UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42653 COLUMBUS CIRCLE CAPITAL CORP I (Exact name of registrant as specified in its charter) | Cayman Islands | 99-3947168 | ...

Financial Performance - Total revenue for the three months ended September 30, 2025, was $1,976,795, a significant increase from $370,187 in the same period of 2024, representing a growth of 434%[18] - The company reported a net loss of $(6,639,948) for the three months ended September 30, 2025, compared to a net income of $17,931,827 in the same period of 2024[18] - For the nine months ended September 30, 2025, the net loss was $21,661,311 compared to a net loss of $50,366,134 for the same period in 2024, indicating a significant reduction in losses[23] - For the nine months ended September 30, 2025, the Company reported a revenue of $4,714,842, compared to $9,178,003 for the same period in 2024, indicating a decline[148] Operating Loss and Expenses - The company reported an operating loss of $5,877,920 for the three months ended September 30, 2025, compared to a loss of $5,569,875 for the same period in 2024, indicating a slight increase in losses[18] - The company incurred total costs and expenses of $7,854,715 for the three months ended September 30, 2025, compared to $5,940,062 for the same period in 2024, representing an increase of 32%[18] - Cash used in operating activities for the nine months ended September 30, 2025, was $18,943,935, slightly lower than $20,128,427 for the same period in 2024[23] Assets and Liabilities - Cash and cash equivalents increased to $5,492,350 as of September 30, 2025, up from $1,186,047 at December 31, 2024, reflecting a growth of 364%[15] - Total assets rose to $42,813,211 as of September 30, 2025, compared to $22,685,087 at December 31, 2024, marking an increase of 88%[15] - Total current liabilities surged to $46,490,584 as of September 30, 2025, compared to $12,301,000 at December 31, 2024, reflecting an increase of 278%[15] - The accumulated deficit increased to $(278,787,369) as of September 30, 2025, from $(253,698,352) at December 31, 2024, indicating a deterioration of 10%[16] Stockholder Information - The total stockholders' deficit improved to $(4,122,986) as of September 30, 2025, from $(20,397,413) at December 31, 2024, indicating a reduction in deficit of 80%[16] - The Company had 6,427,297 shares of Common Stock outstanding as of September 30, 2025[187] - The Company’s stockholders approved the reverse stock split to meet NASDAQ Capital Market bid price requirements[182] Acquisition and Strategic Moves - The strategic acquisition of SeaTrepid International LLC was finalized on March 20, 2025, aiming to enhance operational performance and efficiency in the ROV fleet[30] - The Company completed the acquisition of SeaTrepid International LLC for total consideration of $14,352,692 on March 20, 2025[87] - SeaTrepid contributed approximately $4,181,918 in revenue and $1,666,453 in net income for the nine months ended September 30, 2025[147] Financing and Debt - The company is currently evaluating financing alternatives to maintain adequate liquidity, as all outstanding notes payable were reclassified from long-term to short-term due to maturity[32] - The Company entered into a senior secured term loan agreement providing an aggregate of $9,551,856 in secured term loans, with an additional $6 million available within 180 days[117] - The Company reduced the conversion price of the loans under the 2024 Term Loan Agreement to $14.31 on a post reverse split basis[121] Stock and Warrants - The Company conducted an At-The-Market (ATM) offering, issuing 1,106,261 shares for gross proceeds of $5,160,244 and net proceeds of $4,938,966 during the three months ended September 30, 2025[188] - The Public Warrants were valued at $1,569 as of September 30, 2025, reflecting a gain in value of $30,209 for the nine months ended September 30, 2025[199] - The Company reported a loss of $7,511 in the value of the Public Warrants for the nine months ended September 30, 2025, compared to a gain of $323,438 for the same period in 2024[202] Operational Insights - The company has implemented cost-cutting measures to preserve cash as it does not generate sufficient revenue to cover operating expenses[31] - The company believes it has sufficient resources to continue as a going concern for at least one year, supported by a current investor[31] - The company had no product sales for the three and nine months ended September 30, 2025, and 2024, respectively, indicating a focus on service contracts[47]

