Financial Performance - For the three months ended September 30, 2025, the Company reported a net income of $2.4 million, compared to a net loss of $5.7 million for the same period in 2024[47]. - The basic net income per common share for the three months ended September 30, 2025, was $0.01, while for the same period in 2024, it was $(0.06)[47]. - The company's operating loss for the nine months ended September 30, 2025, was $28.861 million, compared to a loss of $17.023 million for the same period in 2024, indicating a worsening performance[54]. - The company recorded a segment net income of $2.382 million for the three months ended September 30, 2025, compared to a net loss of $5.675 million in the same period of 2024[54]. Cash and Securities - As of September 30, 2025, the Company had $294.7 million in cash equivalents, up from $78.9 million as of December 31, 2024[33]. - The Company had $517.9 million in available-for-sale securities as of September 30, 2025, classified as Level 2 assets[42]. - As of September 30, 2025, the company held available-for-sale debt securities with a total fair value of $517.932 million, with no realized gains or losses during the three or nine months ended September 30, 2025[59]. Research and Development - The Company expensed all research and development costs as incurred, reflecting a commitment to ongoing innovation[43]. - The company has approximately $264,000 of uncertain tax positions related to R&D tax credits as of September 30, 2025, which are accounted as contra-deferred tax assets[58]. Share Issuance and Proceeds - The Company raised $100 million in gross proceeds from a private placement on January 9, 2025, selling 8,163,266 shares at $12.25 per share[82]. - The June 2025 private placement resulted in gross proceeds of approximately $200 million from the issuance of 14,035,089 shares at $14.25 per share[84]. - The September 2025 private placement generated approximately $500 million in gross proceeds from 26,867,276 shares[91]. - The total net proceeds raised for the nine months ended September 30, 2025, amounted to $758.9 million, including $2.4 million from warrant exercises[97]. Stock-Based Compensation - The weighted average grant-date fair value of stock options granted during the nine months ended September 30, 2025, was $10.76 per share, compared to $1.00 per share for the same period in 2024[106]. - The company recognized total stock-based compensation expense of $3.072 million for the three months and $6.236 million for the nine months ended September 30, 2025[108]. - Total unrecognized compensation cost related to common stock options was $8.4 million, expected to be recognized over a period of 2.9 years[106]. Goodwill and Impairment - The Company has determined that it has a single reporting unit for purposes of performing its goodwill impairment test, with no impairment identified as of September 30, 2025[36]. - The Company did not record any impairment related to long-lived assets during the three and nine months ended September 30, 2025 and 2024[39]. Lease Obligations - The company has total minimum operating lease payments of $3.111 million as of September 30, 2025, with a present value of operating lease liabilities of $2.584 million[65]. Risks and Challenges - The Company is subject to risks including competition, new product development, and the ability to attract qualified employees, which could materially affect future financial performance[31]. QPhoton Transactions - The total purchase price for QPhoton was approximately $71.0 million, netting $69.9 million after cash acquired[73]. - As of September 30, 2025, the Company had unissued QPhoton shares valued at $14.7 million and unissued QPhoton warrants valued at $40.5 million[74]. - The company recognized a mark-to-market gain of $9.2 million for the three months and $4.8 million for the nine months ended September 30, 2025, due to the valuation of QPhoton Warrants[101]. License Agreement - QPhoton signed a License Agreement with the Stevens Institute effective December 17, 2020, allowing commercial use of licensed technology for 30 years or until the last patent expires[13]. - The Company is required to pay $35,000 within 30 days of the agreement execution and $28,000 annually thereafter, along with 3.5% royalties on net sales of licensed products[15]. - As of September 30, 2025, QPhoton has begun to commercialize some licensed technology but has not recognized any related revenue or incurred royalty expenses[116]. Securities Purchase Agreements - On October 5, 2025, the Company entered into securities purchase agreements to issue 37,183,937 shares, resulting in gross proceeds of approximately $750 million[117]. - The Company filed a registration statement for the resale of the October Placement Shares on October 10, 2025[118]. - The Company agreed not to issue any shares or registration statements for 75 days post-closing of the October Placement without consent from Titan and the Purchasers[119]. - The Placement Agency Agreement with Titan includes a 4% cash fee based on the total size of the October Placement and reimbursement of up to $100,000 for expenses[120]. - Directors and executive officers agreed to a 60-day lock-up period post-October Placement closing, restricting the sale of their shares[122].

