Financial Performance - Grove Collaborative Holdings reported a total of 619 DTC Total Orders for the three months ended September 30, 2025, a decrease from 708 in the same period of 2024, and 1,881 for the nine months ended September 30, 2025, down from 2,213 in 2024[162]. - For the three months ended September 30, 2025, the company reported a net revenue of $43.734 million, a decrease of 9% compared to $48.280 million in the same period of 2024[186]. - The cost of goods sold for the three months ended September 30, 2025, was $20.412 million, resulting in a gross profit of $23.322 million, with a gross margin of 53%[184][185]. - Operating loss for the three months ended September 30, 2025, was $2.731 million, an improvement from a loss of $6.746 million in the same period of 2024[184]. - The net loss for the three months ended September 30, 2025, was $2.960 million, compared to a net loss of $1.336 million in the same period of 2024, reflecting a worsening loss margin[184]. - Revenue from Grove Brands decreased by 6% to $17.518 million for the three months ended September 30, 2025, compared to $18.606 million in 2024[186]. - Total adjusted EBITDA for the three months ended September 30, 2025, was $(1.201) million, compared to $(32,000) in the same period of 2024[169]. - The company incurred net losses of $27.4 million and $43.2 million for the years ended December 31, 2024 and 2023, respectively, with an accumulated deficit of $658.6 million as of September 30, 2025[248]. Customer Metrics - The number of DTC Active Customers as of September 30, 2025, was 660, compared to 710 in the same period of 2024, indicating a decline in customer retention[162]. - Grove's recent reduction in advertising spend has contributed to the decline in both DTC Total Orders and Active Customers, highlighting the importance of effective marketing strategies[163][164]. Operational Changes - The company has transitioned its ecommerce platform to third-party service providers, which is expected to enhance scalability and user experience, although it has faced operational disruptions during the migration[159][160]. - The company has exited brick-and-mortar retail channels, which is not expected to significantly impact financial results[171]. - The company experienced a decline in DTC Total Orders attributed to lower advertising expenses and disruptions from migrating to third-party service providers[186]. - The recent reduction in workforce by approximately 30% may disrupt operations and not achieve intended cost-saving objectives[284]. Cost Management - Selling, general and administrative expenses decreased to $21.273 million for the three months ended September 30, 2025, from $24.726 million in 2024, due to cost management initiatives[177]. - Product development expenses decreased by $3.2 million, or 66%, for the three months ended September 30, 2025, and by $8.3 million, or 60%, for the nine months ended September 30, 2025, compared to the same periods in 2024[191]. - Selling, general and administrative expenses decreased by $3.5 million, or 14%, for the three months ended September 30, 2025, and by $10.2 million, or 13%, for the nine months ended September 30, 2025, compared to the same periods in 2024[194]. - Interest expense decreased by $2.7 million, or 90%, for the three months ended September 30, 2025, and by $10.2 million, or 92%, for the nine months ended September 30, 2025, compared to the same periods in 2024[196]. Financing and Capital - As of September 30, 2025, the company had $8.9 million in unrestricted cash and cash equivalents and incurred negative cash flows from operating activities of $6.9 million for the nine months ended September 30, 2025[200]. - The company may seek additional capital through various means, including the SEPA, public or private equity offerings, or new debt financings[206]. - The company has a Standby Equity Purchase Agreement (SEPA) allowing it to sell up to $100.0 million of common stock, with the term extended to August 1, 2027, but may only raise approximately $8.1 million under current market conditions[252]. Market and Competitive Landscape - The company faces intense competition in the natural and sustainable consumer products market, with many competitors having greater resources and established market positions[258]. - The company relies heavily on digital advertising for customer acquisition, which may be adversely affected by changes in social media platforms' policies or algorithms[261]. - The company must maintain substantial spending on advertising and marketing to build brand loyalty and awareness, which may be impacted by efforts to achieve profitability[265]. Regulatory and Compliance Risks - The company is subject to regulatory scrutiny from the FDA and FTC regarding product claims and labeling, which could result in enforcement actions[242]. - Compliance with various laws and regulations, including those related to subscription services, may increase operational costs and affect growth strategies[278]. - The company is subject to risks related to online payment methods, including potential increases in processing fees and compliance requirements[300]. Sustainability and Corporate Responsibility - The company is a public benefit corporation under Delaware law, balancing stockholder financial interests with stakeholder benefits[342]. - The company is designated as a "Certified B Corporation," indicating it meets specific social and environmental performance standards[345]. - Losing the Certified B Corporation status could harm the company's reputation and perception of its commitment to social values[345].