Financial Performance - Contango reported record high income from operations of $25 million for Q3-2025, up from $22.7 million in Q3-2024, representing an increase of approximately 5.7%[3] - Adjusted net income for Q3-2025 was $24.9 million, compared to $19.1 million in Q3-2024, reflecting a year-over-year increase of about 30.3%[3] - For the nine months ended September 30, 2025, net cash provided from operating activities was $60.2 million, a significant increase from $10.6 million in the same period of 2024[4] - Contango's unrestricted cash position as of September 30, 2025, was $107 million, compared to $20.1 million at the end of 2024[4] - Cash distributions received from the Peak Gold JV amounted to $33 million in Q3-2025, contributing to the company's improved cash flow[9] Production and Costs - The company sold 16,669 ounces of gold in Q3-2025, with cash costs of $1,402 per ounce and all-in-sustaining costs of $1,597 per ounce, both below the 2025 target of $1,625 per ounce[2] - The company expects to produce between 6,000 and 8,000 gold ounces in Q4-2025, with additional production from a test batch of Manh Choh ore[2] Projects and Future Plans - A 15,000-meter underground in-fill drilling program is underway at the Lucky Shot mine, with assay results expected in Q1-2026[7] - The company plans to complete a feasibility study for the Lucky Shot project within 12 to 18 months, targeting annual production of 30,000 to 40,000 ounces of gold[10] Capital Raising - Contango raised gross proceeds of $50 million through an equity offering, issuing 1,975,000 shares at a public offering price of $20.00 per share[14]

Financial Performance - Total operating revenue for Q3 2025 was $345.3 million, a decrease of 4.8% from $362.1 million in Q3 2024[22] - Capitated revenue for Q3 2025 was $341.6 million, down 4.5% from $357.7 million in Q3 2024[22] - Net loss for Q3 2025 was $69.5 million, compared to a net loss of $102.9 million in Q3 2024, representing a 32.5% improvement[22] - Operating loss for Q3 2025 was $44.2 million, an improvement from an operating loss of $107.0 million in Q3 2024[22] - The company reported a basic net loss per share of $9.67 for Q3 2025, compared to $14.36 for Q3 2024[22] - For the nine months ended September 30, 2025, the company reported a net loss of $157.4 million, an improvement from a net loss of $181.2 million for the same period in 2024, representing a decrease of approximately 13.1%[38] - The company recorded a net loss of $37,874 thousand for the quarter ending September 30, 2025, compared to a net loss of $23,303 thousand for the quarter ending June 30, 2025[27] - The company has experienced losses since inception, with a net loss of $69.5 million for the three months ended September 30, 2025, compared to $102.9 million for the same period in 2024[38] Assets and Liabilities - Total current assets decreased to $135.6 million as of September 30, 2025, from $184.1 million as of December 31, 2024, a decline of 26.3%[19] - Total liabilities increased to $664.6 million as of September 30, 2025, compared to $633.9 million as of December 31, 2024, an increase of 4.8%[19] - The accumulated deficit increased to $575.6 million as of September 30, 2025, from $503.2 million as of December 31, 2024[19] - Total assets decreased to $683.6 million as of September 30, 2025, from $783.4 million as of December 31, 2024, a decline of 12.7%[19] - The total stockholders' equity as of September 30, 2025, was reported at $(18,686) thousand, indicating a deficit situation[27] - The company reported a working capital deficit of $288.3 million as of September 30, 2025, highlighting significant liquidity challenges[39] Revenue and Membership - Total revenue for the three months ended September 30, 2025, was $345,253,000, a decrease of 4.7% from $362,124,000 in the same period of 2024[52] - Capitated revenue accounted for 98.9% of total revenue in Q3 2025, totaling $341,555,000, compared to 98.8% or $357,706,000 in Q3 2024[52] - For the nine months ended September 30, 2025, total revenue was $1,074,266,000, down 4.9% from $1,129,769,000 in the same period of 2024[52] - Average at-risk membership decreased to 115,900 in Q3 2025 from 128,400 in Q3 2024, representing a decline of 9.7%[149] - The company operates in the $1,030 billion Medicare market, focusing on the Medicare Advantage (MA) segment, which comprises approximately 51% of the overall market, equating to nearly 35 million eligible lives in 2025[110] - As of September 30, 2025, the company has expanded its primary care physician (PCP) network to approximately 2,700 physicians across 24 markets, serving