Financial Performance - Consolidated revenues for the three months ended September 30, 2025, totaled $9,646,392, an increase of $8,353,945 or 646% compared to the same period in 2024[124] - Gross profit for the 2025 period was $637,502, a significant increase of $1,029,465 from a gross loss of $391,963 in the 2024 period, resulting in a gross profit margin of 7%[125] - The company reported a gross profit of $162,146 for the nine months ended September 30, 2025, a decrease of $834,899 or 84% compared to the same period in 2024[132] - Other income for the 2025 period totaled $2,209,203, a significant improvement compared to other expense of $3,991,934 in the 2024 period[129] Expenses - Research and development expenses rose to $5,968,131 in the 2025 period, an increase of $4,088,645 or 218% compared to the 2024 period[126] - General and administrative expenses increased to $9,215,783 during the 2025 period, up by $5,106,939 or 124% from the previous year[128] - Sales and marketing costs increased to $9,487,010 during the 2025 period, representing a rise of $3,904,541 or 70% compared to the previous year[134] Net Loss and Cash Flow - Net loss from continuing operations for the nine months ended September 30, 2025, was $52,418,759, an increase of $26,417,399 or 102% compared to the same period in 2024[138] - Net cash used in operating activities was $52,656,680 during the nine months ended September 30, 2025, an increase of $37,963,914 or 258% from the prior year[139] Assets - Current assets as of September 30, 2025, totaled $248,802,498, with cash amounting to $206,425,996[142] Fair Value and Risk Disclosures - The fair value of the issued warrants is estimated using a Monte Carlo simulation model, with significant unobservable inputs including stock price, exercise price, risk-free rate of return, time to expiration, and volatility[155] - Changes in unobservable inputs could lead to a material increase or decrease in the estimated fair value of the warrants[155] - The company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures[156]

Financial Performance - Net income from continuing operations for Q3 2025 was $5.9 million, compared to a net loss of $3.9 million in Q3 2024[7] - Revenue for Q3 2025 reached $11.3 million, a 21.5% increase from $9.3 million in Q3 2024[7] - Gross margin improved to 49.4%, up from 45.3% year-over-year[7] - Revenue for the three months ended September 30, 2025, was $11,315,003, representing a 21.5% increase from $9,306,777 in the same period of 2024[18] - Gross profit for the nine months ended September 30, 2025, was $11,042,151, up from $7,490,880 in 2024, indicating a 47.5% increase[18] - The net loss for the three months ended September 30, 2025, was $808,443, a significant improvement from a net loss of $7,464,415 in the same period of 2024[18] - Adjusted EBITDA for the three months ended September 30, 2025, was $(604,377), compared to $(887,774) in 2024, showing a reduction in losses[22] - The comprehensive loss for the three months ended September 30, 2025, was $(738,372), compared to $(7,104,411) in 2024, indicating a substantial decrease in losses[18] Balance Sheet and Assets - The balance sheet as of September 30, 2025, showed $81.5 million in DAT assets and cash, with no debt and shareholders' equity of $78.7 million[1] - GameSquare held 15,618 ETH valued at $64.5 million, with an unrealized gain of $9.3 million in Q3 2025[3] Operational Efficiency - GameSquare's adjusted EBITDA loss narrowed to $0.6 million, representing 5.3% of revenue, compared to a loss of $0.9 million or 9.5% of revenue in Q3 2024[7] - Total operating expenses for the three months ended September 30, 2025, were $7,985,890, compared to $7,359,256 in 2024, reflecting an increase of 8.5%[18] - Research and development expenses for the three months ended September 30, 2025, were $519,275, up from $450,637 in 2024, indicating a 15.2% increase[18] Shareholder Actions - GameSquare repurchased 833,124 shares for $599,148, averaging approximately $0.72 per share under a $5 million authorization[3] - The weighted average common shares outstanding for the three months ended September 30, 2025, were 87,949,202, significantly higher than 31,270,253 in 2024[18] Strategic Initiatives - The acquisition of Click Management is expected to enhance profitability and expand operational capabilities[2] - GameSquare's digital asset treasury strategy generated a yield of $0.6 million since its inception on August 1, 2025[3] Restructuring and Charges - The company incurred restructuring charges of $(1,535,097) for the three months ended September 30, 2025, compared to $330,167 in 2024[18] - The company reported a loss from continuing operations before income taxes of $5,946,781 for the three months ended September 30, 2025, compared to a loss of $3,935,539 in 2024[18]