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 ☐ 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: 001-41463 bioAffinity Technologies, Inc. (Exact name of registrant as specified in its charter) (State or other jur ...

Revenue and Growth - Total revenues for the three months ended September 30, 2025, were $3,980,655, an increase of 18.6% compared to $3,354,437 for the same period in 2024[20] - Subscription fees decreased to $894,514 for the three months ended September 30, 2025, down 13.8% from $1,037,457 in 2024[20] - Gross margin for the nine months ended September 30, 2025, was $5,521,759, up from $4,796,441 in 2024, reflecting a growth of 15.1%[20] - The Company won new contracts with larger hospitals and entered new markets, indicating positive revenue growth potential[32] Financial Performance - Net loss for the nine months ended September 30, 2025, was $6,862,468, compared to a net loss of $54,493,913 for the same period in 2024[20] - The Company reported a net loss of $289,745 for the three months ended September 30, 2025, compared to a net loss of $53,922,561 for the same period in 2024, indicating a significant improvement[82] - Cash used in operating activities for the nine months ended September 30, 2025, was $1,519,632, an improvement from $2,815,248 in 2024[23] Assets and Liabilities - Total current assets increased to $3,718,385 as of September 30, 2025, from $3,020,967 as of December 31, 2024, representing a growth of 23.1%[17] - Total liabilities rose to $24,282,620 as of September 30, 2025, compared to $20,010,976 as of December 31, 2024, indicating an increase of 21.7%[18] - Total stockholders' deficit improved to $(5,575,498) as of September 30, 2025, compared to $(18,488) as of December 31, 2024[18] Impairment and Adjustments - The company reported a goodwill impairment charge of $56,675,210 for the three months ended June 30, 2024, which was not repeated in 2025[20] - The company experienced a goodwill impairment charge of $56,675,210 in 2024, which was not present in 2025[23] - The Company identified errors in previously issued financial statements, leading to a restatement of the interim condensed consolidated financial statements as of September 30, 2024[33] Cash Flow and Financing - VSee Health's net cash provided by financing activities was $1,689,052 for the nine months ended September 30, 2025, compared to $5,045,235 in 2024[23] - The Company recorded a loss on issuance of financial instruments of $443,020 in 2025, compared to $2,213,234 in 2024[23] - The Company has an outstanding balance of $456,097 on the revolving line of credit as of September 30, 2025, with interest recorded as $15,886 for the three months ended September 30, 2025[168] Contracts and Revenue Recognition - Subscription revenue is recognized over time as customers receive services, with each module treated as a distinct performance obligation[61] - The Company has service contracts with hospitals typically ranging from two to three years, with an automatic renewal process, indicating stable revenue streams[56] - Revenue from telemedicine services is recognized when the Company satisfies its performance obligations, which are based on the number of services provided[70] Acquisitions and Business Combinations - On June 24, 2024, the Company completed a business combination with VSee Lab and iDoc, resulting in a name change to VSee Health, Inc. and an equity line of credit agreement for up to $50 million over 36 months[27] - The acquisition of iDoc was treated as a business combination, with excess purchase consideration recorded as goodwill[28] - The Company has developed technology valued at $10 million and customer relationships valued at $2.1 million as part of the iDoc acquisition[112] Going Concern and Liquidity - The Company reported significant doubts about its ability to continue as a going concern due to persistent operating losses and a deteriorating liquidity position[29] - Management has taken measures to address liquidity concerns, but there is no assurance that these plans will be successful within one year[30] Lease and Operating Expenses - Operating expenses for the three months ended September 30, 2025, were $4,130,817, significantly lower than $61,079,702 in the same period of 2024 due to reduced impairment charges[20] - The Company recorded operating lease expense of $35,635, compared to $13,476 for the same period in 2024, reflecting increased lease costs[116] - The weighted average remaining lease term for operating leases was 2.8 years as of September 30, 2025, down from 3.6 years as of December 31, 2024[119]

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 For the transition period from to Commission File Number: 001-41015 VSee Health, Inc. (Exact name of registrant as specified in its charter) Delaware 86-2970927 (State or other jurisdic ...