around 116,000 at-risk members[113] Expenses and Cost Management - Medical claims expense for Q3 2025 was $337.143 million, down from $357.166 million in Q3 2024, reflecting a decrease of 5.6%[87] - Medical expenses represent 92% of the total operating expenses for the nine months ended September 30, 2025, highlighting the importance of managing healthcare costs effectively[128] - The company expects its corporate general and administrative expenses to decrease as a percentage of revenue over time as membership grows and operational efficiencies are realized[130] - Medical expenses for Q3 2025 were $369.8 million, a decrease of $32.1 million, or 8%, compared to $401.9 million in Q3 2024, driven by a reduction in at-risk members[175] Financing and Capital Structure - The company is exploring raising additional capital through a combination of debt financing and equity issuances to support future operations[39] - Long-term debt increased to $312.2 million as of September 30, 2025, compared to $198.0 million on December 31, 2024, representing a 57.5% increase[66] - The net long-term debt after accounting for unamortized costs is $214.2 million, up from $108.9 million, indicating a 96.5% increase year-over-year[66] - The company raised $30.0 million through the VGS 4 Promissory Note, with a first tranche of $15.0 million drawn on February 18, 2025, and a second tranche of $15.0 million drawn on March 14, 2025[188] - The VGS 4 Promissory Note has an interest rate of 19.5% per annum, with interest payable quarterly starting March 31, 2025[188] - The company also entered into the VGS 5 Promissory Note, providing for funding of up to $70.0 million, with the first tranche of $15.0 million drawn on May 29, 2025[193] Operational Challenges and Future Outlook - The company expects to continue incurring net losses and negative cash flows from operating activities in accordance with its operating plan[209] - The company has substantial doubt about its ability to continue as a going concern within one year from the issuance of its financial statements[209] - The company recorded a premium deficiency reserve adjustment of $(36.7) million for the nine months ended September 30, 2025, compared to a reserve of $15.8 million for the same period in 2024[38] - The company anticipates that PMPM revenue will improve as it better understands and assesses the health status of its members through its care model[127]

Financial Performance - Total revenue for Q3 2025 was $345.3 million, a decrease of 5% compared to the same quarter last year[6]. - Total operating revenue for Q3 2025 was $345.3 million, a decrease of 4.8% from $362.1 million in Q3 2024[22]. - Capitated revenue for the nine months ended September 30, 2025, was $1.06 billion, down 4.8% from $1.12 billion in the same period of 2024[22]. - Capitated revenue for Q3 2025 was $341,555 thousand, down from $357,706 thousand in Q3 2024, reflecting a 4.3% decline[29]. - Net loss for the nine months ended September 30, 2025, was $157.4 million, compared to a net loss of $181.2 million in the same period of 2024[24]. - Net loss for Q3 2025 was $69,461 thousand, a decrease from a net loss of $102,850 thousand in Q3 2024, representing a 32% improvement[26]. - Adjusted EBITDA loss for Q3 2025 was $45.9 million, or $132 PMPM, with year-to-date Normalized Adjusted EBITDA at a loss of $70.1 million[6]. - Adjusted EBITDA loss for Q3 2025 was $45,911 thousand, an improvement from a loss of $71,000 thousand in Q3 2024, indicating a 35% reduction in losses[26]. - Normalized adjusted EBITDA loss for Q3 2025 was $48,431 thousand, compared to $75,797 thousand in Q3 2024, indicating a 36% improvement[26]. Medical Margin and Costs - Medical margin for Q3 2025 was $4.4 million, or $13 PMPM, impacted by unfavorable mid-year settlement adjustments[6]. - Medical margin for fiscal 2025 is expected to range from $67 million to $82 million[5]. - Medical margin for Q3 2025 increased to $4,412 thousand compared to $540 thousand in Q3 2024, showing a significant improvement[29]. - Medical claims expense for Q3 2025 was $337,143 thousand, slightly lower than $357,166 thousand in Q3 2024, reflecting a 5.6% decrease[29]. - The company continues to see stable medical cost trends and strengthening operating discipline[2]. Assets and Liabilities - Total current assets decreased to $135.6 million as of September 30, 2025, from $184.1 million as of December 31, 2024[19]. - Total liabilities increased to $664.6 million as of September 30, 2025, compared to $633.9 million as of December 31, 2024[19]. - The company’s total