Financial Performance - Net income from continuing operations for Q4 2025 was $30.0 million, or $1.02 per diluted share, down from $52.1 million, or $1.69 per diluted share in Q4 2024[3] - Adjusted EBITDA for Q4 2025 was $63.8 million, down 31.5% from the previous year, primarily due to lower operating margin[4] - Income from continuing operations for the fiscal year was $45.6 million, a significant decline of 67.5% from $140.2 million in 2024[20] - Adjusted EBITDA for the fiscal year was $157.7 million, a decrease of 35.2% from $243.4 million in 2024[20] - Net income for the three months ended September 30, 2025, was $30.0 million, compared to $52.1 million in the same period of 2024, representing a decline of 42.4%[36] - The company reported a basic income per share of $1.03 for the three months ended September 30, 2025, down from $1.72 in the same period of 2024[36] Revenue and Orders - Homebuilding revenue for Q4 2025 was $750.8 million, a decrease of 4.2% year-over-year, driven by a 6.0% decrease in home closings to 1,406 homes[7] - New home orders for the fiscal year ended September 30, 2025, were 3,890, a decrease of 7.8% compared to 4,221 in 2024[20] - Total revenue for the three months ended September 30, 2025, was $791.9 million, a decrease of 1.6% from $806.2 million in the same period of 2024[36] - Homebuilding revenue increased slightly to $2,302.6 million, a 0.4% rise from $2,293.0 million in 2024[20] - Net new orders for Q4 2025 decreased to 999, down 2.9% from the prior year, with a cancellation rate of 17.9%, improved from 21.9%[5] Backlog and Inventory - The dollar value of homes in backlog as of September 30, 2025, was $516.5 million, down 35.2% year-over-year, with an average selling price of $546.5 thousand, up 1.6%[6] - Backlog units as of September 30, 2025, decreased by 36.2% to 945 units, with a dollar value of backlog at $516.5 million, down 35.2%[23] - Total backlog units at the end of Q3 2025 were 945, down from 1,482 in Q3 2024, a reduction of 36.2%[39] - Aggregate dollar value of homes in backlog decreased to $516.5 million in Q3 2025 from $797.2 million in Q3 2024, a decline of 35.2%[39] - Owned inventory decreased to $2.03 billion as of September 30, 2025, from $2.04 billion in 2024[38] Debt and Liquidity - Total debt to total capitalization ratio was 45.2% at fiscal year-end, slightly down from 45.4% a year ago[12] - The company had $538.3 million of available liquidity at the end of Q4 2025, compared to $503.9 million a year ago[11] - Total debt as of September 30, 2025, was $1.03 billion, slightly up from $1.03 billion in 2024[38] - Total debt increased slightly to $1,029.1 million in FY 2025 from $1,025.3 million in FY 2024, reflecting a stable leverage position[45] - Net debt to net capitalization ratio improved to 39.5% in FY 2025 from 40.0% in FY 2024, indicating better financial health[45] Operational Metrics - Total home closings for the fiscal year were 4,427, down 0.5% from 4,450 in the previous year[20] - The average selling price (ASP) from closings rose to $520.1 thousand, reflecting a 0.9% increase from $515.3 thousand[20] - The company reported a homebuilding gross margin of 14.3%, down 370 basis points from 18.0% in the previous year[20] - Total closings decreased to 1,406 in Q3 2025 from 1,496 in Q3 2024, representing a decline of 6.0%[39] - Gross profit for homebuilding in Q3 2025 was $102.8 million, a decrease of 23.8% from $134.9 million in Q3 2024[41] Future Outlook and Initiatives - By the end of fiscal 2027, the company expects to reach more than 200 active communities and grow book value per share into the mid-$50s[2] - The company launched a new marketing campaign in October 2025 to highlight its energy-efficient home features[18] - The company is focused on sustainability initiatives and partnerships to enhance energy efficiency in homes[31] - The company plans to hold a conference call on November 13, 2025, to discuss these results[24]

