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 September 30, 2025 or 8/F. 29 Des Voeux Road Central, Central, Hong Kong Special Administrative Region of the People's Republic of China (Address of principal executive offices) (Zip Code) +852 2669-8078 (Registrant's telephone number, including area code) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) ...

Financial Performance - Total revenue for Q3 2025 was $0.74 million, a decrease of 81.7% compared to $4.0 million in the prior year period[6] - Total operating expenses increased to $4.0 million, up from $3.6 million in the prior year period[7] - Net loss for Q3 2025 was $8.9 million, compared to a net loss of $3.8 million in the prior year period, reflecting a significant increase in losses[8] - For the nine months ended September 30, 2025, the net loss was $16,015, compared to a net loss of $8,882 for the same period in 2024, indicating a 80% increase in losses year-over-year[17] - Cash flows used in operating activities totaled $11,802 for the nine months ended September 30, 2025, compared to $5,232 in 2024, reflecting a 126% increase in cash outflow[17] - Cash as of the end of the period was $1,810, down from $2,309 at the end of the same period in 2024, showing a decrease of 22%[17] Capital and Financing - On October 23, 2025, the company closed a $110.7 million private placement, resulting in approximately $24.3 million of net cash proceeds and approximately $19.0 million of stablecoin proceeds[10] - The company reported a net cash provided by financing activities of $12,788 for the nine months ended September 30, 2025, up from $7,248 in 2024, representing a 76% increase[17] Asset Management - As of September 30, 2025, the company had cash and cash equivalents of $1.8 million, with no borrowings outstanding[9] - A non-cash inventory reserve of $5.0 million was recorded to reflect expected recoveries from legacy product lines[8] - The company holds approximately 54.2 million BERA tokens as of October 23, 2025, as part of its treasury strategy[10] - The company has entered the cryptocurrency industry and is implementing a digital asset treasury strategy to manage cash assets[18] - The company aims to manage BERA tokens to generate yields through staking and enhance long-term value as adoption increases[11] Strategic Initiatives - The company is transitioning to a capital-light, IP-driven operating model under the BERA initiative[8] - The leadership team has been strengthened with the appointment of Bruce Linton as Chairman and Ben Isenberg as Chief Investment Officer[5] - Greenlane operates as a global platform for premium smoking accessories and has a diverse distribution network including specialty retailers and convenience stores[18] - The company is focused on executing its growth strategy and raising capital effectively to enhance market position and operational performance[20] Future Outlook and Risks - Future announcements and priorities will include developments in technology and competitive landscape adjustments[19] - The company has not provided specific future financial guidance but emphasizes the importance of effective capital deployment[20] - Risks include the ability to execute growth strategies and market performance of its products, which may impact future results[20]

Financial Performance - Revenues for Q3 2025 were $1.4 million, a slight increase from $1.4 million in Q3 2024, while revenues for the nine months ended September 30, 2025, were $4.6 million, down from $5.2 million in the same period last year [12]. - Gross profit for Q3 2025 was $0.5 million, compared to $0.5 million in Q3 2024, and for the nine months ended September 30, 2025, gross profit was $1.8 million, down from $2.1 million in the prior year [12]. - Loss from operations for Q3 2025 was ($1.9) million, compared to a loss of ($0.8) million in Q3 2024, and for the nine months ended September 30, 2025, the loss was ($4.5) million, up from ($1.0) million in the prior year [12]. - Net income for the nine months ended September 30, 2025, was a loss of $5,373,327, compared to a loss of $998,596 for the same period in 2024 [14]. - Net cash provided by (used in) operating activities was $(3,887,737) for the nine months ended September 30, 2025, compared to $1,263,526 in 2024 [14]. - Cash flows used in investing activities totaled $(616,896) for the nine months ended September 30, 2025, compared to $(46,167) in 2024 [14]. - Net cash provided by financing activities was $5,196,432 for the nine months ended September 30, 2025, compared to $(3,563,676) in 2024 [14]. - The company reported stock-based compensation of $1,154,842 for the nine months ended September 30, 2025 [14]. - The company experienced a decrease in accounts receivable of $(395,995) compared to an increase of $1,803,724 in 2024 [14]. - The company reported a decrease in inventory of $(64,883) for the nine months ended September 30, 2025, compared to an increase of $7,086 in 2024 [14]. - Proceeds from IPO and overallotment, net, amounted to $4,543,988 for the nine months ended September 30, 2025 [14]. - The company had a cash flow increase of $691,799 in cash and cash equivalents for the nine months ended September 30, 2025, compared to a decrease of $(2,346,317) in 2024 [14]. Operational Developments - The Company extended its emergency preparedness contract with the City of Chicago through June 2026, increasing total contract value to $9.1 million with an additional $1.5 million in funding [6]. - The Company established a subsidiary in India, Callan JMB Services (India) Private Limited, with plans for a temperature-controlled warehouse for pharmaceutical storage and distribution [6]. - The Company upgraded its Sentry Monitoring System to version 4.0, enhancing temperature monitoring capabilities for healthcare facilities and emergency management agencies [6]. - The Company entered a preliminary agreement to install oral drug delivery equipment at its cGMP facility in Texas, supporting future logistics operations for international pharmaceutical companies [6]. Cash and Assets - Cash and cash equivalents as of September 30, 2025, were $2.8 million, an increase from $2.1 million at the end of 2024 [10]. - Total assets as of September 30, 2025, were $7.7 million, compared to $5.1 million at the end of 2024 [10]. - Cash and cash equivalents at the end of the period were $2,789,744, a decrease from $2,809,303 at the end of the same period in 2024 [14].

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]