per share information retroactively adjusted[33] - Warrant liabilities are recognized as derivative liabilities at fair value and are subject to re-measurement at each reporting period, with changes recognized in the statement of operations[42][43] - Research and development costs are expensed as incurred, including payroll, consulting, software, materials, and allocated overhead[47] - The Company is an 'emerging growth company' and takes advantage of exemptions for complying with new or revised accounting standards within the same time periods as private companies[56] 3. Short-Term Investments This note details the company's short-term investments, primarily U.S. treasury and government agency securities, classified as available-for-sale and reported at fair value, noting a decrease in fair value and unrealized losses Short-Term Investments (in thousands): | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :---------------------------------- | :----------------------------- | :----------------------------- | | U.S. treasury and U.S. government securities (Fair Value) | $20,053 | $39,360 | - Unrealized losses on investments were $18 for the three months ended June 30, 2025, and $50 for the six months ended June 30, 2025[40] 4. Property and Equipment, Net This section provides a breakdown of the company's property and equipment, net, and associated depreciation expenses, showing a decrease in net property and equipment Property and Equipment, Net (in thousands): | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------- | :----------------------------- | :----------------------------- | | Property and equipment, net | $3,791 | $4,476 | Depreciation Expense (in thousands): * Three months ended June 30, 2025: $413[63] * Six months ended June 30, 2025: $782[63] * Three months ended June 30, 2024: $524[63] * Six months ended June 30, 2024: $1,058[63] 5. Fair Value Measurements This note presents the fair value hierarchy for the company's financial assets and liabilities, particularly warrant liabilities, and details the gains or losses recognized from changes in their fair value Fair Value Measurements (in thousands): | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total assets at fair value | $20,694 | $40,069 | | Total warrant liabilities | $840 | $787 | Change in Fair Value of Warrant Liabilities (in thousands): * Three months ended June 30, 2025: $40 gain[67] * Six months ended June 30, 2025: $53 loss[67] * Three months ended June 30, 2024: $1,590 gain[68] * Six months ended June 30, 2024: $277 loss[68] - The fair value of Public Warrants is determined from trading value on public markets, while Private Placement Warrants are calculated using the Black-Scholes option pricing model[66] 6. Accrued Expenses and Other Current Liabilities This note summarizes the components of the company's accrued expenses and other current liabilities, showing a decrease in total accrued expenses Accrued Expenses and Other Current Liabilities (in thousands): | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Compensation and benefits related | $2,805 | $3,970 | | Professional services and other | $263 | $1,313 | | Accrued expenses | $3,068 | $5,283 | 7. Commitments and Contingencies The company evaluates potential legal claims and indemnification obligations, concluding that no significant losses or liabilities are expected as of June 30, 2025 - The Company indemnifies its officers, directors, consultants, and employees for certain events but has not experienced any losses related to these obligations and expects the fair value to be negligible[46][72] 8. Leases This note provides details on the company's operating lease for its office facility, including lease costs and a schedule of future minimum lease payments - The Company leases its office facility under a noncancelable operating lease agreement that expires in March 2032[73] Operating Lease Costs (in thousands): | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | | Operating lease costs | $1,069 | $1,069 | | Variable lease costs | $240 | $246 | | Total lease costs | $1,309 | $1,315 | Maturity of Operating Lease Liabilities as of June 30, 2025 (in thousands): | Year | Amount | | :--- | :----- | | 2025 (excluding 6 months ended June 30, 2025) | $1,188 | | 2026 | $2,430 | | 2027 | $2,502 | | 2028 | $2,574 | | 2029 | $2,646 | | Thereafter | $6,210 | | Total future minimum lease payments | $17,550 | 9. Income Taxes The company did not record an income tax provision due to historical and expected future losses, maintaining a full valuation allowance against its net deferred tax assets. The recently enacted 'One Big Beautiful Bill Act' is not expected to have a material impact - No tax provision was recorded for the three and six months ended June 30, 2025, or for the year