Financial Performance - Net sales for the three months ended September 30, 2025, were $10,309,000, a decrease of $2,246,000, or 17.9%, compared to $12,555,000 for the same period in 2024[115] - Gross profit for the three months ended September 30, 2025, was $2,295,000, with a gross profit margin of 22.3%, an increase from 15.5% in the same period of 2024[117] - Operating expenses for the three months ended September 30, 2025, were $1,979,000, representing 19.2% of net sales, up from 14.9% in the same period of 2024[118] - Net loss for the three months ended September 30, 2025, was $44,000, a significant improvement compared to a net loss of $404,000 for the same period in 2024[120] - For the nine months ended September 30, 2025, net sales were $35,111,000, a decrease of $5,077,000, or 12.6%, compared to $40,188,000 for the same period in 2024[121] - Gross profit for the nine months ended September 30, 2025, was $6,357,000, with a gross profit margin of 18.1%, up from 16.2% in the same period of 2024[122] - Operating expenses for the nine months ended September 30, 2025, were $6,779,000, representing 19.3% of net sales, an increase from 14.8% in the same period of 2024[123] - Net loss for the nine months ended September 30, 2025, was $1,454,000, compared to a net loss of $812,000 for the same period in 2024, reflecting a significant increase in losses[125] Cash Flow and Financing - Cash decreased to $126,000 as of September 30, 2025, down 83.3% from $753,000 as of December 31, 2024[114] - Cash used in operating activities for the nine months ended September 30, 2025, was $754,000, a decline from cash generated of $508,000 in the same period of 2024[143] - Cash used in investing activities increased to $2,818,000 for the nine months ended September 30, 2025, compared to $1,493,000 in 2024, primarily for new property and equipment[145] - Cash provided by financing activities was $6,875,000 for the nine months ended September 30, 2025, which included a net increase in borrowings under the Current Credit Facility of $3,826,000[147] - The company raised $4,869,000 through the sale of 1,213,593 shares of common stock during the nine months ended September 30, 2025, with approximately $3,930,000 restricted for the Current Credit Facility lender[128] - The company has temporarily paused all equity raising activities while evaluating the most effective capital structure going forward due to ongoing negotiations with lenders[128] Debt and Equity - As of September 30, 2025, the company had outstanding indebtedness under the Current Credit Facility of $21,956,000, which includes a Revolving Loan of $15,838,000 and a Term Loan of $6,118,000[133] - The company is currently in default of certain covenants under the Current Credit Facility, including a failure to meet the required Fixed Charge Coverage Ratio of 1.05x as of June 30, 2025, achieving only 0.76x[131] Operational Adjustments - Management initiated cost-saving measures, including a workforce reduction, to align operating expenses with anticipated production volumes[141] - The company expects to invest approximately an additional $350,000 during the remainder of 2025 for tooling required to produce products[146] Backlog and Equity - Total unfilled contract values as of September 30, 2025, amounted to $269.0 million, including a backlog of $131.8 million[112] - Total stockholders' equity increased to $18,843,000 as of September 30, 2025, a rise of 26.1% from $14,948,000 as of December 31, 2024[114]

Table of Contents For the transition period from to Commission File Number: 001-42629 CARTESIAN GROWTH CORPORATION III (Exact name of registrant as specified in its charter) 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | | | Name ...

Table of Contents 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 For the transition period from to Commission File Number: 001-42629 CARTESIAN GROWTH CORPORATION III (Exact name of registrant as specified in its charter) | Cayman Is ...

