Financial Performance - The company reported a net loss of $25.2 million for the three months ended September 30, 2025, and $95.5 million for the nine months ended September 30, 2025, with an accumulated deficit of $142.5 million as of September 30, 2025[150]. - The company reported a net loss of $25.2 million for the three months ended September 30, 2025, compared to a net loss of $16.3 million for the same period in 2024, an increase in loss of $8.9 million[177]. - The net loss for the nine months ended September 30, 2025, was $95.5 million, compared to a net loss of $16.9 million for the period from June 18, 2024, through September 30, 2024, representing an increase of $78.6 million[182]. - The company has not generated any revenue to date and does not expect to do so in the foreseeable future[168]. - The company anticipates continued substantial losses in the foreseeable future, with profitability dependent on successful development, approval, and commercialization of product candidates[204]. Funding and Capital Structure - The company has raised a total of $80.0 million from convertible notes in July 2024, $15.0 million in September 2024, $205.0 million from Pre-Closing Financing, and approximately $135.0 million from a Private Placement[149]. - The company completed a private placement on October 6, 2025, raising approximately $135 million by selling 13,368,164 common shares at $9.14 each and pre-funded warrants for 1,402,092 shares at $9.1399 each[166]. - Convertible Notes totaling $95.0 million were converted into 9,433,831 shares of common stock and 4,289,744 pre-funded warrants at the effective time of the Merger[216]. - The company expects to need substantial additional funding to support ongoing operations and growth strategy[153]. - The company anticipates needing substantial additional funds to achieve its business objectives, particularly as it advances preclinical activities and initiates clinical trials[199]. Cash and Investments - As of September 30, 2025, the company had cash and cash equivalents, and investments totaling $198.9 million, expected to fund operations for at least twelve months[155]. - Cash and cash equivalents as of September 30, 2025, were $50.1 million, with investments totaling $148.8 million[187]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $61.0 million, primarily due to a net loss of $95.5 million[192]. - Net cash used in investing activities for the nine months ended September 30, 2025, was $148.8 million, driven by purchases of investments and leasehold improvements[194]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $190.6 million, mainly from $205.0 million in gross proceeds from the Pre-Closing Financing[195]. Research and Development - The lead product candidate, JADE101, is being developed for the treatment of IgA nephropathy, while the second candidate, JADE201, targets multiple autoimmune disorders[148]. - The company has incurred operating losses since inception and does not have any products approved for sale, relying on future product development for revenue generation[150]. - The company plans to continue incurring significant expenses as it advances research and development for its product candidates[150]. - Research and development expenses for the three months ended September 30, 2025, were $22.0 million, up from $13.6 million in the same period in 2024, reflecting an increase of $8.4 million[178]. - Research and development expenses for the nine months ended September 30, 2025, were $64.6 million, a significant increase of $50.9 million compared to $13.7 million for the period from June 18, 2024, through September 30, 2024[184]. Operating Expenses - For the three months ended September 30, 2025, total operating expenses were $27.4 million, an increase of $12.4 million compared to $15.0 million for the same period in 2024[177]. - General and administrative expenses for the three months ended September 30, 2025, were $5.4 million, significantly higher than $1.4 million for the same period in 2024, representing an increase of $4.0 million[179]. - The company expects general and administrative expenses to increase substantially as it expands headcount and office space to support growth[173]. - Total operating expenses for the nine months ended September 30, 2025, were $78.6 million, up from $15.6 million for the same period in 2024, reflecting an increase of $63.0 million[182]. Corporate Actions - The merger with Aerovate Therapeutics was completed on April 28, 2025, with Pre-Merger Jade being the accounting acquirer[157]. - A reverse stock split of 1-for-35 was executed immediately prior to the merger, affecting the common stock trading on Nasdaq[164]. - The Redomestication to Nevada was effective on April 28, 2025, with no interruption in trading on Nasdaq under the symbol "JBIO"[165]. Tax and Valuation - The company has recorded a full valuation allowance against its net deferred tax assets due to cumulative losses and expectations of future losses[175]. - The company measures stock-based awards using the Black-Scholes model, with compensation expense recognized over the requisite service period[211]. - The fair value of common stock is determined based on the quoted market price following the Merger and Nasdaq listing[213]. - The company did not have any off-balance sheet arrangements as of September 30, 2025[219]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[221].

