Financial Performance - In 2024, the Company received $40.5 million in cash distributions from the Peak Gold JV related to production at the Manh Choh Project, followed by $87.0 million received during the nine months ended September 30, 2025[115]. - Income from equity investment in the Peak Gold JV for Q3 2025 was $29.5 million, up from $28.5 million in Q3 2024[136]. - For the nine months ended September 30, 2025, income from equity investment in the Peak Gold JV was $79.2 million, significantly higher than $27.7 million for the same period in 2024[145]. - Metal sales for Q3 2025 generated a gain of $2.2 million from 16,669 ounces sold at an average spot price of $3,647, compared to $0.9 million from 12,850 ounces at $2,521 in Q3 2024[139]. - Metal sales for the nine months ended September 30, 2025, resulted in a gain of $4.3 million from 51,574 ounces sold at an average spot price of $3,300, compared to $0.9 million from 12,850 ounces at $2,521 in the same period of 2024[147]. - Loss on derivative contracts for Q3 2025 was $30.3 million, down from $28.8 million in Q3 2024, with 11,900 gold ounces delivered into contracts[140]. - Loss on derivative contracts for the nine months ended September 30, 2025, totaled $83.7 million, compared to $57.1 million for the same period in 2024, with 23,839 ounces delivered into contracts[148]. Project Updates - During Q1 2025, the Peak Gold JV processed 323,000 tons of ore with an average grade of 0.215 oz per ton, resulting in approximately 65,000 oz of recovered gold, of which Contango's 30% share amounted to 19,500 oz[116]. - In Q2 2025, the Peak Gold JV processed 255,000 tons of ore with an average grade of 0.222 oz per ton, resulting in approximately 52,000 oz of recovered gold, with Contango's share being 15,700 oz[117]. - In Q3 2025, the Peak Gold JV processed 287,000 tons of ore with an average grade of 0.214 oz per ton, resulting in approximately 56,800 oz of recovered gold, with Contango's share being approximately 17,000 oz[118]. - The Johnson Tract Project's Technical Report Summary indicates a pre-tax NPV5 of $359.0 million and a pre-tax IRR of 37.4%[127]. - The Lucky Shot Property aims to produce 30,000 to 40,000 ounces of gold per year, with a feasibility study expected to be completed in 12 to 18 months[123]. - The Manh Choh Project commenced production in July 2024 and remains on schedule, contributing to the cash flows of the Peak Gold JV[158]. Expenses and Cash Management - General and administrative expenses for Q3 2025 were $2.5 million, slightly down from $2.6 million in Q3 2024[135]. - Exploration expenses for Q3 2025 were $2.0 million, down from $3.0 million in Q3 2024, primarily related to permitting processes at the Johnson Tract Project[134]. - As of September 30, 2025, the company had approximately $107.0 million in cash, with cash distributions from the Peak Gold JV totaling $87.0 million from Q3 2024 to Q3 2025[156][159]. - The company plans to use net proceeds of approximately $47.5 million from a recent stock sale to advance the Lucky Shot Project and Johnson Tract Project[160]. - Cash cost on a by-product basis per ounce sold for Q3 2025 was $1,402, while AISC on a by-product basis per ounce was $1,597[155]. Ownership and Future Plans - As of September 30, 2025, the Company's directors and executives beneficially own approximately 12.3% of the Company's common stock[131]. - The Company anticipates acquiring additional exploration properties in Alaska, subject to the availability of funds[132].