Financial Performance - Year-to-date revenue for RenovoRx reached approximately $900,000 as of September 30, 2025, reflecting growing clinical need and market demand for targeted drug-delivery solutions [2] - RenovoRx reported third quarter revenues of approximately $266,000, marking the company's third full quarter of revenue generation from RenovoCath sales [14] - The net loss for the third quarter was $2.9 million, compared to a net loss of $2.5 million for the same period in 2024 [17] - Cash and cash equivalents stood at $10 million as of September 30, 2025, sufficient to fund ongoing commercialization efforts and complete enrollment in the Phase III TIGeR-PaC clinical trial [15] Market Expansion - The number of approved cancer centers purchasing RenovoCath increased from 5 at the beginning of 2025 to 14 by November 7, 2025, with additional quotes requested from 10 more centers [4] - The initial total addressable market (TAM) for RenovoCath is estimated at approximately $400 million, with long-term potential in the several billion-dollar range as the platform expands [8] - RenovoRx has engaged with numerous physicians expressing interest in utilizing RenovoCath, indicating strong market interest and advocacy for the TAMP platform [4] Clinical Development - The Phase III TIGeR-PaC trial is on track for enrollment completion in early 2026, with final data readout expected in 2027 [10] - The company is focused on commercializing its RenovoCath and TAMP technology, with ongoing clinical trials and studies aimed at treating specific medical conditions [32] Expenses and Financial Management - Research and development expenses for the third quarter were $1.7 million, while selling, general, and administrative expenses were approximately $1.7 million [16] - There are concerns regarding the sufficiency of existing cash and cash equivalents to fund future operating expenses and capital requirements [32] Strategic Planning and Risks - There are inherent risks and uncertainties associated with the company's forward-looking statements, including the potential for clinical trials to not demonstrate sufficient safety and efficacy for regulatory approval [32] - The company emphasizes the importance of regulatory approvals and the potential impact of regulatory authorities on its clinical development plans and timelines [32] - The company is exploring commercial opportunities for its TAMP technology, but there is a risk that this may not lead to viable revenue-generating operations [32] - The company is assessing the commercialization potential of its product candidates, contingent upon regulatory approval [32] - The ability to manufacture and supply product candidates for clinical trials and commercial use is a key focus area for the company [32] - The company acknowledges the competitive landscape and the need to monitor developments related to competitors and industry trends [32] - Future strategic arrangements and collaborations are being considered to enhance the company's operational capabilities and market position [32] Team Development - The company strengthened its commercial team by hiring Philip Stocton as Senior Director of Sales & Market Development and plans to add a marketing director by the end of the year [7]

Revenue Growth - Revenue increased to $297 thousand, representing a 35% growth compared to the fourth quarter of fiscal year 2025[5]. - Gross profit for the first quarter of fiscal year 2026 was $188 thousand, up from $9 thousand in the same quarter of the previous year[10]. - Astrotech's subsidiary, 1st Detect, contributed to increased grant revenue and sales of consumables, driving overall revenue growth[5]. Financial Performance - The net loss for the first quarter of fiscal year 2026 was $3.465 million, compared to a net loss of $3.278 million in the same quarter of the previous year[10]. - Total operating expenses were $3.724 million, slightly higher than $3.637 million in the prior year[10]. - Cash and cash equivalents totaled $2.646 million, with total assets amounting to $23.240 million as of September 30, 2025[11]. - The weighted average common shares outstanding increased to 1.673 million from 1.631 million year-over-year[10]. Strategic Initiatives - The company aims to commence revenue growth and global scaling in 2026, focusing on expanding its market presence in the Americas, Europe, and Asia[4]. - The company anticipates its cash reserves will support research and development, organic growth, and potential acquisition targets[5]. Deployment and Operations - The company has deployed the TRACER 1000 in approximately 34 locations across 16 countries as of September 30, 2025[5].

