Financial Performance - Revenues for the three months ended September 30, 2025, reached $76,542,482, a 280% increase from $20,121,166 in the same period in 2024 [195]. - For the nine months ended September 30, 2025, total revenues were $211,624,538, a 223% increase from $65,485,798 in the prior year [204]. - Total revenue for the nine months ended September 30, 2025, was $211.6 million, a 223% increase from $65.5 million in 2024 [205]. - Angel Guild revenue surged to $59,225,827, up 556% from $9,028,572, driven by an increase in memberships from 0.3 million to 1.6 million [196]. - Angel Guild revenue surged by $119.5 million, growing from 0.3 million to 1.6 million paying members, representing a 562% increase [205]. - Theatrical revenue increased by $27.9 million due to more theatrical box office releases in 2025, totaling $45.8 million [205]. Expenses and Losses - Cost of revenues increased to $34,333,955, a 323% rise from $8,107,950, primarily due to higher membership-related costs and royalties [198]. - Selling and marketing expenses rose to $64,683,558, a 290% increase from $16,602,045, largely due to promotional efforts for the Angel Guild and theatrical releases [199]. - Operating loss for the three months ended September 30, 2025, was $(38,090,870), compared to $(15,144,331) in the same period in 2024, reflecting a 152% increase in losses [195]. - The net loss for the nine months ended September 30, 2025, was $(91,874,332), compared to $(51,269,476) in the same period in 2024, representing a 79% increase in losses [204]. - Total cost of revenues rose to $81.1 million, a 159% increase from $31.3 million in 2024, driven by higher Angel Guild memberships and associated transaction fees [206]. - Selling and marketing expenses reached $176.7 million, a 222% increase from $54.9 million in 2024, primarily due to increased promotional activities for Angel Guild [207]. Membership and User Engagement - As of September 30, 2025, Angel Studios has approximately 1.6 million paying members from over 160 countries through the Angel Guild [161]. - The Angel Guild membership grew to approximately 1.6 million by September 30, 2025, accounting for 66.5% of total revenue, up from 0.6 million members and 32.5% of total revenue in 2024 [221]. - The average revenue per Angel Guild member for the nine months ended September 30, 2025, was $13.70 per month [221]. - Total installs of the Angel Mobile and TV App reached 100,245,157 as of September 30, 2025, up from 59,877,979 installs as of December 31, 2024 [222]. Financing and Capital Structure - The company generated gross proceeds of approximately $20.0 million from the sale of 3,538,661 shares of Class A Common Stock at $5.66 per share in September 2024 [169]. - In September 2025, Angel Studios raised approximately $55.0 million by selling 6,688,077 shares of Class A Common Stock at $8.23 per share [171]. - A Loan and Security Agreement provides Angel Studios with up to $100.0 million in term loans, with the first tranche of $40.0 million already funded [180]. - The company plans to use proceeds from the sale of Class A common stock, generating approximately $47.5 million, for business management and working capital [185]. - The company raised approximately $102.8 million from the sale of common stock during the nine months ended September 30, 2025 [217]. - The company raised $55.0 million from a Regulation A offering and $47.5 million from the issuance of common stock during the nine months ended September 30, 2025 [220]. Cash Flow and Financial Position - Cash and cash equivalents increased by $56.1 million to $63.3 million as of September 30, 2025, primarily from financing activities [212]. - Cash flows used in operating activities were $58.7 million, compared to $39.6 million in 2024, reflecting an increase in net loss and changes in working capital [218]. - Cash flows used in investing activities for the nine months ended September 30, 2025, were $15.6 million, a decrease of $16.3 million compared to cash flows provided by $0.7 million in 2024 [219]. - Cash flows provided by financing activities for the nine months ended September 30, 2025, were $130.4 million, compared to $25.0 million in 2024, an increase of $105.3 million [220]. - The repayment of notes payable increased significantly to $63.5 million in 2025 from $18.4 million in 2024, a net change of $45.1 million [220]. - The company incurred a net loss of approximately $91.9 million for the nine months ended September 30, 2025, with an accumulated deficit of approximately $175.8 million [214]. Strategic Initiatives - The company entered into a joint venture through an Asset Purchase Agreement to acquire assets related to the animated feature film, DAVID [182]. - The company aims to support filmmakers through its bitcoin treasury strategy, which may include capital raising transactions collateralized by bitcoin holdings [168]. - The company plans to continue funding operations through debt issuance and common stock sales, while managing marketing expenses to support growth [217]. Market Risks - The company is exposed to market price risk of digital assets, which could materially impact its financial condition and results of operations due to fair value measurement changes effective January 1, 2025 [234]. - The company had no off-balance sheet arrangements as of September 30, 2025, that could materially affect its financial condition [231].

