Vivani Medical(VANI) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION This section presents Vivani Medical, Inc.'s unaudited condensed consolidated financial statements and related disclosures Item 1. Financial Statements (unaudited) This section presents Vivani Medical, Inc.'s unaudited condensed consolidated financial statements and detailed notes for the periods ended June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 This section presents Vivani Medical, Inc.'s condensed consolidated balance sheets, detailing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheet Highlights (in thousands): | Metric | June 30, 2025 ($) | December 31, 2024 ($) | | :-------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $6,794 | $18,352 | | Total current assets | $8,715 | $20,442 | | Total assets | $28,905 | $41,561 | | Total current liabilities | $6,716 | $5,986 | | Total liabilities | $23,995 | $23,951 | | Total stockholders' equity | $4,910 | $17,610 | Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 This section presents Vivani Medical, Inc.'s condensed consolidated statements of operations, detailing revenues, expenses, and net loss for the specified periods Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data): | Metric | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development, net of grants | $4,759 | $3,513 | $8,976 | $7,239 | | General and administrative, net of grants | $2,703 | $2,168 | $5,044 | $4,669 | | Total operating expenses | $7,462 | $5,681 | $14,020 | $11,908 | | Net loss | $(7,144) | $(5,356) | $(13,446) | $(11,395) | | Net loss per common share - basic and diluted | $(0.12) | $(0.10) | $(0.23) | $(0.21) | Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2025 and 2024 This section presents Vivani Medical, Inc.'s condensed consolidated statements of comprehensive loss, including net loss and other comprehensive income items Condensed Consolidated Statements of Comprehensive Loss Highlights (in thousands): | Metric | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(7,144) | $(5,356) | $(13,446) | $(11,395) | | Foreign currency translation adjustments | $39 | $(25) | $33 | $(77) | | Comprehensive loss | $(7,105) | $(5,381) | $(13,413) | $(11,472) | Condensed Consolidated Statements of Stockholders' Equity for each three month period ended during the six months ended June 30, 2025 and 2024 This section presents Vivani Medical, Inc.'s condensed consolidated statements of stockholders' equity, detailing changes in equity components for the specified periods Condensed Consolidated Statements of Stockholders' Equity Highlights (in thousands): | Metric | Balance, January 1, 2025 ($) | Balance, June 30, 2025 ($) | | :-------------------------- | :----------------------- | :--------------------- | | Common Stock (Amount) | $6 | $6 | | Additional Paid-in Capital | $139,480 | $140,193 | | Accumulated Other Comprehensive Income | $48 | $81 | | Accumulated Deficit | $(121,924) | $(135,370) | | Total Stockholders' Equity | $17,610 | $4,910 | Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 This section presents Vivani Medical, Inc.'s condensed consolidated statements of cash flows, detailing cash movements from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows Highlights (in thousands): | Metric | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :----------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(11,250) | $(9,313) | | Net cash used in investing activities | $(76) | $(219) | | Net cash (used in) provided by financing activities | $(265) | $13,799 | | Net (decrease) increase in cash, cash equivalents and restricted cash | $(11,558) | $4,265 | | Cash, cash equivalents and restricted cash balance at end of period | $8,132 | $26,257 | Notes to Condensed Consolidated Financial Statements This section provides detailed explanations and disclosures for the condensed consolidated financial statements, covering accounting policies, equity, debt, and contingencies Note 1. Organization and Business Operations This note describes Vivani Medical, Inc.'s core business, product pipeline, and recent corporate developments, including the Cortigent spin-off - Vivani Medical, Inc. is a clinical-stage biopharmaceutical company developing miniature, ultra long-acting subdermal drug implants using its proprietary NanoPortal™ technology to treat chronic diseases by improving medication adherence and tolerability[23][24] - The company's lead program, NPM-139 (semaglutide implant), is in development for chronic weight management, showing encouraging preclinical data with approximately 20% maintained weight loss over six months and potential for annual dosing[25][40] - Other programs include NPM-115 (high-dose exenatide implant) for chronic weight management, NPM-119 (exenatide implant) for type 2 diabetes, and OKV-119 (GLP-1 based implant) for animal health in collaboration with Okava Pharmaceuticals, Inc[25] - The FDA cleared the Investigational New Drug (IND) application and lifted the clinical hold for NPM-119 on June 13, 2024[35] - The LIBERATE-1 clinical trial for NPM-115 (exenatide implant) in obese and overweight individuals was initiated in Australia at the end of 2024, with the first implant successfully administered on March 13, 2025, and top-line results anticipated in