Financial Performance - As of September 30, 2025, cash and cash equivalents totaled $3.8 million, an increase from $3.1 million as of December 31, 2024[4] - Product revenue from fire safety equipment sales was $81,000 for the three months ended September 30, 2025, compared to $0 for the same period in 2024[5][16] - Research and development expenses were $0 for the three months ended September 30, 2025, down from $1.0 million for the same period in 2024[7] - General and administrative expenses decreased to $1.0 million for the three months ended September 30, 2025, from $1.2 million in the same period in 2024[8] - The net loss for the three months ended September 30, 2025, was $1.0 million, compared to a net loss of $2.0 million for the same period in 2024[10][16] - Total assets increased to $8.16 million as of September 30, 2025, compared to $4.09 million as of December 31, 2024[18] Corporate Actions - Following the acquisition of Fitters Sdn. Bhd., the company now holds approximately 19.99% of all issued and outstanding shares of common stock of the Company[3] - The company entered into a Warrant Exchange Agreement in September 2025, exchanging existing warrants for an aggregate of 559,395 shares of common stock[3] - An Asset Purchase Agreement was signed in October 2025 to sell certain assets related to Plogosertib for a purchase price of $300,000, plus a potential milestone payment of $170,000[3] - The company declared a quarterly cash dividend of $0.15 per share on its 6% Convertible Exchangeable Preferred Stock, paid on November 1, 2025[11]

Financial Performance - Total revenue for the six months ended September 30, 2025, was $53.269 million, a slight increase from $52.911 million in the same period of 2024, representing a growth of 0.68%[18] - The company reported a gross loss of $28.608 million for the nine months ended September 30, 2025, compared to a gross loss of $38.168 million for the same period in 2024, indicating an improvement of 25.2%[18] - The net loss attributable to common stockholders for the six months ended September 30, 2025, was $200.719 million, compared to a net income of $27.403 million in the same period of 2024[18] - For the nine months ended September 30, 2025, the net loss was $189.4 million, an improvement from a net loss of $228.9 million in the same period of 2024, representing a 17.2% decrease in losses[27] - The company reported a net loss of $85.8 million for the three months ended September 30, 2025, compared to a net income of $27.4 million for the same period in 2024[167] Expenses and Liabilities - Research and development expenses decreased to $112.884 million for the nine months ended September 30, 2025, down from $184.191 million in 2024, reflecting a reduction of 38.7%[18] - Operating expenses for the nine months ended September 30, 2025, totaled $157.805 million, down from $331.181 million in the same period of 2024, a decrease of 52.4%[18] - The company incurred interest expense of $36.918 million for the nine months ended September 30, 2025, compared to $14.422 million in the same period of 2024, an increase of 155.5%[18] - Total liabilities decreased from $586.002 million as of December 31, 2024, to $505.077 million as of September 30, 2025, a reduction of approximately 13.8%[16] - The total stockholders' deficit increased from $220.789 million as of December 31, 2024, to $304.929 million as of September 30, 2025, reflecting a deterioration of 38%[16] Cash Flow and Assets - Cash flows from operating activities resulted in a net cash used of $145.9 million, compared to $214.7 million in the prior year, indicating a 32.1% reduction in cash outflow[27] - The company had ending cash, cash equivalents, and restricted cash of $57.1 million, down from $116.1 million at the end of the previous year[27] - The company’s cash and cash equivalents decreased from $82.840 million as of December 31, 2024, to $54.482 million as of September 30, 2025, a decline of 34.3%[16] - Total current assets decreased significantly from $245.227 million as of December 31, 2024, to $122.173 million as of September 30, 2025, a decline of 50%[16] Stock and Equity - The balance of Class A common stock increased to 28,157,410 shares as of September 30, 