Financial Performance - As of September 30, 2025, Senti Bio held cash and cash equivalents of approximately $12.2 million, a decrease from $48.3 million as of December 31, 2024[9]. - Research and development expenses for Q3 2025 were $10.5 million, up from $8.7 million in Q3 2024, reflecting a 20.7% increase primarily due to higher external services and personnel-related costs[9]. - General and administrative expenses decreased slightly to $6.4 million in Q3 2025 from $6.6 million in Q3 2024, a reduction of 3%[9]. - The net loss for Q3 2025 was $18.1 million, or $0.69 per share, compared to a net loss of $28.9 million, or $6.31 per share, in Q3 2024[9][16]. - Total operating expenses for the nine months ended September 30, 2025, were $50.1 million, compared to $44.9 million for the same period in 2024, indicating an increase of 11.5%[16]. - Senti Bio's accumulated deficit as of September 30, 2025, was approximately $344.1 million, up from $297.1 million at the end of 2024[14]. - The total assets of Senti Bio as of September 30, 2025, were $52.7 million, a decrease from $97.8 million as of December 31, 2024[14]. Clinical Development - Senti Bio plans to present updated clinical data for the SENTI-202 study at the American Society of Hematology Annual Meeting in December 2025, highlighting the efficacy and safety of its Logic Gate technology[5][2]. - The company is focused on expanding its clinical development for SENTI-202, particularly in enrolling additional patients with relapsed/refractory acute myeloid leukemia (AML)[2]. Investor Relations - Senti Bio's participation in various investor conferences aims to increase market awareness and visibility among the investor and scientific communities[4].

Table of Contents 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: 333-288102 HOYNE BANCORP, INC. (Exact name of registrant as specified in its charter) Delaware 39-2556785 (St ...

Financial Performance - Non-GAAP loss from operations for Q3 2025 was $24.7 million, compared to $16.5 million in Q3 2024, reflecting a 50% increase [252]. - Revenues for Q3 2025 increased by $0.4 million, or 93%, to $0.8 million, primarily due to the commencement of DaaS revenue in December 2024 [266]. - Total operating expenses for Q3 2025 rose by $12.1 million, or 65%, to $30.7 million, driven by increases in research and development, general and administrative, and truck and freight operations expenses [265]. - Research and development expenses for Q3 2025 increased by $3.0 million, or 29%, to $13.5 million, mainly due to higher headcount-related expenses and third-party software license costs [267]. - General and administrative expenses for Q3 2025 rose by $4.0 million, or 78%, to $9.2 million, primarily due to increased headcount-related expenses and professional service costs related to going public [268]. - Truck and freight operations expenses for Q3 2025 increased by $4.5 million, or 216%, to $6.6 million, attributed to higher headcount-related expenses and operational infrastructure costs [269]. - Free cash flow for Q3 2025 was $(40.0) million, compared to $(15.7) million in Q3 2024, indicating a significant increase in cash used [254]. - Revenues for the nine months ended September 30, 2025, increased by $1.5 million, or 124%, to $2.7 million, driven by a $1.0 million increase in DaaS revenue and a $0.5 million increase from U.S. Army contracts [274]. - Total other expenses for Q3 2025 increased by $239.0 million to $240.0 million, primarily due to losses on the issuance of preferred stock and common stock [271]. - Net loss before income taxes for Q3 2025 was $(269.9) million, compared to $(19.1) million in Q3 2024, reflecting a significant increase in losses [265]. - General and administrative expenses increased by $5.8 million, or 37%, to $21.5 million for the nine months ended September 30, 2025, from $15.7 million for the same period in 2024 [276]. - Truck and freight operations expenses rose by $10.1 million, or 169%, to $16.1 million for the nine months ended September 30, 2025, compared to $6.0 million for the same period in 2024 [277]. - Sales and marketing expenses increased by $0.8 million, or 31%, to $3.3 million for the nine months ended September 30, 2025, from $2.5 million for the same period in 2024 [278]. - Other expenses, net increased by $435.1 million to $437.9 million for the nine months ended September 30, 2025, from $2.8 million for the same period in 2024 [279]. - The company incurred a net loss of $511.8 million for the nine months ended September 30, 2025, and expects additional losses and increased expenses in future periods [281]. - As of September 30, 2025, the company had cash and cash equivalents of $146.2 million and current debt of $22.1 million, which is insufficient to meet capital requirements for at least one year [282]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $70.2 million, compared to $36.2 million for the same period in 2024 [284]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $211.6 million, compared to $42.4 million for the same period in 2024 [289]. - The company expects to seek additional funding through debt or equity offerings, which may result in substantial dilution or restrictive covenants [282]. Business Model and Operations - Kodiak AI, Inc. received $171.2 million in cash proceeds from the reverse recapitalization and private investment, net of transaction costs [225]. - As of September 30, 2025, Kodiak Driver-powered vehicles have logged over 5,200 cumulative hours of paid driverless operations and delivered over 10,000 loads across 3,000,000 autonomous miles driven [222]. - The company operates under a Driver-as-a-Service (DaaS) model, generating revenue through per-vehicle or per-mile license fees, aiming for predictable recurring revenue [223]. - As of September 30, 2025, customers had 10 customer-owned driverless vehicles licensed for the Kodiak Driver, indicating early adoption of the DaaS model [246]. - The company has established a freight network spanning nearly 23,000 miles across the southern United States, enhancing operational viability [227]. - Kodiak anticipates a shift to an asset-light business model as customer-owned vehicles represent a larger share of the deployed fleet over time [229]. - The company generates revenue through licensing the Kodiak Driver, freight delivery via Kodiak Driver-powered trucks, and services to the U.S. Army, recognizing revenue when control is transferred to customers [307]. - The company employs a five-step revenue recognition model, requiring significant judgment in estimating revenue and identifying performance obligations [309]. Market and Regulatory Environment - The U.S. Department of War is increasingly prioritizing the adaptation of commercial AI technologies for defense purposes, creating opportunities for Kodiak in the defense market [232]. - Kodiak is proactively engaging with policymakers to ensure regulatory frameworks support safe and scalable driverless deployment [239]. - Kodiak's future performance will depend on scaling deployments and achieving technical and commercial milestones, with potential risks from delays impacting revenue and profitability [233]. Financial Reporting and Valuation - Stock-based compensation is estimated using the Black-Scholes option pricing model, with fair value recognized on a straight-line basis over the requisite service period [310]. - The valuation of financial instruments involves significant judgment and is based on expected volatility, expected term, and discount rates, which could lead to materially different valuations if actual results differ from estimates [313]. - The One Big Beautiful Bill Act signed in July 2025 did not materially impact the company's financial statements due to its taxable loss position and valuation allowance on deferred tax assets [315]. - The company is exposed to market risks, including interest rate fluctuations and inflation, but does not believe a hypothetical 100-basis-point change in interest rates would materially impact its operations [318]. - Inflation has not had a material impact on the company's financial condition, although rising operating costs could adversely affect its business if not offset by price adjustments [319].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) x 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 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ and ____________ Commission file number 001-42705 _________________________ CAPSOVISION, ...

Financial Performance - Total revenues for the three months ended September 30, 2025, reached $4,938,503, a significant increase from $739,157 in the same period of 2024, representing a growth of 570%[16] - The company reported a net income of $65,588,809 for the three months ended September 30, 2025, compared to a net loss of $9,039,787 in the same period of 2024, marking a turnaround of $74,628,596[16] - The net income for the nine months ended September 30, 2025, was $52,201,644, compared to a net loss of $3,511,070 for the same period in 2024[28] - The company reported a gross profit of $1,087,953 for the three months ended September 30, 2025, compared to $195,849 in 2024, indicating an increase of 454%[16] Revenue Breakdown - Blockchain infrastructure revenues amounted to $4,215,224 for the three months ended September 30, 2025, compared to $739,157 in 2024, indicating a growth of 470%[16] - Blockchain infrastructure revenues for the nine months ended September 30, 2025, reached $8,676,357, compared to $1,751,735 in 2024, indicating a year-over-year increase of about 394%[100] - DeFi revenues from the Imperium business line for the three months ended September 30, 2025, were $723,279, while no revenues were recorded in the same period of 2024[103] - The Company earned $3,356,357 from block building through Builder+ for the three months ended September 30, 2025, compared to $404,503 in 2024, marking an increase of approximately 730%[102] Expenses and Liabilities - The company incurred total operating expenses of $7,079,833 for the three months ended September 30, 2025, compared to $1,920,693 in the same period of 2024, representing an increase of 269%[16] - The total liabilities increased to $73,450,855 as of September 30, 2025, compared to $4,245,435 as of December 31, 2024, reflecting a growth of 1,730%[14] - The total cost of blockchain infrastructure revenues for the three months ended September 30, 2025, was $3,843,634, compared to $543,308 for the same period in 2024, representing a significant increase[112] Assets and Equity - Total current assets increased to $298,344,324 as of September 30, 2025, up from $38,137,940 as of December 31, 2024, reflecting a growth of 682%[14] - The total stockholders' equity rose to $225,404,497 as of September 30, 2025, compared to $33,999,954 as