mid-2025[37][38][39] - Vivani announced plans on August 5, 2025, to prioritize the advancement of NPM-139, with clinical development expected to begin in 2026, based on positive LIBERATE-1 data and new NPM-139 preclinical feasibility data[40] - Cortigent, Inc., a wholly-owned subsidiary focused on neurostimulation, filed a Form 10 registration statement on May 29, 2025, to spin off as an independent, publicly traded company, with completion planned for Q3 or Q4 2025[41][43] Note 2. Basis of Presentation and Significant Accounting Policies This note outlines the basis of financial statement preparation, significant accounting policies, and segment reporting - The unaudited interim financial statements are prepared in accordance with GAAP and SEC requirements for interim reporting, consolidating the accounts of the Company and its wholly owned subsidiaries[48][49] - The Company has two non-revenue-producing operating segments: the Biopharm Division and the Neurostimulation Division[50] - Recently issued accounting pronouncements, ASU 2024-03 and ASU 2023-09, are not expected to have a material effect on the consolidated financial statements, though additional disclosures will be required upon adoption[53][54] Note 3. Concentration of Risk This note discusses the company's exposure to credit risk from financial instruments and risks associated with foreign operations - Financial instruments are primarily exposed to credit risk through cash, certificates of deposit, and money market funds maintained with reputable financial institutions[55] - Foreign operations in Switzerland and Australia carry inherent risks, with assets amounting to approximately $24,000 and $642,000, respectively, as of June 30, 2025[56] Note 4. Fair Value Measurements This note explains the fair value hierarchy used for financial instruments and details the valuation of cash equivalents - The company uses a three-level fair value hierarchy for financial instruments, with Level 1 inputs for quoted prices in active markets, Level 2 for observable inputs, and Level 3 for unobservable inputs[57][58][59][60] - Cash equivalents (certificates of deposit and money market funds) are the only financial instruments measured at fair value on a recurring basis and are classified as Level 1 inputs[62] Fair Value of Cash Equivalents (in thousands): | Asset Category | June 30, 2025 ($) | December 31, 2024 ($) | | :-------------------- | :------------ | :---------------- | | Certificates of deposit | $3,000 | $9,996 | | Money market funds | $2,812 | $7,441 | | Total | $5,812 | $17,437 | Note 5. Insurance Premium Financing This note details the company's insurance premium financing agreement, including its repayment status - The company entered a finance agreement in September 2024 for approximately $426,000 to fund insurance premiums, incurring 7.2% interest[64] - The loan was fully repaid, with no outstanding balance as of June 30, 2025[64] Note 6. Selected Balance Sheet Detail This note provides a detailed breakdown of selected balance sheet items, specifically property and equipment, net Property and Equipment, Net (in thousands): | Category | June 30, 2025 ($) | December 31, 2024 ($) | | :-------------------------- | :------------ | :---------------- | | Total property and equipment at cost | $4,422 | $4,334 | | Accumulated depreciation and amortization | $(2,845) | $(2,641) | | Property and equipment, net | $1,577 | $1,693 | Note 7. Equity Securities This note details the company's common stock, registered direct offerings, and private sale transactions - As of June 30, 2025, the company had 300,000,000 authorized common shares with 59,243,903 shares issued and outstanding, and no preferred stock outstanding[66] - In March 2024, the company completed a registered direct offering, issuing 3,947,368 common shares and warrants for $3.80 per share, generating $13.7 million in net proceeds[67] - An Open Market Sale Agreement with Jefferies LLC allows the company to sell up to $75.0 million in common stock; during the six months ended June 30, 2025, 9,215 shares were issued for $10,000 gross proceeds, resulting in negative net proceeds of $28,000 after expenses[68][71] - Private sale transactions include $5.0 million gross proceeds from a November 2024 sale, and agreements for approximately $8.25 million (March 2025) and $3.0 million (May 2025) in gross proceeds from affiliated entities[72][73][74] Note 8. Warrants This note provides information on warrant activity, including outstanding warrants, exercise prices, and contractual lives Warrant Activity (in thousands, except per share and contractual life data): | Metric | As of December 31, 2024 | As of June 30, 2025 | | :-------------------------------- | :---------------------- | :-------------------- | | Warrants outstanding (shares) | 9,340 | 8,248 | | Weighted Average Exercise Price Per Share ($) | $3.42 | $3.46 | | Weighted Average Remaining Contractual Life (in Years) | 1.6 | 1.3 | | Forfeited or expired (shares) | - | (1,092) | | Warrants exercisable (shares) | 9,340 | 8,248 | - Warrants outstanding as of June 30, 2025, had no intrinsic value[78] Note 9. Stock-Based Compensation This note details stock option and RSU activity, along with the total stock-based compensation expense recognized - As of June 30, 2025, 275,401 shares of