2024, from 26,077,917 shares as of June 30, 2024[21] - The company issued 431,572 shares of Class A common stock upon exercise of stock options and vesting of restricted stock units, adding $140 to additional paid-in capital[21] - The total additional paid-in capital as of September 30, 2024, was $2,122,835, up from $2,066,450 as of June 30, 2024[21] - The balance of Class A common stock increased to 72,493,635 shares as of September 30, 2025[24] - The Company raised $33.6 million in net proceeds from the initial offering of 35,000 shares of Series A Preferred Stock on May 22, 2025[168] Impairments and Write-downs - The Company recorded a $2.2 million goodwill impairment for the Optogration reporting unit during the three and nine months ended September 30, 2025[44] - A $6.0 million impairment loss for long-lived tangible assets of Optogration and NRE asset groups was recorded during the same period[46] - The Company recognized a $1.5 million intangible asset impairment for Optogration and NRE asset groups during the three and nine months ended September 30, 2025[48] - The impairment charge for property and equipment for the quarter ending September 30, 2025, was $6,000,000[93] Financing and Debt - The Company issued $100.0 million in Senior Notes with a floating interest rate of Term SOFR plus 9.0%, resulting in an effective interest rate of 14.8% as of September 30, 2025[124] - The Company recognized a $142.2 million gain on debt extinguishment during Q3 2024 from the exchange of $421.9 million in 2026 Convertible Senior Notes[116] - The Company recognized interest expense of $10.7 million for the Senior Notes during the nine months ended September 30, 2025, which included $0.7 million from the amortization of debt discount and issuance costs[132] - The Company has entered into forbearance agreements with holders of Senior Notes and 2030 Convertible Notes, covering approximately 94.5% and 89% of the respective notes, to manage recent defaults[38] - The Company has classified both the Senior Notes and the 2030 Convertible Notes as non-current liabilities as of September 30, 2025[145] Strategic Initiatives - The company expects to continue incurring operating losses due to investments in product and software development, indicating a focus on long-term growth despite short-term losses[33] - The company is actively exploring capital restructuring plans and potential sales of business segments to address liquidity concerns[40] - The restructuring plan initiated in 2024 resulted in a cumulative workforce reduction of approximately 30%, with separation costs of $1.7 million for Q3 2025[77] - The Company is optimizing manufacturing processes and product design to reduce per unit sensor manufacturing costs, including a change in sourcing strategies[94] Revenue Sources and Customer Concentration - The Company’s revenue is derived from sales of LiDAR sensors, semiconductor components, NRE services, and licensing of data and information[71] - Two customers accounted for 40% and 33% of the Company's accounts receivable as of September 30, 2025[53] - North America accounted for 79% of total revenue in Q3 2025, down from 91% in Q3 2024, while Europe and the Middle East increased to 21% from 8%[72] Stock Options and Compensation - The Company granted 4,548,760 Time-Based RSUs with a weighted average grant date fair value of $3.81 during the nine months ended September 30, 2025[212] - The outstanding Time-Based RSUs as of September 30, 2025, totaled 2,519,373, with a weighted average grant date fair value of $18.35[212] - The Company made payments of $2.3 million related to post-combination compensation arrangements for the Freedom Photonics acquisition during the three and nine months ended September 30, 2025[214] - The Company canceled or forfeited 53,285 common stock options during the nine months ended September 30, 2025[209]