Revenue Growth - Acquisition revenues for Q3 2025 increased 217.6% to $14.8 million compared to $4.7 million in Q3 2024, primarily due to increased crew utilization [94] - Canadian acquisition revenues for Q3 2025 rose to $166,000 from $11,000 in Q3 2024, with a 53.9% increase to $13.0 million for the first nine months of 2025 compared to $8.5 million in the same period of 2024 [95] - Total revenues for Q3 2025 were $22.7 million, up from $14.4 million in Q3 2024, despite a $2.0 million decrease in reimbursable revenues [96] Operating Costs and Expenses - Total operating costs for Q3 2025 were $23.9 million, an 18.6% increase from Q3 2024, while operating expenses for the first nine months of 2025 decreased 17.8% to $51.2 million [102] - General and administrative expenses decreased 19.8% to $2.1 million in Q3 2025 compared to $2.6 million in Q3 2024, reflecting cost reduction initiatives [100] Equipment and Capital Expenditures - The company entered into an equipment purchase agreement for new single point node channels for approximately $24.2 million, with $4.8 million paid upon execution and $18.2 million financed through promissory notes [90] - As of September 30, 2025, the company had taken delivery of $10.4 million of equipment and issued two promissory notes totaling approximately $7.5 million [91] - Capital expenditures for the nine months ended September 30, 2025, totaled $12.6 million, primarily for new node channels and maintenance capital requirements [113] Cash Flow and Financing Activities - For the nine months ended September 30, 2025, net cash provided by operating activities was $11.9 million, an increase from $3.6 million for the same period in 2024, primarily due to an increase in deferred revenue [110] - Net cash used in investing activities increased to $5.7 million for the nine months ended September 30, 2025, compared to $0.9 million for the same period in 2024, driven by a rise in capital expenditures to $6.1 million from $1.6 million [111] - Net cash used in financing activities was $2.5 million for the nine months ended September 30, 2025, down from $11.4 million in the same period of 2024, which included $9.9 million in dividends paid [112] Debt and Interest Expenses - Interest expenses for Q3 2025 were $71,000, up from $35,000 in Q3 2024, primarily due to additional debt from capital leases and new equipment notes [103] - The company executed Geospace Notes totaling approximately $7.5 million, with a fixed interest rate of 8.75% and monthly payments of about $239,000 [121] - The company has finance leases totaling $2.5 million as of September 30, 2025, with interest rates ranging from 4.86% to 8.74% [123] Tax and Market Risk - The effective tax rate for Q3 2025 was -0.9%, compared to 0.6% for Q3 2024, influenced by net operating loss carryovers and adjustments to deferred tax assets [104] - No material change in market risk profile during the three months ended September 30, 2025 [131] - Company is exposed to credit risk and interest rate changes due to financial instruments used in business operations [132] - No hedge arrangements or derivative financial instruments have been entered into by the company [132] - Business operations in Canada expose the company to foreign currency exchange rate risk [132] Future Outlook - The company expects to ramp up seasonal operations in Canada and has multiple small channel crew jobs contracted for Q4 2025, anticipating revenue growth quarter-over-quarter [92] - The company believes its capital resources will be adequate to meet current operational needs and fund future capital requirements, depending on future operating performance [126] - The maximum borrowing limit under the Revolving Credit Note is $5,035,032, with a 13% interest rate, payable in 36 monthly installments [117] Dividends - The company declared a special cash dividend of $0.32 per share, totaling approximately $9.9 million, paid on May 6, 2024 [115]

IPO Details - The company completed its Initial Public Offering (IPO) on September 22, 2025, raising gross proceeds of $172.5 million from the sale of 17,250,000 Units at $10.00 per Unit[115]. - The company incurred total costs of $10,060,403 related to the IPO, including $3,450,000 in cash underwriting fees and a Deferred Fee of up to $6,037,500[122]. - The company has until September 22, 2027, to complete its Business Combination, or it will cease operations and redeem Public Shares at a cash price equal to the amount in the Trust Account[118]. Financial Performance - The company generated a net income of $43,587 for the three months ended September 30, 2025, primarily from interest income of $151,164 on marketable securities held in the Trust Account[121]. - As of September 30, 2025, the company had approximately $172,651,164 in marketable securities in the Trust Account, including $151,164 of interest income[124]. - The company has not generated any operating revenues to date and will not do so until after the completion of its initial Business Combination[120]. Cash and Funding - The company has cash held outside the Trust Account amounting to $1,098,128, intended for evaluating target businesses and related activities[126]. - The company has not yet borrowed under any Working Capital Loans as of September 30, 2025[129]. - The company has incurred $4,000 in fees for administrative services for the three months ended September 30, 2025[131]. Accounting Policies and Estimates - The company has identified critical accounting policies that may affect reported amounts of assets and liabilities, income and expenses[136]. - As of September 30, 2025, there were no critical accounting estimates disclosed that could materially affect the financial statements[137]. - Class A Ordinary Shares subject to possible redemption are classified as temporary equity and presented at redemption value outside of shareholders' equity[138]. - Net income per Ordinary Share is calculated using the two-class method, allocating net income pro rata to different classes of shares[139]. - Management does not anticipate any recently issued accounting standards to have a material effect on the financial statements[141]. Regulatory and Compliance - The FASB issued ASU 2023-07, effective for fiscal years beginning after December 15, 2023, requiring disclosures of significant segment expenses and performance measures[140]. - The company adopted ASU 2023-07 on September 22, 2025, coinciding with the Initial Public Offering[140]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[142]. Business Combination and Shareholder Approval - The company may seek to extend the Combination Period with shareholder approval, which could affect its ability to maintain its Nasdaq listing[119].