of December 31, 2024, an increase of 563%[14] - As of September 30, 2025, the company's total crypto assets amounted to $293,180,682, a significant increase from $36,056,683 as of December 31, 2024, representing a growth of approximately 715%[161][174] Cash and Financing Activities - The company’s cash and cash equivalents increased to $4,486,051 as of September 30, 2025, compared to $1,977,778 as of December 31, 2024, a growth of 127%[14] - The net cash provided by financing activities for the nine months ended September 30, 2025, was $205,373,353, significantly higher than $653,340 in 2024[28] - The company issued 26,394,414 shares of common stock during the nine months ended September 30, 2025, raising $135,160,842 net of offering costs[18] Stock and Compensation - Stock-based compensation for the nine months ended September 30, 2025, was $3,850,662, compared to $1,887,800 in 2024[28] - The Company issued 329,110 shares of Common Stock to officers and employees as part of accrued bonus compensation, with a total fair value of approximately $813,000[196] - The Company issued 49,812 shares of Common Stock to independent directors, with a total grant date fair value of approximately $113,000 for the nine months ended September 30, 2025[195] Crypto Assets and Valuation - The fair value of crypto assets is primarily determined based on pricing data from Kraken, the Company's principal market[48] - The Company measures its crypto assets at fair value using the last closing price of the day in the UTC time zone at each reporting period end[51] - The fair market value of Ethereum (ETH) held by the company is $291,581,923, with a cost basis of $213,513,938, indicating a realized gain of approximately 36.5%[159] Strategic Operations - The company completed a strategic wind-down of its validator node operations on multiple platforms to focus on Ethereum[34] - The Company expanded its blockchain infrastructure operations to include DeFi activities under the Imperium business line starting in 2025, participating directly in DeFi ecosystems[96] - The Company recognizes revenue from blockchain operations under ASC 606, with three primary sources: staking rewards, transaction fees, and protocol-driven rewards[79]

Product Development - The company is developing a new class of intranasal product candidates called pherines, with five clinical-stage candidates currently in its neuroscience pipeline[82]. - Fasedienol, the lead product candidate, is in the U.S. registration-directed PALISADE Program for the acute treatment of social anxiety disorder (SAD), with positive topline results reported from the PALISADE-2 Phase 3 trial[83]. - The ongoing PALISADE Program includes PALISADE-3 and PALISADE-4 Phase 3 trials, with topline data for PALISADE-3 expected in Q4 2025 and for PALISADE-4 in the first half of 2026[83]. - The PALISADE-2 study, which enrolled 141 patients, successfully met its primary efficacy endpoint after early termination, leading to the initiation of further trials[90]. - Fasedienol's mechanism of action is fundamentally differentiated from FDA-approved anti-anxiety medications, aiming for rapid-onset effects without systemic absorption[87]. - SAD affects over 30 million adults in the U.S., with a mean duration of about 20 years, highlighting a significant unmet medical need[86]. - The company plans to generate evidence to support the clinical meaningfulness of fasedienol's effects for a potential NDA submission to the U.S. FDA[91]. - Fasedienol has received fast track designation and aims to become the first FDA-approved acute treatment for SAD[89]. - The company is focused on developing transformative treatment options to meet growing unmet needs in mental health[85]. - The PALISADE Program is designed to evaluate the efficacy, safety, and tolerability of fasedienol during anxiety-provoking situations, using the Subjective Units of Distress Scale as the primary endpoint[90]. - Itruvone has received FDA fast track designation for the treatment of Major Depressive Disorder (MDD) and demonstrated a reduction in depressive symptoms within one week in a Phase 2A clinical trial[96][97]. - PH80 is under development as a non-hormonal treatment for vasomotor symptoms (hot flashes) due to menopause, affecting 60% - 80% of menopausal women in the U.S.[98][99]. - In a Phase 2A clinical study, PH80 significantly reduced the daily number of hot flashes compared to placebo by the end of the first week, with improvements maintained through four weeks[100][101]. - PH284 is being evaluated for cancer cachexia, which affects up to 80% of people with advanced cancer and is thought to cause up to 30% of cancer deaths[108][109]. - In a Phase 2A study, PH284 showed a cumulative effect on mean Subjective Feeling of Hunger scores compared to placebo, with no serious adverse events reported[111]. - AV-101 has received Fast Track designation for the treatment of neuropathic pain and as an adjunctive treatment for MDD, targeting the NMDAR[115][113]. - The company launched the PALISADE-3 Phase 3 clinical trial for fasedienol in the treatment of social anxiety disorder (SAD) and initiated the PALISADE-4 trial in September 2024[117]. - The company is focusing on