Financial Performance - The Company recorded a net loss of $1.9 million for Q3 2025, an improvement from a net loss of $4.0 million in Q3 2024, representing a 52.5% reduction in losses [169]. - For the nine months ended September 30, 2025, the Company recorded a net loss of $6.5 million, an improvement from a net loss of $9.2 million in the same period of 2024 [181]. Interest Income and Net Interest Income - Interest income for Q3 2025 was $24.1 million, an increase of $2.6 million or 12.1% from $21.5 million in Q3 2024, driven by higher rates on interest-earning assets [170]. - Net interest income increased by $3.1 million to $12.2 million in Q3 2025, with a net interest rate spread of 1.95%, up 66 basis points from the previous year [172]. - Interest income for the nine months ended September 30, 2025, totaled $70.3 million, a 10.4% increase from $63.7 million in 2024, driven by higher average loan balances [182]. - Net interest income for the nine months ended September 30, 2025, increased by $6.5 million to $34.6 million, with a net interest margin of 2.26%, up 36 basis points from 2024 [184]. Credit Losses and Provisions - The provision for credit losses was $589 thousand in Q3 2025, compared to $248 thousand in Q3 2024, reflecting economic variable forecast deterioration [173]. Assets and Loans - Total assets grew to $2.16 billion at September 30, 2025, up from $2.06 billion at December 31, 2024 [192]. - Gross loans held for investment increased by $131.4 million to $1.71 billion at September 30, 2025, with consumer and commercial real estate loans rising by $114.5 million and $57.4 million, respectively [195]. - The average interest-earning assets increased by $70.8 million to $2.04 billion for the nine months ended September 30, 2025 [182]. Deposits and Equity - Total deposits rose by $150.1 million, or 11.2%, to $1.49 billion at September 30, 2025, driven by increases in NOW and demand accounts and time deposits [197]. - Total shareholders' equity decreased by $17.8 million, or 5.4%, to $314.4 million at September 30, 2025, primarily due to share repurchases [200]. Non-Interest Income and Expenses - Non-interest income decreased to $1.2 million for the nine months ended September 30, 2025, down from $1.4 million in 2024, partly due to a prior gain on sale of REO property [186]. - Non-interest expense increased by $1.3 million to $41.1 million for the nine months ended September 30, 2025, primarily due to a $1.2 million rise in compensation and benefits expense [187]. Securities and Borrowings - Securities available-for-sale decreased by $23.1 million, or 7.8%, to $273.9 million at September 30, 2025 [193]. - Borrowings decreased by $38.5 million, or 11.3%, to $301.0 million at September 30, 2025 [199]. Capital and Liquidity - The Bank's total capital ratio as of September 30, 2025 is 18.52%, significantly exceeding the minimum requirement of 8.00% [216]. - The Bank's common equity tier 1 capital is $286,527 thousand, with a ratio of 17.63% as of September 30, 2025 [216]. - Liquidity sources include deposit inflows, loan payments, and wholesale funding, with available borrowing capacity at $283.8 million [211]. - The available borrowing capacity is 2.2 times the total uninsured and uncollateralized deposits to third-party customers [213]. Interest Rate Sensitivity - As of September 30, 2025, a 100 basis point increase in interest rates would result in a 14.1% decrease in Economic Value of Equity (EVE) to $195,762 thousand [209]. - A 200 basis point increase in interest rates would lead to a 28.2% decrease in EVE, amounting to $163,656 thousand [209]. Commitments and Hedges - The Bank has $7.8 million in commitments to originate loans and $146.1 million in unused lines of credit as of September 30, 2025 [213]. - The Company had $526.0 million in interest rate hedges at September 30, 2025, an increase of $177.0 million from December 31, 2024 [201]. - Management expects to retain a substantial portion of certificate holders for maturing deposits totaling $777.1 million [213]. - The Bank is considered "well capitalized" under regulatory guidelines as of September 30, 2025 [215].

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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from to Commission file number: 001-42385 BOLD EAGLE ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or othe ...

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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from to Commission file number: 001-42385 BOLD EAGLE ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or othe ...