Financial Results - TuHURA Biosciences reported financial results for Q3 2025, ending September 30, 2025[7] - The company issued a press release on November 14, 2025, detailing its corporate update and financial performance[7] - Specific financial metrics and performance data were not provided in the extracted content[7]

Financial Results - TuHURA Biosciences reported financial results for Q3 2025, ending September 30, with a focus on corporate updates[7] - The press release detailing the financial results was issued on November 14, 2025[7] - Specific financial metrics and performance data were not provided in the extracted content[7] - The report indicates that the information is not deemed "filed" under the Securities Act or the Exchange Act[7] - The Chief Financial Officer, Dan Dearborn, signed the report on November 14, 2025[13] - The financial statements and exhibits are referenced but not detailed in the extracted content[8] Company Information - The company is listed on the Nasdaq Capital Market under the symbol HURA[5] - The company has not indicated whether it is an emerging growth company[6] Future Outlook and Developments - No details on user data, future outlook, or new product developments were included in the extracted content[7] - There are no mentions of market expansion or acquisitions in the provided documents[7]

Financial Results Announcement - Scholar Rock Holding Corporation announced its financial results for the fiscal quarter ended September 30, 2025[4]. - A press release detailing the financial results has been issued and is available as Exhibit 99.1[4]. - The report includes a cover page interactive data file embedded within the Inline XBRL document as Exhibit 104[8]. Conference Call Information - The company will hold a conference call on November 14, 2025, at 8:00 am ET to discuss its financial and operating results[6]. - Presentation slides for the conference call are provided as Exhibit 99.2[6]. Company Information - The company is registered under the Securities Exchange Act of 1934 and trades on the Nasdaq Global Select Market under the symbol SRRK[3]. - The company is incorporated in Delaware and has a principal office located in Cambridge, MA[2]. - The company has not indicated if it is an emerging growth company[3]. Report Details - The report is intended to be furnished and not deemed "filed" under the Exchange Act[5]. - The report was signed by Junlin Ho, General Counsel & Corporate Secretary, on November 14, 2025[12].

Financial Performance - Mersana Therapeutics reported a net loss of $7.5 million, or $1.51 per share, for Q3 2025, compared to a net loss of $11.5 million, or $2.34 per share, in Q3 2024[12]. - Collaboration revenue for Q3 2025 was $11.0 million, down from $12.6 million in the same period in 2024, primarily due to decreased revenue from Johnson & Johnson and Merck KGaA[11]. - Cash and cash equivalents as of September 30, 2025, were $56.4 million, with expectations to support operations into mid-2026[11]. - Research and development expenses for Q3 2025 were $12.2 million, down from $14.8 million in Q3 2024, reflecting lower headcount and compensation costs[11]. - General and administrative expenses for Q3 2025 were $6.3 million, compared to $9.9 million in Q3 2024, also due to reduced headcount and consulting fees[11]. - Mersana has a total stockholders' deficit of $59.5 million as of September 30, 2025[16]. - Mersana's total assets decreased to $62.7 million from $144.7 million year-over-year[16]. Development and Milestones - Mersana achieved a $15 million development milestone from GSK for its XMT-2056 candidate in Q3 2025[8]. - Mersana continues to evaluate its Emi-Le candidate in patients with triple-negative breast cancer and adenoid cystic carcinoma type 1[4][5]. Proposed Transactions and Risks - The company is in a merger agreement with Day One Biopharmaceuticals, with an upfront consideration of $25.00 per share and potential total deal value of up to $285 million[3]. - Mersana is involved in proposed transactions with Day One, including a tender offer and merger, with potential benefits and expected completion timelines[20]. - The company faces risks related to the timely completion of the proposed transactions, which could adversely affect its business and stock price[20]. - There is uncertainty regarding stockholder participation in the tender offer and potential competing acquisition proposals[20]. - Mersana's management may experience distractions from ongoing business operations due to the proposed transactions[20]. - The company is subject to various regulatory approvals that could impact the closing of the proposed transactions[20]. - Potential milestone payments related to the CVR may not be achieved, affecting future financial outcomes[20]. - Mersana's trading price and business operations may be disrupted by the announcement or pendency of the proposed transactions[20]. - The company may incur significant costs related to stockholder litigation or legal proceedings associated with the proposed transactions[20]. - Mersana's ability to finance continued operations and its competitive position are under scrutiny amid these developments[20]. - The company acknowledges various market, economic, and regulatory risks that could impact its future performance[20].