Revenue Performance - Total revenue for Q3 2025 was $1.6 million, a decrease of 16.7% from $1.92 million in Q3 2024[4] - Total revenue for Q3 2025 was $1,598,627, a decrease of 16.7% compared to $1,918,218 in Q3 2024[25] - Products and services revenue for Q3 2025 included $0.95 million from DC and AC Chargers, $0.01 million from grid services, and $0.37 million from engineering services[4] - Product revenue increased to $947,561 in Q3 2025, up 74.4% from $543,834 in Q3 2024[25] - Service revenue decreased significantly to $380,876 in Q3 2025 from $1,265,499 in Q3 2024, a decline of 69.9%[25] - The decrease in service revenue was primarily due to the absence of management fees from the Fresno EV infrastructure project[4] Profitability and Losses - Gross profit margin for Q3 2025 was 52.0%, slightly down from 52.1% in Q3 2024[3] - Operating loss for Q3 2025 was $5,111,271, compared to a loss of $1,836,841 in Q3 2024, representing an increase in losses of 178.5%[25] - Net loss attributable to Nuvve Holding Corp. was $4,507,260 in Q3 2025, compared to $1,649,843 in Q3 2024, an increase of 173.5%[25] - Total comprehensive loss for Q3 2025 was $4,807,608, compared to $1,647,629 in Q3 2024, indicating a significant increase in losses[26] - Net loss for the nine months ended September 30, 2025, was $25,241,278, compared to a net loss of $12,327,595 for the same period in 2024, indicating an increase in losses[29] Expenses - Cash operating losses increased to $4.8 million in Q3 2025, compared to $1.6 million in Q3 2024, marking a 190.6% increase[10] - Selling, general and administrative expenses rose to $4.8 million in Q3 2025, an increase of 124.0% from $2.1 million in Q3 2024[6] - Research and development expenses increased by 66.0% to $1.2 million in Q3 2025, up from $0.7 million in Q3 2024[8] - Research and development expenses for Q3 2025 were $1,179,288, an increase from $710,291 in Q3 2024, reflecting a growth of 66.0%[25] Financial Position - Total assets as of September 30, 2025, were $16,755,481, a slight decrease from $16,797,812 as of December 31, 2024[23] - Total liabilities increased to $18,673,958 as of September 30, 2025, up from $18,087,459 at the end of 2024[23] - Cash and cash equivalents rose to $939,415 as of September 30, 2025, compared to $371,497 at the end of 2024[23] - Cash and restricted cash at the end of the period increased to $1,259,415 from $805,245 at the end of the same period in 2024[29] Cash Flow and Financing - Net cash used in operating activities was $12,347,984 for the nine months ended September 30, 2025, slightly higher than $12,242,822 for the same period in 2024[29] - Proceeds from debt and promissory notes obligations amounted to $8,972,199, significantly higher than $2,565,500 in the previous year[29] - Net cash provided in financing activities was $13,307,195, an increase from $11,085,523 in the same period of 2024[29] - The company raised $5.6 million in gross proceeds during Q3 2025 to support operations and growth initiatives[3] Other Financial Metrics - The company recorded a provision for credit losses of $990,105, which was not reported in the previous year[29] - Cash paid for interest increased to $1,096,650 compared to $193,322 in the same period last year[29] - The company made an acquisition costing $340,200 during the nine months ended September 30, 2025[29] - The change in fair value of warrants/investment rights liability was a loss of $673,899, compared to a loss of $2,642,424 in the previous year[29] - The company reported a fair value of warrants issued for cryptocurrency strategy consulting services at $8,194,000, which was not present in the previous year[29]