creating, protecting, and patenting intellectual property related to its neuroscience product candidates and nasal spray delivery technologies[117]. Financial Performance - As of September 30, 2025, the company had an accumulated deficit of approximately $442.1 million and a net loss of approximately $51.4 million for the fiscal year 2025[118]. - For the three months ended September 30, 2025, total revenues were $258,000, compared to $183,000 for the same period in 2024, reflecting an increase in sublicense and other revenue[129]. - Research and development expenses for the three months ended September 30, 2025, were $15.9 million, up from $10.2 million in the same period in 2024, primarily due to increased costs associated with the PALISADE Program for fasedienol[132]. - The company incurred a net loss of $19.4 million for the three months ended September 30, 2025, compared to a net loss of $12.9 million for the same period in 2024[129]. - General and administrative expenses were $4.4 million for the three months ended September 30, 2025, compared to $4.2 million for the same period in 2024[136]. - The company expects research and development expenses to increase over the next fiscal year as it advances its product candidates and expands operations[135]. - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities of approximately $77.2 million, raising concerns about its ability to continue as a going concern[142]. - The company has financed operations through the issuance of equity securities, raising approximately $370.2 million to date[139]. - The company anticipates that sublicense and other revenue will remain consistent in future periods unless milestones under existing agreements are achieved[131]. - The company sold an aggregate of 9,608,772 shares under its Sales Agreement during the three months ended September 30, 2025, generating net proceeds of $27.9 million[141]. - For the six months ended September 30, 2025, net cash used in operating activities was $32.6 million, compared to $21.8 million for the same period in 2024, reflecting an increase of approximately 49%[146][147][148]. - Net cash used in investing activities decreased significantly to $0.9 million for the six months ended September 30, 2025, from $13.3 million in 2024, indicating a reduction of about 93%[149]. - Net cash provided by financing activities increased to $29.1 million for the six months ended September 30, 2025, primarily from the sale of common stock, compared to immaterial amounts in 2024[150][151]. - The company's cash and cash equivalents at the end of the period were $62.8 million as of September 30, 2025, down from $84.2 million at the end of the same period in 2024, representing a decrease of approximately 25%[146]. - The net loss for the six months ended September 30, 2025, was $34.5 million, compared to a net loss of $23.7 million for the same period in 2024, reflecting an increase in losses of about 45%[147][148]. - The company plans to seek additional financing to support clinical development and operating activities, indicating a focus on growth despite current cash flow challenges[144]. - There have been no material changes in contractual obligations and commitments during the three and six months ended September 30, 2025[152]. - No material changes were reported in critical accounting estimates during the three and six months ended September 30, 2025[153]. - Future financing availability remains uncertain, with no assurance of sufficient amounts or acceptable terms[145]. - The company continues to manage operating costs carefully, including clinical and pre-commercialization programs[144].

Financial Performance - Net loss for the second quarter of fiscal year 2026 was $19.4 million, compared to a net loss of $13.0 million for the same quarter in fiscal year 2025[7]. - Basic and diluted net loss per common share for the second quarter of fiscal year 2026 was $0.54, compared to $0.42 in the same quarter of the previous year[17]. - The accumulated deficit increased to $442.1 million as of September 30, 2025, from $407.6 million at the end of the previous fiscal year[15]. Revenue and Expenses - Total revenues for the second quarter of fiscal year 2026 were $258,000, compared to $183,000 in the same quarter of the previous year[17]. - Research and development (R&D) expense increased to $15.9 million for the second quarter of fiscal year 2026, up from $10.2 million in the same period last year, reflecting higher expenses related to the PALISADE Program for fasedienol[5]. - General and administrative (G&A) expense was $4.4 million for the second quarter of fiscal year 2026, slightly up from $4.2 million in the prior year[6]. Clinical Trials - The last patient completed the randomized portion of the PALISADE-3 Phase 3 clinical trial, with topline results expected in the fourth quarter of 2025[4]. - The PALISADE-4 Phase 3 trial is set to report topline results in the first half of 2026, following a similar study design as PALISADE-3[4]. Corporate Governance - The company appointed Mr. Paul Edick to its Board of Directors in October 2025[3]. Cash Position - Cash, cash equivalents, and marketable securities totaled $77.2 million as of September 30, 2025[8].