Financial Performance - The net loss for the three months ended September 30, 2025, was $15.8 million, compared to a net loss of $10.6 million for the same period in 2024, representing an increase of approximately 49%[109] - Net loss for the nine months ended September 30, 2025 was $49.8 million, compared to a net loss of $54.9 million in 2024, an improvement of approximately $5.1 million or 9.3%[116] - The company anticipates continuing to incur net losses for the foreseeable future, raising substantial doubt about its ability to continue as a going concern[125] Revenue - The company recognized no revenue during the three months ended September 30, 2025, compared to $11.0 million in collaboration revenue for the same period in 2024[110] - Collaboration and other revenue for the nine months ended September 30, 2025 was $0, compared to $11.0 million in 2024, reflecting a decrease of 100%[117] - A milestone payment of $2 million was received in November 2025 under the licensing agreement with Context Therapeutics, following the recognition of $11.0 million in revenue from this agreement in 2024[101] Expenses - Research and development expenses decreased to $9.5 million for the three months ended September 30, 2025, down from $16.4 million in 2024, a reduction of approximately 42%[112] - Total operating expenses decreased to $50.1 million in 2025 from $68.7 million in 2024, a reduction of approximately 26.7%[116] - Research and development expenses were $35.6 million for the nine months ended September 30, 2025, down from $51.4 million in 2024, representing a decrease of approximately 30.9%[119] - General and administrative expenses decreased to $4.3 million for the three months ended September 30, 2025, down from $5.9 million in 2024, a reduction of approximately 27%[113] - General and administrative expenses decreased to $14.5 million in 2025 from $17.3 million in 2024, a decline of approximately 16.2%[120] Cash Position - Cash and cash equivalents totaled approximately $8.3 million as of September 30, 2025, raising substantial doubt about the company's ability to continue operations for at least the next twelve months[99] - Cash and cash equivalents as of September 30, 2025 were $8.3 million, indicating a need for additional funding to support ongoing operations[123] - The company closed a stock offering in December 2024, raising approximately $9.2 million before expenses, which may help alleviate liquidity concerns[124] Operational Changes - The company implemented a 30% workforce reduction in March 2025 as part of cost-cutting initiatives to extend its cash runway[97] - The company expects research and development expenses to decrease in the near term as it completes certain Phase 2 trials, but long-term expenses are anticipated to increase substantially[98] Other Financial Metrics - Loss on warrant liability was $2.1 million for the three months ended September 30, 2025, due to changes in the fair value of warrants issued in December 2024[115] - Interest income decreased to $0.8 million in 2025 from $2.8 million in 2024, a decline of approximately 71.4%[121] - Net cash used in operating activities for the nine months ended September 30, 2025 was $40.3 million, an improvement from $55.2 million in 2024, reflecting a decrease of approximately 26.9%[130][131]

Financial Performance - The net loss for the nine months ended September 30, 2025, was $17,709,000, compared to a net loss of $23,845,000 for the same period in 2024, indicating a 25.8% improvement[17]. - The Company incurred a net loss of $17.7 million for the nine months ended September 30, 2025, compared to a net loss of $23.8 million for the same period in 2024[26]. - The Company reported a net loss of $5.1 million for the three months ended September 30, 2025, with a loss per share of $2.01[87]. - Net loss for the three months ended September 30, 2025, decreased by $1.8 million to $5.1 million, compared to $7.0 million in the same period in 2024[205]. - Basic and diluted loss per common share for the nine months ended September 30, 2025, was $(7.34), compared to $(44.41) for the same period in 2024[205]. Assets and Liabilities - Total current assets decreased from $9,530,000 as of December 31, 2024, to $3,777,000 as of September 30, 2025, representing a decline of approximately 60.4%[15]. - Total liabilities increased significantly from $14,670,000 as of December 31, 2024, to $25,791,000 as of September 30, 2025, an increase of about 75.7%[15]. - Cash and cash equivalents decreased from $6,152,000 as of December 31, 2024, to $613,000 as of September 30, 2025, a decline of approximately 90%[15]. - The total shareholders' deficit increased from $4,543,000 as of December 31, 2024, to $19,450,000 as of September 30, 2025, indicating a deterioration in the company's equity position[15]. - The Company has negative shareholder's equity of $19.5 million as of September 30, 2025, compared to negative $4.5 million as of December 31, 2024[26]. - Current assets less current liabilities are negative $3.3 million, and negative shareholder's equity is $19.5 million as of December 31, 2024[173]. Cash Flow and Financing Activities - Cash used in operating activities for the nine months ended September 30, 2025, was approximately $16.1 million, a decrease from $27.9 million in the same period in 2024[197]. - Financing activities provided cash flow of $11.1 million for the nine months ended September 30, 2025, primarily from advances under the Hanmi Facility Agreement[201]. - The Company completed a public offering on November 25, 2024, raising gross proceeds of $8.0 million from the sale of 1,333,333 Common Shares at $6.00 per share[179]. - The Company completed a public offering on January 30, 2024, raising approximately $9.7 million from the sale of 188,304 Common Shares at a price of $51.30 per share, with transaction costs of $1.6 million[75]. - The Company plans to raise additional funds through debt or other financing activities to meet capital requirements[27]. Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $7,867,000, down from $15,560,000 in the same period of 2024, a decrease of 49.6%[17]. - Research and development expenses for the three months ended September 30, 2025, decreased by $2.5 million to $2.2 million compared to $4.7 million in 2024[208]. - The company expects research and development expenses to be lower in 2025 than in 2024, subject to successful financing activities[207]. - The company discontinued further clinical development of APTO-253, impacting research and development expenses[208]. Clinical Trials and Product Development - The Company has two clinical-stage investigational products for hematological malignancies, tuspetinib and luxeptinib, focusing on treating life-threatening cancers[23]. - The Company is conducting a Phase 1/2 clinical trial for tuspetinib, which has shown excellent safety and robust clinical activity in R/R AML patients[114]. - The TUSCANY Study is currently evaluating the TUS+VEN+HMA triplet therapy in newly diagnosed AML patients, with 10 patients enrolled across three dose levels as of June 30, 2025[107]. - Tuspetinib (TUS) in combination with standard dosing of venetoclax (VEN) and azacitidine (AZA) achieved complete responses (CR/CRh) in 6 out of 6 (100%) patients at higher doses of 80 mg and 120 mg, exceeding the expected 66% response rate from VEN+AZA alone[120]. - The ongoing TUS+VEN+HMA triplet trial aims to establish a new standard of care for newly diagnosed AML patients[140]. Agreements and Collaborations - Aptose entered a licensing agreement with Hanmi for tuspetinib, receiving an upfront payment of $12.5 million, including $5.0 million in cash and $7.5 million in Common Shares[50]. - The Company has entered into a Cooperative Research and Development Agreement with the NCI to collaborate on the clinical development of tuspetinib[116]. - The Company has entered into a loan agreement with Hanmi Pharmaceutical Co. Ltd. for $10.0 million, which is fully utilized as of September 30, 2025[38]. - An amended facility agreement with Hanmi provides an additional uncommitted facility for up to $11.9 million, also fully utilized as of September 30, 2025[40]. Market and Compliance Issues - The company is facing substantial doubt about its ability to continue as a going concern due to insufficient cash to fund operations[24]. - Nasdaq notified Aptose of non-compliance with listing rules due to a deficiency in stockholders' equity, requiring a compliance plan[165].

IPO and Financial Overview - The company completed its Initial Public Offering (IPO) on October 9, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[117]. - The company incurred total costs of $15,615,485 related to the IPO, including a cash underwriting fee of $4,000,000 and a Deferred Fee of $10,950,000[126]. - The company has until October 9, 2026, to complete a Business Combination, or it will cease operations and liquidate[120]. Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,268,915, primarily from interest income of $2,533,302 on cash and marketable securities held in the Trust Account[123]. - For the nine months ended September 30, 2025, the company reported a net income of $6,851,780, with interest income of $7,473,450 from marketable securities[124]. - The company has not generated any operating revenues to date and will not do so until after completing its initial Business Combination[122]. Assets and Cash Management - As of September 30, 2025, the company had marketable securities in the Trust Account totaling $241,011,789, which will be used to complete a Business Combination[128]. - The company has cash held outside the Trust Account of approximately $500,596, primarily used for identifying and evaluating target businesses[130]. Administrative and Financial Obligations - The company incurred $37,500 and $112,500 in administrative service fees for the three and nine months ended September 30, 2025, respectively[135]. - The company may seek Working Capital Loans of up to $1,500,000, which can be converted into warrants at a price of $1.00 per warrant[133]. Shareholder and Equity Information - Class A Ordinary Shares subject to possible redemption are classified as temporary equity and presented at redemption value outside of shareholders' equity[143]. - Net income (loss) per Ordinary Share is calculated by dividing net income (loss) applicable to shareholders by the weighted average number of Ordinary Shares outstanding[144]. - The Sponsor, directors, and officers have waived their rights to liquidating distributions from the Trust Account for Founder Shares if the initial Business Combination is not completed within the Combination Period[139]. Accounting Standards and Compliance - The FASB issued ASU 2024-03, requiring additional disclosures about specific expense categories, effective for fiscal years beginning after December 15, 2026[145]. - Management does not believe that any recently issued accounting standards would materially affect the unaudited condensed financial statements[146]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[147].