Cannabis Treatment Development - The company is developing selonabant, a cannabinoid receptor antagonist, to treat cannabis-induced toxicity, with both oral and intravenous formulations anticipated to reverse symptoms effectively [66]. - In 2024, there was a 21.5% increase in cannabis-related emergency department visits, highlighting the urgent need for effective treatments for cannabis toxicity [68]. - The Netherlands Trial for oral selonabant involved 134 subjects, with results indicating safety and tolerability, and further studies are planned to support a new drug application [69]. - The company is prioritizing the intravenous formulation of selonabant for pediatric patients, aiming for a faster approval timeline compared to the adult oral product [70]. - A cooperative grant of approximately $1.9 million from the National Institute on Drug Abuse was awarded to support the development of intravenous selonabant for emergency treatment of acute cannabis-induced toxicities [77]. - The FDA has acknowledged the unmet need for treatments for children exposed to cannabis toxicity and proposed collaboration to advance the intravenous selonabant program [70]. Financial Performance - Total operating expenses for the three months ended September 30, 2025, were $2,260,260, a decrease of $151,864 compared to $2,412,124 in 2024 [87]. - Research and development expenses decreased by $504,868 to $809,991 for the three months ended September 30, 2025, primarily due to a reduction in pre-clinical and clinical study costs [89]. - General and administrative expenses increased by $353,004 to $1,450,269 for the three months ended September 30, 2025, driven by higher professional and consultant fees [92]. - The net loss for the three months ended September 30, 2025, was $2,158,354, a slight improvement of $42,382 compared to a net loss of $2,200,736 in 2024 [87]. - Cash and cash equivalents as of September 30, 2025, were approximately $10.4 million, expected to fund operations for at least the next 12 months [96]. - Net cash used in operating activities for the three months ended September 30, 2025, was $1,273,076, compared to $1,689,989 in 2024 [99]. - The company has incurred significant operating losses since inception and expects to continue doing so as it advances clinical development [96]. Funding and Agreements - The company completed its IPO in May 2021, raising approximately $19.8 million, and has since raised additional funds through private placements totaling approximately $21.2 million [96]. - The company entered into a Loan Agreement allowing it to borrow up to $3 million to fund future operations, with no balance drawn since inception [97]. - The company has a manufacturing agreement with a third-party CMO costing approximately $3.0 million, with substantial completion expected by June 30, 2024 [107]. - A contract with a third-party CRO for a Phase 1 SAD study is valued at approximately $3.4 million, expected to be substantially completed by Q3 2026 [108]. - The company has extended the License Agreement for selonabant by an additional 12 months for a nominal fee, with obligations to dose patients in clinical trials [105]. Stock and Incentives - A reverse stock split is proposed as part of a going private transaction, with a ratio between 1-for-2,500 and 1-for-7,500, pending stockholder approval [79]. - The 2020 Stock Incentive Plan allows for the grant of up to 6,150,000 shares of common stock, with stock options generally vesting over a four-year period [114]. - The fair value of stock options is estimated using the Black Scholes model, with no significant changes in assumptions during Q3 2025 [116][117]. Operational Management - The company manages business operations from a leased space in Lakeway, Texas, at a cost of approximately $400 per month [106]. - Contracts with clinical trial sites and service providers are generally cancellable after a notice period, allowing flexibility in operations [109]. - The company incurs accrued research and development expenses based on estimates from open contracts and purchase orders, impacting financial statement accuracy [112]. - The stability study aspect of the manufacturing contract is expected to be fully incurred during calendar 2026 [107]. - The company is utilizing the JOBS Act provisions for emerging growth companies, which may affect comparability with other public companies [118].