Financial Performance - ORIC Pharmaceuticals reported a net loss of $99.0 million for the nine months ended September 30, 2025, with an accumulated deficit of $661.7 million[77]. - Other income, net for the nine months ended September 30, 2025, was $9.5 million, a decrease of $2.3 million from $11.8 million in the same period of 2024[89]. - ORIC Pharmaceuticals anticipates significant losses will continue as it advances its clinical programs, particularly ORIC-944 and enozertinib[77]. Research and Development Expenses - Research and development expenses for the three months ended September 30, 2025, were $28.8 million, a decrease of $2.4 million compared to $31.2 million in the same period of 2024[89]. - For the nine months ended September 30, 2025, research and development expenses increased to $84.0 million, up 2.3% from $82.1 million in the same period of 2024[91]. - Research and development expenses for Q3 2025 were $28.8 million, a decrease of 7.7% from $31.2 million in Q3 2024[90]. General and Administrative Expenses - General and administrative expenses increased to $7.9 million for the three months ended September 30, 2025, compared to $7.1 million in the same period of 2024[89]. - For the nine months ended September 30, 2025, general and administrative expenses rose to $24.5 million, a 15.6% increase from $21.2 million in the same period of 2024[94]. - General and administrative expenses for Q3 2025 were $7.9 million, an increase of 11.3% from $7.1 million in Q3 2024[93]. Operating Expenses - Total operating expenses for the nine months ended September 30, 2025, were $108.5 million, an increase of $5.1 million from $103.3 million in the same period of 2024[89]. Cash Flow and Financial Resources - Net cash used in operating activities for the nine months ended September 30, 2025, was $88.5 million, compared to $84.6 million in the same period of 2024[104]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $243.8 million, significantly higher than $126.0 million in the same period of 2024[110]. - As of September 30, 2025, the company had cash, cash equivalents, and investments totaling $413.0 million[116]. - The company expects its current financial resources to support operations into the second half of 2028[99]. - The company raised approximately $125.0 million from a private placement of common stock in May 2025[95]. - The company anticipates substantial additional capital will be required to develop product candidates and fund operations in the future[98]. Clinical Trials and Pipeline - ORIC-944 demonstrated a PSA50 response rate of 55% and a PSA90 response rate of 20% in patients with metastatic castration-resistant prostate cancer[74]. - Enozertinib is in a Phase 1b trial for advanced solid tumors, with initial data showing systemic and intracranial activity[75]. - A strategic pipeline prioritization was announced on August 12, 2025, resulting in a 20% workforce reduction and a one-time cost of approximately $1.9 million[85]. - The company expects to report dose optimization data for ORIC-944 in the first quarter of 2026 and initiate a Phase 3 trial in the first half of 2026[74].

Financial Performance - Aardvark Therapeutics reported a net loss of $16.3 million for Q3 2025, compared to a net loss of $4.2 million in Q3 2024, reflecting a significant increase in operating expenses[5]. - Total operating expenses for Q3 2025 were $17.7 million, compared to $5.1 million in Q3 2024, indicating a substantial increase in operational costs[9]. Research and Development - Research and development expenses rose to $13.7 million in Q3 2025 from $4.1 million in Q3 2024, primarily due to increased development costs related to ARD-101[5]. - Aardvark plans to advance ARD-201 into two Phase 2 trials, POWER and STRENGTH, to evaluate its effectiveness in weight management and glucose control[2]. - Preclinical data indicated that ARD-201 achieved approximately 19% weight reduction after 30 days and around 30% weight loss when combined with low-dose tirzepatide[5]. - The Phase 3 HERO trial for ARD-101 has expanded eligibility to pediatric patients aged 10 and above, increasing the potential target market for Prader-Willi Syndrome treatment[3]. - Topline data from the Phase 3 HERO trial is expected in Q3 2026, while preliminary data from the Phase 2 POWER trial is anticipated in the second half of 2026[5]. Financial Position - As of September 30, 2025, Aardvark had cash, cash equivalents, and short-term investments totaling $126.4 million, sufficient to fund operations into 2027[5]. - Aardvark's total assets as of September 30, 2025, were $133.2 million, up from $77.5 million at the end of 2024, reflecting growth in current assets[11]. General and Administrative Expenses - General and administrative expenses increased to $4.0 million in Q3 2025 from $1.0 million in Q3 2024, attributed to higher personnel-related costs and professional fees[5].

