Financial Performance - The company reported net losses of $5.6 million and $5.8 million for the three months ended September 30, 2025 and 2024, respectively, and $17.9 million and $21.9 million for the nine months ended September 30, 2025 and 2024, respectively [182]. - The company has incurred significant losses since inception, with an accumulated deficit of $369.3 million as of September 30, 2025 [182]. - The company has not generated any revenue from product sales and has never achieved an operating profit [180]. - The company did not generate any revenue from product sales and does not expect to do so in the foreseeable future [204]. - The company faces substantial doubt about its ability to continue as a going concern due to lack of revenue and recurring net losses [227]. Cash and Financing - As of September 30, 2025, the company had cash and cash equivalents of $4.0 million, which is insufficient to fund operations beyond December 2025 without additional capital [183]. - The company raised $7.4 million through financing activities in 2025, primarily from the April 2025 Transactions and Yorkville Transactions [230]. - The company has raised $145.5 million in net proceeds from sales of common stock and warrants, and $131.2 million from sales of preferred stock prior to its IPO [181]. - Under the Standby Equity Purchase Agreement, the company may sell up to $15.0 million of common stock to Yorkville over a 36-month period [189]. - The company entered into a Pre-Paid Advance Agreement allowing for up to $6.0 million in pre-paid advances, with an initial advance of $1.0 million already received [185]. Operating Expenses - In the three months ended September 30, 2025, the company reported research and development expenses of $1.7 million, a decrease of $2.0 million from $3.7 million in the same period in 2024 [217]. - General and administrative expenses increased to $3.8 million for the three months ended September 30, 2025, compared to $2.3 million in 2024, primarily due to increased professional fees [218]. - The total operating expenses for the three months ended September 30, 2025, were $5.5 million, down from $6.1 million in 2024, resulting in a loss from operations of $5.5 million [216]. - For the nine months ended September 30, 2025, research and development expenses totaled $9.0 million, down from $10.9 million in 2024, reflecting a decrease of $1.9 million [222]. - Total operating expenses for the nine months ended September 30, 2025, were $18.0 million, a decrease of $4.3 million from $22.3 million in 2024 [221]. - General and administrative expenses decreased by $2.5 million to $8.9 million for the nine months ended September 30, 2025, compared to $11.4 million for the same period in 2024 [223]. Clinical Development - The FDA lifted the clinical hold on the Phase 2 RENEW trial for LTI-03, allowing the company to resume patient recruitment in late 2025 or early 2026 [179]. - The RENEW trial is designed to enroll approximately 120 patients with Idiopathic Pulmonary Fibrosis (IPF) across up to 50 sites globally, with initial topline data expected in Q3 2026 [179]. - The company has two product candidates in clinical development: LTI-03 and LTI-01, with LTI-03 currently being prioritized for development [174]. - The company anticipates significant increases in research and development and general administrative costs as it advances clinical development of its product candidates [231]. - A master services agreement for clinical research with a third-party CRO was terminated in August 2025, with no future commitments [236]. Cash Flow - Net cash used in operating activities was $16.1 million for the nine months ended September 30, 2025, compared to $17.5 million for the same period in 2024 [229]. - Cash provided by financing activities was $7.4 million for the nine months ended September 30, 2025, down from $17.8 million in the same period of 2024 [230]. - As of September 30, 2025, the company had cash and cash equivalents of $4.0 million, which is expected to fund operations into December 2025 [226].

