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].

Sales Performance - Net sales for the three months ended September 30, 2025, were $13.176 million, a 21.2% increase from $10.867 million in the same period in 2024[76]. - The food service technology (FST) segment generated $4.841 million in sales, up 12.0% from $4.321 million in the prior year[76]. - Casino and gaming sales surged to $7.144 million, reflecting a 57.6% increase from $4.534 million in the previous year[76]. - Net sales for Q3 2025 increased by $2.3 million, or 21%, compared to Q3 2024, with hardware unit sales volume up 18% to approximately 24,300 units[77]. - International sales accounted for $2.740 million, representing 20.8% of total sales, compared to 20.9% in the prior year[76]. - International sales increased by $467 thousand, or 21%, in Q3 2025, primarily driven by the casino and gaming market[78]. - Domestic casino and gaming product sales surged by $2.1 million, or 78%, in Q3 2025 compared to Q3 2024, with total casino and gaming revenue reaching $7.1 million[85]. - Net sales for the first nine months of 2025 increased by $6.9 million, or 21%, compared to the same period in 2024, with a 22% increase in hardware sales unit volume[101]. - Domestic casino and gaming sales increased by $6.5 million, or 71%, in the first nine months of 2025 compared to the same period in 2024, as customers worked through excess inventory[106]. - International casino and gaming sales decreased by $0.6 million, or 9%, in the first nine months of 2025, primarily due to a significant European OEM working down overstock[107]. Financial Metrics - Gross profit for Q3 2025 was $6.6 million, a 25.4% increase from Q3 2024, with a gross margin improvement to 50%[89]. - Gross profit increased by $2.6 million, or 15%, to $19,567 thousand for the first nine months of 2025, while gross margin decreased by 230 basis points to 49%[110]. - Operating income for Q3 2025 was $14 thousand, a significant improvement from an operating loss of $837 thousand in Q3 2024, attributed to a 21% increase in sales and a $1.3 million increase in gross profit[94]. - Net interest income increased to $61 thousand in Q3 2025 from $42 thousand in Q3 2024, reflecting higher interest income on increased levels of invested cash[95]. - Net income for Q3 2025 was $15 thousand, or $0.00 per diluted share, compared to a net loss of $600 thousand, or $(0.06) per diluted share, in Q3 2024[98]. - Operating loss decreased by $2.3 million, or 90%, to $(259) thousand for the first nine months of 2025 compared to $(2,576) thousand in 2024[114]. - Net loss for the first nine months of 2025 was $(109) thousand, or $(0.01) per diluted share, compared to a net loss of $(1.9) million, or $(0.19) per diluted share in 2024[118]. Expenses and Cost Management - Engineering, design, and product development expenses increased by $16 thousand, or 1%, in Q3 2025, primarily due to higher incentive compensation[90]. - Selling and marketing expenses increased by $211 thousand, or 11%, in Q3 2025 compared to Q3 2024, primarily due to higher sales commissions and incentive compensation on a 58% increase in casino and gaming sales[91]. - General and administrative expenses rose by $251 thousand, or 10%, in Q3 2025 compared to Q3 2024, driven largely by higher incentive and share-based compensation due to improved financial results[93]. - Engineering, design, and product development expenses decreased by $389 thousand, or 7.2%, to $5,016 thousand for the first nine months of 2025[111]. - Selling and marketing expenses increased by $119 thousand, or 2%, to $6,279 thousand for the first nine months of 2025[112]. - General and administrative expenses increased by $559 thousand, or 7%, to $8,531 thousand for the first nine months of 2025[113]. Cash Flow and Liquidity - Cash and cash equivalents increased by $5.6 million, or 39%, to $20.0 million as of September 30, 2025[119]. - As of September 30, 2025, the company had $3.0 million of outstanding borrowings under the Siena Credit Facility at an interest rate of 9.00%[128]. Strategic Initiatives and Risks - The company acquired a perpetual license for the BOHA! software source code for $2.55 million, with an additional $1.0 million for transition services[66]. - The company expects annualized savings of approximately $2 million from a cost reduction initiative initiated in Q2 2024[73]. - The U.S. government has imposed a 19% tariff on goods imported from Thailand, which may impact future financial results[69][71]. - The company continues to monitor macroeconomic factors and potential impacts of tariffs on sales levels[67][71]. - The company is dependent on a single contract manufacturer in Thailand for the majority of its products, which poses risks related to supply chain disruptions[68][72]. - The company expects total FST revenue for Q4 2025 to be higher than Q4 2024, focusing on growing the installed base of terminals and related recurring revenue[81]. - The company anticipates TSG sales to be somewhat lower in Q4 2025 compared to the same period in 2024 as it plans to cease selling remaining legacy consumable products[88].