Revenue Growth - Revenues for the three months ended September 30, 2025, increased by 112% to $6,877,283 compared to $3,238,910 in the same period of 2024[298]. - Services and consulting revenue surged by 324% to $6,589,373, primarily driven by the Asset Management Agreement with New APR, generating $4,248,680 in revenue[300]. - Total revenues for the nine months ended September 30, 2025, reached $17,565,509, a 202% increase from $5,820,086 in 2024[311]. - Services revenue for the nine months ended September 30, 2025, increased by 377% to $17,163,518, primarily driven by the AMA with New APR[312]. Cost and Expenses - The cost of revenues for the three months ended September 30, 2025, rose by 88% to $4,360,881, reflecting increased costs associated with services and consulting[303]. - Operating expenses for the three months ended September 30, 2025, totaled $2,839,379, a 28% increase from $3,632,382 in 2024, with general and administration costs rising by 66%[307]. - Operating expenses for the nine months ended September 30, 2025, increased by 34% to $11,695,308, with general and administration costs rising by 71%[320]. Profitability and Loss - The gross margin for the quarter was $2,516,402, compared to $919,099 in the same quarter of 2024[298]. - Gross margin for the three months ended September 30, 2025, improved by 174% to $2,516,402, driven by the execution of the AMA with New APR[306]. - Net loss for the three months ended September 30, 2025, decreased by 26% to $1,040,254 from $1,401,663 in 2024, with net loss per share improving to $0.06 from $0.18[310]. - Net loss for the nine months ended September 30, 2025, was $6,637,948, a 10% decrease from $7,358,143 in 2024, with net loss per share improving to $0.49 from $0.98[324]. Cash Flow and Financing - Net cash used in operating activities increased to $11,031,943 for the nine months ended September 30, 2025, compared to $6,200,147 for the same period in 2024[326]. - Net cash used in investing activities rose to $7,873,079 in 2025 from $1,555,544 in 2024, reflecting ongoing investments in capitalized construction-in-progress costs for edge data centers[327]. - The company generated $45,840,224 from financing activities in the first nine months of 2025, significantly up from $5,959,962 in 2024, primarily due to an ATM offering and a public stock offering[328]. Strategic Initiatives - The Company is actively deploying Edge Data Centers, with the first site operational as of September 30, 2025, and an additional 14 expected to be operational in Q4 2025[291]. - The Company is shifting to a modular and subscription-based approach for its Railcar Inspection Portal, enhancing recurring revenue streams through "RIP-as-a-Service"[291]. - The Company anticipates continued growth in services revenue from power, hosting, and related data center services throughout 2025 and into 2026[302][315]. - Management is focused on cost elimination and realigning resources to improve growth and profitability, with a positive outlook on contracted backlog and new commercial projects[334]. Financial Position - As of September 30, 2025, the company reported a working capital surplus of $27,574,533 and a net loss of $6,637,948 for the nine months ended September 30, 2025[325][332]. - The accumulated deficit as of September 30, 2025, was $81,005,957, indicating ongoing financial challenges despite a working capital surplus[332]. - The company raised over $11,500,000 from the sale of Series E and F Convertible Preferred Stock in 2023, and additional capital through various offerings in 2024 and 2025, strengthening its financial position[333]. Investments and Assets - The Company holds a 5% interest in Sawgrass Parent, accounting for it as an Equity Method Investment with an initial carrying value of $7.2 million[348][349]. - The Company recorded $7.2 million of deferred revenue for services to be performed under the AMA, with no revenue recognized during the year ended December 31, 2024[349]. - An intangible asset valued at $11,161,428 was recorded in May 2024, representing non-monetary consideration under a 5-year customer contract for maintenance services[356]. - The intangible asset is amortized over its useful life of five years, with an immediate amortization of $199,008 related to pre-contract costs[358][359]. Impairment and Valuation - The Company assesses its equity method investment for impairment, with no impairment losses recognized during the year ended December 31, 2024, or the nine months ended September 30, 2025[355]. - The Company has not indicated any impairment of the intangible asset as of September 30, 2025[361]. - The Hypothetical Liquidation at Book Value (HLBV) method is used to reflect the Company's claim on net assets under the Agreement with Sawgrass Parent[351]. - The Company will continue to present the equity method investment at its initial fair value unless the HLBV calculation yields a profit or the investment becomes impaired[353]. - The Company expects its hypothetical claim on net assets to remain zero until other investors have received their Total Contributed Capital and the MOIC Threshold has been met[352].