Financial Performance - For the quarter ended September 30, 2025, Galectin Therapeutics reported a net loss applicable to common stockholders of $8.2 million, or ($0.13) per share, compared to a net loss of $11.2 million, or ($0.18) per share for the same period in 2024[11]. - Total operating expenses for Q3 2025 were $4.2 million, down from $9.1 million in Q3 2024[15]. - The company reported a total stockholders' deficit of $125.3 million as of September 30, 2025[16]. Research and Development - Research and development expenses for Q3 2025 were $2.6 million, a significant decrease from $7.6 million in Q3 2024, primarily due to the timing of expenditures related to the NAVIGATE clinical trial[9]. - The NAVIGATE trial data presented at the AASLD Annual Meeting showed belapectin's potential to reduce clinically significant portal hypertension (CSPH) from 33.3% to 25.9% (-22.2% change) in the treatment group[5]. - The proportion of patients in the no/low-risk category for CSPH increased from 42.0% to 56.8% (35.2% change) in the belapectin 2 mg/kg group[7]. Financial Position - As of September 30, 2025, the company had $11.5 million in cash and cash equivalents, and a new $10 million line of credit was established to fund operations[9]. - Total liabilities as of September 30, 2025, were $136.4 million, compared to $120.6 million at the end of 2024[16]. Future Outlook - The company anticipates guidance from the FDA regarding the NAVIGATE data package by year-end 2025[9]. - Galectin Therapeutics aims to leverage its expertise and relationships to advance additional development programs in cancer immunotherapy[10].

Clinical Trials and Efficacy - The company has completed randomizations totaling 357 patients in the NAVIGATE trial, a Phase 2b/3 clinical study evaluating the safety and efficacy of belapectin for preventing esophageal varices in NASH cirrhosis patients [113]. - In the intent-to-treat population (N=355), the incidence of varices was reduced by 43.2% in the belapectin 2 mg/kg dose group compared to placebo, although the composite endpoint did not reach statistical significance [114]. - In the per-protocol population (n=287), the incidence of varices was reduced by 49.3% in the belapectin 2 mg/kg dose group, with a p-value < 0.05 [114]. - In the U.S. cohort (n=186), the incidence of varices was significantly reduced by 68.1% in patients treated with belapectin 2 mg compared to placebo (4 out of 60 vs 13 out of 62) [114]. - The NASH-FX trial did not meet its primary endpoint, with no significant efficacy results in advanced liver fibrosis patients, although belapectin was found safe and well tolerated [129]. - The NASH-CX trial involved 162 patients and showed a statistically significant reduction in hepatic venous pressure gradient (HVPG) of -1.08 mm Hg (p<0.01) for the 2 mg/kg LBM dose in patients without esophageal varices at baseline [132]. - In the NASH-CX trial, the belapectin 2 mg/kg group had a 0% incidence of new varices compared to 18% in the placebo group, indicating a significant reduction in portal pressure and varice development [134]. - The NAVIGATE trial reported a 43.2% reduction in varices incidence in the intent-to-treat population for the belapectin 2 mg/kg group, although the composite endpoint did not reach statistical significance [139]. - In the per-protocol population of the NAVIGATE trial, the incidence of varices was reduced by 49.3% (p<0.05) in the belapectin 2 mg/kg group [139]. - The NAVIGATE trial showed a significant reduction of 68.1% in varices incidence in U.S. patients treated with belapectin 2 mg/kg (4 out of 60) compared to placebo (13 out of 62) (p=0.02) [139]. - Promising results were reported in the Phase 1b trial combining belapectin with pembrolizumab, showing a 50% objective response rate in advanced melanoma patients [150]. Safety Profile - The safety profile of belapectin remains encouraging, with rates of adverse events and serious adverse events comparable to placebo, and no drug-related serious adverse events reported in the NAVIGATE trial [115]. - The safety profile of belapectin in the NAVIGATE trial was encouraging, with no drug-related serious adverse events reported [140]. - The Company completed a Hepatic Impairment Study involving approximately 40 patients, indicating that belapectin exposure did not increase with the degree of hepatic insufficiency [147]. Financial Performance - Research and development expenses for the three months ended September 30, 2025, were $2,612,000, a decrease of $4,983,000 (66%) compared to $7,595,000 in the same period of 2024 [153]. - For the nine months ended September 30, 2025, research and development expenses totaled $12,358,000, down $13,104,000 (51%) from $25,462,000 in 2024 [153]. - General and administrative expenses for the three months ended September 30, 2025, were $1,587,000, an increase of $116,000 (8%) compared to $1,471,000 in 2024 [157]. - For the nine months ended September 30, 2025, general and administrative expenses decreased by $180,000 (4%) to $4,363,000 from $4,543,000 in 2024 [157]. - Net cash used in operations decreased by $11,143,000 to $17,833,000 for the nine months ended September 30, 2025, compared to $28,976,000 for the same period in 2024 [159]. - Cash