common stock were available for future issuance under the Vivani Medical, Inc. 2022 Omnibus Incentive Plan[79] Stock Option Activity (in thousands, except per share and contractual life data): | Metric | As of December 31, 2024 | As of June 30, 2025 | | :-------------------------------- | :---------------------- | :-------------------- | | Options outstanding (shares) | 6,809 | 8,407 | | Weighted Average Exercise Price Per Share ($) | $2.52 | $2.25 | | Weighted Average Remaining Contractual Life (in Years) | 6.55 | 6.79 | | Granted (shares) | - | 1,617 | | Options exercisable (shares) | 5,454 | 5,454 | Restricted Stock Units (RSUs) Activity (in thousands, except per share data): | Metric | As of December 31, 2024 | As of June 30, 2025 | | :-------------------------------- | :---------------------- | :-------------------- | | Outstanding (shares) | 695 | 988 | | Weighted Average Grant Date Fair Value Per Share ($) | $1.25 | $1.14 | | Granted (shares) | - | 293 | Total Stock-Based Compensation Expense (in thousands): | Period | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $215 | $248 | $411 | $483 | | General and administrative | $176 | $135 | $330 | $253 | | Total stock-based compensation expense | $391 | $383 | $741 | $736 | - As of June 30, 2025, total unrecognized stock-based compensation expense was $2.7 million for stock options (weighted average period of 1.5 years) and $0.4 million for RSUs (weighted average period of 1.5 years)[84] Note 10. Net Loss Per Share This note presents the calculation of basic and diluted net loss per common share and lists excluded common stock equivalents Net Loss Per Common Share (in thousands, except per share amounts): | Metric | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(7,144) | $(5,356) | $(13,446) | $(11,395) | | Weighted average common shares outstanding - basic and diluted | 59,244 | 55,021 | 59,240 | 53,612 | | Net loss per common share, basic and diluted | $(0.12) | $(0.10) | $(0.23) | $(0.21) | - Basic and diluted net loss per share are the same for all periods presented because the company was in a loss position, making all potential common stock equivalents anti-dilutive[95] Common Stock Equivalents Excluded from Diluted Net Loss Per Share (in thousands): | Category | June 30, 2025 (shares) | June 30, 2024 (shares) | | :-------------------------------- | :------------ | :------------ | | Stock options issued and outstanding | 8,407 | 6,616 | | Unvested restricted stock units issued and outstanding | 988 | 695 | | Warrants to purchase common stock | 8,248 | 10,484 | | Total | 17,643 | 17,795 | Note 11. Right-of-use Assets and Operating Lease Liabilities This note details the company's operating lease arrangements, including right-of-use assets and lease liabilities - The company leases office, laboratory, and R&D space, including a significant triple net lease in Alameda, California, with a term ending September 30, 2033[98][99] Operating Lease Information (in thousands): | Metric | June 30, 2025 ($) | December 31, 2024 ($) | | :-------------------------------- | :------------ | :---------------- | | Right-of-use assets, non-current | $17,146 | $17,957 | | Current operating lease liabilities | $1,337 | $1,348 | | Long-term operating lease liabilities | $17,279 | $17,965 | | Total lease liabilities (June 30, 2025) | $18,616 | N/A | | Weighted average remaining lease term (June 30, 2025) | 8.25 years | N/A | | Weighted average discount rate (June 30, 2025) | 8.38% | N/A | Operating Lease Costs (in thousands): | Metric | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating lease cost | $800 | $800 | $1,600 | $1,700 | | Variable lease cost | $200 | $100 | $400 | $200 | Note 12. Commitments and Contingencies This note outlines the company's legal proceedings and potential financial obligations arising from various commitments and contingencies - An opposition filed by Pixium Vision SA challenging a European patent owned by Cortigent was abandoned in February 2025, with no material effect expected on Cortigent's operations[105] - The company is appealing a Paris Commercial Court judgment ordering it to pay Pixium Vision SA approximately €1.55 million (net) related to a terminated MOU; Vivani's appeal was struck out on October 23, 2024, for failure to enforce the decision[106][107] - Oppenheimer & Co. Inc. filed a breach of contract claim seeking at least $1.625 million; the court dismissed all claims except for breach of contract, and both the company and Oppenheimer have filed notices of appeal[108] Note 13. Segment Information This note provides financial information for the company's two non-revenue-producing operating segments: Biopharm and Neurostimulation - The company operates in two non-revenue-producing segments: the Biopharm Division (primary focus) and the Neurostimulation Division (planned spin-off)[110][111] Segment Operating Expenses and Net Loss (in thousands): | Metric | Biopharm Division (3M Ended June 30, 2025) ($) | Neurostimulation Division (3M Ended June 30, 2025) ($) | Biopharm Division (6M Ended June 30, 2025) ($) | Neurostimulation Division (6M Ended June 30, 2025) ($) | | :-------------------------- | :--------------------------------------- | :--------------------------------------------- | :--------------------------------------- | :--------------------------------------------- | | Operating