For the quarterly period ended September 30, 2025 or 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 ☐ 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: 001-42403 | British Columbia | N/A | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or or ...

Financial Performance - Platform revenue for Q3 2025 was $3.5 million, a decline of 53% compared to $7.4 million in Q3 2024[5] - Platform net loss for Q3 2025 was $4.4 million, or $1.70 per diluted share, compared to a net income of $0.2 million, or $0.11 per diluted share in Q3 2024[5] - Adjusted EBITDA loss for Q3 2025 was $0.7 million, compared to an Adjusted EBITDA of $2.4 million in Q3 2024[5] - Caliber's consolidated revenue for Q3 2025 was $3.6 million, down from $11.3 million in Q3 2024, reflecting the deconsolidation of certain funds[13] - Consolidated net loss attributable to Caliber for Q3 2025 was $4.4 million, or $1.65 per diluted share, compared to a net income of $0.1 million, or $0.12 per diluted share in Q3 2024[13] - Total revenue for the three months ended September 30, 2025, was $3,516,000, a decrease of 52.7% from $7,416,000 in the same period of 2024[1] - Asset management revenues decreased to $3,486,000 in Q3 2025 from $6,530,000 in Q3 2024, reflecting a decline of 46.5%[34] - Fee-Related Earnings for Q3 2025 showed a net loss of $4,371,000, compared to a net income of $146,000 in Q3 2024, indicating a significant decline in core revenue generation[46] - Distributable Earnings for Q3 2025 were reported at $(2,540,000), a decrease from $529,000 in Q3 2024, highlighting challenges in earnings available for distribution[41] - Platform Adjusted EBITDA for Q3 2025 was $(665,000), a sharp decline from $2,412,000 in Q3 2024, reflecting reduced performance of the asset management platform[44] - Consolidated Adjusted EBITDA for Q3 2025 was $(464,000), down from $4,248,000 in Q3 2024, indicating overall financial strain[45] Asset Management and Capital - The fair value of Assets Under Management (AUM) as of September 30, 2025, was $797,033,000, slightly up from $794,923,000 as of December 31, 2024[26] - Managed Capital increased to $505,989,000 as of September 30, 2025, compared to $492,542,000 as of December 31, 2024, representing a growth of 2.9%[28] - Managed Capital includes total capital raised from customers, impacting preferred returns and performance fees, which are crucial for predicting future earnings[38] - Fair Value AUM represents the aggregate fair value of managed real estate assets, influencing management fees and service income predictions based on AUM growth expectations[38] Digital Assets and Investments - As of the end of Q3 2025, Caliber held 467,632 LINK tokens, which increased to 562,535 tokens valued at $8.5 million as of the release date[5] - The company completed strategic purchases of LINK tokens, further supporting its Digital Asset Treasury strategy[7] - Caliber's Digital Asset Treasury strategy was formally approved by the Board of Directors, focusing on acquiring LINK tokens and maximizing risk-adjusted returns[7] - The company reported an unrealized loss on digital assets of $677,000 for Q3 2025[34] - The company reported an unrealized loss on digital assets of $677,000 in Q3 2025, impacting overall financial performance[46] Liabilities and Equity - Total liabilities decreased to $76,481,000 as of September 30, 2025, from $94,282,000 as of December 31, 2024, a reduction of 18.9%[35] - Cash and restricted cash increased to $13,138,000 as of September 30, 2025, from $4,348,000 as of December 31, 2024[35] - The total stockholders' equity decreased to $6,087,000 as of September 30, 2025, from $11,253,000 as of December 31, 2024[36] Strategic Initiatives - The company announced a partnership to deploy EV charging infrastructure, aimed at enhancing sustainability across its portfolio[8] - The impact of consolidated funds on fee-related earnings was $173,000 in Q3 2025, compared to $45,000 in Q3 2024, suggesting changes in fund performance dynamics[46] - The company’s platform performance is critical for understanding the value of CWD, as it generates revenues from managing the investment portfolio[39]

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: 001-42652 Linkhome Holdings Inc. (Exact name of registrant as specified in its charter ...

