Cassava Sciences(US:SAVA)2025-08-14 12:15PART I. FINANCIAL INFORMATION This section presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations Item 1. Financial Statements This section presents the unaudited condensed consolidated financial statements, including the Balance Sheets, Statements of Operations, Statements of Stockholders' Equity, and Statements of Cash Flows, along with detailed notes explaining the company's financial position, performance, and accounting policies for the periods ended June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets This section presents the company's financial position, including assets, liabilities, and stockholders' equity, as of June 30, 2025, and December 31, 2024 | ASSETS (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :------------------ | | Cash and cash equivalents | $112,381 | $128,574 | | Total current assets | $114,821 | $136,532 | | Total assets | $135,384 | $157,533 | | LIABILITIES AND STOCKHOLDERS' EQUITY (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------------------- | :------------ | :------------------ | | Accounts payable and accrued expenses | $42,822 | $7,654 | | Total current liabilities | $47,332 | $11,750 | | Total liabilities | $47,411 | $11,829 | | Total stockholders' equity | $87,973 | $145,704 | | Total liabilities and stockholders' equity | $135,384 | $157,533 | - Cash and cash equivalents decreased by $16.2 million from December 31, 2024, to June 30, 20259 - Total current liabilities significantly increased from $11.75 million at December 31, 2024, to $47.33 million at June 30, 2025, primarily due to a rise in accounts payable and accrued expenses9 Condensed Consolidated Statements of Operations This section details the company's revenues, expenses, and net income or loss for the three and six months ended June 30, 2025, and 2024 | Operating Expenses (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 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $5,116 | $15,198 | $18,782 | $31,431 | | General and administrative | $40,276 | $46,204 | $51,196 | $49,905 | | Total operating expenses | $45,392 | $61,402 | $69,978 | $81,336 | | Operating loss | $(45,392) | $(61,402) | $(69,978) | $(81,336) | | Net income (loss) | $(44,224) | $6,155 | $(67,627) | $31,198 | | Net income (loss) per share, basic | $(0.92) | $0.13 | $(1.40) | $0.70 | - The company reported a net loss of $44.2 million for the three months ended June 30, 2025, compared to a net income of $6.2 million for the same period in 202412 - Research and development expenses decreased by 66% for the three months ended June 30, 2025, primarily due to the phase-out of the Alzheimer's disease development program12186 Condensed Consolidated Statements of Stockholders' Equity This section outlines changes in the company's stockholders' equity, including net income/loss and stock-based compensation, for the three and six months ended June 30, 2025, and 2024 | Stockholders' Equity (in thousands) | Balance at December 31, 2024 | Stock-based compensation (Q1 2025) | Net loss (Q1 2025) | Balance at March 31, 2025 | Stock-based compensation (Q2 2025) | Net loss (Q2 2025) | Balance at June 30, 2025 | | :---------------------------------- | :--------------------------- | :--------------------------------- | :----------------- | :------------------------ | :--------------------------------- | :----------------- | :----------------------- | | Additional paid-in capital | $550,767 | $5,189 + $36 + $90 | — | $556,082 | $4,545 + $36 | — | $560,663 | | Accumulated deficit | $(405,111) | — | $(23,403) | $(428,514) | — | $(44,224) | $(472,738) | | Total stockholders' equity | $145,704 | $5,315 | $(23,403) | $127,616 | $4,581 | $(44,224) | $87,973 | - Total stockholders' equity decreased from $145.7 million at December 31, 2024, to $88.0 million at June 30, 2025, primarily due to net losses incurred15 - Accumulated deficit increased significantly from $405.1 million at December 31, 2024, to $472.7 million at June 30, 202515 Condensed Consolidated Statements of Cash Flows This section reports the company's cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025, and 2024 | Cash Flows (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------ | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(16,283) | $(37,368) | | Net cash used in investing activities | — | $(29) | | Net cash provided by financing activities | $90 | $123,552 | | Net increase (decrease) in cash and cash equivalents | $(16,193) | $86,155 | | Cash and cash equivalents at end of period | $112,381 | $207,291 | - Net cash used in operating activities decreased from $37.4 million in the first six months of 2024 to $16.3 million in the first six months of 202517209210 - Cash and cash equivalents at the end of the period decreased from $207.3 million at June 30, 2024, to $112.4 million at June 30, 202517 Notes to