IPO and Trust Account - The company completed its Initial Public Offering (IPO) on October 9, 2024, raising gross proceeds of $230 million from the sale of 23 million Units at $10.00 per Unit[117]. - Following the IPO, the company placed $231.15 million in a Trust Account, which may only be invested in U.S. government securities or held as cash until the completion of a Business Combination[119]. - The company incurred total costs of $15,615,485 related to the IPO, including a cash underwriting fee of $4 million and a deferred fee of $10.95 million[126]. - The Sponsor, directors, and officers have waived their rights to liquidating distributions from the Trust Account for Founder Shares if the initial Business Combination is not completed within the Combination Period[139]. Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,268,915, primarily from interest income of $2,533,302 on cash and marketable securities[123]. - For the nine months ended September 30, 2025, the company reported a net income of $6,851,780, with interest income of $7,473,450 on cash and marketable securities[124]. - As of September 30, 2025, the company held marketable securities in the Trust Account valued at $241,011,789, which will be used to complete a Business Combination[128]. - As of September 30, 2025, the company had cash held outside the Trust Account of approximately $500,596, primarily for evaluating target businesses[130]. - The company has not generated any operating revenues to date and will not do so until after completing its initial Business Combination[122]. Business Combination and Operations - The company has until October 9, 2026, to complete a Business Combination, or it will cease operations and liquidate[120]. - The company plans to incur increased expenses due to being a public company, including legal and compliance costs[122]. Accounting and Reporting - Class A Ordinary Shares subject to possible redemption are classified as temporary equity and presented at redemption value outside of shareholders' equity[143]. - Net income (loss) per Ordinary Share is calculated by dividing net income (loss) applicable to shareholders by the weighted average number of Ordinary Shares outstanding[144]. - The FASB issued ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requiring additional disclosures about specific expense categories[145]. - Management does not believe that any recently issued accounting standards would materially affect the unaudited condensed financial statements[146]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[147].

Financial Performance - For the third quarter ended September 30, 2025, Aptose reported a net loss of $5.1 million, a decrease of $1.8 million compared to a net loss of $7.0 million for the same period in 2024[10] - The total operating expenses for the third quarter were $4.9 million, compared to $7.0 million for the same period in 2024[10] - The accumulated deficit as of September 30, 2025, was $558.7 million, an increase from $541.0 million at the end of 2024[14] - Aptose Biosciences reported a net loss of $5.2 million for the quarter, compared to a net loss of $4.8 million in the same quarter last year, reflecting a 8.3% increase in losses year-over-year[23] Research and Development - Research and development expenses for the quarter were $2.2 million, down from $4.7 million in the comparable period in 2024, primarily due to reduced activity in the APTIVATE clinical trial[15][18] - The program costs for tuspetinib were $1.4 million for the quarter ended September 30, 2025, compared to $4.1 million for the same period in 2024[18] - The company is committed to advancing its research in precision medicine, with a focus on biomarker-driven therapies[23] - Aptose is advancing its lead drug candidate, APTO-253, into a Phase 1b clinical trial, with initial data expected in Q2 2024[23] Cash and Financing - As of September 30, 2025, the company had cash, cash equivalents, and restricted cash equivalents totaling $1.6 million, down from $6.7 million at the end of 2024[12][17] - The company is actively pursuing financing and cost reduction efforts to extend its cash runway due to insufficient cash to fund operations[17] - The company ended the quarter with cash and cash equivalents of $30.1 million, which is expected to fund operations into the second half of 2024[23] Clinical Trials and Data - The company achieved complete response (CR) or complete response with partial hematologic recovery (CRh) in 100% of patients (6/6) treated at the higher dose levels of 80 mg and 120 mg of tuspetinib in combination with venetoclax and azacitidine[3][4] - The company reported a 15% increase in patient enrollment for its clinical trials compared to the previous quarter[23] - The company plans to present updated data from the TUSCANY trial at the American Society of Hematology (ASH) Annual Meeting scheduled for December 6-9, 2025[4] Strategic Initiatives - The company has initiated a strategic review of its pipeline to prioritize assets with the highest potential for value creation[23] - Aptose is exploring partnerships to enhance its research capabilities and accelerate the development of its drug candidates[23] - Aptose plans to expand its market presence by targeting additional oncology indications for its drug candidates[23] - The company is focused on cost management strategies, aiming to reduce operational expenses by approximately 10% in the upcoming fiscal year[23] - Aptose anticipates revenue generation from potential licensing agreements in the next 12 months[23]

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 quarter 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: 001-42665 Cal Redwood Acquisition Corp. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | N/A | | --- | --- | | (St ...

