UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ BERTO ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands 99-4250815 (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ BERTO ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands 99-4250815 (State or other jurisdiction of incorporation) (IRS Employer Identification No.) 1180 North Town Center Drive, Suite 100 Las Vegas, Nevada 89144 For the quarterly period ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _____ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39116 Katapult Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 84-2704291 (I.R.S. Employer Identif ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to __________ Commission file number: 001-34142 OAK VALLEY BANCORP (Exact name of registrant as specified in its charter) California 26-2326676 State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-41690 U.S. GOLDMINING INC. (Exact name of registrant as specified in its charter) | Nevada | 37-1792147 | | --- | --- | | (Stat ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) This section provides an overview of Gulf Resources, Inc.'s Q2 2025 unaudited financial results and the CEO's strategic outlook, highlighting improvements in core segments and future focus [Q2 2025 Unaudited Financial Results Overview](index=1&type=section&id=Q2%202025%20Unaudited%20Financial%20Results%20Overview) Gulf Resources, Inc. announced its unaudited financial results for the second quarter ended June 30, 2025, highlighting significant improvements in revenue and reduced losses, primarily driven by the bromine and crude salt segments. The Chemicals & Natural Gas segments, though non-operational, also saw a reduced combined loss - Gulf Resources, Inc. announced its unaudited financial results for the three months ended June 30, 2025[1](index=1&type=chunk) - The Chemicals & Natural gas segments, neither of which was operational, combined lost **$388,202** in Q2 2025, an improvement from a loss of $413,027 in the previous year[2](index=2&type=chunk) [CEO's Outlook and Strategic Focus](index=1&type=section&id=CEO%27s%20Outlook%20and%20Strategic%20Focus) CEO Mr. Liu Xiaobin expressed growing optimism for the business, citing signs of stabilization in the Chinese economy, reduced competition, and increasing demand and prices in the bromine and crude salt sectors. The company's immediate strategy focuses on generating profits and free cash flow from these two core segments, while other segments remain on hold pending improved market conditions and regulatory clarity - CEO Mr. Liu Xiaobin is optimistic about the business, seeing signs of stabilization in the Chinese economy, reduced competition, and increasing demand and prices in bromine and crude salt[6](index=6&type=chunk) - The Company anticipates that the bromine price recovery, coupled with increasing overall demand, represents a potentially sustainable market trend[3](index=3&type=chunk) - Management is focused on generating profits and free cash flow from the bromine and crude salt segments in the near future[7](index=7&type=chunk) [Business Operations Update](index=1&type=section&id=Business%20Operations%20Update) This section details the operational status and market conditions for Gulf Resources' bromine, crude salt, chemicals, and natural gas segments [Bromine Segment Update](index=1&type=section&id=Bromine%20Segment%20Update) The bromine market experienced significant price volatility during Q2 2025, with prices fluctuating widely. However, prices have shown consistent recovery since the end of the quarter, and the company anticipates a sustainable market trend driven by increasing demand - Bromine pricing exhibited significant volatility during Q2 2025, with prices ranging from **RMB 29,000 to RMB 37,500** and then declining to **RMB 23,100 per tonne**[3](index=3&type=chunk) - At the end of Q2 2025, bromine was priced at **RMB 24,686 per tonne**, and has since increased consistently to **RMB 29,200 per tonne** by August 12[3](index=3&type=chunk) [Crude Salt Segment Update](index=1&type=section&id=Crude%20Salt%20Segment%20Update) Gulf Resources has commenced development activities on crude salt fields acquired in the previous year. These new assets are expected to boost both salt and bromine production capacity and may facilitate the reopening of two temporarily closed manufacturing facilities - Development activities have begun on crude salt fields