Financial Performance - Tevogen Bio reported a net loss of $5.7 million for the three months ended September 30, 2025, compared to a net loss of $5.9 million for the same period in 2024, primarily due to non-cash stock-based compensation and personnel costs [142]. - For the nine months ended September 30, 2025, the net loss was $21.6 million, significantly higher than the $4.3 million loss for the same period in 2024 [142]. - As of September 30, 2025, Tevogen Bio had an accumulated deficit of $135.0 million and cash reserves of $1.0 million [142]. - The net loss for the nine months ended September 30, 2025, was $21.6 million, compared to a net loss of $4.3 million for the same period in 2024 [167]. - The adjusted loss from operations for the nine months ended September 30, 2025, was $7.8 million, compared to $10.4 million for the same period in 2024 [178]. - For the nine months ended September 30, 2025, the company incurred a loss from operations of $21.5 million, compared to a loss of $44.2 million for the same period in 2024 [178]. Research and Development - The first clinical product, TVGN 489, completed a Phase 1 trial with no dose-limiting toxicities and met secondary endpoints, showing a rapid reduction in viral load [132]. - Tevogen Bio's ExacTcell technology is designed to develop off-the-shelf T cell therapies for various diseases, including COVID-19 and cancers [130]. - Research and development expenses for the three months ended September 30, 2025, were $3.1 million, a decrease from $3.3 million in the same period in 2024, primarily due to lower stock-based compensation [162]. - Research and development expenses for the nine months ended September 30, 2025, were $9.0 million, a substantial decrease from $28.2 million in 2024, attributed to lower non-cash stock-based compensation [168]. - The company expects to incur increased expenses related to ongoing clinical trials and commercialization efforts for product candidates, particularly TVGN 489 [195]. Funding and Financial Position - The company entered into a Loan Agreement providing for an unsecured line of credit facility of up to $36.0 million, with a contingent option for the Patel Family to purchase at least $14.0 million of common stock [144]. - Tevogen Bio received a grant of $2.0 million from KRHP LLC in January 2025 to support the development of precision T cell therapeutics [145]. - As of the report date, the company has approximately $1.0 million in cash on hand, with additional funding sources including $7.0 million from KRHP grants, ensuring operational funding for at least the next 12 months [147]. - The company raised aggregate gross proceeds of $24.0 million from the sale of convertible promissory notes since January 2021 [179]. - Between July 3, 2025, and September 30, 2025, the company sold approximately 2.9 million shares of common stock at a weighted average price of $1.10, resulting in gross proceeds of approximately $3.2 million [181]. - The company plans to utilize the remaining $7.0 million grant commitment from KRHP for ongoing operational expenses [190]. - The company anticipates needing additional funding to fully implement its business, operating, and development plans [195]. Expenses and Obligations - General and administrative expenses for the three months ended September 30, 2025, were $2.6 million, down from $2.8 million in 2024, mainly due to reduced legal and professional fees [163]. - General and administrative expenses for the nine months ended September 30, 2025, totaled $12.5 million, down from $16.0 million in 2024, primarily due to lower legal fees and personnel costs [169]. - Total operating expenses for the nine months ended September 30, 2025, were $21.5 million, significantly lower than $44.2 million for the same period in 2024 [167]. - Interest expense for the three months ended September 30, 2025, was $0.1 million, an increase from $0.0 million in the same period in 2024 [164]. - The total contractual obligations as of September 30, 2025, amount to $8,570,291, with $2,067,295 due within one year [199]. - Operating lease commitments are $2,430,736, with $327,740 due within one year [199]. - Notes payable obligations total $1,651,000, all due within one year [200]. - The loan agreement repayment obligation is $4,488,555, with $88,555 due within one year and $4,400,000 due in more than three years [199]. Strategic Initiatives - Tevogen.AI initiative aims to leverage artificial intelligence to enhance drug development and optimize clinical trials [133]. - The company is exploring various funding strategies, including private placements and partnerships, but may face challenges in obtaining favorable terms [198]. - The company must scale up manufacturing processes to support clinical trials for TVGN 489 and other product candidates [197]. - The company is assessing the costs and timing of future commercialization activities for TVGN 489 and other candidates [197]. - The company is focused on maintaining acceptance of approved products by patients and third-party payors [197]. - Tevogen Bio has amended its lease agreement to double the leased space and extend the lease term until February 2033, with operations starting in July 2025 [202]. - The company evaluates its critical accounting policies and estimates regularly, which may affect reported financial results [203].

