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 September 30, 2025. or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 VirnetX Holding Corporation (Exact name of registrant as specified in its charter) Delaware 77-0390628 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer I ...

Financial Performance - The company incurred a net loss of approximately $14.5 million for the six months ended September 30, 2025, compared to a net loss of $9.1 million for the same period in 2024[89]. - As of September 30, 2025, the company had a cash balance of $5.3 million and an accumulated deficit of approximately $99.2 million[89]. Research and Development - Research and development (R&D) expenses for the three months ended September 30, 2025, were $3.7 million, a 51.1% increase from $5.6 million in the same period of 2024[82]. - R&D expenses for the six months ended September 30, 2025, totaled $6.9 million, reflecting a 55.3% increase from $10.7 million in the prior year[82]. - The full-time R&D employee headcount increased to 56 as of September 30, 2025, from 42 a year earlier[85]. - The company submitted a 510(k) premarket notification for its next-generation patch pump, Pivot, on November 13, 2025, with expected regulatory approval in Q1 2026[75]. - The company is actively working to commercialize its Pivot product and expand its market presence in the diabetes device sector[75]. Operating Expenses - Selling, general and administrative (SG&A) expenses for the three months ended September 30, 2025, were $1.3 million, a 72.8% increase from $2.2 million in the same period of 2024[86]. - SG&A expenses for the six months ended September 30, 2025, amounted to $2.3 million, a 69.2% increase from $3.9 million in the prior year[86]. Cash Flow and Investments - For the six months ended September 30, 2025, cash used in investing activities was approximately $1.7 million, compared to $1.0 million for the same period in 2024[91]. - Cash provided by financing activities for the six months ended September 30, 2025 was approximately $4.7 million, an increase from $3.0 million in 2024[92]. - As of September 30, 2025, the company had outstanding purchase orders for machinery and equipment totaling approximately $1.7 million[93]. Fundraising - In September 2025, the company raised approximately $3.9 million through a warrant inducement offering[77].

Financial Performance - Research and development (R&D) expenses increased 111% to $1.1 million for Q3 2025 from $0.5 million in Q3 2024, primarily due to a $1.8 million gain from liability forgiveness in 2024 that did not recur in 2025 [81]. - General and administrative (G&A) expenses rose 59% to $1.8 million for Q3 2025 from $1.2 million in Q3 2024, mainly due to increased professional fees related to the implementation of the At Market Issuance Sales Agreement [82]. - R&D expenses decreased 14% to $4.2 million for the nine months ended September 30, 2025, down from $4.9 million for the same period in 2024, attributed to reduced clinical trial costs and personnel expenses [85]. - G&A expenses increased 42% to $5.0 million for the nine months ended September 30, 2025, compared to $3.5 million in the same period in 2024, driven by higher professional fees and share-based compensation [86]. - The company reported net cash used in operating activities of $3.9 million for the nine months ended September 30, 2025, compared to $7.8 million for the same period in 2024 [97]. Clinical Trials and Product Development - The company reported a survival benefit of 75% in a Phase 1 study of agenT-797 for viral ARDS, compared to 10-22% in an in-hospital control group [77]. - The median progression-free survival for patients in the Phase 1 trial of agenT-797 exceeded six months, with approximately 30% achieving durable disease stabilization [73]. - The company plans to submit an Investigational New Drug (IND) application for MiNK-215 to the FDA in 2025, following promising preclinical data [78]. - The collaboration with ImmunoScape aims to develop next-generation T-cell receptor therapies against solid tumors, leveraging both companies' proprietary technologies [79]. - The company’s future ability to generate cash from operations will depend on achieving regulatory approval and market acceptance of its product candidates [97]. Financial Position and Funding - The company had an accumulated deficit of $154.1 million as of September 30, 2025, and expects to incur losses in the coming years as it continues product development [91]. - The company entered into a Sales Agreement to sell shares of common stock with a maximum aggregate offering price of $50.0 million, with approximately $35.2 million remaining available under the agreement as of November 13, 2025 [92]. - As of September 30, 2025, the company had a cash and cash equivalents balance of $14.3 million, and after receiving $1.2 million from stock sales, it believes this will satisfy liquidity requirements for more than one year [95]. - The company has an outstanding Note of $5.0 million in principal plus accrued interest of approximately $154,000, which is payable on or after January 1, 2026 [93]. - The company plans to seek additional funding through strategic partnerships, collaborations, and potential equity or debt financing options to support liquidity requirements [96]. Going Concern and Regulatory Status - The company has substantial doubt about its ability to continue as a going concern for a period of one year after the filing of the Quarterly Report [95]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced disclosure requirements [100].