Financial Performance - Forge's marketplace solutions reported 875 trades in Q3 2025, a decrease of 52% from 927 trades in Q2 2025, while the volume decreased to $423.3 million from $756.1 million[142]. - Total revenues, less transaction-based expenses decreased by $6.6 million, or 24% in Q3 2025 compared to Q2 2025[173]. - Marketplace revenue decreased by $6.4 million, or 35%, driven by a 44% decrease in trading volume, despite a 40 basis point increase in net take rate[174]. - Total revenues, less transaction-based expenses increased by $13.3 million, or 22% in the nine months ended September 30, 2025 compared to the same period in 2024[175]. - Marketplace revenue increased by $17.8 million, or 62%, driven by an 82% increase in trading volume, offset by a 30 basis point decrease in net take rate[176]. - Adjusted EBITDA for Q3 2025 was $(11,556) thousand, compared to $(5,433) thousand in Q2 2025[149]. - Net loss attributable to Forge Global Holdings, Inc. for Q3 2025 was $(18,223) thousand, compared to $(12,580) thousand in Q2 2025[170]. - Adjusted EPS for Q3 2025 was $(1.40), compared to $(0.99) in Q2 2025[151]. Custodial Accounts and Assets - Total custodial accounts reached 2,703,045 as of September 30, 2025, an increase of 104,199 accounts from 2,598,846 in Q2 2025, and up 421,069 from 2,281,976 in Q3 2024[143]. - Assets under custody increased to $18.45 billion as of September 30, 2025, up $315.0 million from $18.13 billion in Q2 2025, and up $1.83 billion from $16.62 billion in Q3 2024[143]. - Custodial client cash stood at $454.4 million as of September 30, 2025, reflecting an increase of $14.1 million from $440.3 million in Q2 2025, but a decrease of $15.3 million from $469.7 million in Q3 2024[143]. Merger and Strategic Initiatives - The company entered into a merger agreement with The Charles Schwab Corporation, with each share of Forge common stock to be converted into $45.00 in cash at the effective time of the merger[129]. - The merger is expected to close in the first half of 2026, pending customary closing conditions and regulatory approvals[132]. - The company may require additional capital resources to execute strategic initiatives for growth, depending on various factors including growth rate and spending on platform development[198]. Operating Expenses - Total operating expenses for Q3 2025 were $41,521 thousand, compared to $40,419 thousand in Q2 2025[170]. - Compensation and benefits expense for Q3 2025 was $26,396 thousand, slightly down from $27,193 thousand in Q2 2025[170]. - Total compensation and benefits expense decreased by $2.1 million, or 8%, quarter-over-quarter, and by $9.3 million, or 10%, year-over-year[179][180]. - Salary expense decreased by $5.3 million, or 12%, due to cost initiatives implemented in the second half of 2024[180]. - Other operating expenses increased by $1.9 million, or 14%, quarter-over-quarter, and by $3.9 million, or 10.6%, year-over-year[183][185]. Cash Flow and Liquidity - As of September 30, 2025, cash and cash equivalents totaled $32.3 million, with investments of $28.4 million, indicating sufficient liquidity for the next twelve months[195][196]. - Cash used in operating activities for the nine months ended September 30, 2025 was $31.96 million, primarily due to a net loss of $46.8 million[203]. - Cash used in investing activities for the nine months ended September 30, 2025 was $36.96 million, primarily driven by investments of excess corporate cash balances[205]. - Cash used in financing activities was $5.0 million for the nine months ended September 30, 2025, compared to $3.4 million for the same period in 2024, primarily related to share repurchases and equity award activities[206]. Goodwill and Accounting Policies - No impairment charges were recognized during the nine months ended September 30, 2025, and September 30, 2024, indicating stable goodwill assessments[212]. - The company performed its annual goodwill impairment test on October 1, 2024, and a qualitative assessment as of September 30, 2025, concluding that fair value exceeded carrying value[212]. - There have been no material changes to critical accounting policies and estimates compared to the previous Annual Report[213]. - The company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[215]. Market Trends - The company emphasizes the importance of market trends, including supply and demand for private company shares, which are influenced by IPOs and mergers and acquisitions activity[134]. - Forge's asset management solution aims to enhance investment efficiency through single asset funds focused on private companies[126].