Financial Performance - For fiscal 2025, Spire reported consolidated adjusted earnings per share of $4.44, a 7.5% increase from $4.13 in fiscal 2024[1] - Fiscal 2025 net income was $271.7 million ($4.37 per diluted share), compared to $250.9 million ($4.19 per share) in fiscal 2024[4] - Adjusted earnings for fiscal 2025 totaled $275.5 million, up from $247.4 million in fiscal 2024[4] - Fiscal 2026 adjusted EPS guidance is set at $5.25 to $5.45, while fiscal 2027 guidance is $5.65 to $5.85[4][14] Segment Performance - Gas Utility adjusted earnings increased to $231.4 million in fiscal 2025 from $220.8 million in fiscal 2024[6] - Midstream adjusted earnings rose to $56.3 million in fiscal 2025, up from $33.5 million in fiscal 2024, driven by additional storage capacity and higher contract rates[11] - Contribution margin increased by $37.5 million, primarily due to new rates at Spire Alabama and higher ISRS revenues at Spire Missouri[7] Dividend and Capital Investment - The company raised its common stock dividend by 5.1%, marking 23 consecutive years of dividend growth[16] - Spire's 10-year capital investment target has been increased to $11.2 billion, supporting long-term adjusted EPS growth of 5–7%[15] Quarterly Performance - The company reported a consolidated net loss of $39.8 million in the fourth quarter of fiscal 2025, compared to a net loss of $25.9 million in the same period last year[18] - Operating revenues for Q3 2025 increased to $334.1 million, up 13.7% from $293.8 million in Q3 2024[27] - Net loss for Q3 2025 was $39.8 million, compared to a net loss of $25.9 million in Q3 2024, reflecting a deterioration in performance[27] - Total operating expenses rose to $334.6 million in Q3 2025, a 22.1% increase from $274.0 million in Q3 2024[27] Cash Flow and Investments - The company reported a net cash provided by operating activities of $578.0 million for the year ended September 30, 2025, down from $912.4 million in the previous year[29] - Capital expenditures for the year ended September 30, 2025, were $922.4 million, compared to $861.3 million in 2024, indicating increased investment in infrastructure[29] Balance Sheet - Total assets increased to $11,575.3 million as of September 30, 2025, up from $10,860.7 million in 2024, reflecting growth in the company's asset base[28] - The company’s long-term debt decreased to $3,369.4 million from $3,704.4 million year-over-year, indicating improved debt management[28] Adjusted Loss and Earnings - Adjusted loss earnings for Q3 2025 were reported at $(24.1) million, translating to $(0.47) per diluted share, compared to an adjusted loss of $(27.6) million or $(0.54) per diluted share in Q3 2024[30] - The contribution margin for the three months ended September 30, 2025, was $242.6 million, an increase from $224.5 million in the same period of 2024, reflecting a growth of approximately 8.1%[32] Year-End Results - Operating revenues for the year ended September 30, 2025, totaled $2,476.4 million, compared to $2,593.0 million for the year ended September 30, 2024, indicating a decrease of about 4.5%[32] - The total operating income for the year ended September 30, 2025, was $523.9 million, up from $488.3 million in 2024, representing an increase of approximately 7.3%[32] - Operation and maintenance expenses for the year ended September 30, 2025, were $542.1 million, compared to $507.4 million in 2024, reflecting an increase of about 6.8%[32] - Natural gas costs for the year ended September 30, 2025, were $905.5 million, a decrease from $1,103.3 million in 2024, showing a reduction of approximately 17.9%[32] - The contribution margin for the year ended September 30, 2025, was $1,455.2 million, compared to $1,361.5 million in 2024, indicating an increase of about 6.9%[32] - Depreciation and amortization expenses for the year ended September 30, 2025, were $298.2 million, up from $278.4 million in 2024, reflecting an increase of approximately 7.1%[32] - Taxes, other than income taxes, for the year ended September 30, 2025, totaled $206.7 million, compared to $215.6 million in 2024, indicating a decrease of about 4.5%[32] - The gross receipts tax expense for the year ended September 30, 2025, was $115.7 million, slightly up from $128.2 million in 2024, reflecting a decrease of about 9.8%[32]