acquired in the prior year[3](index=3&type=chunk) - These new assets are expected to enhance salt and bromine production capacity and may help reopen manufacturing facilities 2 and 10[3](index=3&type=chunk) [Chemicals Segment Update](index=1&type=section&id=Chemicals%20Segment%20Update) Operations in the chemicals segment remain suspended due to challenging market conditions and profitability concerns. Management has decided to postpone the completion of the remaining chemical factory construction until market conditions improve to ensure sustainable profitability - Chemicals segment operations remain suspended due to challenging profitability environment[4](index=4&type=chunk) - Completion of remaining chemical factory construction is deferred until market conditions present opportunities for sustainable profitability[4](index=4&type=chunk) [Natural Gas Segment Update](index=1&type=section&id=Natural%20Gas%20Segment%20Update) Natural gas operations are currently inactive, awaiting the completion of provincial planning initiatives in Sichuan Province. The company continues to monitor regulatory developments and evaluate potential joint venture opportunities in this sector, driven by increasing natural gas demand in China - Natural gas operations remain inactive, awaiting completion of provincial planning initiatives in Sichuan Province[5](index=5&type=chunk) - The Company is monitoring regulatory developments and evaluating potential joint venture opportunities in the natural gas sector due to increasing demand[5](index=5&type=chunk) [Financial Performance Highlights](index=1&type=section&id=Financial%20Performance%20Highlights) This section provides a detailed overview of Gulf Resources' consolidated and segment-wise financial performance for Q2 2025 and the six-month period [Consolidated Financial Highlights](index=1&type=section&id=Consolidated%20Financial%20Highlights) For the three months ended June 30, 2025, Gulf Resources reported a substantial increase in net revenue and a significant reduction in net loss and loss per share compared to the prior year. The company also transitioned from a gross loss to a gross profit. For the six-month period, negative cash flow was sharply reduced Consolidated Financial Highlights (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :----------------------- | :---------- | :---------- | :--------- | | Net Revenue | $8,343,785 | $2,383,169 | 250% | | Gross Profit | $986,655 | ($2,728,889) | N/A (from loss to profit) | | Loss from Operations | ($750,686) | ($5,146,997) | 85.4% reduction | | Net Loss | ($773,777) | ($33,097,918) | 97.7% reduction | | Loss per Share | ($0.06) | ($3.09) | 98.1% reduction | Consolidated Cash Flow Highlights (6 Months Ended June 30) | Metric | 6 Months 2025 | 6 Months 2024 | Change | | :----------------------- | :-------------- | :-------------- | :------- | | Negative Cash Flow | ($2,339,081) | ($61,856,355) | 96.2% reduction | [Segment-wise Financial Performance](index=1&type=section&id=Segment-wise%20Financial%20Performance) The bromine segment demonstrated strong growth in sales and volume, leading to a significant improvement in gross profit and a reduced net loss. The crude salt segment also saw increased revenues and volumes, with a substantial rise in gross profit, despite recording a net loss for the quarter. The non-operational chemicals and natural gas segments incurred a combined loss, albeit reduced from the prior year [Bromine Segment Financials](index=1&type=section&id=Bromine%20Segment%20Financials) This subsection details the financial performance of the bromine segment, including sales, volume, cost of revenue, gross profit, and net loss for Q2 2025 compared to Q2 2024 Bromine Segment Financials (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :----------------------- | :---------- | :---------- | :--------- | | Sales | $7,676,374 | $1,859,234 | 313% | | Volume (tonnes) | 1,972 | 782 | 152% | | Cost of Net Revenue | $7,016,815 | $4,729,059 | 48% | | Gross Profit | $659,559 | ($2,869,825) | N/A (from loss to profit) | | Net Loss for the Quarter | ($130,381) | ($4,662,586) | 97.2% reduction | [Crude Salt Segment Financials](index=1&type=section&id=Crude%20Salt%20Segment%20Financials) This subsection presents the financial results for the crude salt segment, covering revenues, volume, cost of revenue, gross profit, and net loss for Q2 2025 versus Q2 2024 Crude Salt Segment Financials (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :----------------------- | :---------- | :---------- | :--------- | | Revenues | $667,411 | $523,935 | 27% | | Volume (tonnes) | 25,934 | 24,852 | 4% | | Cost of Revenue | $340,315 | $382,999 | (11%) | | Gross Profit | $327,096 | $140,936 | 132% | | Net Loss for the Quarter | ($147,489) | $130,024 | N/A (from profit to loss) | [Chemicals & Natural Gas Segment Financials](index=1&type=section&id=Chemicals%20%26%20Natural%20Gas%20Segment%20Financials) This subsection outlines the combined financial performance of the non-operational chemicals and natural gas segments, detailing their losses for Q2 2025 compared to the prior year - The Chemicals & Natural Gas segments, neither of which was operational, combined lost **$388,202** in Q2 2025[2](index=2&type=chunk) - This loss compares to a loss of $413,027 in the previous year, indicating a slight improvement[2](index=2&type=chunk) [Condensed Consolidated Financial Statements](index=3&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section provides the condensed consolidated balance sheets, statements of loss and comprehensive loss, and statements of cash flows for Gulf Resources [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Gulf Resources reported a slight decrease in total assets, primarily due to a reduction in non-current assets, despite an increase in current assets driven by accounts receivable and prepayments. Total liabilities also decreased, mainly from a reduction in current liabilities Condensed Consolidated Balance Sheets (Key Figures) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change | | :-------------------------- | :-------------------------- | :-------------------------- | :----- | | Total Current Assets | $20,275,976 | $17,450,826 | +$2,825,150 | | Total Non-Current Assets | $144,355,597 | $152,005,169 | -$7,649,572 | | Total Assets | $164,631,573 | $169,455,995 | -$4,824,422 | | Total Current Liabilities | $14,790,088 | $17,731,858 | -$2,941,770 | | Total Non-Current Liabilities | $7,626,660 | $8,017,467 | -$390,807 | | Total Liabilities | $22,416,748 | $25,749,325 | -$3,332,577 | | Total Stockholders' Equity | $142,214,825 | $143,706,670 | -$1,491,845 | - Cash decreased from **$10,075,162** at December 31, 2024, to **$7,736,081** at June 30, 2025[8](index=8&type=chunk) - Accounts receivable, net, significantly increased from **$564,523** to **$3,150,850**[8](index=8&type=chunk) [Condensed Consolidated Statements of Loss and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) For Q2 2025, net revenue surged by 250% year-over-year, leading to a substantial reduction in loss from operations and net loss. The six-month period also showed strong revenue growth and a significant decrease in net loss and loss per share, largely due to the absence of a major loss on disposal of property, plant and equipment recorded in the prior year Consolidated Statements of Loss (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :-------------------------------- | :---------- | :---------- | :------- | | Net Revenue | $8,343,785 | $2,383,169 | +250% | | Total Operating Costs and Expense | ($9,094,471) | ($7,530,166) | +20.8% | | Loss from Operations | ($750,686) | ($5,146,997) | -85.4% | | Net Loss | ($773,777) | ($33,097,918) | -97.7% | | Basic and Diluted Loss Per Share | ($0.06) | ($3.09) | -98.1% | Consolidated Statements of Loss (6 Months 2025 vs. 2024) | Metric | 6 Months 2025 | 6 Months 2024 | Change | | :-------------------------------- | :-------------- | :-------------- | :------- | | Net Revenue | $9,948,232 | $3,690,231 | +169.6% | | Total Operating Costs and Expense | ($15,309,125) | ($14,106,647) | +8.5% | | Loss from Operations | ($5,360,893) | ($10,416,416) | -48.6% | | Net Loss | ($5,403,277) | ($37,090,050) | -85.5% | | Basic and Diluted Loss Per Share | ($0.43) | ($3.46) | -87.6% | - The significant reduction in net loss for both periods is partly attributable to the absence of a **$29,169,008** loss on disposal of property, plant and equipment recorded in Q2 and 6 months 2024[9](index=9&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities increased. However, the absence of significant investing activities compared to the prior year led to a sharp reduction in the overall net decrease in cash and cash equivalents Consolidated Statements of Cash Flows (6 Months Ended June 30) | Metric | 6 Months 2025 | 6 Months 2024 | Change | | :------------------------------------------ | :-------------- | :-------------- | :------- | | Net Cash Used in Operating Activities | ($2,139,435) | ($812,141) | +163.4% | | Net Cash Provided by (Used in) Investing Activities | $0 | ($60,526,213) | N/A (no activity vs outflow) | | Net Cash Used in Financing Activities | ($260,997) | ($264,094) | -1.2% | | Net Decrease in Cash and Cash Equivalents | ($2,339,081) | ($61,856,355) | -96.2% | | Cash and Cash Equivalents - End of Period | $7,736,081 | $10,367,539 | -25.4% | - The significant reduction in net decrease in cash is primarily due to the absence of large property, plant and equipment purchases in 2025 compared to 2024[10](index=10&type=chunk) - Adjustments to reconcile net loss to net cash used in operating activities included depreciation and amortization of **$7,997,410** and stock-based compensation expense of **$196,100** in 2025[10](index=10&type=chunk) [Supplemental Cash Flow Information](index=6&type=section&id=Supplemental%20Cash%20Flow%20Information) Supplemental disclosures for the six-month period ended June 30, 2025, detail cash payments for taxes and interest on finance lease obligations Supplemental Cash Flow Information (6 Months Ended June 30, 2025) | Item | Amount | | :-------------------------------- | :------- | | Cash paid for taxes | $811,828 | | Interest on finance lease obligation | $43,396 | [Company Information](index=6&type=section&id=Company%20Information) This section provides an overview of Gulf Resources, Inc.'s business operations, subsidiaries, and the nature of its forward-looking statements [About Gulf Resources, Inc.](index=6&type=section&id=About%20Gulf%20Resources%2C%20Inc.) Gulf Resources, Inc. operates through four wholly-owned subsidiaries in China, positioning itself as a leading producer of bromine, which is essential for various industrial and agricultural applications. The company also manufactures specialty chemical products, crude salt, and is involved in the exploration and development of natural gas and brine resources - Gulf Resources, Inc. operates through four wholly-owned subsidiaries: Shouguang City Haoyuan Chemical Company Limited, Shouguang Yuxin Chemical Industry Co., Limited, Daying County Haoyuan Chemical Company Limited, and Shouguang Hengde Salt Industry Co. Ltd[12](index=12&type=chunk) - The Company believes that it is one of the largest producers of bromine in China, used to manufacture a wide variety of compounds utilized in industry and agriculture[12](index=12&type=chunk) - Through its subsidiaries, the Company manufactures chemical products for applications like oil and gas field explorations and papermaking, sells crude salt, and explores natural gas and brine resources[12](index=12&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements that are subject to various risk factors, including general economic conditions in China, the impact of the COVID-19 pandemic, future product development, market acceptance, competition, technological changes, and the ability to acquire future bromine assets. The company explicitly states it has no obligation to update these statements - Forward-looking statements are subject to various risk factors, including general economic and business conditions in the PRC, the risks associated with the COVID-19 pandemic outbreak, future product development and production capabilities, and market acceptance[13](index=13&type=chunk) - Other risks include additional competition, changes in technology, the ability to make future bromine asset purchases, and various other factors beyond its control[13](index=13&type=chunk) - Gulf Resources undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release[13](index=13&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40912 Compass Digital Acquisition Corp. (Exact name of registrant as specified in its charter) | Cayman Islands | N/A | | --- | ...

Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Commission File Number: 001-34079 Opus Genetics, Inc. (Exact name of Registrant as specified in its charter) Delaware 11-3516358 (State or other jurisdic ...