Production and Revenue - Average daily net production for Q3 2025 was 12,293 Boe/d (53% oil), a slight increase from 12,076 Boe/d (52% oil) in Q3 2024[5] - Total operating revenue for Q3 2025 was $43.5 million, down from $45.3 million in Q3 2024, primarily due to a $2.24 decrease per Boe in average realized prices[5] - Average daily production for the nine months ended September 30, 2025, was 12,396 Boe/d, a decrease of 1.9% from 12,639 Boe/d in the same period of 2024[21] - Crude oil production volumes for the three months ended September 30, 2025, were 599 MBbls, a 3.8% increase from 577 MBbls in the same period of 2024[21] - The average price of crude oil per Bbl for the three months ended September 30, 2025, was $63.98, down 13.5% from $73.73 in the same period of 2024[21] Financial Performance - The company reported a net loss available to common stockholders of $15.0 million, equating to a net loss of $0.91 per share for Q3 2025[9] - The company experienced a net loss of $735,000 for the three months ended September 30, 2025, compared to a net income of $21,628,000 for the same period in 2024, indicating a substantial decline in profitability[19] - Battalion Oil's total stockholders' equity showed a deficit of $20,250,000 as of September 30, 2025, compared to a positive equity of $4,120,000 at the end of 2024[17] - For the three months ended September 30, 2025, the net loss available to common stockholders was $(15,014) thousand, compared to a net income of $5,587 thousand for the same period in 2024[24] - The diluted net loss per common share, as reported, was $(0.91) for the three months ended September 30, 2025, compared to earnings of $0.34 per share in 2024[24] Expenses and Costs - Lease operating and workover expense was $11.69 per Boe in Q3 2025, compared to $11.56 per Boe in Q3 2024[6] - General and administrative expenses decreased to $2.73 per Boe in Q3 2025 from $3.46 per Boe in Q3 2024, primarily due to lower merger costs[8] - The company incurred oil and natural gas capital expenditures of $69,573,000 for the nine months ended September 30, 2025, compared to $51,778,000 in the same period of 2024, representing a 34% increase[19] Cash Flow and Assets - Battalion Oil's cash flows from operating activities for the nine months ended September 30, 2025, were $50,909,000, up from $28,669,000 in the prior year, reflecting a 77% increase[19] - Net cash provided by operating activities for the three months ended September 30, 2025, was $27,973 thousand, a significant increase from $(5,072) thousand in the same period of 2024[24] - As of September 30, 2025, Battalion Oil Corporation reported total current assets of $84,269,000, a significant increase from $54,052,000 as of December 31, 2024, representing a 56% growth[17] Derivatives and Financial Instruments - Battalion realized 98.3% of the average NYMEX oil price during Q3 2025, with realized hedge gains totaling approximately $4.1 million[5] - The cash effect of derivative contracts for crude oil per Bbl was $1.48 for the three months ended September 30, 2025, compared to $(10.21) in the same period of 2024, indicating a significant improvement[21] - The total mark-to-market non-cash charge for the three months ended September 30, 2025, was $(1,044) thousand, compared to $(28,091) thousand in the same period of 2024[24] - The unrealized gain on derivatives contracts for the three months ended September 30, 2025, was $(1,044) thousand, compared to an unrealized loss of $(28,091) thousand in 2024[29] - The company experienced a change in fair value of embedded derivative liability of $41 thousand for the three months ended September 30, 2025, compared to a loss of $(1,323) thousand in 2024[29] Operational Changes - The company has entered into an amendment of its existing credit facility, providing additional operational flexibility[7] - Approximately 1,600 barrels of oil per day remain shut-in across Monument Draw, ready to flow to sales[4] - The AGI facility ceased operations on August 11, 2025, and the company has redirected gas production to alternative processing options[4] Adjusted Metrics - Adjusted EBITDA for Q3 2025 was $18.9 million, an increase from $13.5 million in Q3 2024[9] - Adjusted EBITDA for the three months ended September 30, 2025, was $18,882 thousand, an increase from $13,458 thousand in the same period of 2024, representing a 40.5% year-over-year growth[29]

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 001-41245 CDT EQUITY INC. (Exact name of registrant as specified in its charter) | Delaware | 87-3272543 | | --- | --- | | (Stat ...