Financial Performance - For the three-month period ended September 30, 2025, the net operating revenue for the company was R$14,227,820, an increase from R$13,568,717 in the same period of 2024, representing a growth of 4.9%[17] - The gross profit for the nine-month period ended September 30, 2025, was R$19,290,494, compared to R$17,994,454 in 2024, reflecting an increase of 7.2%[17] - The net income for the period was R$1,888,359 for the three-month period ended September 30, 2025, up from R$1,667,444 in 2024, indicating a growth of 13.3%[17] - The company’s total operating income for the nine-month period ended September 30, 2025, was R$6,930,663, compared to R$6,206,315 in 2024, reflecting an increase of 11.7%[17] - Net income for the three-month period ended September 30, 2025, was R$1,888,359, compared to R$1,667,444 for the same period in 2024, representing an increase of 13.2%[20] - For the nine-month period ended September 30, 2025, net income reached R$4,291,025, up from R$3,784,905 in 2024, reflecting a growth of 13.4%[20] - Comprehensive income for the three-month period ended September 30, 2025, was R$1,979,011, compared to R$1,670,942 in 2024, indicating an increase of 18.4%[20] Assets and Liabilities - As of September 30, 2025, Telefônica Brasil S.A. reported total assets of R$ 122.08 billion, a slight decrease from R$ 123.41 billion as of December 31, 2024[15] - The company's current assets increased to R$ 22.64 billion from R$ 21.42 billion, representing a growth of approximately 5.7%[15] - Non-current assets decreased to R$ 99.44 billion from R$ 101.99 billion, a decline of about 2.5%[15] - Total liabilities as of September 30, 2025, were R$53,640,552, slightly down from R$53,679,809 at the end of 2024[16] - The company's total equity decreased to R$68,438,152 as of September 30, 2025, from R$69,729,582 at the end of 2024[16] - Current liabilities decreased to R$22,871,638 as of September 30, 2025, from R$23,429,881 at the end of 2024, a reduction of 2.4%[16] Cash Flow and Financial Management - Cash and cash equivalents stood at R$ 6.38 billion, up from R$ 6.27 billion, indicating a growth of about 1.8%[15] - The management has emphasized the importance of cash flow management, with cash flows for the nine-month period being a critical focus area[11] - Net cash generated by operating activities reached R$15,507,989, a slight increase from R$15,269,932 in the prior year[22] Regulatory and Market Environment - The company faces risks from regulatory changes that may affect interconnection fees, which are a significant part of its revenue[54] - ANATEL's new General Regulation on Consumer Rights will come into effect on September 1, 2025, replacing the previous regulation[55][56] - The dual VAT model established by the tax reform will replace several existing taxes, with a transition period from 2026 to 2032[109] Acquisitions and Investments - Terra Networks acquired Samauma Brands Electronics Trade, Import and Export Ltda. for up to R$66,451, with R$58,696 allocated to net assets acquired[59] - The acquisition of Samauma resulted in a preliminary fair value of net assets acquired amounting to R$4,562, with goodwill generated at R$54,134[68] - The merger of IoTCo Brazil into CloudCo Brazil was completed on July 1, 2025, aimed at reducing operational costs and leveraging internal synergies[77] - The acquisition of FiBrasil for R$850,000 will increase the Company's stake to 75.01%, enhancing its presence in the fiber optic network sector[82] Taxation and Legal Matters - The Company is contesting tax assessments totaling R$39,502,275 as of September 30, 2025, primarily related to goodwill amortization