Financial Performance - The company reported a net loss of $8,615,920 for the three months ended September 30, 2025, compared to a net loss of $2,184,500 for the same period in 2024, representing an increase in loss of $6,431,420[143]. - The company incurred a net loss of $46,622,106 for the nine months ended September 30, 2025, compared to a net loss of $9,645,482 in 2024, an increase of $36,976,624[154]. - Revenue for the nine months ended September 30, 2025 was $39,990, down from $63,000 in the same period of 2024, a decrease of $23,010[154]. - As of September 30, 2025, the company had cash totaling $1,513,224, raising substantial doubt about its ability to continue as a going concern[171]. Operating Expenses - The total operating expenses for the three months ended September 30, 2025, were $6,934,647, an increase of $4,737,460 from $2,197,187 in 2024[143]. - Total operating expenses for the nine months ended September 30, 2025 were $44,583,513, compared to $5,091,790 in 2024, an increase of $39,491,723[154]. - General and administrative expenses increased significantly to $902,985 in the three months ended September 30, 2025, compared to $243,659 in 2024, reflecting an increase of $659,326[143]. - Research and development expenses for the three months ended September 30, 2025, were $715,038, a decrease of $241,687 from $956,725 in 2024[143]. - Legal and professional expenses fell to $276,378 in Q3 2025 from $496,803 in Q3 2024, a decrease of $220,425 due to the completion of the direct listing process[146]. - Interest expense for Q3 2025 was $869,815, compared to $0 in Q3 2024, primarily related to accrued interest for litigation and convertible notes[150]. Funding and Capital Requirements - The company entered into an agreement to sell common stock up to $10,000,000, closing on commitments for 625,000 shares at $16 per share[121]. - The company expects to finance its operations over the next 12 months primarily through existing cash balances and proceeds from private placements, supplemented by funds from a Line of Credit Agreement and sales under the Equity Purchase Agreement[175]. - The company may need to raise substantial additional funding to continue operations, which could lead to delays or reductions in research and development programs if capital is not raised on acceptable terms[174]. - Future capital requirements will depend on various factors, including costs of clinical trials, manufacturing, and regulatory reviews, as well as the ability to establish collaborations on favorable terms[175]. Research and Development - The company is developing NEO100 and NEO212, with NEO100 currently in Phase 2a trials and NEO212 having completed preclinical testing[119]. - The company anticipates significant increases in research and development costs as it advances its product candidates through clinical trials[135]. - The company expects expenses to increase due to ongoing research and development activities, including preclinical studies and clinical trials[174]. Market and Economic Conditions - The company does not currently face significant market risk related to foreign currency exchange rates, but future operations may be subject to fluctuations due to contracts with foreign vendors[179]. - Inflation has not had a material effect on the company's business or financial condition during the three and nine months ended September 30, 2025, or the year ended December 31, 2024[180]. Ownership and Equity - The company may face dilution of ownership interests if it raises additional capital through equity or convertible debt securities[176]. - If the company raises funds through collaborations or licensing arrangements, it may have to relinquish valuable rights to its technologies or future revenue streams[177]. - The company accounts for stock-based compensation in accordance with ASC 718, with estimates that can materially affect financial results[178].

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) For the quarter ended September 30, 2025 ☐ 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: 001-42207 EQV Ventures Acquisition Corp. (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1786998 (State or other j ...

Revenue Performance - Buy-side revenue increased 7% to $7.3 million in Q3 2025, compared to $6.8 million in Q3 2024, representing the majority of consolidated revenue[15] - Sell-side revenue decreased to $600,000 in Q3 2025 from $2.2 million in Q3 2024, primarily due to lower impression inventory[15] - The number of customers increased by 5%, but revenues declined by 70%, highlighting challenges in the sell-side[36] Financial Metrics - Gross margin for Q3 2025 was 28%, down from 39% in Q3 2024[16] - Operating expenses decreased by 25% to $6.1 million in Q3 2025, compared to $7.2 million in the same period last year[16] - Year-to-date operating expenses reduced by $5.4 million, approximately a 20% decrease compared to the first nine months of 2024[14] - Net loss improved to $5 million or $0.24 per share in Q3 2025, compared to a net loss of $6.4 million or $0.71 per share in Q3 2024[18] - Total cash plus accounts receivable as of September 30, 2025, was $4.5 million, down from $6.4 million at the end of 2024[18] Debt and Equity Management - Successfully converted $25 million of existing debt into Series A convertible preferred stock, enhancing financial flexibility[19] - Expanded equity line of credit facility to $100 million, raising $8.9 million since its inception in November 2024[20] - The company completed a $10 million conversion of debt to preferred equity, indicating a positive shareholder equity position post-quarter[39] Strategic Initiatives - New partnership with ReachTV aims to enhance data-driven marketing for travel and tourism, reaching over 50 million travelers per month[7] - The company expects 2026 to be a positive cash flow year, driven by optimization opportunities and a focus on the buy-side business[34] - The buy-side business remains profitable, while the sell-side is being streamlined to improve overall profitability[35] - AI initiatives are enabling growth on the sell-side without significantly increasing fixed costs[38]