ended December 31, 2024, due to the Company not earning taxable income and maintaining a full valuation allowance against its net deferred tax assets[75] - The 'One Big Beautiful Bill Act of 2025' is not expected to have a material impact on the Company's results of operations[76] 10. Stockholders' Equity and Stock-Based Compensation This note details the company's capital structure, including the impact of a reverse stock split, authorized shares, warrants, and common stock classes. It also provides comprehensive information on stock-based compensation, including options and restricted stock units - A 1-for-30 reverse stock split became effective on June 12, 2024, retroactively adjusting all share and per share information[77] - As of June 30, 2025, the Company had 17,248,601 Public Warrants and 10,400,000 Private Placement Warrants outstanding, exercisable for Class A common stock[81] Total Stock-Based Compensation Expense (in thousands): | 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 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $765 | $577 | $1,311 | $1,214 | | Sales and marketing | $(55) | $343 | $274 | $686 | | General and administrative | $1,486 | $2,146 | $3,398 | $4,257 | | Total | $2,196 | $3,066 | $4,983 | $6,157 | - As of June 30, 2025, there were 162,315 shares of Class A common stock available for future equity grants under the 2021 Plan[95] 11. Employee Retirement Plan This note describes the company's 401(k) plan, available to eligible employees, and details the company-funded matching contributions for the reported periods Company-Funded Matching Contributions (in thousands): | Period | 2025 | 2024 | | :----- | :--- | :--- | | Three months ended June 30 | $216 | $165 | | Six months ended June 30 | $384 | $395 | 12. Net Loss Per Share This section explains the calculation of basic and diluted net loss per share, noting that potential dilutive common stock is excluded due to its anti-dilutive effect in periods of net loss Net Loss Per Share (Basic and Diluted): | Period | June 30, 2025 | June 30, 2024 | | :----- | :------------ | :------------ | | Three Months Ended | $(2.23) | $(2.59) | | Six Months Ended | $(4.82) | $(5.49) | - For the six months ended June 30, 2025, 1,976,642 shares of common stock were excluded from diluted EPS calculation due to their anti-dilutive effect[100] 13. Segment Reporting The company operates as a single operating segment, with the Chief Executive Officer serving as the chief operating decision maker (CODM), using consolidated net loss to evaluate performance and allocate resources - The Company operates as one operating segment, managing business activities on a consolidated basis through the development of its surgical robotic system[101] - The Chief Executive Officer, as the CODM, uses net loss to allocate resources, evaluate performance, and set compensation targets[101][102] 14. Subsequent Events This note reports key events occurring after the reporting period, including the appointment of a new Chief Executive Officer and President, and the grant of a significant stock option to the new CEO - Stephen From was appointed Chief Executive Officer, effective August 7, 2025, and Adam Sachs was appointed President[104][106] - In connection with his appointment, Mr. From will be granted a non-qualified stock option exercisable for up to 297,600 shares of Class A common stock, outside of the 2021 Equity Incentive Plan[105] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the company's financial performance and condition, detailing its business overview, recent developments, financial highlights, factors influencing results, liquidity, and critical accounting policies Overview The company is developing an advanced, miniaturized, single-port surgical robotic system designed to improve minimally invasive surgery outcomes and address limitations of existing methods, targeting a large global market for soft tissue procedures - The Company is developing a new category of intelligent and affordable, single-port surgical robot, the Vicarious Surgical System, using advanced miniaturized robotics, computer science, sensing, and 3D visualization[108] - The system is designed to virtually transport surgeons inside the patient to perform minimally invasive surgery, aiming to improve patient outcomes and the cost/efficacy of procedures[108] - The estimated addressable market for the technology is over 45 million soft tissue surgical procedures annually worldwide, including 3.9 million ventral hernia procedures[109] - The Vicarious Surgical System has not yet received FDA authorization; the company plans to file a de novo application for use in ventral hernia procedures as its first indication[111] Recent Developments The company received a notice of non-compliance from the