Financial Performance - Forian reported third quarter 2025 revenue of $7.76 million, a 66% increase from $4.69 million in the same period last year[3]. - The net loss for the quarter was $151,220, a 26% improvement compared to a net loss of $204,907 in the prior year[3]. - Adjusted EBITDA for the quarter was $470,645, representing a 153% increase from $185,916 in the prior year[3]. - Revenue for the three months ended September 30, 2025, was $7,762,183, representing a 65.5% increase compared to $4,686,312 for the same period in 2024[26]. - Net loss for the nine months ended September 30, 2025, was $(1,052,289), a significant improvement from $(3,970,781) in the same period of 2024, indicating a reduction of approximately 73%[26]. - Adjusted EBITDA for the three months ended September 30, 2025, was $470,645, compared to $185,916 for the same period in 2024, reflecting a growth of 153%[26]. Cash and Assets - Cash, cash equivalents, and marketable securities totaled $28.2 million as of September 30, 2025[4]. - Total current assets decreased from $44.46 million at December 31, 2024, to $39.37 million at September 30, 2025[11]. - Cash and cash equivalents at the end of the period were $4,660,622, up from $2,707,688 at the end of the same period in 2024[26]. Liabilities and Expenses - Total liabilities decreased from $17.12 million at December 31, 2024, to $10.17 million at September 30, 2025[11]. - Stock-based compensation expense for the nine months ended September 30, 2025, was $2,672,104, down from $4,873,593 in the same period of 2024, a decrease of approximately 45%[26]. - The company recorded a depreciation and amortization expense of $155,586 for the nine months ended September 30, 2025, compared to $23,405 in the same period of 2024, indicating a significant increase due to capital expenditures[26]. Cash Flow - Cash used in operating activities for the nine months ended September 30, 2025, was $(336,017), a notable improvement from $(1,467,084) in the same period of 2024[26]. - The company incurred $(6,840,000) in cash used to redeem convertible notes during the financing activities for the nine months ended September 30, 2025[26]. - The company experienced a net cash inflow from investing activities of $7,838,178 for the nine months ended September 30, 2025, contrasting with a cash outflow of $(730,177) in the same period of 2024[26]. Business Development - Forian expects full year 2025 revenue to be at the higher end of the previously reported range of $28 to $30 million[4]. - The company achieved significant growth in health economics and outcomes research, supported by new information integrations and expanded project scopes[4]. - Forian advanced partnerships with large health and pharma services companies to enhance real-world data coverage[4]. - New data-driven financial analytics offerings were introduced, securing key contracts for continued market penetration[4].