provided by financing activities decreased by $16,138,000 to $14,238,000 for the nine months ended September 30, 2025, compared to $30,376,000 in 2024 [159]. - As of September 30, 2025, the company had $11.5 million in unrestricted cash and cash equivalents, along with a $10 million line of credit available [158]. - The NAVIGATE clinical trial expenses decreased significantly, contributing to the overall reduction in research and development costs [154]. - The company anticipates needing additional cash to fund operations beyond June 30, 2026 [158]. Strategic Developments - The company is analyzing data from approximately 55 patients who completed 36 months of treatment, which may attract interest from potential strategic partners [116]. - A new IND for advanced or metastatic head and neck cancer using belapectin in combination with a PD-1 inhibitor has been filed, with the trial commencement dependent on financing [120]. - The company has established a joint venture subsidiary, Galectin Sciences LLC, to develop small molecules that inhibit galectin-3, potentially expanding the uses of galectin-3 inhibitors beyond belapectin [119]. - The company is focused on developing belapectin for NASH cirrhosis and head and neck cancer, with ongoing clinical trials and favorable results reported in 2023 [123]. - The company plans to file a phase 2 trial with the FDA for belapectin in combination with an immune checkpoint inhibitor for recurrent or metastatic head and neck cancer [151]. - The Company activated over 150 clinical trial sites in 14 countries for the NAVIGATE trial, although enrollment was impacted by the COVID-19 pandemic [144].

Company Strategy and Operations - The company announced the discontinuation of its lead product candidate, solnerstotug, and is exploring strategic alternatives, including asset sales and potential mergers[86]. - The company has discontinued the development of solnerstotug and is exploring strategic alternatives, which may include asset sales or a merger[115]. - A workforce reduction of approximately 65% was implemented to preserve cash, with expected aggregate cash charges of about $1.6 million related to severance and termination expenses[87]. - The company expects to continue incurring net losses and negative cash flows for the foreseeable future, with a decrease in research and development and general administrative expenses anticipated[92]. Financial Performance - The company has incurred significant operating losses, reporting a net loss of $16.4 million for the nine months ended September 30, 2025, compared to a net loss of $22.4 million for the same period in 2024[91]. - The net loss for the nine months ended September 30, 2025, was $16.4 million, an improvement of $6.0 million compared to a net loss of $22.4 million for the same period in 2024[110]. - As of September 30, 2025, the company had an accumulated deficit of $278.4 million[91]. - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $25.0 million, with an accumulated deficit of $278.4 million[114]. - Net cash used in operating activities was $16.6 million for the nine months ended September 30, 2025, compared to $18.9 million in 2024[117]. Expenses - Research and development expenses decreased to $2.5 million for the three months ended September 30, 2025, down from $4.6 million in the same period in 2024, reflecting a reduction of $2.1 million[107]. - General and administrative expenses were $2.3 million for the three months ended September 30, 2025, compared to $3.2 million for the same period in 2024, a decrease of $0.9 million[108]. - For the nine months ended September 30, 2025, total operating expenses were $17.3 million, a decrease of $7.0 million compared to $24.3 million in 2024, driven by reductions in research and development and general administrative expenses[110]. - Research and development expenses were $8.8 million for the nine months ended September 30, 2025, down from $14.1 million in 2024, reflecting a decrease of $5.3 million primarily due to lower personnel costs and lab supply purchases[111]. - General and administrative expenses decreased to $8.5 million for the nine months ended September 30, 2025, from $10.2 million in 2024, a reduction of $1.7 million mainly due to lower personnel costs[112]. Going Concern and Financial Outlook - There is substantial doubt about the company's ability to continue as a going concern, as it will not have sufficient cash to fund operations beyond one year from the report date[93]. - The company expects that existing cash and cash equivalents will be insufficient to fund operations beyond one year from the issuance of the financial statements, raising substantial doubt about its ability to continue as a going concern[129]. - The company has not recorded any income tax benefits for net losses incurred, as it believes it is unlikely to realize net operating loss carryforwards[105]. Other Income - Other income decreased to $0.3 million for the three months ended September 30, 2025, down from $0.6 million for the same period in 2024, primarily due to a decrease in interest income[109]. Reporting Classification - The company is classified as a smaller reporting company and is not required to provide detailed market risk disclosures[141].