NYSE regarding its continued listing standards but has had its remediation plan accepted, allowing it to continue trading during an 18-month cure period - On April 10, 2025, the Company received a notice from the NYSE for non-compliance with the Minimum Market Capitalization Standard (average global market capitalization < $50 million and stockholders' equity < $50 million)[113] - On July 8, 2025, the NYSE accepted the Company's plan to regain compliance within an 18-month Cure Period, with quarterly reviews[113] Financial Highlights The company remains pre-revenue generating but reported reduced net losses and operating expenses for the six months ended June 30, 2025, primarily due to decreases in personnel-related expenses and professional services - The Company is pre-revenue generating as of June 30, 2025[115] Net Loss and Operating Loss (in thousands): | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | % Change (YoY) | | :-------------------- | :------------------------------- | :------------------------------- | :----------- | :------------- | | Net loss | $(28,609) | $(32,206) | $3,597 | (11)% | | Loss from operations | $(29,266) | $(33,822) | $4,556 | (13)% | - The decrease in operating loss was primarily due to decreases of $2,542 in personnel-related expenses and $2,900 in professional services, partially offset by a $1,094 increase in supplies and materials[116] Factors Affecting Results of Operations Key factors impacting the company's financial results include the absence of revenue until FDA authorization, fluctuating R&D expenses tied to product development, increasing G&A and S&M expenses for public company infrastructure and market preparation, and the mark-to-market adjustments of warrant liabilities - The Company has not generated any revenue to date and does not expect to do so until FDA authorization of its product candidate[118] - Research and development (R&D) expenses are expected to vary based on new product development, clinical development, and trial activities[119] - General and administrative (G&A) and Sales and marketing (S&M) expenses are expected to increase in absolute dollars as the company expands its infrastructure and prepares for product launch[120][121] - Changes in the fair value of warrant liabilities represent mark-to-market adjustments to outstanding public and private placement warrants[122] Results of Operations This section provides a detailed comparative analysis of the company's operating results for the three and six months ended June 30, 2025, versus 2024, highlighting changes in various expense categories and other income/expense items Comparison of the Three Months ended June 30, 2025 and 2024 For the three months ended June 30, 2025, the company saw a decrease in R&D, S&M, and G&A expenses compared to 2024, primarily driven by reduced professional services and personnel-related costs, alongside a lower gain from warrant liabilities and decreased interest income Operating Expenses (in thousands): | Expense Category | June 30, 2025 | June 30, 2024 | Change | % Change | | :--------------- | :------------ | :------------ | :----- | :------- | | Research and development | $9,050 | $10,924 | $(1,874) | (17)% | | Sales and marketing | $349 | $1,197 | $(848) | (71)% | | General and administrative | $4,120 | $5,592 | $(1,472) | (26)% | - The decrease in R&D expenses was primarily due to a $3,038 decrease in professional services[125] - Sales and marketing expenses decreased due to an $834 decrease in personnel-related expenses, reflecting a 40% reduction in average headcount[126] - The change in fair value of warrant liabilities resulted in a $40 gain in 2025, significantly lower than the $1,590 gain in 2024[129] - Interest and other income decreased by $654 (71%) to $264, primarily due to a decrease in interest income from short-term investments[130] Comparison of the Six Months ended June 30, 2025 and 2024 For the six months ended June 30, 2025, the company experienced reduced R&D, S&M, and G&A expenses compared to 2024, mainly from lower professional services and personnel costs. The period also saw a smaller loss from warrant liabilities and decreased interest income Operating Expenses (in thousands): | Expense Category | June 30, 2025 | June 30, 2024 | Change | % Change | | :--------------- | :------------ | :------------ | :----- | :------- | | Research and development | $18,465 | $20,892 | $(2,427) | (12)% | | Sales and marketing | $1,390 | $2,338 | $(948) | (41)% | | General and administrative | $9,411 | $10,592 | $(1,181) | (11)% | - R&D expenses decreased primarily due to a $3,108 decrease in professional services, partially offset by a $1,088 increase in materials and supplies[133] - Sales and marketing expenses decreased due to a $982 decrease in personnel-related