Condensed Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements Note 1. General and Liquidity This note discusses the company's accumulated deficit, future cash requirements, and management's assessment of liquidity for the next 12 months - The Company has an accumulated deficit of $472.7 million at June 30, 2025, and expects significant future cash requirements22 - Management believes current working capital will be sufficient for at least the next 12 months, but future financing may be sought22 Note 2. Significant Accounting Policies This note describes the key accounting principles and methods used in preparing the financial statements, including segment reporting and fair value measurements - The Company's operations are confined to one business segment: the development of novel drugs and diagnostics29 - Fair value of cash and cash equivalents is based on Level 1 inputs26 - Common stock warrants were valued using a Monte Carlo model at distribution ($6.71 per warrant) and stopped trading after May 2, 2024, presumed to have no value as of May 7, 20242728 Note 3. Prepaid Expenses and Other Current Assets This note provides a breakdown of the company's prepaid expenses and other current assets as of June 30, 2025, and December 31, 2024 | Prepaid Expenses and Other Current Assets (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------------------------------- | :------------ | :------------------ | | Prepaid insurance | $5 | $800 | | Contract research organization and other deposits | $1,466 | $6,173 | | Interest receivable | $835 | $947 | | Other | $134 | $38 | | Total prepaid expenses and other current assets | $2,440 | $7,958 | - Total prepaid expenses and other current assets decreased by approximately $5.5 million from December 31, 2024, to June 30, 2025, primarily due to a reduction in contract research organization and other deposits59 Note 4. Real Property and Other Income, Expense This note details the company's other income and expenses, primarily related to real property operations, for the three and six months ended June 30, 2025, and 2024 | Other Income (Loss), Net (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 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Lease revenue | $110 | $314 | $246 | $717 | | Property operating expenses | $(156) | $(215) | $(374) | $(458) | | Other income, net | $(46) | $99 | $(128) | $259 | - The company recorded a net loss from real property operations of $46,000 for the three months ended June 30, 2025, compared to a net income of $99,000 for the same period in 2024, due to higher vacancy rates61199 Note 5. Property and equipment This note presents the net book value of the company's property and equipment, along with accumulated depreciation, as of June 30, 2025, and December 31, 2024 | Property and Equipment, Net (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------------------------------- | :------------ | :------------------ | | Gross property and equipment | $24,227 | $24,237 | | Accumulated depreciation | $(3,664) | $(3,236) | | Property and equipment, net | $20,563 | $21,001 | - Depreciation expense was $0.2 million for the three months ended June 30, 2025, and $0.4 million for the six months ended June 30, 20256263 Note 6. Stockholders' Equity and Stock-Based Compensation Expense This note provides details on stock option and performance award activity and the associated stock-based compensation expense for the periods presented | Stock Option and Performance Award Activity | Outstanding as of Dec 31, 2024 | Options granted | Options exercised | Options forfeited/canceled | Outstanding as of Jun 30, 2025 | | :---------------------------------------- | :----------------------------- | :-------------- | :---------------- | :------------------------- | :----------------------------- | | Stock Options | 4,463,028 | 1,467,000 | (225,209) | (1,359,449) | 4,345,370 | | Performance Awards | 7,142 | — | — | — | 7,142 | | 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 | | :---------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $1,162 | $972 | $3,534 | $1,945 | | General and administrative | $3,420 | $1,632 | $6,272 | $2,994 | | Total stock-based compensation expense | $4,582 | $2,604 | $9,806 | $4,939 | - Total stock-based compensation expense increased by 76% for the three months ended June 30, 2025, and by 98% for the six months ended June 30, 2025, compared to the prior year periods67 Note 7. Income Taxes This note explains the company's income tax position, including the absence of income tax provision due to projected net losses and valuation allowances - The Company did not provide for income taxes during the three and six months ended June 30, 2025, due to projected taxable net loss for the full year 2025, offset by a valuation allowance72 Note 8. Commitments This note outlines the company's contractual obligations, including a license agreement with Yale University and commitments for active pharmaceutical ingredient manufacturing - The Company entered into an exclusive worldwide License Agreement with Yale University on February 26, 2025, for simufilam in TSC-related epilepsy74 - The agreement includes a nominal upfront fee, milestone payments up to $4.5 million, and tiered royalties on net sales74 - The Company has non-cancellable commitments of approximately $1.2 million for the manufacture of simufilam's active pharmaceutical ingredient73 Note 9. 