NightHawk Biosciences(US:NHWK)2026-02-17 21:35Revenue Performance - The company generated minimal revenue of $0.2 million for the three months ended September 30, 2025, a decrease of $0.7 million compared to the same period in 2024, primarily due to the cancellation or suspension of six customer contracts [161]. - Revenue decreased by $4.5 million to $0.7 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to the loss of a major customer [168]. Cost Management - Cost of revenues decreased to $0.1 million for the three months ended September 30, 2025, down $0.8 million from the same period in 2024, attributed to lower production levels [162]. - Cost of revenues decreased by $1.9 million to $0.7 million for the nine months ended September 30, 2025, attributed to lower production levels [169]. - Selling, general and administrative expenses were $2.3 million for the three months ended September 30, 2025, down $3.3 million from $5.6 million in the same period in 2024, due to reduced operational activity and cost-cutting measures [165]. - Selling, general and administrative expenses were $9.3 million for the nine months ended September 30, 2025, down from $15.7 million in 2024, reflecting reduced operational activity [171]. - Research and development expenses decreased to $2.5 million for the three months ended September 30, 2025, a reduction of $1.8 million compared to the same period in 2024 [164]. - Research and development expenses decreased by $3.4 million to $8.4 million for the nine months ended September 30, 2025, compared to the same period in 2024 [170]. Financial Position - The outstanding amount of the December 2024 Secured Convertible Notes is $14,460,205, including principal and accrued interest, following the asset sale [145]. - The company issued 6,019,444 shares of common stock during the nine months ended September 30, 2025, upon partial conversions of the December 2024 Secured Convertible Notes at conversion prices of $0.50 and $0.25 [150]. - The company entered into a twelve-month credit facility to borrow up to $5.0 million on terms comparable to existing non-convertible promissory notes [155]. - As of September 30, 2025, the company had approximately $0.6 million in cash and cash equivalents, which decreased to less than $0.1 million by February 17, 2026 [176]. - Net cash provided by financing activities was $9.2 million during the nine months ended September 30, 2025, down from $22.3 million in 2024 [185]. - Cash used in operating activities was approximately $9.7 million for the nine months ended September 30, 2025, compared to $20.7 million in 2024 [182]. Operational Status - The company ceased operations following the foreclosure sale of its assets on November 24, 2025, and does not anticipate generating revenue in the near term [160]. - The company has been classified as a "Shell Company" due to having no or nominal operations and assets following the asset sale [138]. - The company is exploring strategic alternatives to raise capital, as it has ceased operations and has no assets to generate revenue [180]. - There is substantial doubt about the company's ability to continue as a going concern for one year after the financial statements are issued [190]. - The company may need to file for bankruptcy or liquidate if unable to find financing or undertake a strategic alternative [160]. Losses - The company incurred a net loss of $16.8 million for the nine months ended September 30, 2025, with an accumulated deficit of approximately $303.0 million [177].