Merger and Company Formation - The merger transaction between Conduit Pharmaceuticals Limited and Murphy Canyon Acquisition Corp was completed on September 22, 2023, resulting in the formation of Conduit Pharmaceuticals Inc, which will be renamed CDT Equity Inc effective August 5, 2025[170]. Financial Performance - The total operating costs and expenses for the three months ended September 30, 2025, were $7.0 million, compared to $5.8 million for the same period in 2024, resulting in an operating loss of $7.0 million[191]. - The net loss for the three months ended September 30, 2025, was $7.1 million, compared to a net loss of $6.5 million for the same period in 2024[191]. - Operating losses for the nine months ended September 30, 2025, were $17.9 million, compared to $15.4 million for the same period in 2024[202]. - Cash used in operating activities was $10.9 million for the nine months ended September 30, 2025, compared to $5.9 million for the same period in 2024[213]. Research and Development Expenses - Research and development expenses decreased by $1.6 million, or 50%, to $1.5 million for the three months ended September 30, 2025, compared to $3.1 million for the same period in 2024[192]. - The company incurred approximately $4.3 million on research and development activities during the nine months ended September 30, 2025, compared to $3.2 million for the same period in 2024[184]. - Research and development expenses increased by $1.1 million, or 33%, to $4.3 million for the nine months ended September 30, 2025, compared to $3.2 million for the same period in 2024[197]. General and Administrative Expenses - General and administrative expenses increased by $2.8 million, or 102%, to $5.5 million for the three months ended September 30, 2025, compared to $2.7 million for the same period in 2024[193]. - General and administrative expenses rose by $2.6 million, or 30%, to $11.3 million for the nine months ended September 30, 2025, compared to $8.7 million for the same period in 2024[198]. Other Income and Expenses - Other income (expense), net changed by $0.3 million or 87%, to a net expense of $44 thousand for the three months ended September 30, 2025, compared to a net expense of $341 thousand for the same period in 2024[194]. - Other income (expense), net changed by $918,000, or 31%, to $2.0 million of expense for the nine months ended September 30, 2025, compared to $3.0 million of net expense for the same period in 2024[199]. Cash Flow and Financing Activities - Net cash provided by financing activities for the nine months ended September 30, 2025, was $15.7 million, primarily from the issuance of common shares related to the ATM program totaling $18.0 million[218]. - For the nine months ended September 30, 2024, net cash provided by financing activities was $1.9 million, including $1.6 million from the issuance of a promissory note[219]. - Net cash used in investing activities was $1.4 million for the nine months ended September 30, 2025, primarily due to $1.0 million in digital asset purchases[216]. Company Outlook and Concerns - The company anticipates cash requirements for working capital over the next 12 months to be approximately $11.7 million[211]. - Management has substantial doubt regarding the company's ability to continue as a going concern for at least 12 months from the filing date of the Quarterly Report[206]. Strategic Initiatives - The company has a pipeline targeting inflammatory and autoimmune disorders, idiopathic male infertility, dermatology, and animal health, with pending patent applications for solid-form compounds[173]. - The collaboration with Sarborg utilizes AI-powered disease mapping to identify novel re-purposing opportunities, leading to two new combination patent filings[174]. - CDT Equity is exploring a cryptocurrency treasury reserve strategy to leverage potential strategic and financial benefits as part of a diversified capital management approach[178]. Debt and Valuation - Interest expense, net decreased by $261,000, or 84%, to $48,000 for the three months ended September 30, 2025, compared to $309,000 for the same period in 2024[196]. - The company utilizes Binomial Lattice Pricing Models to value convertible debt, which involves various assumptions including stock price, term of the debt, and expected volatility[222]. - Significant inputs for estimating the fair value of convertible notes include the company's stock price, risk-free interest rate, and probability of default[223]. - The convertible debt will be remeasured at fair value each reporting date until settled or converted[224]. Regulatory and Reporting Status - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay adopting new accounting standards[226]. - The surviving company from the merger remains an emerging growth company until certain revenue or market value thresholds are met[227]. - CDT Equity is also classified as a smaller reporting company, which allows it to take advantage of scaled disclosures[228]. - As a smaller reporting company, the company is not required to provide disclosures regarding quantitative and qualitative market risk[229].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ 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 Commission File Number 001-40789 Calidi Biotherapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 86-2967193 (State or other jurisdiction of incorporation or organizati ...