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 quarter 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: 001-42665 Cal Redwood Acquisition Corp. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | N/A | | --- | --- | | (St ...

Clinical Development - NDV-01 program achieved a 92% overall response rate at any time in non-muscle invasive bladder cancer (NMIBC) with favorable safety[1] - FDA alignment secured for Phase 3 program with two independent paths for approval in high-risk BCG-unresponsive and intermediate-risk NMIBC settings[5] - Expected milestones include the initiation of Phase 3 trials for NDV-01 in high-risk and intermediate-risk NMIBC in the first half of 2026[14] - Sepranolone's Phase 2 proof of concept clinical trial for Prader-Willi Syndrome is also expected to initiate in the first half of 2026[14] Financial Performance - Net loss for Q3 2025 was $10.1 million or $0.30 per share, compared to a net loss of $21.7 million or $0.72 per share in Q3 2024[14] - Net loss for the nine months ended September 30, 2025, was $37,517,403, a reduction of 38.7% compared to a net loss of $61,322,218 for the same period in 2024[29] - Total operating expenses for the nine months ended September 30, 2025, were $38,767,088, down 40.3% from $64,815,482 for the same period in 2024[29] - Cash and cash equivalents at the end of the period were $1,384,484, down from $3,857,026 at the beginning of the period, indicating a decrease of 64.1%[33] - Net cash used in operating activities for the nine months ended September 30, 2025, was $31,190,765, a reduction of 27.0% from $42,956,164 for the same period in 2024[33] Expenses - R&D expenses for Q3 2025 were $4.0 million, down from $11.1 million in Q3 2024, primarily due to reduced trial costs[14] - General and administrative expenses for the nine months ended September 30, 2025, were $19,960,421, down 32.8% from $29,639,951 for the same period in 2024[29] - The company incurred stock-based compensation expenses of $11,534,002 for the nine months ended September 30, 2025, compared to $23,458,012 for the same period in 2024, a decrease of 50.8%[33] - G&A expenses for Q3 2025 were $6.3 million, down from $11.9 million in Q3 2024, mainly due to lower stock-based compensation[14] Assets and Equity - Cash, equivalents, and short-term investments totaled $13.9 million as of September 30, 2025, down from $44.9 million at December 31, 2024[14] - Total current assets decreased from $45,795,843 as of December 31, 2024, to $14,854,269 as of September 30, 2025, representing a decline of approximately 67.6%[27] - Stockholders' equity decreased from $35,521,961 as of December 31, 2024, to $9,465,539 as of September 30, 2025, a decline of approximately 73.3%[27] Shares Outstanding - Shares outstanding were 73,333,622 as of November 10, 2025[14] - The company reported a weighted average number of common shares outstanding of 32,274,238 for the nine months ended September 30, 2025, compared to 30,160,242 for the same period in 2024, reflecting an increase of 7.0%[29]

Financial Performance - For the three months ended September 30, 2025, the company reported total net revenues of $43.867 million, a significant increase from $28.994 million in the same period of 2024[191]. - Net revenues for the three months ended September 30, 2025, increased to $43.9 million, a 51.3% increase from $29.0 million in the same period of 2024[223]. - The gain on loans, net for the three months ended September 30, 2025, was $36.421 million, representing 83% of total net revenues, compared to $21.503 million or 74% in the prior year[191]. - Gain on loans, net for the three months ended September 30, 2025, increased by $20.4 million or 129% to $36.4 million compared to $15.8 million for the same period in 2024, driven by increased funded loan volume[225]. - International lending revenue for the three months ended September 30, 2025, increased by $1.1 million or 91% to $2.3 million compared to $1.2 million in the same period of 2024, primarily due to increased operations in U.K. brokerage businesses[231]. - The net loss for the three months ended September 30, 2025, was $39.1 million, compared to a net loss of $54.2 million in the same period of 2024[223]. - Adjusted Net Loss for Q3 2025 was $(28,459) thousand, compared to $(48,886) thousand in Q3 2024, representing a 42% improvement year-over-year[271]. - Adjusted