Financial Performance - Falcon's Beyond reported consolidated revenue of $4.1 million for Q3 2025, reflecting an increase in attraction maintenance fees and management fees from joint ventures [2]. - Falcon's Creative Group (FCG) generated $5.7 million in revenue for Q3 2025, a decrease of $7.4 million or 56.3% compared to Q3 2024, resulting in an operating loss of $3.5 million [2]. - Producciones de Parques (PDP) generated $11.2 million in revenue for Q3 2025, a $0.3 million increase from the same period in 2024 [2]. - Total revenue for the three months ended September 30, 2025, was $4,054,000, compared to $2,069,000 for the same period in 2024, representing a 96.2% increase [25]. - The net loss attributable to common stockholders for the three months ended September 30, 2025, was $4,374,000, compared to a net income of $5,869,000 for the same period in 2024 [25]. - Adjusted EBITDA for the three months ended September 30, 2025, was $(7,686,000), compared to $(1,606,000) for the same period in 2024 [29]. - Adjusted EBITDA loss increased to $(7.7) million for Q3 2025, compared to $(1.6) million in Q3 2024, driven by increased losses from equity method investments and operational integration costs [7]. Net Loss and Financial Position - Falcon's Beyond reported a consolidated net loss of $10.4 million for Q3 2025, compared to a net income of $39.3 million in Q3 2024, primarily due to the absence of non-cash fair value gains [4]. - Cash and cash equivalents increased to $4,257,000 as of September 30, 2025, from $825,000 at the beginning of the period [27]. - Total assets as of September 30, 2025, were $66,793,000, an increase from $61,231,000 as of December 31, 2024 [23]. - Total liabilities decreased to $46,957,000 as of September 30, 2025, from $81,328,000 as of December 31, 2024 [23]. - The company reported a net cash used in operating activities of $20,280,000 for the nine months ended September 30, 2025 [27]. Capital and Investment Activities - The company issued 5,747,742 shares of 11% Series B Cumulative Convertible Preferred Stock, raising $8.0 million in cash and exchanging $20.7 million of long-term debt [7]. - Falcon's Beyond entered into a new $15 million revolving line of credit to support the expansion of its attraction services business, maturing on September 30, 2030 [7]. - The company recognized a gain on bargain purchase of $1,098,000 from the OES Acquisition [25]. - The company is focused on strengthening its balance sheet and reallocating capital towards high-growth divisions following the acquisition of OES in May 2025 [7]. Future Outlook - The company anticipates the FCG division could double its revenues over the next twelve months, necessitating rapid scaling of workforce and infrastructure [9]. - Falcon's Beyond has a contracted pipeline of $48.3 million as it entered Q4 2025, indicating potential future revenue growth [2].