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 For the transition period from _________ to _________ Commission file number: 001-40233 ROYALTY MANAGEMENT HOLDING CORPORATION (Exact name of registrant as specified in its charter) (State or othe ...

Financial Performance - For the nine months ended September 30, 2025, total revenue was $3,553,219, a significant increase compared to $561,956 for the same period in 2024, representing a growth of approximately 531%[22] - The net loss for the nine months ended September 30, 2025, was $317,378, compared to a net loss of $83,160 for the same period in 2024, indicating a deterioration in financial performance[26] - Gross profit for the three months ended September 30, 2025, was $146,136, while for the same period in 2024, it was $140,173, showing a slight increase of about 4%[22] - The operating loss for the three months ended September 30, 2025, was $(98,370), while the nine-month operating loss was $(257,729)[149] - Total revenues for the three months ended September 30, 2025, were $1,302,814, with a gross profit of $146,136[149] - For the nine months ended September 30, 2025, total revenues reached $3,553,219, resulting in a gross profit of $629,331[149] - The company reported a segment net income from operations of $357,265 for the nine months ended September 30, 2025, compared to a loss of $290,572 for the same period in 2024[154] Assets and Liabilities - Total assets increased to $18,017,593 as of September 30, 2025, up from $15,040,664 on December 31, 2024, representing a growth of approximately 19.7%[18] - Total liabilities increased to $3,953,828 from $1,414,940, indicating a rise of about 179.5%[18] - Total current assets surged to $3,609,664, a significant increase from $753,196, reflecting a growth of approximately 378.5%[18] - Cash and cash equivalents rose to $173,174, compared to $114,138 at the end of the previous year, marking an increase of 51.8%[18] - The Company’s total cash, cash equivalents, and restricted cash amounted to $368,524 as of September 30, 2025, compared to $309,488 as of December 31, 2024, an increase of about 19%[38] - As of September 30, 2025, the Company had cash and cash equivalents of $173,174, up from $114,138 as of December 31, 2024, reflecting an increase of approximately 52%[38] Equity and Dividends - Stockholders' equity grew to $14,063,765, up from $13,625,724, which is an increase of approximately 3.2%[19] - The company declared dividends of $74,338 for the current period, compared to none in the previous period[19] - A dividend of $0.0025 per share was declared for each quarterly period ending June 30, 2025, resulting in a total payment of $37,410 on July 14, 2025[110] - The company paid dividends totaling $36,928 ($0.0025 per share) for the third quarter of 2025, with plans to increase the dividend to $0.01 per share for the next four quarters starting June 30, 2025[166] Cash Flow and Operating Activities - The company reported a net cash used in operating activities of $54,983 for the nine months ended September 30, 2025, compared to $252,631 for the same period in 2024, reflecting improved cash flow management[26] - Positive total cash flow for the nine months ended September 30, 2025, was $59,036, indicating a need for additional capital to support investment and growth plans[165] Revenue Sources and Growth - Environmental Services revenue for the nine months ended September 30, 2025, was $3,478,551, compared to $483,630 for the same period in 2024, indicating a growth of about 620%[52] - The increase in revenue was primarily due to additional business obtained through RMC Environmental Services LLC, which signed a new contractor services agreement[160] Investments and Financial Instruments - The Company has $195,350 in restricted cash as of September 30, 2025, which serves as a performance bond