Financial Performance - Total revenue for fiscal Q1 2026 was $12.0 million, a decrease of 36.8% compared to $19.0 million in the same period of fiscal 2025[5] - Gross profit for the quarter was $4.8 million, with a gross margin of 40.0%, down from 44.7% in the year-ago period[6] - Total operating expenses decreased by 42% to $6.5 million, compared to $11.2 million for the same period in fiscal 2025[7] - Net loss attributable to iPower improved to $0.5 million or $(0.51) per share, compared to a net loss of $2.1 million or $(1.94) per share in the same period last year[9] Debt and Cash Management - Total debt was reduced by 48% to $1.9 million as of September 30, 2025, down from $3.7 million as of June 30, 2025[8] - Cash and cash equivalents were $0.9 million at September 30, 2025, down from $2.0 million at June 30, 2025[9] Strategic Initiatives - The company is focusing on a Digital Asset Strategy to leverage its e-commerce infrastructure for connecting consumers with digital-asset products[4] - iPower is transitioning to a more diversified supply chain, reducing reliance on China, which has improved logistical control and reduced tariff exposure[4] - The company aims to drive sustainable growth and create long-term value for shareholders through operational efficiencies and an expanding network of partners[4] Revenue Sources - Services income increased more than 2x to $1.5 million, contributing to the overall revenue[8]

Financial Performance - Quarterly revenue was $128.4 million, up 1% from Q2 2025 and up 5% from Q3 2024[4] - Operating profit for the quarter was $3.8 million, up 19% from Q3 2024[4] - Net income was $1.1 million, down 21% from Q3 2024[4] - Gross profit margin improved to 8.7%, up from 6.8% in Q2 2025 and 7.6% in Q3 2024[10] Cash Flow and Liquidity - Cash flow from operating activities was an inflow of $11.6 million, representing a $27.0 million increase compared to the prior quarter[16] - Net cash provided by operating activities for the three months ended September 30, 2025, was $11.59 million, compared to $13.62 million for the same period in 2024, a decrease of approximately 14.9%[29] - Cash and cash equivalents at the end of the period increased to $35.27 million from $34.40 million, showing a growth of about 2.5%[29] - The company reported a net cash used in investing activities of $0.99 million for the three months ended September 30, 2025, compared to $1.41 million in 2024, a decrease of about 29.4%[29] Assets and Liabilities - As of September 30, 2025, total assets increased to $357.83 million from $339.86 million as of December 31, 2024, reflecting a growth of approximately 5.8%[26] - Current liabilities rose to $113.13 million from $108.02 million, an increase of about 4.2%[27] - Interest-bearing loans and borrowings in current liabilities increased to $39.63 million from $24.10 million, a significant rise of approximately 64.5%[27] - Trade receivables decreased to $97.37 million from $102.79 million, a decline of about 5.3%[26] Equity and Retained Earnings - Total equity attributable to equity holders of the parent increased to $163.77 million from $154.96 million, representing a rise of approximately 5.7%[27] - Retained earnings increased to $61.58 million from $61.42 million, a growth of approximately 0.3%[27] - Non-controlling interests rose to $64.97 million from $60.41 million, reflecting an increase of about 7.5%[27] Revenue by Region - Revenue from North Asia was $21.3 million, up 20% year-over-year[7] - Thailand revenue increased by 14% both year-over-year and sequentially, driven by public sector projects[8] Expenses - Total selling, general, and administrative expenses increased by 11.1% from the previous quarter, mainly due to higher R&D costs[12] Inventory - Inventory decreased by $7.0 million to $137.4 million, driven by higher public sector demand[15] Volume Metrics - Copper unit volume increased 2% from Q2 2025 and 12% from Q3 2024[2]

Clinical Trials and Results - The lead therapeutic cancer vaccine candidate, IO102-IO103 (Cylembio), achieved a confirmed overall response rate (ORR) of 73% and a complete response rate (CRR) of 50% in a Phase 1/2 trial for metastatic melanoma [132]. - In the Phase 3 trial, Cylembio plus pembrolizumab demonstrated a median progression-free survival (PFS) of 19.4 months compared to 11.0 months for pembrolizumab alone, with a hazard ratio of 0.77 [133]. - The Phase 3 trial enrolled 407 patients across more than 100 sites, with a narrowly missed statistical significance on the primary endpoint of PFS (p=0.056) [133]. - The company is conducting an investigator-initiated study evaluating Cylembio plus nivolumab-relatlimab, with preliminary data suggesting improved clinical activity compared to historical data [134]. - In the Phase 1/2 study of IO102-IO103 combined with pembrolizumab for recurrent and/or metastatic SCCHN, the confirmed overall response rate (ORR) was 44.4% among 18 efficacy-evaluable patients [149]. - In the first-line metastatic NSCLC study, the unconfirmed ORR was 55% and the confirmed ORR was 48%, with a median progression-free survival (PFS) of 8.1 months and an 81% disease control rate (DCR) [150]. - The Phase 2 basket trial showed a median PFS of 8.1 months for NSCLC and 7.0 months for SCCHN, with no new safety signals reported [152]. - The company has initiated a Phase 2 basket trial (IOB-032/PN-E40) for IO102-IO103 in a perioperative cancer setting, with enrollment