Product Development - GRI-0621, the lead product candidate, has been evaluated in over 1,700 patients for up to 52 weeks, targeting severe fibrotic lung diseases like idiopathic pulmonary fibrosis (IPF), which affects approximately 140,000 people annually in the U.S.[77] - The company expects to release topline results from the Phase 2a biomarker study of GRI-0621 by the end of November 2025[78] - The FDA has cleared the Investigative New Drug application for GRI-0621, allowing the initiation of clinical trials in the U.S., U.K., and Australia[78] - The company has a proprietary library of over 500 compounds, with GRI-0803 being developed for autoimmune disorders like systemic lupus erythematosus (SLE) and multiple sclerosis (MS)[79] - The company plans to complete IND-enabling studies for GRI-0803 in 2026, pending additional funding[80] - The company is preparing for planned clinical trials of GRI-0621 and GRI-0803, which will require substantial financial resources[113] Financial Performance - Total operating expenses for the three months ended September 30, 2025, were $3.4 million, up from $2.1 million in 2024, resulting in a loss from operations of $3.4 million[94] - The company reported a net loss of $3.4 million for the three months ended September 30, 2025, compared to a net loss of $2.1 million in 2024[94] - The net loss for the nine months ended September 30, 2025, was $9.3 million, compared to a net loss of $6.3 million in 2024, reflecting a 48% increase in losses[104] - Cash used in operating activities was $7.2 million for the nine months ended September 30, 2025, compared to $6.6 million in 2024, indicating a 9.1% increase in cash outflow[106] - Interest income for the nine months ended September 30, 2025, was $16,000, a decrease of 15.8% from $19,000 in 2024[103] - General and administrative expenses rose to $4.1 million for the nine months ended September 30, 2025, an increase of 20.6% from $3.4 million in 2024[101] - Research and development expenses increased to $5.2 million for the nine months ended September 30, 2025, up 80.8% from $2.9 million in 2024[100] Funding and Capital - The company has raised $6.2 million in gross proceeds from the At The Market Offering, selling 1,680,099 shares at a weighted-average price of $3.67 per share[86] - Net cash provided by financing activities was $6.2 million for the nine months ended September 30, 2025, down from $9.6 million in 2024, a decrease of 35.4%[107][108] - The company expects to incur significant operating losses for the foreseeable future and will need to secure additional funding to continue operations[115] - The company plans to raise capital through additional issuances of equity securities and/or debt arrangements[115] Expense Analysis - Research and development expenses increased to $1.8 million for the three months ended September 30, 2025, compared to $1.1 million in the same period of 2024, reflecting a $0.5 million rise in GRI-0621 registration development costs[95] - General and administrative expenses rose to $1.6 million for the three months ended September 30, 2025, from $1.0 million in 2024, primarily due to a $0.5 million increase in personnel expenses[96] - As of September 30, 2025, the company had $4.1 million in cash and an accumulated deficit of $49.0 million[104][113]

Product Development - GRI-0621, the lead product candidate, has been evaluated in over 1,700 patients for up to 52 weeks, targeting severe fibrotic lung diseases like idiopathic pulmonary fibrosis (IPF), which affects approximately 140,000 people annually in the U.S.[77] - The company expects to release topline results from the Phase 2a biomarker study of GRI-0621 by the end of November 2025[78] - The company has received FDA clearance for its Investigative New Drug application and authorization for clinical trials in the U.S., U.K., and Australia for GRI-0621[78] - The company plans to focus on developing GRI-0803 for autoimmune disorders, pending additional funding and IND clearance, with an expected Phase 1a and 1b trial in 2026[80] - The company has a proprietary library of over 500 compounds, with GRI-0803 being the lead molecule for the treatment of autoimmune disorders like lupus and multiple sclerosis[79] Financial Performance - Total operating expenses for the three months ended September 30, 2025, were $3.4 million, up from $2.1 million in 2024, resulting in a loss from operations of $3.4 million[94] - The company reported a net loss of $3.4 million for the three months ended September 30, 2025, compared to a net loss of $2.1 million in the same period of 2024[94] - Research and development expenses increased to $5.2 million for the nine months ended September 30, 2025, up 80.8% from $2.9 million in 2024[100] - General and administrative expenses rose to $4.1 