EBITDA for Q3 2025 was $(24,915) thousand, compared to $(38,870) thousand in Q3 2024, indicating a 36% improvement year-over-year[271]. Loan and Revenue Metrics - Funded loan volume for the three months ended September 30, 2025, was $1.210 billion, up from $1.035 billion in the same period of 2024[198]. - The average loan amount for the three months ended September 30, 2025, was $296,159, slightly down from $300,589 in the same period of 2024[198]. - The company reported a total of 4,086 loans funded during the three months ended September 30, 2025, compared to 3,443 loans in the same period of 2024[198]. - The company achieved a gain on sale margin of 3.01% for the three months ended September 30, 2025, compared to 2.08% in the same period of 2024[198]. Expenses and Costs - Total expenses for the three months ended September 30, 2025, were $82.8 million, slightly down from $83.1 million in the same period of 2024[223]. - Compensation and benefits expenses for the three months ended September 30, 2025, were $41.3 million, up from $37.8 million in the same period of 2024[223]. - Other revenue for the three months ended September 30, 2025, was $2.8 million, a decrease from $3.1 million in the same period of 2024[231]. - Broker revenue decreased by $0.8 million or 34% to $1.6 million for the three months ended September 30, 2025, primarily due to the conclusion of the integrated relationship partnership with Ally[227]. - General and administrative expenses decreased by $2.4 million, or 19%, to $10.2 million for the three months ended September 30, 2025, primarily due to reductions in rent and insurance premiums[253]. - Other expenses increased by $5.7 million, or 429%, to $7.1 million for the three months ended September 30, 2025, driven by increased liability classified warrants[261]. Strategic Initiatives - The company expanded its Retail channel by hiring the executive team from NEO Home Loans to enhance its distribution strategy[188]. - The company executed multiple new strategic partnerships, including one with a top five U.S. personal financial services platform serving over 50 million customers[190]. - The company plans to continue investing in technology to improve customer experience and reduce operational costs through automation[185]. - The company plans to sell several entities in the U.K. as part of a strategic shift, with the sale of its digital mortgage broker in the U.K. completed by the end of the third quarter of 2025[213]. Capital and Liquidity - The company raised approximately $568 million in gross proceeds from the Business Combination in August 2023, with $528.6 million in Convertible Notes issued[277]. - As of September 30, 2025, the company had an aggregate available amount of $575.0 million across three warehouse lines of credit[275]. - The company believes that funds from various sources will be adequate to meet liquidity and capital resource needs for at least the next 12 months[279]. - The Company implemented an At-the-Market (ATM) Offering Program on September 26, 2025, for sales of up to $75.0 million of its Class A common stock[289]. - The Company intends to use net proceeds from the ATM Program for general corporate purposes, including working capital and increasing warehouse line capacity[291]. Cash Flow - Net cash used by operating activities was $109.3 million for the nine months ended September 30, 2025, a decrease of $165 million, or 60%, compared to $274 million for the same period in 2024[293]. - Net cash used in investing activities was $589.5 million for the nine months ended September 30, 2025, an increase of $478 million, or 427%, compared to $111.8 million for the same period in 2024[295]. - Net cash provided by financing activities was $555.4 million for the nine months ended September 30, 2025, an increase of $462 million, or 496%, compared to $93.1 million for the same period in 2024[296]. - The increase in cash provided by financing activities was primarily driven by an increase in customer deposits through the Company's U.K. banking entity[296]. - The increase in cash used in investing activities was primarily due to purchases exceeding maturities of short-term investments and loan originations held for investment[295]. - The Company does not have any off-balance sheet arrangements that are likely to materially affect its financial condition[297].