completed ahead of schedule as of January 2025 [155]. - The company expects overall survival results from the Phase 3 trial to be available in 2026 [133]. Financial Performance - A restructuring plan was implemented to conserve capital, resulting in a non-recurring charge of $0.9 million and an approximate 50% reduction in full-time employees [137]. - Research and development expenses decreased to $13.7 million for the three months ended September 30, 2025, down from $20.2 million in the same period of 2024, representing a 31.9% decline [180]. - General and administrative expenses were $5.6 million for the three months ended September 30, 2025, compared to $6.3 million in 2024, a decrease of 11.3% [181]. - Total operating expenses for the three months ended September 30, 2025, were $19.4 million, down 27.0% from $26.5 million in 2024 [179]. - Other income increased significantly to $9.3 million for the three months ended September 30, 2025, compared to $2.7 million in 2024, a rise of 245.2% [182]. - The net loss for the three months ended September 30, 2025, was $8.4 million, a reduction of 65.1% from a net loss of $24.0 million in 2024 [179]. - Research and development expenses for the nine months ended September 30, 2025, totaled $46.8 million, down 7.1% from $50.3 million in 2024 [184]. - General and administrative expenses for the nine months ended September 30, 2025, increased to $18.3 million, up 2.5% from $17.9 million in 2024 [185]. - Other income for the nine months ended September 30, 2025, was $6.7 million, compared to $5.1 million in 2024, an increase of 31.9% [186]. - The loss before income tax expense for the nine months ended September 30, 2025, was $58.4 million, a decrease of 7.5% from $63.2 million in 2024 [183]. Funding and Capital Structure - The company secured a €12.5 million loan from the European Investment Bank based on the positive results from cohort B of the efficacy study [153]. - The company raised $75.1 million in gross proceeds from a Private Placement by selling 37,065,647 shares and warrants at a price of $2.025 per share [189]. - As of September 30, 2025, the company reported cash and cash equivalents of $30.7 million, expected to fund operations through Q1 2026 [191]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $61.4 million, compared to $62.7 million for the same period in 2024 [192][194]. - Cash provided by financing activities for the nine months ended September 30, 2025 was $32.8 million, while there were no financing activities in the same period of 2024 [196]. - The company anticipates continued losses and will require additional funding for future clinical and preclinical activities [197]. - The company expects to finance its cash needs through equity offerings, debt financings, or collaborations, but may face challenges in raising additional capital [198]. - The company has significant contractual obligations related to leases and third-party service providers, which may affect its financial commitments [201][202]. Research and Development - The company is focusing on expanding its pipeline to include additional solid tumor indications beyond melanoma, leveraging the T-win platform [139]. - The company plans to file an Investigational New Drug (IND) application for IO112 in 2026, targeting Arginase 1 with demonstrated anti-tumor activity [158]. - Preclinical data for IO170 showed significant tumor growth inhibition and reshaping of the tumor microenvironment in prostate cancer models [161]. - The company expects to incur significant research and development expenses as it continues to advance its product candidates, including Cylembio, IO112, and IO170 [172]. - The company has not tracked research and development expenses on a program-by-program basis, with most expenses related to Cylembio across all ongoing clinical trials [171]. - The company may face significant uncertainties regarding the timing and costs of completing the development of its product candidates, including potential delays in clinical trials [173]. Tax and Regulatory Matters - The company recorded a full valuation allowance to reduce its net deferred tax assets based on the likelihood of realization, affecting IO Biotech ApS, IO Bio US, Inc., and IO Biotech, Inc. [215]. - The company recognized $0.3 million and $0.7 million in research and development tax credits for the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively [218]. - A tax benefit of $1.4 million was reported due to changes in the deductibility of research and development expenditures as a result of the One Big Beautiful Bill Act [218]. - The company will continue to monitor the impacts of proposed or enacted law changes on the cost-benefit of claiming research and development tax credits [218]. - The company may remain classified as an Emerging Growth Company until December 31, 2026, unless certain financial thresholds are met [225]. - The company did not have any off-balance sheet arrangements during the periods presented [222]. - The company accounts for warrants issued in connection with the sale of common stock or debt as either liability or equity based on specific accounting standards [219]. - The company uses a Black-Scholes option pricing model to determine the fair value of its warrants and stock options, which involves various assumptions [212]. - The company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the positions will be sustained upon examination [216].