for a mining permit[36] - The Company recorded passthrough income from FUB Mineral LLC of $4,603 and $1,381 for the three-month periods ended September 30, 2025 and 2024, respectively, and $9,447 and $4,074 for the nine-month periods[71] - The company advanced $100,000 to Heart Water Inc. under an unsecured convertible promissory note with an 8.0% annual interest rate, maturing on October 6, 2028[75] - The company invested a total of $250,000 into convertible debt of Ferrox, which carries a 7.0% annual interest rate[76] Operating Expenses - Total operating expenses for the nine months ended September 30, 2025, were $887,060, compared to $830,996 for the same period in 2024, indicating an increase of approximately 7%[22] - Total other expenses for the three months ended September 30, 2025, were $110,725, while other income for the same period in 2024 was $50,315, indicating a significant shift in financial performance[163] Internal Controls and Compliance - Management concluded that disclosure controls and procedures were not effective due to insufficient staffing in accounting and reporting functions[172] - The company has not reported any changes in internal control over financial reporting that materially affected its operations during the fiscal quarter[174] - There were no off-balance sheet arrangements that required disclosure, and all transactions are recognized in accordance with U.S. GAAP[167] Future Outlook - The company anticipates continued growth and expansion in its business model, focusing on investments in natural resources and emerging technologies[159] - The company may need to raise additional funds through equity or debt securities to execute its investment and growth plans[165]

Financial Performance - For the three months ended September 30, 2025, the net loss was $2,814,623, a decrease of $1,531,126 compared to a net loss of $4,345,749 for the same period in 2024[90] - For the nine months ended September 30, 2025, the net loss was $5,011,239, a decrease of $1,784,162 from the net loss of $6,795,401 in the same period of 2024[95] - The loss from operations for the three months ended September 30, 2025, was $2,835,773, a decrease of $1,593,473 from $4,429,246 in the same period of 2024[90] - The loss from operations was $5,081,961 for the nine months ended September 30, 2025, compared to $7,146,761 in 2024, a decrease of $2,064,800[98] Expenses - Exploration expenses for the three months ended September 30, 2025, were $2,095,409, down from $3,911,335 in the same period of 2024, reflecting a decrease of $1,815,926[90] - Exploration expenses decreased to $2,538,765 in 2025 from $5,249,235 in 2024, reflecting a reduction of $2,710,470[96] - General and administrative expenses increased to $699,855 for the three months ended September 30, 2025, compared to $477,869 for the same period in 2024, an increase of $221,986[90] - General and administrative expenses increased to $2,422,030 in 2025, up by $628,150 from $1,793,880 in 2024[96] Cash Flow and Assets - As of September 30, 2025, cash and cash equivalents were $3,289,803, down from $3,880,747 as of December 31, 2024[99] - Total assets decreased to $4,711,217 as of September 30, 2025, from $5,149,151 as of December 31, 2024[99] - Net cash used in operating activities was $4,696,634 for the nine months ended September 30, 2025, a decrease from $6,640,446 in the same period of 2024[105] - Net cash provided by financing activities was $4,062,395 in 2025, significantly higher than $10,202 in 2024, primarily from the ATM Program[107] Share and Stock Information - The company sold 308,282 shares of Common Stock under the At-The-Market (ATM) Program for gross proceeds of $3,054,072 during the three months ended September 30, 2025[88] - Aggregate commissions paid to agents under the ATM Program were $80,776 for the three months ended September 30, 2025[88] - As of September 30, 2025, the company has 13,273,195 shares of Common Stock outstanding, including 254,000 performance-based Restricted Shares[117] - There are outstanding stock options to purchase 279,800 shares at an exercise price of $10 per share and Warrants to purchase 1,740,992 shares at an exercise price of $13 per share[117] Project Development - The