Revenue and Financial Performance - Revenue for the three months ended September 30, 2025, was $365,000, a decrease of 9% compared to $402,000 for the same period in 2024[102]. - Operating loss for the nine months ended September 30, 2025, was $224.6 million, compared to a loss of $294.7 million for the same period in 2024, reflecting a 24% improvement[102]. - Total operating expenses for the nine months ended September 30, 2025, were $225.8 million, down from $301.3 million in 2024, a reduction of 25%[102]. - Interest income decreased to $5.0 million for the three months ended September 30, 2025, from $10.4 million in 2024, a decline of 52%[115]. - Net cash used in operating activities was $187.7 million for the nine months ended September 30, 2025, compared to $271.7 million for the same period in 2024, reflecting a decrease of 30.9%[120][121]. - Net cash provided by investing activities was $29.9 million for the nine months ended September 30, 2025, down from $116.4 million in 2024, a decline of 74.3%[122][123]. - Net cash provided by financing activities was $105.7 million for the nine months ended September 30, 2025, slightly lower than $106.3 million in 2024, a decrease of 0.6%[124]. Expenses and Cost Management - Research and development expenses decreased by 38% to $15.0 million for the three months ended September 30, 2025, from $23.9 million in 2024[108]. - Selling, general and administrative expenses decreased by 18% to $28.0 million for the three months ended September 30, 2025, from $34.0 million in 2024[112]. - The company expects expenditures to increase as it scales its commercial operations and expands its fleet of spaceships, launch vehicles, and supporting facilities[125][127]. - The company anticipates that costs to manufacture additional vehicles will decrease as manufacturing processes and capabilities scale up[126]. Future Operations and Revenue Generation - The company has reservations for approximately 675 future astronauts, representing about $189 million in expected future spaceflight revenue[99]. - The first commercial spaceflight is expected to occur in the fourth quarter of 2026, with private astronaut spaceflights commencing six to eight weeks thereafter[96]. - The company expects to generate revenue from its spaceflight program, anticipated to commence in the fourth quarter of 2026[134]. Capital and Financing - As of September 30, 2025, the company had cash, cash equivalents, and restricted cash of $158.8 million, along with marketable securities of $264.8 million[118]. - The company believes its current capital is adequate to sustain operations for at least the next twelve months, but may need additional financing if capital sources are insufficient[133][134]. - As of September 30, 2025, the company had sold a total of 34.1 million shares under the 2024 ATM Program, generating $138.3 million in gross proceeds[132]. Risks and Uncertainties - The commercial launch of the spaceflight program and fleet expansion are subject to significant risks and uncertainties that may affect costs and timing[135]. - There have been no material changes to the company's contractual obligations and commitments outside the ordinary course of business[136].

Commission File Number: 001-41844 Central Plains Bancshares, Inc. Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 (Address of principal executive offices) (Zip Code) (Exact Name of Registrant as ...