Financial Performance - For the three months ended September 30, 2025, net interest income was $15.6 million, an increase from $13.2 million for the same period in 2024, representing a growth of 18.5%[174]. - The Company’s net income for the three months ended September 30, 2025, was $5.4 million, compared to $4.2 million for the same period in 2024, reflecting a year-over-year increase of 27.6%[174]. - The Company reported a net income of $15.3 million for the nine months ended September 30, 2025, an increase of $3.0 million or 24.1% compared to the same period in 2024[178]. - Diluted earnings per common share increased to $1.07 for the nine months ended September 30, 2025, representing a 23.0% increase from $0.87 in 2024[178]. - Net interest income increased by $7.6 million or 20.7% for the nine months ended September 30, 2025, driven by a decrease in interest-bearing liabilities rates and increases in loan portfolio balances and yields[179]. Asset and Liability Management - As of September 30, 2025, the Company reported total consolidated assets of $2.32 billion, total loans net of unearned income of $1.94 billion, total deposits of $1.97 billion, and total shareholders' equity of $259.7 million[169]. - The total amount of uninsured deposits was estimated at $843.4 million as of September 30, 2025, representing 35% of total deposits[278]. - Total liabilities rose by $76.5 million or 3.8% to $2.06 billion at September 30, 2025, mainly due to a $76.4 million increase in total deposits[246]. - The total net loans as of September 30, 2025, were $1.92 billion, up from $1.85 billion as of December 31, 2024[257]. - The Company maintained no nonperforming loans as of September 30, 2025, compared to $9.978 million in nonperforming assets as of December 31, 2024[259]. Credit Quality and Risk Management - The allowance for loan credit losses increased to $19.7 million as of September 30, 2025, from $18.5 million a year earlier, indicating a proactive approach to managing credit risk[174]. - The provision for credit losses was $1.1 million for the nine months ended September 30, 2025, compared to a recovery of $0.7 million in 2024[180]. - The allowance for loan credit losses was $19.7 million or 1.02% of outstanding loans as of September 30, 2025, compared to $18.7 million or 1.01% at December 31, 2024[264]. - The Company’s asset quality remained strong with no nonaccrual loans as of September 30, 2025[260]. Efficiency and Profitability Ratios - The efficiency ratio improved to 55.6% for the three months ended September 30, 2025, down from 58.3% in the same period of 2024, indicating better cost management[174]. - The Company’s return on average assets (ROAA) increased to 0.94% for the three months ended September 30, 2025, compared to 0.73% for the same period in 2024[174]. - The return on average assets (ROAA) improved to 0.91% for the nine months ended September 30, 2025, up from 0.73% in 2024[183]. Interest Income and Margin - The Company maintained a net interest margin of 2.72% for the three months ended September 30, 2025, compared to 2.30% for the same period in 2024, showing improved efficiency in earning interest[174]. - The net interest margin increased to 2.67% for the nine months ended September 30, 2025, compared to 2.20% in 2024, reflecting a 47 basis points improvement[190]. - The annualized net interest margin for the three months ended September 30, 2025, was 2.72%, compared to 2.30% for the same period in 2024[213]. - The yield on loans for the three months ended September 30, 2025, was 5.44%, up from 5.33% in the prior year, indicating an 11 basis points increase[226]. Deposits and Liquidity - Total deposits increased by $76.4 million or 4.0% to $1.97 billion as of September 30, 2025, compared to $1.89 billion as of December 31, 2024[272]. - Core deposits totaled $1.67 billion, representing 84.7% of total deposits as of September 30, 2025, compared to $1.62 billion or 85.4% at December 31, 2024[274]. - Total liquidity was $826.7 million at September 30, 2025, compared to $727.3 million at December 31, 2024[287]. Shareholder Equity - The Company’s book value per share increased to $18.27 as of September 30, 2025, compared to $17.07 a year prior, indicating growth in shareholder equity[174]. - Shareholders' equity increased by $13.1 million or 5.3% to $259.7 million at September 30, 2025, attributed to net income and a decrease in accumulated other comprehensive loss[247]. - Retained earnings increased by $11.0 million during the nine months ended September 30, 2025, due to net income exceeding dividends paid[282]. Market Strategy - The Company anticipates continued focus on expanding its market presence in the Washington, D.C. metropolitan area while managing risks associated with economic and regulatory changes[163].