company selected Ausenco Engineering Canada ULC to lead the proposed initial economic assessment for the Whistler Project announced on June 9, 2025[81] - The company’s principal project, the Whistler Project, is located in the Yentna Mining District, approximately 105 miles northwest of Anchorage, Alaska[78] - The 2025 Exploration Program commenced in July 2025 and was completed in October 2025, focusing on developing new potential porphyry gold-copper drill targets[82] Obligations and Liabilities - The company has an annual land payment obligation of $230,605 for the Whistler Project in 2025[108] - A work order for professional services related to the Whistler Project was amended to $2,094,000, with $1,969,848 already paid as of the date of the filing[110] - The asset retirement obligation represents the present value of estimated future costs for rehabilitation of mineral properties, which may vary due to uncertainties in cost estimates[119] - Management periodically reviews and adjusts the asset retirement obligation based on new information and regulatory changes[119] Royalty Interests - The company holds a 2.75% net smelter return (NSR) over 377 claims related to the Whistler Project, with a potential buy-down option to 2.0% for a one-time payment of $5,000,000[116] - A 2.0% net proceeds royalty interest is specified over the Whistler Deposit and Raintree West deposit, which will be transferred to RG Royalties in October 2025[116] - The company has a 1.0% NSR over the Whistler Project to Gold Royalty U.S. Corp. as per an agreement dated January 11, 2021[116] Regulatory and Compliance - The company is evaluating the impact of recently issued accounting standards, including ASU 2023-09, which expands income tax disclosures effective after December 15, 2024[122] - The company is also assessing the implications of ASU-2024-03, requiring detailed expense disclosures effective after December 15, 2026[123] - The company remains an emerging growth company until it meets certain revenue or debt thresholds, allowing it to rely on reduced reporting requirements under the JOBS Act[125]

Financial Performance - The company reported a net loss of $110.8 million for the three months ended September 30, 2025, compared to a net loss of $93.1 million for the same period in 2024, reflecting an increase in operating expenses[253]. - As of September 30, 2025, the company had an accumulated deficit of $808.9 million, primarily due to research and development costs[253]. - For the three months ended September 30, 2025, total revenue was $2.1 million, with collaboration revenue of $2.1 million and license revenue of $17.4 million for the nine months ended September 30, 2025[285]. - The net loss for the three months ended September 30, 2025, was $110.8 million, a 19% increase from a net loss of $93.1 million in the same period in 2024[284]. - The company has not generated any revenue from product sales since inception and does not expect to do so until regulatory approvals are obtained[255]. - The company does not expect to generate revenue from product sales until successful development and regulatory approval of its product candidates[316]. Expenses and Costs - Research and development expenses increased by 11% to $97.8 million for the three months ended September 30, 2025, compared to $87.8 million for the same period in 2024[286]. - General and administrative expenses rose by 85% to $19.5 million for the three months ended September 30, 2025, compared to $10.6 million for the same period in 2024[284]. - Total operating expenses for the three months ended September 30, 2025, were $117.4 million, an increase of 19% from $98.4 million in the same period in 2024[284]. - Research and development expenses for the nine months ended September 30, 2025, totaled $303.2 million, a 70% increase from $178.4 million in the same period in 2024[286]. - The company anticipates significant increases in expenses as it progresses multiple clinical trials and integrates the ACELYRIN business[254]. - The increase in research and development expenses is attributed to higher costs associated with clinical trials and professional consulting services, particularly for the envu program[288][289]. - Personnel-related