Financial Position - Cash position as of September 30, 2025, was $14.1 million, expected to fund operations into the second half of 2026[8] - Total current assets decreased to $14.9 million as of September 30, 2025, from $19.7 million as of December 31, 2024[19] - Total liabilities increased to $15.2 million as of September 30, 2025, compared to $5.4 million as of December 31, 2024[19] Research and Development - Research and development expenses for Q3 2025 were $3.9 million, an increase of 8.3% from $3.6 million in Q3 2024[10] - Research and development expenses increased to $3,851 million in Q3 2025 from $3,546 million in Q3 2024, representing an increase of 8.6%[21] - Enrollment ongoing in Phase 2 KOURAGE trial with a target of 150 patients, data expected in the first half of 2026[4] - Positive discussions with the FDA regarding the pivotal trial design in acute pancreatitis, expected to finalize in the first half of 2026[9] - Collaboration with Telperian announced to leverage AI insights for optimizing the pivotal trial design in acute pancreatitis[9] - Preclinical data published in JCI Insight supports CM5480 as a potential first-in-class therapy for pulmonary arterial hypertension[7] Operating Expenses - General and administrative expenses decreased to $1.8 million in Q3 2025 from $2.2 million in Q3 2024, a reduction of 18.2%[11] - General and administrative expenses decreased to $1,767 million in Q3 2025 from $2,190 million in Q3 2024, a reduction of 19.3%[21] - Total operating expenses slightly decreased to $5,618 million in Q3 2025 compared to $5,736 million in Q3 2024, a decline of 2.1%[21] Net Loss - Net loss for Q3 2025 was $7.8 million, or $0.52 per share, compared to a net loss of $5.6 million, or $0.50 per share, in Q3 2024[13] - The net loss for Q3 2025 was $7,804 million, compared to a net loss of $5,618 million in Q3 2024, indicating an increase in losses of 38.8%[21] - Net loss per share for Q3 2025 was $0.52, compared to $0.50 in Q3 2024, reflecting a 4% increase in loss per share[21] - The total net loss for the nine months ended September 30, 2025, was $18,802 million, compared to $9,442 million for the same period in 2024, reflecting a 98.5% increase in losses[21] Other Income and Expenses - Interest income decreased to $140 million in Q3 2025 from $218 million in Q3 2024, a decline of 35.8%[21] - Total other income (expense) for Q3 2025 was $(2,186) million, compared to $118 million in Q3 2024, indicating a significant negative shift[21] - The change in fair value of financial instruments resulted in a loss of $2,000 million in Q3 2025, compared to a loss of $100 million in Q3 2024[21] Shareholder Information - The weighted-average number of shares outstanding increased to 15,076,456 in Q3 2025 from 11,134,964 in Q3 2024, an increase of 35.5%[21]
Grayscale Investments(GRAY) - 2025 Q3 - Quarterly Results