Financial Performance - Achieved net income of $0.2 million in Q3 2025, compared to a net loss of $1.1 million in Q2 2025[11] - Revenue for Q3 2025 was $5.9 million, slightly up from $5.8 million in Q2 2025, but down from $6.1 million in Q3 2024[6] - Gross profit for Q3 2025 was $4.1 million, resulting in a gross margin of 71%, compared to 74% in Q2 2025[6] - Operating income improved to $0.6 million in Q3 2025, reversing an operating loss of $0.7 million in Q2 2025[6] - For the nine months ended September 30, 2025, the net loss was $1,673 million, compared to a net loss of $784 million for the same period in 2024, indicating a significant increase in losses[22] - Adjusted EBITDA for the nine months ended September 30, 2025, was $1,500 million, compared to $889 million for the same period in 2024, reflecting a substantial improvement[24] Cash Flow and Liquidity - Positive cash from operations was $381,000 for the nine months ended September 30, 2025, compared to a cash outflow of $1.3 million in the prior-year period[11] - Cash balance as of September 30, 2025, was $1.5 million, up from $1.2 million at the end of 2024[18] - The company reported a net cash provided by operating activities of $381 million for the nine months ended September 30, 2025, contrasting with a net cash used in operating activities of $1,334 million in the prior year[22] - The company had cash and cash equivalents of $1,532 million at the end of the period, up from $847 million at the end of the same period in 2024[22] - The net cash used in investing activities was $28 million for the nine months ended September 30, 2025, compared to $64 million in the prior year[22] Cost Management and Efficiency - Cost efficiencies achieved through early termination of a lease, reducing long-term obligations by $2.4 million and monthly rent by 75%[11] - Interest expense for the nine months ended September 30, 2025, was $976 million, down from $1,969 million in the prior year[24] - The company incurred stock-based compensation expenses of $424 million for the nine months ended September 30, 2025, compared to $578 million in the same period of 2024[22] Strategic Initiatives - The company expects to maintain positive Adjusted EBITDA for the full year 2025, driven by AI-driven product innovation and disciplined expense management[8] - Over 80% of total revenue comes from recurring subscription and platform fees, reinforcing predictable cash flows[11] - Completed the integration of ViceCRM, enhancing AI-driven campaign optimization capabilities[11] - The company issued common stock valued at $49 million in connection with the acquisition of ViceCRM[22] Other Financial Metrics - The company recognized a credit loss expense of $370 million for the nine months ended September 30, 2025, compared to $292 million in the same period of 2024[22] - The company reported a gain on note repurchase of $1,573 million in the previous year, which did not recur in the current period[22]

Financial Results - GT Biopharma, Inc. announced its financial results for the fiscal quarter ended September 30, 2025[4]. - The press release detailing the financial results was issued on November 14, 2025[4]. - The financial results include key metrics that will be detailed in Exhibit 99.1[4]. - The financial statements and exhibits are included in the filing[6]. Company Structure - The company became a fully remote organization effective July 1, 2024, and no longer maintains a principal executive office[3]. - The company has not indicated whether it is an emerging growth company[3]. Regulatory Information - The report is not deemed "filed" under the Securities Exchange Act of 1934[5]. - The report was signed by Alan Urban, Chief Financial Officer[11]. Company Identification - The company is listed on The Nasdaq Stock Market under the trading symbol GTBP[2]. - The company’s IRS Employer Identification Number is 94-1620407[1].