Strategic Direction - Dermata announced a strategic pivot to develop and commercialize over-the-counter (OTC) skin care treatments, with plans to launch its first OTC product, a once-weekly acne kit, in mid-2026[1][3][10]. - The company plans to sell the acne kit directly to consumers, estheticians, and dermatologists for in-office treatments[3][10]. - Dermata is working with a branding agency to create a unique brand identity for its new OTC product portfolio[10]. Financial Performance - As of September 30, 2025, Dermata had $4.7 million in cash and cash equivalents, an increase of $1.5 million from $3.2 million as of December 31, 2024[5][12]. - The net loss for the quarter ended September 30, 2025, was $1.7 million, compared to a net loss of $3.2 million for the same period in 2024[14]. - The total operating expenses for the quarter ended September 30, 2025, were $1.8 million, down from $3.2 million for the same period in 2024[14]. - Dermata expects its current cash resources to be sufficient to fund operations into the second quarter of 2026[5]. Research and Development - Research and development expenses decreased to $0.5 million for the quarter ended September 30, 2025, down from $2.4 million for the same period in 2024, primarily due to reduced clinical expenses from the XYNGARI™ STAR-1 acne study[6][14]. - Dermata's XYNGARI™ Phase 3 STAR-1 clinical trial for moderate-to-severe acne met all three primary endpoints, showing statistically significant results versus placebo[3]. Operating Expenses - Selling, general and administrative expenses increased to $1.3 million for the quarter ended September 30, 2025, compared to $0.8 million for the same period in 2024, driven by higher marketing expenses[7][14].

Financial Results - Enveric Biosciences, Inc. reported its financial results for Q3 2025, ending September 30, 2025[4] - Specific financial metrics and performance data were included in the press release, which is referenced as Exhibit 99.1[4] Corporate Update - The company issued a corporate update alongside the financial results on November 14, 2025[4]

Financial Performance - Revenue for Q3 2025 reached $3.5 million, a significant increase of over 4,200% year-over-year compared to approximately $81 thousand in Q3 2024[5] - Gross profit for Q3 2025 was $0.9 million, up from $81 thousand in Q3 2024, with a gross margin of approximately 26%, an increase from ~23% in Q2 2025[5] - Total revenue for the nine months ended September 30, 2025, increased to $4.9 million, representing year-over-year growth of more than 2,300% from $0.2 million in the prior-year period[6] - The net loss for the nine months ended September 30, 2025, was $(12.3) million, compared to $(7.4) million in 2024, influenced by non-recurring expenses related to acquisitions[6] - EBITDA for the nine months ended September 30, 2025, was $(7.8) million, compared to $(4.8) million in 2024, reflecting increased operational costs[7] Operational Developments - A major milestone was the full purchase of the Microtec milling system, expected to enhance profitability by enabling the production of high-margin growing media[3] - The company anticipates a streamlined operating structure by early 2026, with new equipment already boosting production and the Microtec mill set to expand output[4] - Management believes the strategic advancements will open significant new revenue opportunities and enhance profitability moving forward[12] Financial Outlook - Interest expense for the nine months ended September 30, 2025, was $3.8 million, an increase of $1.2 million from $2.6 million in the prior year[7] - The company expects continued revenue growth and margin strengthening as it prepares for the arrival of the Microtec mill[10]