deductions[151] - The effective combined rate of Income Tax and Social Contribution on Net Income is expected to exceed the 15% minimum stipulated by the new OECD Pillar II rules, effective January 2025[153] - The total possible risk of loss for tax contingencies is R$42,048,569 as of September 30, 2025, compared to R$40,850,071 on December 31, 2024[191] Personnel and Social Charges - The company reported an increase in personnel, social charges, and benefits to R$4,823,646, up from R$4,617,839 in the previous year[21] - Social charges and benefits increased to R$806,525 thousand in Q3 2025 from R$563,773 thousand in Q4 2024, representing a 42.9% increase[178] Property, Plant, and Equipment (PP&E) - As of September 30, 2025, the total property, plant, and equipment (PP&E) for Telefônica Brasil S.A. is R$44,715,943, a decrease from R$46,796,018 on December 31, 2024, representing a decline of approximately 4.5%[167] - The company added R$6,327,883 in new PP&E during the nine-month period ending September 30, 2025, compared to R$7,271,393 in the same period of 2024, indicating a decrease of about 12.9%[167] - The cost of PP&E as of September 30, 2025, is R$189,220,367, up from R$184,954,868 on December 31, 2024, marking an increase of about 2.3%[167] Earnings and Shareholder Returns - The company reported basic and diluted earnings per common share of R$0.58782 for the three-month period ended September 30, 2025, compared to R$0.50851 in 2024, a rise of 15.6%[17] - The return of capital to shareholders amounted to R$1,500,000 on January 24, 2024, and R$2,000,000 on December 18, 2024[19]

Revenue Performance - For the three months ended September 30, 2025, the Company reported no revenue, a decrease of $3,848, or 100%, from $3,848 for the same period in 2024[74]. - For the nine months ended September 30, 2025, revenue was $2,179,348, an increase of $2,122,060, or 3,704%, from $57,288 for the same period in 2024, attributed to ASPIS license revenue and professional services[78]. - The company recognized $1,980,000 in revenue from functional IP for the nine months ended September 30, 2025, with $1,001,000 collected from ASPIS during the same period[100][101]. - The company recognized $176,000 attributed to professional services during the nine months ended September 30, 2025[99]. - Revenue from software-as-a-service (SAAS) is recognized over the life of the contract, reflecting the performance obligations satisfied[95]. - The company recognizes revenue from advertising sales on a net basis, acting as an agent in the transaction[97]. Expenses - Research and development expenses for the three months ended September 30, 2025, were $14,470, an increase of $3,008, or 26%, from $11,462 for the same period in 2024[75]. - Selling, general and administrative expenses for the three months ended September 30, 2025, were $741,931, an increase of $220,521, or 42%, from $521,410 for the same period in 2024[76]. - Total operating expenses for the nine months ended September 30, 2025, were $3,153,263, a decrease from $3,547,139 for the same period in 2024[77]. - Stock-based compensation increased by $248,087 during the nine months ended September 30, 2025[89]. Financial Position - As of September 30, 2025, the Company had cash of $1,405,628 and a working capital balance of $2,770,192, down from cash of $3,065,914 and working capital of $3,509,272 as of December 31, 2024[83]. - The net decrease in cash and cash equivalents for the nine months ended September 30, 2025 was $1,660,286, compared to a decrease of $4,217,759 in 2024[88]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $1,484,267, a decrease of 65% compared to $4,255,345 for the same period in 2024[89]. - Cash used in investing activities was $300,000 for the nine months ended September 30, 2025, attributed to technology development for new product offerings, with no cash used in 2024[90]. Business Strategy and Risks - The Company is pursuing new customer relationships and expansion