Financial Position - As of September 30, 2025, the company had approximately $93.4 million in cash and cash equivalents[111]. - Cash and cash equivalents were approximately $93.4 million as of September 30, 2025, expected to fund operations for at least 12 months[139]. - The net loss for the nine months ended September 30, 2025, was $44.6 million, with an accumulated deficit of $198.6 million as of the same date[133]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $34.4 million, compared to $20.7 million for the same period in 2024[145]. - Future capital requirements are uncertain and will depend on various factors, including the progress of clinical trials and potential strategic alliances[140]. Public Offering - The company completed a public offering on June 25, 2025, selling 5,630,450 shares at $12.00 per share, raising gross proceeds of $75.0 million[112]. - The gross proceeds from the public offering on June 25, 2025, were $75.0 million, with underwriting costs of approximately $5.1 million[135]. Research and Development - Research and development expenses for Q3 2025 were $15.2 million, up from $5.9 million in Q3 2024, primarily due to a $9.7 million increase in clinical and manufacturing expenses related to ongoing clinical trials[125]. - For the nine months ended September 30, 2025, research and development expenses totaled $36.5 million, compared to $16.0 million for the same period in 2024, reflecting a $21.6 million increase in manufacturing and clinical expenses[127]. Clinical Trials - The Phase 1 trial of FB102 demonstrated a good safety profile with no dose limiting toxicities and significant reductions in NK cell pharmacodynamic markers (greater than approximately 70%)[101]. - In the Phase 1b celiac disease study, FB102 showed a statistically significant benefit on the composite histological VCIEL endpoint with a mean change of -1.849 for placebo compared to 0.079 for FB102 (p=0.0099)[103]. - The gluten challenge induced GI symptoms showed a 42% benefit for FB102 treated subjects (4.0 events per subject) compared to placebo (6.9 events per subject)[105]. - The company initiated a Phase 2 celiac study in July 2025, with topline readout expected in 2026[106]. Market Potential - The global vitiligo treatment market is projected to reach approximately $2.3-2.7 billion by 2032-2034[109]. - The global alopecia treatment market is valued at around $3-3.5 billion in 2024, with potential to reach $6 billion by 2032-2034[109]. Intellectual Property - The company has one US patent and multiple pending applications related to the FB102 program, with estimated expiration dates from 2043 to 2046[115]. Revenue and Sales - The company has no products approved for commercial sale and has not generated any revenue from product sales[118]. - The company has no products approved for commercial sale and has not generated any revenue from product sales or other sources[133]. Administrative Expenses - General and administrative expenses for Q3 2025 were $3.2 million, an increase from $2.8 million in Q3 2024, mainly due to a $0.6 million rise in personnel-related expenses[129]. - General and administrative expenses for the nine months ended September 30, 2025, decreased to $9.6 million from $13.3 million in 2024, primarily due to a $6.0 million reduction in professional and legal expenses[130]. Regulatory Classification - The company is classified as a smaller reporting company under Rule 12b-2 of the Securities Exchange Act of 1934, thus not required to provide detailed market risk disclosures[153].

Financial Performance - Forte Biosciences reported research and development expenses of $15.2 million for Q3 2025, up from $5.9 million in Q3 2024, primarily due to increased clinical and manufacturing costs[3]. - For the nine months ended September 30, 2025, research and development expenses totaled $36.5 million, compared to $16.0 million for the same period in 2024, reflecting a $21.6 million increase in manufacturing and clinical expenses[4]. - General and administrative expenses for Q3 2025 were $3.2 million, an increase from $2.8 million in Q3 2024, mainly due to personnel-related costs[6]. - Net loss per share for Q3 2025 was $(0.99), compared to $(4.54) for Q3 2024, indicating a reduction in losses year-over-year[8]. - Forte's total operating expenses for the nine months ended September 30, 2025, were $46.1 million, compared to $29.3 million for the same period in 2024[12]. Cash and Assets - The company ended Q3 2025 with $93.4 million in cash and cash equivalents, a significant increase from $22.2 million at the end of 2024[9]. - Total assets as of September 30, 2025, were $97.1 million, up from $61.6 million at the end of 2024, driven by increased cash reserves[11]. - The accumulated deficit increased to $(198.6) million as of September 30, 2025, compared to $(154.0) million at the end of 2024[11]. Clinical Trials and Research - Forte anticipates topline results from three key clinical trials for FB102 in 2026, including phase 2 in celiac disease and phase 1b in vitiligo and alopecia areata[2]. - The company has expanded enrollment for the FB102 phase 2 celiac disease trial to US sites, with results expected in 2026[2].