expenses, reflecting a 40% reduction in average headcount[134] - The change in fair value of warrant liabilities resulted in a $53 loss in 2025, compared to a $277 loss in 2024[136] - Interest and other income decreased by $1,183 to $710, due to a decrease in interest income from short-term investments[137] Liquidity and Capital Resources The company's liquidity is constrained by significant net losses and an accumulated deficit, with current cash and investments insufficient for operations beyond the next 12 months, raising substantial doubt about its going concern ability and necessitating additional funding Key Liquidity Metrics (in thousands): | Metric | June 30, 2025 | | :-------------------- | :------------ | | Cash and cash equivalents | $3,910 | | Short-term investments | $20,053 | | Accumulated deficit | $(224,544) | | Net cash used in operating activities (6 months) | $(25,300) | - The Company's current cash, cash equivalents, and short-term investments ($23,963) are not expected to support operations beyond the next 12 months, raising substantial doubt about its ability to continue as a going concern[140] - Substantial additional funding will be required for clinical trials, market authorization, and commercialization of the Vicarious Surgical System[142] - The Company has a universal shelf registration statement on Form S-3 for up to $400 million in securities, including $100 million of Class A common stock through an 'at-the-market' equity program[143] Cash Flows Summary A summary of cash flows for the six months ended June 30, 2025 and 2024, showing cash used in operations, a shift to cash provided by investing activities in 2025, and minimal cash from financing activities Cash Flows (in thousands): | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | | Net cash used in operating activities | $(25,300) | $(25,479) | | Net cash provided by (used in) investing activities | $19,432 | $(7,095) | | Net cash provided by financing activities | $41 | $2 | Cash flows used in Operating Activities Net cash used in operating activities for the six months ended June 30, 2025, was $25.3 million, primarily driven by the net loss, partially offset by non-cash adjustments like stock-based compensation and depreciation - Net cash used in operating activities for the six months ended June 30, 2025, was $25,300 thousand, attributable to a net loss of $28,609 thousand, partially offset by non-cash items of $6,123 thousand[147] - Non-cash items included $4,983 thousand in stock-based compensation and $782 thousand of depreciation[147] Cash flows provided by (used in) Investing Activities Investing activities shifted from using cash in 2024 to providing cash in 2025, primarily due to a significant increase in proceeds from sales and maturities of available-for-sale investments - Net cash provided by investing activities for the six months ended June 30, 2025, was $19,432 thousand, primarily from $30,451 thousand in proceeds from sales and maturities of available-for-sale investments[149] - In contrast, net cash used in investing activities for the six months ended June 30, 2024, was $7,095 thousand, mainly due to $38,892 thousand in purchases of available-for-sale investments[150] Cash flows provided by Financing Activities Financing activities provided minimal cash, primarily from the exercise of stock options, for both the six months ended June 30, 2025 and 2024 - Net cash provided by financing activities was $41 thousand for the six months ended June 30, 2025, and $2 thousand for the same period in 2024, both from stock option exercises[151][152] Off-Balance Sheet Arrangements The company confirms it had no significant off-balance sheet arrangements during the reported periods - The Company did not have any relationships with unconsolidated organizations or financial partnerships for off-balance sheet arrangements during the periods presented[153] Critical Accounting Policies and Estimates The valuation of warrant liabilities is identified as a critical accounting policy, requiring significant judgment and estimates, with fair values determined using public market trading values for public warrants and the Black-Scholes model for private placement warrants - Warrant liabilities are recognized at fair value and re-measured at each reporting period, with changes recognized in the statement of operations[155] - Fair value of Public Warrants is determined from trading value on public markets, while Private Placement Warrants are calculated using the Black-Scholes option pricing model[155] Recently Adopted Accounting Pronouncements This section refers to Note 2 for details on recently issued accounting pronouncements that may impact the company's financial position and results of operations - A description of recently issued