2020 Cash Incentive Bonus Plan This note describes the terms and conditions of the company's cash incentive bonus plan, including its "at-risk" nature and current status regarding grant dates and payments - The 2020 Cash Incentive Bonus Plan (CIB Plan) is an 'at-risk' program rewarding participants for significant increases in market valuation, subject to specific conditions76 - No grant date has occurred as of June 30, 2025, and no Performance Conditions are considered probable of being met, thus no compensation expense has been recorded and no payments made778488 - The CIB Plan was amended on March 6, 2025, specifying that the Chairman, President, and CEO would receive a bonus based on a Merger Transaction only, not Market Capitalization Conditions87 Note 10. Contingencies This note details the company's legal and regulatory contingencies, including settlements, investigations, and loss reserves for ongoing litigation - The Company settled an SEC investigation in September 2024, paying a civil monetary penalty of $40 million in November 20249192 - A loss contingency of $31.25 million was reserved as of June 30, 2025, for a potential settlement of the Consolidated Securities Action97109 - The Company reserved a $4.0 million loss contingency for a potential settlement with intervenor plaintiffs and other claimants in an Anti-SLAPP lawsuit108 Note 11. Warrant Dividend Distribution This note discusses the company's 2024 warrant dividend distribution, subsequent redemption, and the financial impact on warrant liabilities - On January 3, 2024, the Company distributed approximately 16.9 million warrants, which were redeemed on May 7, 2024110112 - Total net proceeds from warrant exercises in 2024 were approximately $123.6 million, resulting from the issuance of 5.7 million common shares117 - A gain from the change in fair value of warrant liabilities of $108.2 million was recognized for the six months ended June 30, 2024, with no warrants outstanding at June 30, 2025120121196 Note 12. Restructuring Activities This note describes the company's workforce reduction in January 2025 and the associated one-time severance costs incurred - On January 7, 2025, the Company announced a workforce reduction of 10 employees (33%)122 - Approximately $0.4 million in one-time costs, primarily severance payments, were incurred and paid in the first quarter of 2025 due to the Workforce Reduction123 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 condition, results of operations, and future outlook, highlighting the strategic shift from Alzheimer's disease to TSC-related epilepsy development Forward-looking Statements and Notices This section provides cautionary statements regarding forward-looking information and advises investors to review risk factors - The report contains forward-looking statements regarding future performance, plans, and anticipated events, which involve risks and uncertainties125126 - Investors are cautioned not to place undue reliance on these statements and to review the 'Risk Factors' section in the Annual Report on Form 10-K128129 Overview This section introduces Cassava Sciences as a clinical-stage biotechnology company, highlighting its strategic shift from Alzheimer's disease to TSC-related epilepsy development - Cassava Sciences is a clinical-stage biotechnology company focused on central nervous system disorders, specifically shifting its lead therapeutic drug candidate, simufilam, from Alzheimer's disease to TSC-related epilepsy134136 - The company completed the phase-out of its Alzheimer's disease development program in the second quarter of 2025134 - Simufilam targets the filamin A (FLNA) protein in the brain, with preclinical studies suggesting its role in seizures and neuronal abnormalities in TSC137 About Tuberous Sclerosis Complex (TSC) This section provides background information on Tuberous Sclerosis Complex, including its prevalence and the common occurrence of epilepsy in affected patients - TSC is a genetic disorder affecting approximately 1 in 6,000 live births, with about 50,000 people affected in the United States139 - Epilepsy is common in 84% of TSC patients, with approximately 60% suffering from treatment-resistant seizures139 Preclinical Studies with Simufilam in Tuberous Sclerosis Complex This section summarizes preclinical research