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company reported a net loss of $7.4 million for Q2 2025 and $15.6 million for the six months ended June 30, 2025, with cash of $32.4 million and total assets of $38.7 million, and increased liabilities to $21.2 million due to new warrant liabilities [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $38.7 million, driven by cash and cash equivalents of $32.4 million, while total liabilities rose to $21.2 million due to $11.8 million in warrant liabilities, resulting in total stockholders' equity of $17.5 million Condensed Consolidated Balance Sheet Highlights (in thousands of US dollars) | Account | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $32,429 | $30,321 | | Total current assets | $38,439 | $36,610 | | **Total assets** | **$38,665** | **$36,862** | | **Liabilities & Equity** | | | | Warrant liabilities | $11,800 | $— | | Total current liabilities | $20,192 | $11,295 | | **Total liabilities** | **$21,192** | **$11,295** | | Series A preferred stock | $— | $18,843 | | **Total stockholders' equity** | **$17,473** | **$6,724** | [Condensed Consolidated Statements of Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) For Q2 2025, net loss was $7.4 million, a slight decrease from Q2 2024 due to a $0.9 million positive change in warrant liabilities, while the six-month net loss increased to $15.6 million due to higher operating expenses Financial Performance Summary (in thousands of US dollars, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | License and collaborations revenue | $2,882 | $1,112 | $7,252 | $2,823 | | General and administrative | $5,766 | $3,354 | $12,112 | $8,024 | | Research and development | $6,022 | $6,086 | $13,975 | $10,835 | | Loss from operations | ($8,906) | ($8,328) | ($18,835) | ($16,036) | | **Net loss** | **($7,420)** | **($7,765)** | **($15,614)** | **($14,871)** | | **Net loss per share (basic and diluted)** | **($0.12)** | **($0.30)** | **($0.32)** | **($0.59)** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operations was $19.3 million, offset by $21.4 million from financing activities, leading to a $2.1 million net cash increase and an ending balance of $32.4 million Cash Flow Summary for the Six Months Ended June 30 (in thousands of US dollars) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(19,263) | $(13,008) | | Net cash used in investing activities | $— | $— | | Net cash provided by financing activities | $21,371 | $3,916 | | **Net increase (decrease) in cash** | **$2,108** | **$(9,092)** | | **Cash and cash equivalents at end of period** | **$32,429** | **$41,409** | - Financing activities in the first six months of 2025 were driven by **$5.98 million** from the issuance of common stock and pre-funded warrants, and **$15.52 million** from the issuance of warrants in the March 2025 offerings[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's focus on gene therapies for IRDs, key events including the October 2024 acquisition and March 2025 financing, and confirm sufficient cash to fund operations for at least the next twelve months - The company is a clinical-stage biopharmaceutical company developing gene therapies for inherited retinal diseases (IRDs) and small molecule therapies for other ophthalmic disorders, with its pipeline including OPGx-LCA5 for Leber congenital amaurosis and OPGx-BEST1 for Best Disease[22](index=22&type=chunk)[24](index=24&type=chunk) - As of June 30, 2025, the company had **$32.4 million** in cash and cash equivalents, which management believes is sufficient to fund planned expenditures for at least the next twelve months[32](index=32&type=chunk) - In March 2025, the company raised approximately **$21.5 million** in gross proceeds through an underwritten public offering and a private placement, issuing common stock, pre-funded warrants, and warrants[102](index=102&type=chunk)[99](index=99&type=chunk) - On May 5, 2025, all **14,145.374 shares** of Series A Preferred Stock were converted into **14,145,374 shares** of common stock following stockholder approval[98](index=98&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported increased license and collaboration revenue to $2.9 million for Q2 2025, with rising G&A expenses due to public company costs, stable R&D, and $32.4 million in cash, sufficient for the next twelve months [Overview and Recent Developments](index=35&type=section&id=Overview%20and%20Recent%20Developments) The company is advancing its gene therapy pipeline, with OPGx-LCA5 showing positive data and receiving RMAT designation, and secured a $2.0 million non-dilutive funding agreement for the MERTK program - The most advanced gene therapy program, OPGx-LCA5, has shown clinical proof-of-concept with visual improvement in