million for the nine months ended September 30, 2025, an increase of 20.6% from $3.4 million in 2024[101] - The net loss for the nine months ended September 30, 2025, was $9.3 million, compared to a net loss of $6.3 million in 2024, reflecting a 48% increase in losses[104] - Cash used in operating activities was $7.2 million for the nine months ended September 30, 2025, compared to $6.6 million in 2024, indicating a 9.1% increase in cash outflow[106] Funding and Cash Position - The company has raised $6.2 million in gross proceeds from the At The Market Offering, selling 1,680,099 shares at a weighted-average price of $3.67 per share[86] - Net cash provided by financing activities was $6.2 million for the nine months ended September 30, 2025, down from $9.6 million in 2024, a decrease of 35.4%[107][108] - As of September 30, 2025, the company had $4.1 million in cash and an accumulated deficit of $49.0 million[104][113] - The company expects to continue incurring significant operating losses and will need to secure additional funding to support ongoing operations and clinical trials[115] - The company plans to raise capital through additional equity securities and/or debt arrangements, but there are no assurances that financing will be available on acceptable terms[115] Expense Analysis - Research and development expenses increased to $1.8 million for the three months ended September 30, 2025, compared to $1.1 million in the same period of 2024, reflecting a $0.5 million rise in GRI-0621 registration development costs[95] - General and administrative expenses rose to $1.6 million for the three months ended September 30, 2025, from $1.0 million in 2024, primarily due to a $0.5 million increase in personnel expenses[96] - Interest income for the nine months ended September 30, 2025, was $16,000, a decrease of 15.8% from $19,000 in 2024[103]

Revenue Performance - Revenue for the three months ended September 30, 2025, was $1,380,382, a decrease from $1,675,894 in the same period of 2024, while revenue for the nine months ended September 30, 2025, increased to $5,355,380 from $5,233,483 in 2024[331]. - Digital marketing revenue for the nine months ended September 30, 2025, was $4,049,548, down from $4,542,073 in 2024, primarily due to a drop in MCN viewer revenue and awarded premium contracts[332]. - Online ticketing and reservations revenue increased to $1,287,769 for the nine months ended September 30, 2025, compared to $650,480 in 2024, attributed to partnerships with more vendors for competitive pricing[332]. - United States revenue decreased from $2,679,269 to $1,284,480, a decline of approximately 52% due to customer content restrictions[333]. - Vietnam revenue decreased from $557,402 to $41,703, a decline of approximately 93% due to fewer projects awarded[333]. - Singapore revenue increased from $140,216 to $1,753,635, an increase of approximately 1155% driven by digital marketing and online ticketing[333]. - In the Lifestyle sector, the Company generated revenue of $10,212 million for the three months ended September 30, 2025, compared to $4,931 million for the same period in 2024, representing a year-over-year increase of 106%[384]. - For the nine months ended September 30, 2025, revenue in the Lifestyle sector was $17,591 million, down from $29,360 million in 2024, indicating a decline of 40%[385]. - Telecommunications revenue for the three months ended September 30, 2025, was $75 million, a decrease from $106 million in 2024, reflecting a decline of 29%[390]. - For the nine months ended September 30, 2025, telecommunications revenue was $472 million, significantly lower than $4,849 million in 2024, marking a decline of 90%[391]. - Online advertising revenue for the three months ended September 30, 2025, was $801,422 million, down from $1,461,480 million in 2024, a decrease of 45%[402]. - For the nine months ended September 30, 2025, online advertising revenue was $4,049,548 million, compared to $4,542,073 million in 2024, a decline of 11%[403]. Financial Performance - Gross income for the three months ended September 30, 2025, was $887,340, significantly higher than $365,646 in the same period of 2024[331]. - Total operating expenses for the three months ended September 30, 2025, were $6,131,964, compared to $1,540,260 in 2024, leading to a loss from operations of $5,244,624[331]. - Net loss for the three months ended September 30, 2025, was $5,280,759, compared to a net loss of $1,380,578 in the same period of 2024[331]. - General and Administrative expenses increased significantly to $5,995,012 for the three months ended September 30, 2025, compared to $1,486,362 in 2024, reflecting a 303% increase[340]. - For the three months ended September 30, 2025, the net loss attributable to Society Pass Incorporated was $5,118,989, compared to a net loss of $1,377,885 for the same period in 2024, indicating an increase in net loss of approximately 271.5%[438]. - The diluted net loss per share for the nine months ended September 30, 2025, was $(1.30), compared to $(2.25) for the same period in 2024, showing an improvement of approximately 42.2%[438]. - The weighted average common shares outstanding for the nine months ended September 30, 2025, was 6,105,525, compared to 2,733,145 for the same period in 2024, representing an increase of approximately 123.5%[438]. Cash and Assets - As of September 30, 2025, cash and cash equivalents totaled $6,552,702, with accounts receivable at $1,337,498[345]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $22,521,547, compared to $1,178,148 in 2024[348]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $21,650,885, primarily from public offerings[354]. - As of September 30, 2025, cash and cash equivalents amounted to $6,552,702, down from $7,630,079 as of December 31, 2024, indicating a decrease of approximately 14.1%[361]. - The Company reported inventories of $82,131 as of September 30, 2025, a decrease of 47.9% compared to $157,734 as of December 31, 2024[365]. - There was no allowance for doubtful accounts recorded as of September 30, 2025, and December 31, 2024, indicating effective management of accounts receivable[364]. - The Company reported contract assets of $79,826 million as of September 30, 2025, down from $333,188 million at the end of 2024[420]. - Contract liabilities decreased to $750,528 million on September 30, 2025, from $1,426,901 million at the end of 2024, indicating a reduction of 47%[422]. - The Company recorded a right of use asset of $838,050, an increase from $751,672 as of December 31, 2024[444]. Strategic Initiatives - The company has made several acquisitions to expand its e-commerce ecosystem, including the acquisition of digital marketing and travel agencies in 2023[320][322]. - The loyalty platform allows consumers to earn Society Points, which are used to enhance sales through data aggregation and consumer behavior analysis[316]. - The company operates in various sectors including loyalty, lifestyle, telecommunications, digital marketing, and travel, aiming to create a comprehensive digital ecosystem in Southeast Asia[315]. - The company’s telecommunications platform, Gorilla, allows users to convert unused mobile data into digital assets, enhancing customer engagement[318]. - The telecommunications platform "Gorilla" ceased local mobile data services to refocus on overseas internet data services, indicating a strategic shift in business operations[380]. - The Company acquired NusaTrip Group, expanding its reach into the Southeast Asian travel industry, with over 1.2 million registered users and connections to over 80 million unique visitors[383]. - TMG, a digital media platform acquired by the Company, has uploaded over 675,000 videos with over 80 billion views, enhancing the Company's digital marketing capabilities[382]. Compliance and Accounting - The Company has opted out of the extended transition period for compliance with new or revised accounting standards, committing to adhere to applicable standards on their effective dates[356]. - The Company adopted ASC 842 for leases, recognizing operating lease right-of-use assets and liabilities based on the present value of lease payments[440]. - The Company follows ASC Topic 718 for share-based compensation, recognizing stock-based compensation as an expense during the three and nine months ended September 30, 2025, and 2024[444]. - The Company issued warrants in connection with financing and collaboration arrangements, measured at fair value using the Black-Scholes Option Pricing Model[445]. - The Company assesses loss contingencies related to legal proceedings and recognizes estimated liabilities in its financial statements if a material loss is probable and can be estimated[450]. - The carrying amounts of the Company's financial assets and liabilities approximate their fair values due to the short maturity of these instruments[455]. - The Company adopted ASU No. 2023-09, which requires additional disclosures for income tax components, effective for annual periods beginning after December 15, 2024[457]. - The Company is evaluating the potential impact of ASU 2024-03, which requires disclosures about certain costs and expenses, effective for annual periods beginning after December 15, 2026[458]. - The Company concluded that its disclosure controls and procedures are not effective at the reasonable assurance level as of the end of the reporting period[465]. - There were no changes in the Company's internal control over financial reporting that materially affected its effectiveness during the period ended September 30, 2025[466].