stockholders' equity showed a deficit of $18.7 million as of September 30, 2025, compared to a positive equity of $75.9 million as of December 31, 2024[19]. Interest and Expenses - The company incurred interest expense of $20.5 million in Q3 2025, significantly higher than $5.6 million in Q3 2024[22]. - Interest expense, net for Q3 2025 was $20,527 thousand, significantly higher than $5,647 thousand in Q3 2024, marking an increase of 264%[26]. - Total operating expense for Q3 2025 was $389,476 thousand, down from $469,114 thousand in Q3 2024, a decrease of 17%[33]. - Adjusted operating expense for Q3 2025 was $21,219 thousand, down from $31,552 thousand in Q3 2024, a reduction of 32.7%[33]. Membership and Network - Average at-risk membership was approximately 116,000 members for Q3 2025, reflecting a 10% decrease year-over-year due to intentional network and payer rationalization[6]. - P3 Health Partners operates with a network of over 2,700 affiliated primary care providers across four states[10]. Future Outlook - The company identified $120 to $170 million in EBITDA expansion opportunities, positioning for sustainable profitability in 2026 and beyond[2]. - Fiscal 2025 guidance estimates total revenues between $1,400 million and $1,450 million, with an adjusted EBITDA loss projected between $110 million and $95 million[5]. - Medical margin PMPM for Q3 2025 was $13, up from $1 in Q3 2024, representing a substantial increase[29]. Conference Call - Management will host a conference call on November 14, 2025, to discuss these results and future outlook[9].

Business Developments - The company completed a reverse merger with Coeptis Therapeutics, Inc., which is now its primary operating subsidiary[147]. - The company entered into exclusive option agreements with Vy-Gen-Bio, Inc. for technologies aimed at treating CD38-related cancers[157]. - An exclusive licensing arrangement was established with Deverra Therapeutics for a proprietary allogeneic stem cell expansion platform[169]. - The company has abandoned all activities related to two previously launched anti-hypertension products due to pandemic-related challenges[155]. - The company has divested from ANDA products and is no longer focusing on the commercialization of generic products[155]. - The co-development agreement with Vy-Gen includes a 50% revenue sharing model for the CD38 product candidates[167]. - The company is focusing on innovative products and technologies to transform its current offerings in the biopharmaceutical sector[155]. - The company is continuing its development focus on GEAR and SNAP-CAR platforms and is considering strategic partners for development[171]. Financial Performance - Revenues for the three months ended September 30, 2025, were $237,441, compared to $0 for the same period in 2024, driven by lead generation and webinar services[179]. - Operating expenses increased from $2,141,789 in Q3 2024 to $2,669,314 in Q3 2025, primarily due to increased professional services and stock-based compensation[180]. - General and administrative expenses rose from $584,667 in the nine months ended September 30, 2024, to $998,707 in the same period of 2025, mainly due to arbitration resolution fees[186]. - Cash and cash equivalents increased from $1,137,452 in September 2024 to $4,908,487 in September 2025, primarily from a private placement common stock offering[190]. - The change in fair value of derivative liabilities was $856,180 for the nine months ended September 30, 2025, compared to $235,125 for the same period in 2024[188]. - The company recognized an unrealized loss on marketable securities of $568,868 for the three months ended September 30, 2025, reflecting a decline in market value[183]. Research and Development - The CD38-Diagnostic tool has been classified as a Class II device by the FDA, facilitating future development activities[164]. - The company made initial payments totaling $750,000 under the CD38 Agreements to acquire exclusive options for co-development rights[166]. - The total consideration paid to Deverra was approximately $4,937,609, fully expensed in research and development for the year ended December 31, 2023[170]. - Research and development costs are expected to increase to support new strategic initiatives and collaborations[178]. - The year-over-year decrease in research and development expense is attributed to the termination of the Shared Services Agreement with Deverra in December 2024[180]. Market Insights - The global multiple myeloma market was valued at $19.48 billion in 2018 and is projected to reach $31 billion by 2026[160].