Revenue Performance - Total revenues for the three months ended September 30, 2025, increased approximately $38,000, or 2.2%, to approximately $1,732,000 from approximately $1,694,000 during the same period in the prior year[154]. - Recruitment services revenue decreased by approximately $767,000, or 22.3%, for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to a slowdown in corporate spending on diversity, equity, and inclusion initiatives[155][163]. - Contracted software development revenue increased by approximately $621,000, or 47.6%, for the nine months ended September 30, 2025, compared to the same period in 2024[156][163]. - The TalentAlly Network generated approximately $883,000 in revenues for the three months ended September 30, 2025, a decrease of approximately $320,000, or 26.6%, from the same period in 2024[159]. - RemoteMore revenue was approximately $768,000 for the three months ended September 30, 2025, an increase of approximately $378,000, or 96.9%, compared to the same period in the prior year[161]. - Membership fees and related services revenue decreased by approximately $74,000, or 22.0%, for the nine months ended September 30, 2025, compared to the same period in 2024[156][163]. - The NAPW Network revenues decreased by approximately $20,000, or 19.8%, for the three months ended September 30, 2025, due to lower renewal rates and reduced acquisition of new members[160]. Cost and Expense Analysis - For the three months ended September 30, 2025, cost of revenues was approximately $969,000, an increase of $272,000 or 39.0% from $697,000 in the prior year, primarily due to a $322,000 increase in RemoteMore's contract costs[165]. - For the nine months ended September 30, 2025, cost of revenues was approximately $2,617,000, an increase of $641,000 or 32.4% from $1,976,000 in the prior year, mainly driven by a $550,000 increase in RemoteMore's contract costs[166]. - Sales and marketing expenses for the three months ended September 30, 2025 were approximately $434,000, a decrease of $200,000 or 31.5% from $634,000 in the prior year, attributed to reduced payroll and commission costs[167]. - General and administrative expenses increased by approximately $1,919,000 or 262.5% to $2,650,000 for the three months ended September 30, 2025, primarily due to a $1,650,000 consulting fee related to a new strategic initiative[169]. - For the nine months ended September 30, 2025, total costs and expenses were $8,440,000, an increase of $1,520,000 or 22.0% from $6,920,000 in the prior year[174]. - Costs and expenses related to RemoteMore increased by approximately $398,000 or 86.0% for the three months ended September 30, 2025, mainly due to a $322,000 increase in costs of sales[178]. - Corporate overhead costs increased by approximately $1,812,000 or 447.4% for the three months ended September 30, 2025, primarily due to a $1,650,000 consulting fee related to the RWA service[180]. - For the nine months ended September 30, 2025, costs and expenses related to Corporate Overhead increased by approximately $1,787,000 or 137.7%[181]. - The TalentAlly Network segment saw a decrease in costs and expenses of approximately $222,000 or 20.0% for the three months ended September 30, 2025, primarily due to reductions in payroll and sales-related costs[174]. Net Loss and Financial Position - For the three months ended September 30, 2025, the consolidated net loss from continuing operations was approximately $2,375,000, an increase of 462.8% compared to a net loss of approximately $422,000 for the same period in 2024[186]. - For the nine months ended September 30, 2025, the consolidated net loss from continuing operations was approximately $3,608,000, an increase of 98.8% compared to a net loss of approximately $1,815,000 for the same period in 2024[186]. - Cash and cash equivalents decreased from approximately $1,731,000 at December 31, 2024, to approximately $265,000 at September 30, 2025[189]. - Working capital shifted from a surplus of $271,000 at December 31, 2024, to a deficit of approximately $2,128,000 at September 30, 2025[189]. - Net cash used in operating activities for the nine months ended September 30, 2025, was approximately $3,496,000, compared to $1,324,000 for the same period in 2024[199]. - Net cash used in investing activities during the nine months ended September 30, 2025, was approximately $4,204,000, primarily related to an investment in AI Geometric Ltd[201]. - Net cash provided by financing activities during the nine months ended September 30, 2025, was approximately $6,234,000, representing proceeds from the sale of common stock and short-term debt[203]. - The company raised gross proceeds of $400,000 through the issuance of unsecured convertible promissory notes in July 2025 to address liquidity needs[192]. - The company has an accumulated deficit of approximately $105,970,000 as of September 30, 2025[189]. Strategic Initiatives and Risks - The company is aggressively expanding into new business areas, including the acquisition and monetization of entertainment assets and exploration of Web 3.0 technologies, which carries substantial execution risk[144]. - The decline in recruitment services revenue is attributed to a shifting political and legal landscape affecting corporate spending on DEI initiatives[155]. - The company is committed to completing the acquisition of musical compositions from High Wave Corp for a total consideration of $10,000,000, with payments due by November 30, 2025[194]. Accounting and Financial Reporting - Accounts receivable consists mainly of uncollateralized amounts billed to customers, generally due within 30 to 90 days[216]. - The company adopted ASU 2016-13 in Q1 fiscal 2023, requiring expected credit losses to be measured over the lifetime of financial instruments[217]. - Goodwill is tested for impairment annually, with the last assessment on December 31, and adjustments may be made during a one-year measurement period[221][222]. - Revenue sources include recruitment revenue, consumer marketing, event revenues, and membership subscription fees, with recruitment revenue recognized upon service performance[226]. - For the nine months ended September 30, 2025 and 2024, approximately 1% and 6% of recruitment services revenue came from an alliance relationship[231]. - The company leases office space under a non-cancelable operating lease expiring in September 2027, with periodic rent increases[232]. - Recent accounting pronouncements include ASU 2023-09, effective for fiscal years beginning after December 15, 2024, enhancing income tax disclosures[237]. - ASU 2024-03 requires disaggregated disclosures of certain expense categories, effective for annual reporting periods beginning after December 15, 2026[238].