accounting pronouncements is disclosed in Note 2 'Summary of Significant Accounting Policies – Recently Issued Accounting Pronouncements'[157] Emerging Growth Company The company maintains its status as an 'emerging growth company' under the JOBS Act, allowing it to take advantage of reduced regulatory and reporting requirements, including exemptions from certain accounting standards and Sarbanes-Oxley Act provisions - The Company is an 'emerging growth company' as defined in the JOBS Act and intends to take advantage of exemptions for complying with new or revised accounting standards within the same time periods as private companies[158] - The Company also intends to leverage reduced regulatory and reporting requirements, such as exemptions from auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act[159] Item 3. Quantitative and Qualitative Disclosures About Market Risk As a smaller reporting company, Vicarious Surgical Inc. is exempt from providing detailed quantitative and qualitative disclosures about market risk - The Company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[160] Item 4. Controls and Procedures The company identified material weaknesses in its internal control over financial reporting as of December 31, 2024, leading to a conclusion that disclosure controls and procedures were not effective as of June 30, 2025. Remediation efforts are ongoing - Material weaknesses were identified in internal control over financial reporting as of December 31, 2024, including improper segregation of duties, issues with journal entries, account reconciliation, IT controls, risk assessment, and documentation[161] - Remediation actions include hiring additional accounting, finance, and legal resources with public company experience and implementing additional review controls and processes[162][166] - Based on management's evaluation, disclosure controls and procedures were not effective as of June 30, 2025[163] PART II: OTHER INFORMATION Item 1. Legal Proceedings As of the reporting date, the company is not involved in any material pending legal proceedings, though it acknowledges the possibility of ordinary course claims - The Company is not party to and its property is not subject to any material pending legal proceedings as of the date of this Quarterly Report[168] Item 1A. Risk Factors This section refers to the Annual Report for general risk factors and specifically highlights the ongoing risk of not meeting NYSE continued listing standards, despite an accepted remediation plan - The Company received a notice from the NYSE on April 10, 2025, for non-compliance with the Minimum Market Capitalization Standard[170] - The NYSE accepted the Company's plan to come into conformity with the listing standards within an 18-month Cure Period on July 8, 2025[171] - Potential adverse consequences of delisting include limited market quotations, reduced liquidity for Class A common stock, limited news and analyst coverage, and decreased ability to obtain additional financing[172][177] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company did not engage in any unregistered sales of equity securities or issuer purchases of equity securities during the three months ended June 30, 2025 - No unregistered sales of equity securities occurred during the period[172] - The Company did not repurchase any of its equity securities during the three months ended June 30, 2025[173] Item 3. Defaults Upon Senior Securities The company reported no defaults upon senior securities during the period - There were no defaults upon senior securities[174] Item 4. Mine Safety Disclosures This item is not applicable to the company's operations - Mine Safety Disclosures are not applicable to the Company[175] Item 5. Other Information No director or officer adopted or terminated any Rule 10b5-1 plan or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025 - No director or officer adopted or terminated any Rule 10b5-1 plan or any non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[178] Item 6. Exhibits This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including key corporate governance documents, employment agreements, and certifications - Exhibits include the Vicarious Surgical Inc. 2021 Equity Incentive Plan, Amended and Restated Non-Employee Director Compensation Policy, and the Executive Employment Agreement with Stephen From[179] - Certifications of the Principal Executive Officer and Principal Financial Officer are filed herewith[179] SIGNATURES The report is duly signed on August 12, 2025, by Stephen From, Chief Executive Officer, and Sarah Romano, Chief Financial Officer - The Quarterly Report on Form 10-Q was signed by Stephen From, Chief Executive Officer, and Sarah Romano, Chief Financial Officer, on August 12, 2025[185]