expenses | $6,700 | $700 | $12,700 | $1,300 | | Segment net loss | $6,366 | $778 | $12,011 | $1,435 | Segment Total Assets (in thousands): | Metric | As of June 30, 2025 ($) | | :-------------------------- | :------------------ | | Biopharm Division | $28,200 | | Neurostimulation Division | $700 | Note 14. Subsequent Event This note discloses significant events occurring after the reporting period, including new legislation and a share purchase agreement - The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, permanently eliminating the requirement to capitalize and amortize U.S. R&D expenditures and returning interest limitation rules to tax basis EBITDA[116] - On August 11, 2025, the company entered into a share purchase agreement to sell 7,936,507 common shares for approximately $10.0 million in gross proceeds[117] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on Vivani Medical's financial condition, liquidity, capital resources, and operational results Business Overview This section provides an overview of Vivani Medical, Inc.'s biopharmaceutical focus, product pipeline, and corporate developments - Vivani Medical, Inc. is a clinical-stage biopharmaceutical company focused on developing miniature, ultra long-acting subdermal drug implants using its NanoPortal™ technology to address medication non-adherence and improve drug tolerability for chronic diseases[119][120] - The company's priority program, NPM-139 (semaglutide implant), is in development for chronic weight management, with preclinical data showing approximately 20% weight loss maintained for over six months and potential for annual dosing; clinical development is expected to begin in 2026[121][135] - The LIBERATE-1 clinical trial for NPM-115 (exenatide implant) in obese and overweight patients was initiated in Australia, with the first implant administered on March 13, 2025, and top-line results anticipated in mid-2025[132][134] - Cortigent, Inc., the neurostimulation subsidiary, filed a Form 10 registration statement on May 29, 2025, to spin off as an independent, publicly traded company, with the spin-off planned for Q3 or Q4 2025[136][138] Liquidity and Capital Resources This section discusses the company's cash position, working capital, and ongoing need for substantial additional funding - The company has experienced recurring operating losses and negative operating cash flows since inception and expects to continue incurring them for the foreseeable future[145] - Equity purchase agreements in March, May, and August 2025 are expected to provide an additional $21.25 million in committed capital from September 2025 through July 2026[46] - Currently available cash is estimated to provide sufficient funds to meet planned obligations for at least the next twelve months[146] Liquidity Metrics (in millions): | Metric | June 30, 2025 ($) | December 31, 2024 ($) | | :----------------------------------- | :------------ | :---------------- | | Cash, cash equivalents and restricted cash | $8.1 | $19.7 | | Working capital | $2.0 | $14.5 | | Decrease in cash, cash equivalents and restricted cash | $(11.6) | N/A | | Decrease in working capital | $(12.5) | N/A | - The company will require substantial additional funding to pursue its business objectives and commercialize products, with no assurance of obtaining it on favorable terms or at all[147][149] Critical Accounting Policies and Estimates This section outlines the key accounting policies and estimates that require significant management judgment - Financial statement preparation requires management estimates and assumptions, particularly for accruals, equity instrument valuation, stock-based compensation, and going concern assessment[151] - No material changes to critical accounting policies were reported during the three months ended June 30, 2025, compared to the Form 10-K for December 31, 2024[152] Results of Operations This section analyzes the company's operating expenses and cash flow activities for the reported periods Operating Expenses Comparison (in millions): | Expense Category | 3 Months Ended June 30, 2025 ($) | 3 Months Ended June 30, 2024 ($) | Change ($) | Change (%) | | :----------------------- | :--------------------------- | :--------------------------- | :--------- | :--------- | | Research and development | $4.8 | $3.5 | $1.3 | 35% | | General and administrative | $2.7 | $2.2 | $0.5 | 25% | | | | | | | | Expense Category | 6 Months Ended June 30, 2025 ($) | 6 Months Ended June 30, 2024 ($) | Change ($) | Change (%) | | :----------------------- | :--------------------------- | :--------------------------- | :--------- | :--------- | | Research and development | $9.0 | $7.2 | $1.8 | 24% | | General and administrative | $5.0 | $4.7 | $0.3 | 8% | Cash Flow Activities (in millions): | Activity | 6 Months Ended June 30, 2025 ($) | 6 Months Ended June 30, 2024 ($) | | :-------------------------------- | :--------------------------- | :--------------------------- | | Net cash used in operating activities | $(11.3) | $(9.3) | | Net cash used in investing activities | $(0.1) | $(0.2) | | Net cash (used in) provided by financing activities | $(0.3) | $13.8 | Off-Balance Sheet Arrangements This section confirms the absence of any off-balance sheet