Financial Results - Sensei Biotherapeutics, Inc. announced its financial results for the quarter ended September 30, 2025[4] - A press release detailing the financial results was issued on November 14, 2025[4] - The financial results include key metrics that will be detailed in the attached press release[4] - The report includes an exhibit with further financial details[6] Company Classification - The company is classified as an emerging growth company under the Securities Act[3] - The report is not deemed "filed" under the Securities Exchange Act of 1934[5] Company Information - The company is headquartered at 1405 Research Blvd, Suite 125, Rockville, MD 20850[1] - The common stock of Sensei Biotherapeutics is traded on The Nasdaq Stock Market under the symbol SNSE[2] Report Details - The report was signed by Christopher W. Gerry, General Counsel and Secretary[9] - The filing date of the report is November 14, 2025[9]

IPO and Financing - The company completed its initial public offering (IPO) on September 19, 2024, selling 6,000,000 units at $10.00 per unit, generating gross proceeds of $60,000,000[94]. - A private placement of 250,000 units was also completed simultaneously, raising an additional $2,500,000[95]. - The total transaction costs for the IPO amounted to $2,840,203, including $960,000 in underwriting fees[107]. - The underwriters were granted a 45-day option to purchase up to 900,000 additional units, which was not exercised[116]. Financial Performance - For the nine months ended September 30, 2025, the company reported a net income of $1,041,201, compared to a net loss of $17,788 for the same period in 2024[103]. - For the three months ended September 30, 2025, the basic and diluted net income per share for redeemable ordinary shares was $0.09, compared to a loss of $(0.02) for the same period in 2024[121]. - For the nine months ended September 30, 2025, the basic and diluted net income per share for redeemable ordinary shares was $0.21, compared to a loss of $(0.12) for the same period in 2024[121]. - The total expenses for the three months ended September 30, 2025, were $(102,956), compared to $(30,029) for the same period in 2024[121]. Cash and Assets - As of September 30, 2025, the company had cash of $95,142 available for operations[105]. - As of September 30, 2025, the ordinary shares subject to possible redemption amounted to $63,023,976, an increase from $61,089,076 as of December 31, 2024, reflecting a remeasurement of $1,934,900[119]. - The gross proceeds from ordinary shares subject to possible redemption were $60,000,000, with offering costs of $2,661,858 and proceeds allocated to public rights of $3,767,573[119]. - The accretion of carrying value to redemption value for 2024 was $6,729,431, contributing to the increase in ordinary shares subject to possible redemption[119]. - The weighted-average shares outstanding for redeemable ordinary shares for the three months ended September 30, 2025, was 6,000,000, consistent with the previous year[121]. Business Operations and Agreements - The company has entered into a Business Combination Agreement with Mingde Technology Limited, with an aggregate consideration of $280,000,000 plus up to $80,000,000 in earnout consideration[101]. - The company has until December 18, 2025, to complete its initial business combination, or it will cease operations and redeem outstanding public shares[111]. - The company expects to incur increased expenses as a result of being a public entity, particularly for legal and compliance costs[102]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2025[113]. Risk Management - The company has not been subject to any market or interest rate risk as of September 30, 2025, due to investments in U.S. government treasury bills and money market funds[122]. - The company has elected to recognize changes in the redemption value of ordinary shares immediately, treating the accretion as a deemed dividend[118].