Financial Performance - Total revenue for the three months ended September 30, 2025, was $6.829 million, a decrease of 16% compared to $8.164 million in the same period of 2024[109]. - Core revenue decreased by 21% to $6.406 million in Q3 2025 from $8.140 million in Q3 2024, with significant declines in instrument revenue (down 22%), PA revenue (down 25%), and license revenue (down 29%) [112]. - The company incurred a net loss of $12.416 million for the three months ended September 30, 2025, compared to a net loss of $11.557 million in the same period of 2024[109]. - Total revenue for the nine months ended September 30, 2025 was $25.7 million, a decrease of $4.2 million, or 14%, compared to $29.9 million during the same period in 2024, primarily due to a decrease in program-related revenue[139]. - Core revenue for the nine months ended September 30, 2025 was $22.8 million, a decrease of $1.1 million, or 4%, compared to $23.9 million in the same period in 2024[139]. - The company incurred a net loss of $35.0 million for the nine months ended September 30, 2025, with an accumulated deficit of $251.9 million as of the same date[152]. Revenue Drivers - The company expects revenue from PA and instrument sales to continue to grow as customers advance their preclinical pipeline programs into clinical development[115]. - Program-related revenues decreased by $3.2 million for the nine months ended September 30, 2025, due to customer variability in achieving clinical and regulatory milestones[141]. Expenses and Cost Management - Operating expenses for Q3 2025 totaled $19.382 million, slightly down from $20.289 million in Q3 2024[109]. - Sales and marketing expenses decreased by $2.3 million, or 37%, for the three months ended September 30, 2025, primarily due to a reduction in headcount and decreases in stock-based compensation and marketing expenses[129]. - General and administrative expenses decreased by $1.7 million, or 22%, for the three months ended September 30, 2025, driven by a decrease in stock-based compensation and legal fees[132]. - Restructuring expenses of $3.1 million were incurred during the three months ended September 30, 2025, due to the implementation of a restructuring plan[134]. - Sales and marketing expenses decreased by $4.8 million, or 24%, for the nine months ended September 30, 2025, mainly due to a reduction in headcount[146]. Strategic Initiatives - In January 2025, the company acquired SeQure Dx, Inc., enhancing its capabilities in cell and gene therapy services[105]. - The company signed four new Strategic Platform License (SPL) agreements in 2025, expanding its partnerships and revenue potential[106]. - SPL program-related revenue increased significantly by 1,663% to $423,000 in Q3 2025 from $24,000 in Q3 2024[112]. - The company continues to focus on expanding its manufacturing capabilities and sales efforts to drive future growth in both U.S. and international markets[104]. Cash Flow and Financial Position - Net cash used in operating activities for the nine months ended September 30, 2025 was $31.7 million, compared to $19.8 million for the same period in 2024[157]. - Net cash provided by investing activities during the nine months ended September 30, 2025 was $16.3 million, primarily from maturities of investments[159]. - The company has no debt obligations as of September 30, 2025[165]. - The company has contractual obligations of $24.4 million for operating lease payments through August 31, 2035[163]. Market and Economic Factors - A 10% change in market interest rates is not expected to materially affect the company's financial condition or results of operations[178]. - The company does not expect foreign currency gains or losses to have a material effect on its financial position or results of operations in the foreseeable future[179]. - Inflation and changing prices have not had a material effect on the company's business during the last two years[180]. Management and Governance - Mr. Swirsky will receive a one-time payment of $150,000 following his transition from Chief Financial Officer[175]. - Mr. Swirsky will provide consulting services for eighteen months post-transition, with a monthly fee of $10,000[175]. - The company did not recognize any goodwill impairment for the three and nine months ended September 30, 2025[170]. - The company expects to retain its emerging growth company (EGC) status until December 31, 2026[172]. - The company may continue to be a smaller reporting company if the market value of its stock held by non-affiliates is less than $250 million[173].