adult patients and initial positive data in pediatric patients[189](index=189&type=chunk) - On May 6, 2025, the FDA granted Regenerative Medicine Advanced Therapy (RMAT) designation to OPGx-LCA5, potentially expediting its development and review[199](index=199&type=chunk) - In June 2025, the company entered into a funding agreement with the Foundation Fighting Blindness Retinal Degeneration Fund (RDF) for up to **$2.0 million** in non-dilutive funding for its MERTK program[196](index=196&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Q2 2025 revenue increased to $2.9 million, driven by Viatris reimbursements, while G&A expenses rose by $2.4 million due to public company and legal costs, and R&D remained stable, leading to a higher loss from operations Comparison of Three Months Ended June 30 (in thousands of US dollars) | Item | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | License and collaborations revenue | $2,882 | $1,112 | $1,770 | | General and administrative | $5,766 | $3,354 | $2,412 | | Research and development | $6,022 | $6,086 | $(64) | | **Loss from operations** | **$(8,906)** | **$(8,328)** | **$(578)** | Comparison of Six Months Ended June 30 (in thousands of US dollars) | Item | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | License and collaborations revenue | $7,252 | $2,823 | $4,429 | | General and administrative | $12,112 | $8,024 | $4,088 | | Research and development | $13,975 | $10,835 | $3,140 | | **Loss from operations** | **$(18,835)** | **$(16,036)** | **$(2,799)** | - The increase in G&A expenses in Q2 2025 was primarily due to higher public company related costs (**$1.1 million**), legal costs (**$0.4 million**), patent costs (**$0.3 million**), and payroll costs (**$0.4 million**)[221](index=221&type=chunk) - R&D spending for the six months ended June 30, 2025, shifted significantly, with spending on IRD programs increasing by **$4.1 million** and on PS by **$4.4 million**, while spending on APX3330 decreased by **$6.5 million**[229](index=229&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company had $32.4 million in cash, sufficient for the next twelve months, bolstered by $21.5 million from March 2025 financings, and terminated its equity line with Lincoln Park - The company's principal source of liquidity as of June 30, 2025, was cash and cash equivalents of **$32.4 million**[233](index=233&type=chunk) - In March 2025, the company raised combined gross proceeds of approximately **$21.5 million** from an underwritten public offering and a private placement[237](index=237&type=chunk) - The common stock purchase agreement with Lincoln Park Capital was terminated by the company effective April 3, 2025[246](index=246&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company qualifies as a smaller reporting company - Disclosure is not applicable for smaller reporting companies[296](index=296&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation as of June 30, 2025, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective[300](index=300&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal controls[301](index=301&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings expected to have a material effect on its business or financial results - The company is not currently a party to any legal proceedings that management believes are likely to materially affect its business or financial results[303](index=303&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors except for a new risk concerning potential delisting from Nasdaq if the company fails to meet the minimum bid price requirement - A new risk factor has been added regarding the potential delisting from the Nasdaq Capital Market if the company's common stock fails to comply with the continued listing standards, specifically the **$1.00** minimum bid price requirement[304](index=304&type=chunk)[305](index=305&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[308](index=308&type=chunk) [Item 5. Other Information](index=55&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[311](index=311&type=chunk) [Item 6. Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including funding agreements, officer certifications, and XBRL data files - Exhibits filed include a Funding Agreement with the Foundation Fighting Blindness Retinal Degeneration Fund and a Funding and License Agreement with Eyes on the Future and RDH12 Fund for Sight[312](index=312&type=chunk)