opportunities, particularly in Brazil, which is expected to begin generating revenue in the near term[67]. - The Company continues to face risks and uncertainties common to emerging growth businesses, with management believing that current resources may not be sufficient to fund planned activities for the next twelve months[86]. - The company has not engaged in any financing activities for the nine months ended September 30, 2025 and 2024[91]. - The company operates under the Emerging Growth Company status, allowing it to delay adopting new accounting standards[103]. Technology and Development - The Company has implemented cybersecurity solutions to strengthen its technology infrastructure and is developing new intellectual property to enhance its technology portfolio[67].

Financial Performance - For the three months ended September 30, 2025, the company generated revenues of $43,353,235, a decrease of 18.33% from $53,084,883 in the same period of 2024[227]. - Net income attributable to SBC Medical Group Holdings for the three months ended September 30, 2025, was $12,824,636, compared to $2,832,894 in 2024, reflecting a significant increase of 352.70%[230]. - Revenues, net for the nine months ended September 30, 2025 decreased by 16.74% to $134,040,783 from $160,995,005 in the same period of 2024[254]. - Net income for the three months ended September 30, 2025 was $12,833,326, representing an increase of $9,998,859 or 352.76% from $2,834,467 in the same period of 2024[250]. - Net income for the nine months ended September 30, 2025 was $36,765,128, representing a decrease of $3,376,880 or 8.41% from $40,142,008 in the same period of 2024[270]. Revenue Breakdown - Franchising revenue decreased by 36.71% to $9,929,387 for the three months ended September 30, 2025, from $15,688,528 in 2024, primarily due to a revision of the fee structure[235]. - Procurement revenue fell by 23.70% to $13,406,905 for the three months ended September 30, 2025, from $17,571,299 in 2024, attributed to reduced orders from medical corporations[236]. - Management services revenue decreased by 21.87% to $9,462,183 for the three months ended September 30, 2025, from $12,110,764 in 2024, mainly due to the discontinuation of certain supporting services[237]. - Franchising revenue decreased to $35,656,250, down by $9,768,802 or 21.51% from $45,425,052 for the same period in 2024[256]. - Procurement revenue decreased to $43,496,207, down by $807,684 or 1.82% from $44,303,891 for the same period in 2024[257]. - Management services revenue decreased to $23,328,864, down by $21,142,167 or 47.54% from $44,471,031 in the same period of 2024, primarily due to the merger of Shobikai Sub and the discontinuation of certain services[258]. Cash Flow and Expenses - The company reported cash flows used in operating activities of $(27,295,426) for the nine months ended September 30, 2025, compared to cash flows provided of $27,886,231 in 2024[227]. - Operating expenses decreased to $14,730,247, down by $14,674,240 or 49.90% from $29,404,487 in the same period in 2024[243]. - Gross profit decreased to $30,611,487, down by $12,627,603 or 29.20% from $43,239,090 in the same period of 2024[242]. - Gross profit for the nine months ended September 30, 2025 was $98,355,148, a decrease of $23,822,992 or 19.50% from $122,178,140 in the same period of 2024, mainly due to lower franchising and management services revenue[262]. - Operating expenses decreased to $43,717,642, down by $12,874,450 or 22.75% from $56,592,092 in the same period of 2024, primarily due to reduced stock-based compensation and salaries[263]. Other Income and Tax Rate - Other income increased to $2,526,035 for the three months ended September 30, 2025, compared to $65,922 for the same period in 2024, a rise of 3,731.85%[247]. - The effective tax rate decreased to 30.66% from 78.38% for the three months ended September 30, 2025, a decrease of 47.72 percentage points[249]. - The effective tax rate was 42.10% for the