Revenue Performance - Production Services revenue for Q3 2025 was $7,105,000, a 45% increase from $4,898,000 in Q3 2024, driven by projects advancing in production stages [159]. - Total revenue for Q3 2025 reached $9,877,000, reflecting a 13% increase from $8,708,000 in Q3 2024 [159]. - Licensing and Royalties revenue surged by 97% in Q3 2025 to $73,000, up from $37,000 in Q3 2024, due to higher earnings from existing licensing agreements [161]. - Media Advisory and Advertising Services revenue decreased by 36% in Q3 2025 to $912,000, down from $1,425,000 in Q3 2024, attributed to lower client media spending [162]. - For the nine months ended September 30, 2025, Production Services revenue was $12,756,000, a 65% increase from $21,036,000 in the same period of 2024 [168]. - Total revenue for the nine months ended September 30, 2025 was $23,170,000, a 28% decrease from $29,660,000 in the same period of 2024 [168]. - Revenue from Content Distribution on AVOD and SVOD decreased by 18% to $5.5 million for the nine months ended September 30, 2025, compared to $6.7 million in the same period of 2024 [169]. - Licensing and Royalties revenue increased by 3% to $X million for the nine months ended September 30, 2025, driven by higher earnings from existing license deals and new agreements [170]. - Media Advisory and Advertising services revenue decreased by 18% to $X million for the nine months ended September 30, 2025, primarily due to lower client media purchases [171]. Expenses and Costs - Total expenses for Q3 2025 were $12,773,000, a 13% increase from $11,255,000 in Q3 2024 [163]. - Direct Operating Costs rose by 20% in Q3 2025 to $6,922,000, primarily due to increased salary costs and headcount in Production Services [165]. - Total expenses increased by 6% to $38.85 million for the nine months ended September 30, 2025, with a significant decrease in Marketing and Sales expenses by 45% to $0.56 million [172]. - Direct Operating Costs rose by 30% to $20.72 million for the nine months ended September 30, 2025, mainly due to increased salary costs and headcount in Production Services [173]. - General and Administrative expenses decreased by 11% to $17.57 million for the nine months ended September 30, 2025, attributed to lower professional fees and reduced salaries [174]. Cash and Working Capital - As of September 30, 2025, the company had cash and restricted cash of $1.4 million, a decrease of $7.0 million from December 31, 2024, primarily due to cash used in operating activities [179]. - The company reported negative working capital of $5.4 million as of September 30, 2025, a decrease of $6.6 million compared to working capital of $1.2 million as of December 31, 2024 [181]. - The company did not hold any available-for-sale marketable securities as of September 30, 2025, with a decrease of $2.0 million compared to December 31, 2024, due to sales during the nine months [180]. - As of September 30, 2025, total cash decreased to $0.9 million from $7.9 million as of September 30, 2024, representing a decline of approximately 88.6% [185]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $(11,787) thousand, compared to $(1,127) thousand for the same period in 2024, indicating an increase in cash outflow of $10,660 thousand [186]. - The company has material cash requirements totaling approximately $32.8 million over the next five years, with $16.4 million due within one year [191]. - As of September 30, 2025, the company had $0.4 million in commitments for capital expenditures related to equipment leases [193]. Financing Activities - The company raised approximately $7.3 million through a registered direct offering and concurrent private placement on October 20, 2025 [154]. - The company raised net proceeds of $6.6 million from the October Offerings, which closed on October 22, 2025, improving its cash position [184]. - The company has no committed sources of financing at this time, raising substantial doubt about its ability to continue as a going concern for at least the next twelve months [184]. - The company plans to consider multiple alternatives to address capital needs, including the sale of equity or debt securities and strategic transactions [184]. Investment Activities - Cash provided by investing activities decreased by $5.5 million, primarily due to a $4.2 million decrease in proceeds from sales and maturities of marketable securities [189]. - Cash provided by financing activities increased by $9.3 million, mainly due to a decrease in repayments of production facilities and margin loans by $10.1 million [190]. - Net non-cash expenses increased to $13.6 million for the nine months ended September 30, 2025, from $5.9 million in the prior year, primarily due to a $7.3 million loss on equity investment revaluation [187].