Financial Performance - For the three months ended September 30, 2025, revenue was $5.871 million, a decrease of 4.4% from $6.144 million in the same period of 2024[137]. - The net loss for the three months ended September 30, 2025, was $219,000, compared to a net loss of $554,000 in the same period of 2024[137]. - Adjusted EBITDA for the three months ended September 30, 2025, was $889,000, an increase of 117.6% from $409,000 in the same period of 2024[137]. - Revenue for the three months ended September 30, 2025, was $5.9 million, a 4% decrease from $6.1 million in 2024, primarily due to a 9% decline in subscription revenue to $4.6 million[163]. - Gross profit for the same period was $4.1 million, down 7% from $4.4 million in 2024, with a slight improvement in gross margin to 74% from 73%[165]. - For the nine months ended September 30, 2025, revenue was $17.2 million, a 9% decrease from $19.0 million in 2024, driven by a 14% decline in subscription revenue[170]. - Gross profit for the nine months ended September 30, 2025, was $12.8 million, a 7% decline from $13.8 million in 2024, with gross margin improving to 76% from 73%[171]. - The company reported a net loss of $1.7 million for the nine months ended September 30, 2025, compared to a net loss of $0.7 million for the same period in 2024, indicating a worsening of 142.9%[190][191]. Client Metrics - SpringBig serves approximately 800 clients across over 2,100 retail locations, distributing around 600 million messages annually, resulting in over $6.1 billion in gross merchandise value for clients using the platform[134]. - The number of retail clients decreased to 768 in September 2025 from 1,022 in September 2024, indicating a significant reduction in client base[137]. - Net revenue retention rate improved to 95% for the three months ended September 30, 2025, compared to 88% in the same period of 2024[137]. - The net revenue retention rate was 83% for the twelve months ended September 30, 2025, compared to 88% for the same period in 2024[164]. Operational Efficiency - Total operating expenses decreased by 20% to $3.6 million for the three months ended September 30, 2025, compared to $4.5 million in 2024[166]. - Interest expense for the three months ended September 30, 2025, was $0.3 million, down 39% from $0.6 million in 2024[167]. - General and administrative expenses increased by 14% to $6.7 million for the nine months ended September 30, 2025, primarily due to separation agreements and lease termination fees[173]. Cash Flow and Financing - As of September 30, 2025, cash and cash equivalents increased to $1,532,000 from $1,179,000 as of December 31, 2024, representing a growth of 30%[187]. - Cash provided by operating activities was $381,000 for the nine months ended September 30, 2025, a significant improvement from cash used in operating activities of $(1,334,000) in 2024[188]. - Cash used in investing activities was $28,000 for the nine months ended September 30, 2025, down from $64,000 in 2024, reflecting a reduction of 56.3%[192]. - There were no cash flows from financing activities in the nine months ended September 30, 2025, compared to $1.9 million provided by financing activities in 2024[193][194]. - The company may need to raise additional funds through equity or debt financing due to insufficient cash from operations to fund future activities[187]. Market Outlook - SpringBig's platform is expected to benefit from the legalization of cannabis in more jurisdictions, which may enhance growth opportunities[152]. - The company anticipates intensified competition as the cannabis market matures and more established companies enter the space[153]. - SpringBig's revenue growth is driven by acquiring and retaining customers, with a focus on expanding relationships to increase revenue per customer[150]. Accounting and Compliance - The company is evaluating the impact of recent accounting standards on its consolidated financial statements, including ASU 2023-09 and ASU 2025-05[206][207]. - The company maintains a critical accounting estimate for the allowance for credit losses, which is based on historical data and specific customer circumstances[204]. - The company has no off-balance sheet arrangements that could materially affect its financial condition as of September 30, 2025[195].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39871 SAB BIOTHERAPEUTICS, INC. (Exact Name of Registrant as Specified in its Charter ...

REAL ASSET ACQUISITION CORP. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number: 001-42613 Cayman Islan ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number: 001-42613 REAL ASSET ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islan ...