Financial Performance - Total revenue for the nine months ended September 30, 2025, was $90,820, compared to $173,659 for the three months ended September 30, 2025[15]. - Gross profit for the three months ended September 30, 2025, was $79,631, resulting in a gross margin of approximately 45.8%[15]. - Operating expenses for the three months ended September 30, 2025, were $2,480,809, significantly higher than $747,540 for the same period in 2024, indicating an increase of approximately 231%[15]. - The net loss for the three months ended September 30, 2025, was $2,429,650, compared to a net loss of $952,285 for the same period in 2024, reflecting an increase in losses of approximately 155%[15]. - For the nine months ended September 30, 2025, the company reported a net loss of $2,429,650 compared to a net loss of $952,285 for the same period in 2024[21]. - The company generated $173,659 in revenue for the nine months ended September 30, 2025, while no revenue was reported for the same period in 2024[32]. Assets and Liabilities - Total assets as of September 30, 2025, were $132,973,469, up from $121,234,786 as of December 31, 2024, representing an increase of approximately 9.3%[14]. - Total stockholders' equity as of September 30, 2025, was $118,218,723, compared to $104,731,081 as of December 31, 2024, indicating an increase of approximately 12.9%[14]. - Total current liabilities as of September 30, 2025, were $14,725,256, compared to $13,096,541 as of December 31, 2024, reflecting an increase of approximately 12.4%[14]. - As of September 30, 2025, total accrued liabilities were $3,004,829, a decrease from $3,166,486 in December 31, 2024[88]. - Taxes payable as of September 30, 2025, totaled $7,631,151, including a one-time transition tax of $7.61 million related to foreign unremitted earnings[89]. Cash Flow and Liquidity - Cash balance as of September 30, 2025, was $131,877,059, a significant increase from $25,341 as of December 31, 2024[14]. - Cash flow from operating activities for the nine months ended September 30, 2025 was $64,443,002, a significant increase from a cash outflow of $330,673 in 2024[21]. - The company had a net cash increase of $131,851,718 for the nine months ended September 30, 2025, compared to $69,085,572 for the same period in 2024[21]. - The Company’s cash includes highly liquid investments with an original maturity of three months or less, ensuring liquidity[44]. - The Company expects to have sufficient cash to fund its operations for the next 12 months from the date of the financial statements issuance[33]. Investments and Contracts - The company made a prepayment of $67.2 million (RMB 476.0 million) to Hubei Bangyu for energy storage battery systems, which was reclaimed in March 2025 due to contract non-fulfillment[85]. - During the nine months ended September 30, 2025, the Company signed a contract worth RMB1.8 million (US$0.2 million) for operation and maintenance services, amortized over ten years[39]. - The Company completed a contract with Zhenran Limited for a smart cloud platform, totaling $800,000 (RMB 5,743,480)[84]. Shareholder Equity and Stock Issuance - The Company issued common stock worth $9,865,400 during the financing activities for the nine months ended September 30, 2025[21]. - The total shares of Common Stock authorized for issuance under the China Recycling Energy Corporation Omnibus Equity Plan is 124,626[111]. - The Company agreed to exchange a principal amount of $200,000 for 137,080 shares of Common Stock on October 9, 2025, and another $200,000 for 163,934 shares on October 24, 2025[135]. - The Company granted 290,000 restricted stocks to three engineering department employees, vesting after six months[137]. - The Company entered into securities purchase agreements for a private placement of 17,000,000 shares at a price of $1.18 per Unit, resulting in gross proceeds of $20,060,000[138]. Taxation and Deferred Tax Assets - The effective income tax rate for the company's Chinese subsidiaries was 25% for both 2024 and 2023, with no income tax provisions related to the Cayman Islands jurisdiction[116]. - The total income tax expense for the nine months ended September 30, 2025, was $39,437, compared to $14,168 for the same period in 2024[119]. - The Company reported a balance of deferred tax assets of $105,352 as of September 30, 2025, after accounting for cash received in advance and revenue recognition deductions[54]. - The US parent company had net operating loss (NOL) carryforwards of $9.05 million as of September 30, 2025, with a 100% deferred tax asset valuation allowance recorded due to ongoing operating losses[117]. - The company's PRC subsidiaries had $33.42 million in NOL that can be carried forward for five years, with a 100% deferred tax valuation allowance also recorded for this amount[118]. Operational Strategy and Market Focus - The company plans to pursue targeted expansion strategies into new market areas, focusing on energy storage technologies for high growth potential industries[25]. - The company is in the process of transforming into an energy storage integrated solution provider[33]. - The Company is actively seeking opportunities in energy storage technologies for high-growth potential industries, including large-scale photovoltaic and wind power stations[85]. Risk Management and Asset Performance - The Company did not record any impairment for long-lived assets for the three months ended September 30, 2025 and 2024, indicating stable asset performance[52]. - The Company has not experienced any losses in cash accounts maintained within China, with balances insured up to RMB500,000 ($71,792) per bank[49]. - The Company has not accrued any allowance against short-term loan receivables as of September 30, 2025, indicating confidence in collectability[48].

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 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-37566 SYNLOGIC, INC. (Exact name of Registrant as specified in its Charter) Delaware (State or other jurisdiction of incorporat ...