indicating simufilam's potential to reduce TSC-related seizure activity and neuronal abnormalities - Preclinical research at Yale and in collaboration with TSCA indicates simufilam may reduce TSC-related seizure activity and limit neuronal abnormalities in mouse models140142144145 - The Company plans to file an Investigational New Drug (IND) application to initiate a proof-of-concept clinical trial for simufilam in TSC-related epilepsy in the first half of 2026146 License Agreement with Yale This section details the exclusive worldwide license agreement with Yale University for simufilam in TSC-related epilepsy, including financial terms - On February 26, 2025, the Company entered into an exclusive worldwide License Agreement with Yale University for simufilam in TSC-related epilepsy147 - The agreement includes a nominal upfront license fee, milestone payments up to $4.5 million, and tiered royalties on net sales148 Clinical Trials in Alzheimer's Disease (Discontinued) This section reports the discontinuation of simufilam's Phase 3 Alzheimer's disease studies due to failure to meet endpoints - Both Phase 3 studies (RETHINK-ALZ and REFOCUS-ALZ) of simufilam for Alzheimer's disease did not meet their pre-specified co-primary, secondary, and exploratory biomarker endpoints154156 - The Company discontinued its Alzheimer's disease development program, with the phase-out completed in the second quarter of 2025155157 Leadership Changes This section announces recent changes in the company's executive leadership, including retirements and new appointments - James W. Kupiec, M.D., retired as Chief Medical Officer effective May 9, 2025158 - R. Christopher Cook was appointed Chief Operating and Legal Officer on April 18, 2025159 Risk is Fundamental to the Drug Development Process This section emphasizes the inherent risks, complexity, and costs associated with drug discovery and development - Drug discovery and development is a long, complex, costly, and high-risk business160 - Investors are cautioned that investing in publicly traded securities of the company carries the risk of total loss160 Our Scientific Approach is Different This section explains the company's unique scientific strategy targeting the FLNA protein for central nervous system diseases, particularly TSC-related epilepsy - The company's scientific approach targets the scaffolding protein FLNA to treat central nervous system diseases, believing it is a promising target for TSC-related epilepsy161164 - Simufilam, a small molecule oral treatment, aims to prevent abnormal functioning of FLNA164 Expansion of Our Science to Other Indications This section outlines the company's plans for further preclinical studies in TSC-related seizures and potential expansion to other CNS disorders - The company intends to continue exploratory preclinical studies for simufilam in TSC-related seizures and submit an IND application for a proof-of-concept clinical trial167 - There is potential to expand scientific insights to other central nervous system disorders166 REFOCUS-ALZ (Discontinued) This section provides specific details on the discontinued Phase 3 REFOCUS-ALZ study for Alzheimer's disease, including endpoint results and safety profile - The Phase 3 REFOCUS-ALZ study for Alzheimer's disease, which enrolled 1,125 patients, did not meet its co-primary, secondary, and exploratory biomarker endpoints156168 | Co-Primary Endpoint Data (LS means change from baseline) | Simufilam 100 mg BID | Simufilam 50 mg BID | Placebo BID | Delta (Simufilam vs Placebo) | P-value | | :------------------------------------------------------- | :------------------- | :------------------ | :---------- | :--------------------------- | :------ | | ADAS-COG12 (N=372-376) | 4.97 | 5.26 | 4.70 | 0.27 (100mg), 0.56 (50mg) | P=0.67 (100mg), P=0.37 (50mg) | | ADCS-ADL (N=373-376) | -6.27 | -6.43 | -5.32 | -0.95 (100mg), -1.10 (50mg) | P=0.23 (100mg), P=0.16 (50mg) | - Simufilam continued to demonstrate an overall favorable safety profile in the REFOCUS-ALZ study156171 SavaDx This section announces the discontinuation of the investigational diagnostic product candidate, SavaDx, due to business, technical, and personnel reasons - The investigational diagnostic product candidate, SavaDx, focused on detecting Alzheimer's disease from blood, has been discontinued as of mid-2025 due to business, technical, and personnel reasons173 - SavaDx development accounted for less than 1% of the research budget173 We Own Worldwide Rights to Our Development Program This section clarifies the company's intellectual property ownership, including patents for simufilam, and the Yale license agreement - The Company owns intellectual property, including patents for simufilam's composition of matter and methods of use in various countries, with terms expiring from 2029 to 2040138176 - No royalties are owed to third parties