costs rose by $36.6 million to $69.3 million for the nine months ended September 30, 2025, primarily due to severance costs related to the ACELYRIN Merger[296]. - CRO, CMO, and clinical trials expenses increased by $97.0 million to $187.6 million for the nine months ended September 30, 2025, driven by clinical trial progression and related expenses[294]. - General and administrative expenses surged by $52.5 million to $76.3 million for the nine months ended September 30, 2025, compared to $23.8 million for the same period in 2024[302]. Mergers and Collaborations - The company completed the ACELYRIN Merger on May 21, 2025, in a transaction valued at approximately $238.1 million, acquiring net assets with a fair value of $426.0 million[261]. - The company entered into a Collaboration Agreement with Kaken on March 25, 2025, granting Kaken exclusive rights to develop and commercialize envu in Japan, with an upfront payment of $20.0 million received[264][266]. - The company recognized a gain on bargain purchase of $187.9 million related to the ACELYRIN Merger[281]. - The company recognized a gain on bargain purchase of $187.9 million at the Closing Date of the ACELYRIN Merger[306]. Cash Flow and Funding - Cash, cash equivalents, and marketable securities totaled $377.7 million as of September 30, 2025, sufficient to meet operating and capital requirements for at least 12 months[312]. - Net cash used in operating activities was $297.6 million for the nine months ended September 30, 2025, compared to $180.3 million for the same period in 2024[318]. - Future funding requirements will depend on various factors, including clinical trial outcomes and regulatory approval processes[317]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $297.6 million, compared to $180.3 million for the same period in 2024, primarily due to a net loss of $150.4 million[319]. - Net cash provided by investing activities for the nine months ended September 30, 2025 was $192.9 million, driven by proceeds from maturities of marketable securities totaling $305.4 million[324]. - Net cash provided by financing activities for the nine months ended September 30, 2025 was $0.7 million, mainly from the issuance of common stock under the 2024 Employee Stock Purchase Plan (ESPP)[326]. Obligations and Agreements - The company is obligated to pay contingent consideration of up to $120.0 million related to the acquisition of FronThera, with $23.0 million paid for a milestone achieved in August 2024[329]. - The Pierre Fabre Agreement includes potential milestone payments of up to $490.5 million and tiered royalties on worldwide net sales[333]. - As of September 30, 2025, total undiscounted lease payment obligations under non-cancelable leases were $54.9 million[336]. - Total value of non-cancellable obligations under contracts as of September 30, 2025 was $3.8 million, an increase from zero as of December 31, 2024[328]. Accounting and Financial Reporting - The company recognizes revenue based on the transaction price, which may include fixed and variable considerations such as non-refundable upfront payments and milestone payments[353]. - Revenue is allocated to distinct performance obligations based on relative standalone selling prices, considering factors like forecasted revenues and probabilities of success[354]. - Stock-based compensation expense is measured using the Black-Scholes model and is recognized on a straight-line basis over the requisite service period[356]. - The company is classified as an "emerging growth company," allowing it to delay the adoption of certain accounting standards until they apply to private companies[361]. - As of June 30, 2024, the company qualifies as a "smaller reporting company" with a market value of common stock below $700 million and annual revenue under $100 million[363]. Market and Economic Conditions - The company does not believe that a hypothetical 10% change in interest rates would materially affect its financial statements[364]. - Foreign currency transaction gains and losses have not been material, and the company does not have a formal hedging program for foreign currency[365]. - Inflation has not had a material effect on the company's business or financial condition[366].