Financial Performance - The company reported a net loss of $5.2 million and $16.0 million for the three and nine months ended September 30, 2025, respectively, with an accumulated deficit of $137.6 million[227]. - The company has incurred significant operating losses since inception and has raised capital primarily through private sales of common stock and other securities[226]. - Net loss for Q3 2025 was $5.2 million, a 2% increase from $5.1 million in Q3 2024[253]. - The company reported a net loss of $16,000,000 for the nine months ended September 30, 2025, reduced by non-cash items including $1,700,000 in stock-based compensation[276]. Revenue and Funding - The company has not generated any revenue from product sales and expects to incur significant and increasing expenses for the foreseeable future as it advances its product candidates through development[229]. - The company anticipates needing substantial additional funding to support ongoing operations and growth strategy[230]. - The company raised approximately $4.6 million from the exercise of existing warrants as part of a Warrant Inducement Offer[235]. - The company received approximately $12.7 million from public offerings of its securities during the nine months ended September 30, 2025[263]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $17,119,000, up 20% from $14,259,000 in 2024[279]. Expenses - Research and development expenses for Q3 2025 were $2.4 million, an increase of 10% from $2.2 million in Q3 2024[254]. - General and administrative expenses for Q3 2025 were $2.7 million, a decrease of 13% from $3.1 million in Q3 2024[255]. - Total operating expenses for Q3 2025 were $5.0 million, a decrease of 3% from $5.2 million in Q3 2024[253]. - Research and development expenses for the nine months ended September 30, 2025, were $7.4 million, a 4% increase from $7.1 million in the same period of 2024[258]. - General and administrative expenses for the nine months ended September 30, 2025, were $8.4 million, a decrease of 21% from $10.7 million in the same period of 2024[259]. - Total operating expenses for the nine months ended September 30, 2025, were $15.8 million, an 11% decrease from $17.8 million in the same period of 2024[257]. Cash and Debt - As of September 30, 2025, the company had a cash balance of $10.4 million and restricted cash of $0.2 million[262]. - As of September 30, 2025, Calidi's total debt amounted to $1,072,000, with long-term debt net of current portion at $600,000[266]. - Calidi had outstanding warrants to purchase 5,026,613 shares of Common Stock as of September 30, 2025[268]. - For the nine months ended September 30, 2025, net cash used in operating activities was $16,249,000, an increase of 14% compared to $14,271,000 for the same period in 2024[275]. Product Development - The company plans to file an IND for a Phase I trial for CLD-401, the first compound from the RedTail platform, by the end of 2026[220]. - The RedTail platform is designed for systemic delivery of oncolytic viruses and has shown enhanced biological efficacy in animal models compared to previous platforms[224]. - The company has been granted Fast Track Designation for its investigational drug candidate CLD-201 for the treatment of soft tissue sarcoma[222]. - The company expects to incur significant commercialization expenses if marketing approval is obtained for current or future product candidates[281]. - Calidi's existing cash is insufficient to complete the development of its product candidates, necessitating further funding[284]. Regulatory and Compliance - The company is classified as an "emerging growth company" (EGC) and can delay the adoption of certain accounting standards until they apply to private companies, remaining an EGC until the earliest of December 31, 2026, or achieving total annual gross revenues of $1.235 billion or more[294][295]. - The company qualifies as a "smaller reporting company," with a market value of stock held by non-affiliates plus proposed gross proceeds from the offering being less than $700 million and annual revenue being less than $100 million during the most recently completed fiscal year[296]. - The company will present only two years of audited financial statements and will avail itself of exemptions from certain reporting requirements, including auditor's attestation reports on internal control over financial reporting[297][298]. - The company does not expect any recently issued accounting standards to have a material impact on its financial statements or operations[299]. Market Risk - The company is not currently exposed to significant market risk related to changes in interest rates, as it does not have cash equivalents or interest-bearing investments[291]. - The company has no significant exposure to foreign currency exchange rate fluctuations at present, although it operates through subsidiaries in Europe and Australia[292]. Other Considerations - The company has entered into license agreements that may require contingent payments under certain conditions, but does not currently expect to incur these payments[271]. - The company does not believe that inflation had a material effect on its business, financial condition, or results of operations during the three and nine months ended September 30, 2025 and 2024[293].