nine months ended September 30, 2025, compared to 40.44% for the same period in 2024[269]. Company Strategy and Future Plans - The company aims to expand its "Shonan Beauty Clinic" brand and strengthen its market position in Japan, Vietnam, and Singapore[228]. - The Company plans to conduct a tender offer for up to 575,000 shares of Waqoo's common stock from November 14, 2025, to December 12, 2025[291]. - The Company intends to make Waqoo its consolidated subsidiary following the completion of the tender offer, aiming to enhance R&D initiatives and integrate advanced technologies[287]. Financial Position and Assets - As of September 30, 2025, the company had retained earnings of $226,248,329[227]. - As of September 30, 2025, the company had $127,431,318 in cash and cash equivalents, compared to $125,044,092 as of December 31, 2024[272]. - The Company holds significant operating and finance leases, with total undiscounted lease payments amounting to $5,155,215[289]. - Future minimum borrowing payments total $21,122,794, with significant repayments due in 2026 and 2027[292]. Market and Currency Exposure - The Company is exposed to foreign currency exchange rate fluctuations, primarily due to operations in Japan and revenues in Japanese yen[294]. - The average exchange rate of Japanese Yen against the U.S. dollar was 147.4096 for the three months ended September 30, 2025, compared to 148.9730 in 2024, impacting net revenues positively[234]. Corporate Structure - The company completed a business combination with Pono Capital Two, Inc. on September 17, 2024, and began trading on Nasdaq under the ticker symbol "SBC"[219]. - The Company is classified as an "emerging growth company," allowing it to take advantage of certain reporting exemptions[297].

Financial Performance - For the three months ended September 30, 2025, the company generated revenues of $43,353,235, a decrease of 18.33% from $53,084,883 in the same period of 2024[227]. - Net income attributable to SBC Medical Group Holdings for the three months ended September 30, 2025, was $12,824,636, compared to $2,832,894 in 2024, reflecting a significant increase of 352.70%[230]. - Revenues, net for the nine months ended September 30, 2025 decreased by 16.74% to $134,040,783 from $160,995,005 in the same period of 2024[254]. - Net income for the nine months ended September 30, 2025 was $36,765,128, representing a decrease of $3,376,880 or 8.41% from $40,142,008 in the same period of 2024[270]. - Net income for the three months ended September 30, 2025 was $12,833,326, representing an increase of $9,998,859 or 352.76% from $2,834,467 in the same period of 2024[250]. Revenue Breakdown - Franchising revenue decreased by 36.71% to $9,929,387 for the three months ended September 30, 2025, from $15,688,528 in 2024, primarily due to a revision in the fee structure[235]. - Procurement revenue fell by 23.70% to $13,406,905 for the three months ended September 30, 2025, from $17,571,299 in 2024, attributed to reduced orders from medical corporations[236]. - Management services revenue decreased by 21.87% to $9,462,183 for the three months ended September 30, 2025, from $12,110,764 in 2024, mainly due to the discontinuation of certain supporting services[237]. - Franchising revenue decreased to $35,656,250, down by $9,768,802 or 21.51% from $45,425,052 for the same period in 2024, due to a revision in the fee structure[256]. - Procurement revenue decreased to $43,496,207, down by $807,684 or 1.82% from $44,303,891 for the same period in 2024, reflecting a decrease in orders from medical clinics[257]. - Management services revenue decreased to $23,328,864, down by $21,142,167 or 47.54% from $44,471,031 in the same period of 2024, primarily due to the discontinuation of clinic operation staff supporting services and a decrease in customer rewards program revenue[258]. - Rental services revenue increased to $6,219,645, up by $2,094,871 or 50.79% from $4,124,774 in the same period of 2024[238]. - Rental services revenue increased to $18,711,335, up by $7,515,447 or 67.13% from $11,195,888 in the same period of 2024, driven by the opening of new clinics and increased demand for medical equipment[259]. - Other revenues rose to $4,335,115, an increase of $745,597 or 20.77% from $3,589,518 for the same period in 2024, primarily due to contributions from Aesthetic Healthcare Holdings Pte. Ltd.