for these patents and applications138176 - The License Agreement with Yale grants exclusive worldwide rights to Yale's intellectual property for simufilam in TSC-related epilepsy177 Financial Overview This section summarizes the company's financial position, including its accumulated deficit, lack of product revenue, and anticipated future cash requirements - The Company has an accumulated deficit of $472.7 million at June 30, 2025, and has not generated product revenue178 - Significant cash resources are expected to be used in operations for preclinical and clinical studies, regulatory approvals, manufacturing, and legal proceedings179180 - Research and development expenses for SavaDx represented less than 1% of total R&D expenses182 Results of Operations – Three and Six Months Ended June 30, 2025 and 2024 This section provides a detailed analysis of the company's operating results for the specified periods, covering various expense categories Research and Development Expense This section analyzes the changes in research and development expenses, attributing decreases primarily to the phase-out of the Alzheimer's disease program | Research and Development 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 | | :---------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Clinical trials | $1,313 | $10,877 | $9,408 | $22,169 | | Pre-clinical projects | $827 | $867 | $1,542 | $1,999 | | CMC costs | $391 | $398 | $774 | $1,193 | | Personnel related | $1,049 | $1,615 | $2,774 | $3,260 | | Stock-based compensation | $1,162 | $972 | $3,534 | $1,945 | | Other | $374 | $469 | $750 | $865 | | Total Research and development | $5,116 | $15,198 | $18,782 | $31,431 | - R&D expenses decreased by 66% to $5.1 million for the three months ended June 30, 2025, and by 40% to $18.8 million for the six months ended June 30, 2025, primarily due to the phase-out of the Alzheimer's disease program186188 - The decrease was partially offset by a $1.6 million increase in stock-based compensation expense for the six months ended June 30, 2025188 General and Administrative Expense This section discusses the fluctuations in general and administrative expenses, highlighting the impact of litigation contingencies and insurance recoveries - G&A expenses decreased by 13% to $40.3 million for the three months ended June 30, 2025, primarily due to a lower securities litigation loss contingency ($31.3 million in 2025 vs. $40.0 million SEC-related in 2024)191 - For the six months ended June 30, 2025, G&A expenses increased by 3% to $51.2 million, as the 2024 SEC-related loss contingency was partially offset by $8.8 million in insurance recoveries, which were absent in 2025192 - G&A expenses are expected to remain high due to professional fees, legal expenses, potential settlements, and increased stock-based compensation193 Interest Income This section explains the decrease in interest income due to lower interest rates and reduced cash balances - Interest income decreased to $1.2 million for the three months ended June 30, 2025 (from $2.3 million in 2024), and to $2.5 million for the six months ended June 30, 2025 (from $4.1 million in 2024)194 - The decrease is primarily due to lower interest rates and reduced cash balances194 Change in fair value of warrants This section details the impact of warrant redemption on the fair value of warrant liabilities, noting no outstanding warrants in 2025 - No common stock warrants were outstanding or had a change in fair value for the three and six months ended June 30, 2025196 - A gain of $65.1 million and $108.2 million from the change in fair value of warrant liabilities was recorded for the three and six months ended June 30, 2024, respectively, due to their redemption196197 Other income (loss), net This section explains the net loss from other income, primarily due to higher vacancy rates in the company's office complex - Other income (loss), net, was a loss of $(46,000) for the three months ended June 30, 2025, and a loss of $(0.1) million for the six months ended June 30, 2025198 - This net loss is attributed to higher vacancy rates in the company's office complex, impacting rental income199 Liquidity and Capital Resources This section assesses the company's ability to meet its short-term and long-term financial obligations, including cash flow and funding needs 2024 Common Stock Warrant Distribution This section reviews the 2024 warrant distribution and its significant contribution to the company's net proceeds - In 2024, the Company distributed approximately 16.9 million warrants, which were subsequently redeemed on May 7, 2024202203 - The warrant exercises generated approximately $123.6 million in net proceeds for the Company in 2024206 2020 Cash Incentive Bonus Plan Obligations This section confirms that no payments have been made under the CIB Plan as of the reporting date - No cash payments