arrangements as of June 30, 2025 - As of June 30, 2025, the company did not have any off-balance sheet arrangements[164] Item 3. Quantitative and Qualitative Disclosures About Market Risk This section outlines the company's exposure to market risks, primarily focusing on interest rate and foreign exchange rate sensitivities - The primary objective of investment activities is to maintain principal safety and liquidity, with cash in excess of current needs invested in money market funds and short-term certificates of deposit (CDs)[165] - The majority of operating expenses are denominated in U.S. dollars, and the company has not entered into foreign currency forward contracts to hedge exchange rate exposure, though it may do so in the future[166] Item 4. Controls and Procedures This section details management's evaluation of the company's disclosure controls and procedures, concluding their effectiveness - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025[167] - There were no material changes in internal control over financial reporting during the quarter ended June 30, 2025, though the internal control environment is being updated to address changes in financial reporting risks[168] - The company acknowledges the inherent limitations of internal control over financial reporting, including the possibility of collusion or management override, which may prevent timely detection of material misstatements[169] PART II. OTHER INFORMATION This section provides additional information, including legal proceedings, risk factors, equity sales, and other disclosures Item 1. Legal Proceedings This section details the company's ongoing legal proceedings, including patent opposition, a terminated MOU, and a breach of contract claim - An opposition filed by Pixium Vision SA against a European patent owned by Cortigent was abandoned in February 2025, and this is not expected to materially affect Cortigent's operations[171] - The company's appeal in the Paris Commercial Court regarding a terminated Memorandum of Understanding (MOU) with Pixium Vision SA was struck out on October 23, 2024, for failure to enforce the judgment, requiring reinstatement within two years[172] - Oppenheimer & Co. Inc. filed a breach of contract claim seeking no less than $1,625,000 in damages; the court dismissed all claims except for breach of contract, and both the company and Oppenheimer have filed notices of appeal[174] Item 1A. Risk Factors This section highlights significant risks to the company's business, including the critical need for additional financing and global economic impacts - The company will require substantial additional financing to pursue its business objectives, including preclinical studies and clinical trials, and there is no assurance that such capital will be available on acceptable terms or at all[177] - Global economic and political developments, including inflation, capital market disruption, geopolitical conflicts (e.g., Ukraine, Israel-Hamas war), and potential global health crises, could materially and adversely affect the company's business, results of operations, and future growth prospects[178] - Risks associated with tariffs and other trade restrictions, including those imposed by the U.S. or other countries, could lead to increased costs and operational disruptions for raw materials, active pharmaceutical ingredients (APIs), and other components used in product development and production[179] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section reports on a private sale transaction involving common stock to an affiliated entity on May 12, 2025 - On May 12, 2025, the company entered into a private sale transaction to sell 2,912,621 shares of common stock to an entity affiliated with one of its directors for approximately $3.0 million in gross proceeds[180] Item 3. Defaults upon Senior Securities This section confirms that the company had no defaults upon senior securities during the reported period - The company reported no defaults upon senior securities[181] Item 4. Mine Safety Disclosures This section indicates that mine safety disclosures are not applicable to the company's operations - Mine Safety Disclosures are not applicable to the company[182] Item 5. Other Information This section confirms no Rule 10b5-1 trading plans or non-Rule 10b5-1 arrangements were adopted, modified, or terminated - No Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements were adopted, modified, or terminated by officers or directors during the quarter ended June 30, 2025[183] Item 6. Exhibits This section provides a list of all exhibits filed as part of the Form 10-Q, including various agreements and certifications - Exhibits include the Agreement and Plan of Merger (2.1), Certificate of Incorporation (3.1), Bylaws (3.2), Share Purchase Agreement (10.1), and certifications (31.1, 31.2, 32.1)[187] SIGNATURES This section contains the required signatures for the Form 10-Q, certifying its submission by the principal executive and financial officers SIGNATURES This section contains the required signatures for the Form 10-Q, certifying its submission by the principal executive and financial officers - The report was signed by Adam Mendelsohn, Chief Executive Officer, and Anthony Baldor, Chief Financial Officer, on August 13, 2025[190]