Exhibit 99.1 Strive, Inc. Announces Third Quarter 2025 Financial Results DALLAS, TX., November 14, 2025 - Strive, Inc. (Nasdaq: ASST) ("Strive" or the "Company"), the first Bitcoin treasury company amplified exclusively with perpetual preferred equity, today announced its financial results for the third quarter ended September 30, 2025. Third Quarter 2025 Highlights: "In the third quarter, Strive achieved significant milestones in its Bitcoin accumulation journey, including the close of our reverse acquisit ...

Revenue Performance - Total revenues for the three months ended September 30, 2025, increased approximately $38,000, or 2.2%, to approximately $1,732,000 from approximately $1,694,000 during the same period in the prior year[4] - Revenue from the TalentAlly Network decreased by approximately $320,000, or 26.6%, to approximately $883,000 compared to approximately $1,203,000 during the same period in the prior year[5] - NAPW Network revenues decreased by approximately $20,000, or 19.8%, to approximately $81,000 compared to revenues of approximately $101,000 during the same period in the prior year[6] - RemoteMore revenue increased by approximately $378,000, or 96.9%, to approximately $768,000 compared to revenues of approximately $390,000 during the same period in the prior year[7] Expenses and Losses - Net loss per share for the nine months ended September 30, 2025, was approximately $1.58, representing an increase of only about 4% compared to the same period last year[2] - General and administrative expenses for the three months ended September 30, 2025, increased by approximately $1,919,000, or 262.5%, to approximately $2,650,000 compared to approximately $731,000 during the same period in the prior year[11] - Cost of revenues during the three months ended September 30, 2025, was approximately $969,000, an increase of approximately $272,000, or 39.0%, from approximately $697,000 during the same period of the prior year[9] - Loss from Continuing Operations for 2025 was $3,608,000 compared to a loss of $1,815,000 in 2024[22] - Adjusted EBITDA for 2025 was $(3,349,000), a decline from $(1,443,000) in 2024[22] Financial Position - Total liabilities as of September 30, 2025, were approximately $3,846,000, compared to $3,141,000 as of December 31, 2024[13] - Total stockholders' equity as of September 30, 2025, was approximately $8,950,000, compared to $5,322,000 as of December 31, 2024[13] Strategic Initiatives - The company is initiating a strategic pivot towards the development of a global Real World Asset Exchange, which is in its early stages and subject to significant risks[2] - Professional Diversity Network is executing a strategic pivot to develop a global Real World Asset (RWA) Exchange[23] - The company faces risks in developing the RWA Exchange, including securing capital and navigating regulatory challenges[27] Company Operations - As of September 30, 2025, Professional Diversity Network owned 82.63% of RemoteMore USA, Inc.[26] - NAPW Network Inc. provides networking opportunities for professional women through virtual and in-person events[25] - TalentAlly operates recruitment affinity groups targeting diverse demographics, enhancing employer access to qualified job seekers[24] Investor Relations - The financial information is available on the company's website under Investor Relations[27] - Investor inquiries can be directed to the provided contact information[27] - The company does not assume any obligation to update forward-looking statements based on new information or future events[27]