[239]. Cash Flow and Liquidity - The company reported cash flows used in operating activities of $(27,295,426) for the nine months ended September 30, 2025, compared to cash flows provided of $27,886,231 in 2024[227]. - As of September 30, 2025, the company had $127,431,318 in cash and cash equivalents, compared to $125,044,092 as of December 31, 2024, indicating a slight increase in liquidity[272]. - Net cash used in operating activities was $27,295,426 for the nine months ended September 30, 2025, a significant decrease from net cash provided of $27,886,231 in the same period of 2024[279]. - During the nine months ended September 30, 2025, net cash provided by investing activities was $3,239,523, primarily from proceeds of $17.7 million from the redemption of life insurance policies[281]. - For the nine months ended September 30, 2025, net cash provided by financing activities was $18,470,001, mainly from long-term loans of $14.9 million[283]. Operating Expenses - Operating expenses decreased to $14,730,247, a reduction of $14,674,240 or 49.90% from $29,404,487 in the same period of 2024, mainly due to a decrease in stock-based compensation and consulting fees[243]. - Operating expenses decreased to $43,717,642, down by $12,874,450 or 22.75% from $56,592,092 in the same period of 2024, primarily due to a reduction in stock-based compensation and salaries[263]. Profitability Metrics - Gross profit decreased to $30,611,487, down by $12,627,603 or 29.20% from $43,239,090 in the same period of 2024, attributed to lower franchising and management services revenue[242]. - Gross profit for the nine months ended September 30, 2025 was $98,355,148, a decrease of $23,822,992 or 19.50% from $122,178,140 in the same period of 2024, mainly due to lower franchising and management services revenue[262]. - The effective tax rate decreased to 30.66% from 78.38% in the same period of 2024, primarily due to the absence of non-deductible stock-based compensation in 2025[249]. - The effective tax rate increased to 42.10% for the nine months ended September 30, 2025, compared to 40.44% for the same period in 2024[269]. Strategic Initiatives - The company plans to expand its "Shonan Beauty Clinic" brand and strengthen its market position in Japan, Vietnam, and Singapore[228]. - The company completed a business combination with Pono Capital Two, Inc. on September 17, 2024, and began trading on Nasdaq under the ticker symbol "SBC"[219]. - The Company plans to conduct a tender offer for up to 575,000 shares of Waqoo's common stock from November 14, 2025, to December 12, 2025[291]. - The Company intends to make Waqoo a consolidated subsidiary to enhance its research and development initiatives and integrate advanced technologies[287]. Other Financial Information - As of September 30, 2025, the company had retained earnings of $226,248,329[227]. - The average exchange rate of Japanese Yen against the U.S. dollar was 147.4096 for the three months ended September 30, 2025, compared to 148.9730 in 2024, impacting revenue and net income positively[234]. - The Company holds significant operating and finance leases, with total undiscounted lease payments amounting to $5,155,215[289]. - Future minimum borrowing payments total $21,122,794, with significant repayments due in 2026 and 2027[292]. - The Company is exposed to foreign currency exchange rate fluctuations, primarily due to operations in Japan and revenues in Japanese yen[294]. - The Company is classified as an "emerging growth company," allowing it to take advantage of certain reporting exemptions[297].