have been authorized or made to participants under the CIB Plan as of June 30, 2025, or through the filing date208 Use of Cash This section analyzes the company's cash flow from operating and financing activities for the six months ended June 30, 2025 - Net cash used in operating activities was $16.3 million for the six months ended June 30, 2025, primarily due to a net loss of $67.6 million, partially offset by increases in accrued expenses and stock-based compensation209 - Net cash provided by financing activities was $0.1 million for the six months ended June 30, 2025, from stock option exercises, a significant decrease from $123.6 million in 2024 from warrant exercises211212 Property and Leases This section describes the company's real estate holdings and the expected net loss from leasing activities due to vacancy rates - The Company occupies approximately 25% of its 90,000 square foot office complex in Austin, Texas, with the remainder leased or available for lease213 - A net loss on leasing activities is expected in 2025 due to higher vacancy rates and significantly lower rental income213 Other Commitments This section reiterates the company's accumulated deficit and future funding requirements, while affirming current liquidity for the next 12 months - The Company has an accumulated deficit of $472.7 million as of June 30, 2025, and anticipates significant future cash requirements214 - Current cash and cash equivalents are believed to be sufficient for at least the next 12 months, but additional future funding may be sought214 Item 3. Quantitative and Qualitative Disclosures About Market Risk As a smaller reporting company, Cassava Sciences is not required to provide quantitative and qualitative disclosures about market risk - The Company is exempt from providing market risk disclosures as a smaller reporting company215 Item 4. Controls and Procedures Management, with the CEO and CFO, evaluated the effectiveness of disclosure controls and procedures, concluding they were effective as of June 30, 2025, with no material changes identified - Disclosure controls and procedures were evaluated and deemed effective as of June 30, 2025216217 - No material changes in internal control over financial reporting were identified during the three months ended June 30, 2025218 PART II. OTHER INFORMATION This section contains additional information not covered in the financial statements, including legal proceedings, risk factors, and exhibits Item 1. Legal Proceedings This section refers to Note 10 for detailed information regarding the company's legal proceedings, including government inquiries and litigation contingencies - Information on legal proceedings, including government inquiries and litigation, is detailed in Note 10 to the condensed consolidated financial statements219 Item 1A. Risk Factors This section directs readers to the 2024 Annual Report on Form 10-K for risk factors and provides a supplemental risk factor concerning potential FDA disruptions - A supplemental risk factor highlights that disruptions at the FDA, including workforce reductions or inadequate funding, could negatively impact the company's business by delaying regulatory reviews and approvals221 - The U.S. Department of Health and Human Services (HHS) announced an FDA workforce reduction of approximately 3,500 employees in March 2025221 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company reported no unregistered sales of equity securities or use of proceeds during the period - No unregistered sales of equity securities or use of proceeds occurred223 Item 3. Defaults Upon Senior Securities The company reported no defaults upon senior securities during the period - No defaults upon senior securities occurred224 Item 4. Mine Safety Disclosures This item is not applicable to the company - Mine Safety Disclosures are not applicable to the Company225 Item 5. Other Information No directors or officers reported adopting or terminating Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No directors or officers reported adopting or terminating Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025226 Item 6. Exhibits This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including corporate governance documents, employment agreements, and key agreements - Key exhibits include Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws, employment agreements for Eric J. Schoen and R. Christopher Cook, the 2020 Cash Incentive Bonus Plan, and the License Agreement with Yale University227 - Certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are also filed227 SIGNATURES This section confirms the official signing of the report by the company's principal executive and financial officers - The report is signed by Richard J. Barry, President and Chief Executive Officer, and Eric J. Schoen, Chief Financial Officer, on August 14, 2025231