Revenue Growth - Revenue for the nine months ended September 30, 2025, was $10,121, a 56% increase from $6,504 in 2024[69] - For the three months ended September 30, 2025, revenue reached $5,289, representing an 87% increase from $2,832 in 2024[69] Profit and Loss - Gross profit for the nine months ended September 30, 2025, was $7,402, an 82% increase from $4,075 in 2024, with a gross margin of 73%[70] - The net loss attributed to shareholders for the nine months ended September 30, 2025, was $34,395, a 50% increase from $22,869 in 2024[70] - For the nine months ended September 30, 2025, the net loss was $34,395 and net cash used in operating activities was $31,641[90] Operating Expenses - Operating expenses for the nine months ended September 30, 2025, totaled $41,287, a 43% increase from $28,792 in 2024[70] - Research and development expenses for the nine months ended September 30, 2025, increased by $4,008, or 33%, to $16,324 compared to $12,316 in 2024[80] - Selling, general and administrative expenses for the nine months ended September 30, 2025, were $24,963, a 52% increase from $16,476 in 2024[70] - SG&A expenses for the three months ended September 30, 2025 increased by $806, or 12%, to $7,426 compared to $6,620 for the same period in 2024[83] - SG&A expenses for the nine months ended September 30, 2025 increased by $8,487, or 52%, to $24,963 compared to $16,476 for the same period in 2024[84] Cash Flow and Financing - As of September 30, 2025, cash was $24,826 compared to $54,912 as of December 31, 2024[88] - Net finance income decreased by $194 to $910 during the nine months ended September 30, 2025, compared to $1,104 during the same period in 2024[87] - The company projects to be in violation of a financial covenant under the CIBC Credit Agreement by June 30, 2026[98] - The company intends to seek additional financing from investors or other sources of capital to fund operations over the next year[91] Regulatory Approvals - The TULSA-PRO system is CE marked, Health Canada approved, and 510(k) cleared by the U.S. FDA, indicating regulatory compliance for commercialization[66] - Sonalleve has received approval from the China National Medical Products Administration for the treatment of uterine fibroids and has FDA approval under a Humanitarian Device Exemption[67] Revenue Model - The company employs a hybrid recurring revenue model in the U.S. for TULSA-PRO, combining one-time payments with ongoing service charges[71] Use of Proceeds - Total spending of proceeds from the 2024 Public Offering as of September 30, 2025 was $36,132, with $25,214 allocated for TULSA-PRO commercialization[94]

Financial Performance - Calidi Biotherapeutics reported a net loss of $5.2 million for Q3 2025, compared to a net loss of $5.1 million in Q3 2024, with a total net loss attributable to shareholders increasing to $10.8 million due to a non-cash charge for deemed dividend on warrants[7]. - The net loss per share for Q3 2025 was $2.21, a significant decrease from $7.75 in the same period of 2024[8][19]. Expenses - Research and development expenses were $2.4 million in Q3 2025, up from $2.2 million in Q3 2024, while general and administrative expenses decreased to $2.7 million from $3.1 million year-over-year[8]. - Total current liabilities decreased to $5.2 million as of September 30, 2025, from $9.5 million as of December 31, 2024[17]. Cash and Funding - The company raised $6.9 million in gross proceeds through an underwritten public offering, increasing total gross proceeds raised in 2025 to $23.0 million[5][13]. - As of September 30, 2025, Calidi had approximately $10.4 million in cash, compared to $9.6 million as of December 31, 2024[9]. Product Development - The lead candidate, CLD-401, is advancing to clinical trials and aims to target non-small cell lung cancer and ovarian cancer[3][11]. - The RedTail platform demonstrated the ability to effectively express genetic medicines at tumor sites in preclinical models, with results presented at the Society of Immunotherapy for Cancer (SITC) meeting[6]. - The company established a new Scientific Advisory Board to support the development of CLD-401 and advance the RedTail platform for systemic delivery of targeted genetic medicine[5][6]. Assets - Total assets as of September 30, 2025, were $14.0 million, slightly down from $14.2 million at the end of 2024[17].