Financial Performance - GAAP revenue for Q3 2025 was $11.5 million, a decrease from $12.6 million in Q3 2024[6] - Revenue for Q3 2025 was $11,514 million, a decrease of 8.3% compared to $12,553 million in Q3 2024[31] - For the nine months ended September 30, 2025, Archenia's estimated revenue was over $14 million, with a projected full-year revenue of more than $17 million[16] - Marchex anticipates a revenue growth run rate of approximately 10% in 2026, driven by ongoing product launches and platform migration completion[4] - Marchex believes the combined company could achieve quarterly revenue run rates of approximately $15 million, or $60 million annualized, with growth in the 15-20% range in 2026[24] Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was $0.6 million, up from $0.3 million in Q3 2024, with a potential adjusted EBITDA gain of $1.1 million after excluding reorganization costs[6] - Adjusted EBITDA for Q3 2025 was $621 million, an increase of 98.7% from $313 million in Q3 2024[35] - The company expects Adjusted EBITDA margins to reach 10% or more in 2026 due to increasing revenue and lower operating expenses[4] - Marchex expects sequentially lower revenue and Adjusted EBITDA in Q4 2025 due to typical seasonality and revenue migration dilution[5] Operating Expenses and Losses - Total operating expenses for Q3 2025 were $12,455 million, down from $13,378 million in Q3 2024, reflecting a reduction of 6.9%[31] - Net loss applicable to common stockholders for Q3 2025 was $1,020 million, compared to a loss of $831 million in Q3 2024, representing a 22.7% increase in losses[31] - Basic and diluted net loss per share for Q3 2025 remained at $(0.02), consistent with Q3 2024[37] - Stock-based compensation for Q3 2025 was $920 million, significantly higher than $411 million in Q3 2024[35] Cash and Assets - Cash and cash equivalents as of September 30, 2025, were $10,321 million, down from $12,767 million at the end of 2024[33] - Total assets decreased to $41,145 million as of September 30, 2025, from $43,200 million at the end of 2024[33] - Total liabilities decreased to $9,203 million as of September 30, 2025, from $10,567 million at the end of 2024[33] - The company reported a total accumulated deficit of $(329,096) million as of September 30, 2025, compared to $(326,178) million at the end of 2024[33] Strategic Initiatives - Marchex has entered into an agreement to acquire Archenia for a $10 million convertible promissory note, with interest at 6%[12] - The potential combination with Archenia could create a vertically focused, AI-driven customer acquisition platform, enhancing revenue scale and market reach[17] - The company launched new AI-powered solutions for healthcare and senior living industries, enhancing its product offerings[10][11]

Financial Performance - Total revenues for the three months ended September 30, 2025, were $2,922,000, a significant increase from $953,000 in the same period of 2024, representing a growth of 206%[23] - The company reported a net loss of $146,344,000 for the three months ended September 30, 2025, compared to a net loss of $23,978,000 for the same period in 2024, indicating a substantial increase in losses[23] - For the nine months ended September 30, 2025, the company reported a net loss of $227,139,000, compared to a net loss of $106,508,000 for the same period in 2024, representing an increase in loss of approximately 113%[38] - The company experienced a net loss of $23,978,000 for the quarter ending September 30, 2024, compared to a net loss of $106,508,000 for the previous quarter, indicating a significant reduction in losses[33] - Net loss attributable to common shareholders reached $325.3 million, compared to $24.0 million in the same period last year, reflecting an increase of less than 200%[191] - Net loss per share attributable to common shareholders increased to $1.06 from $0.09, primarily due to changes in fair value of warrant liabilities and a deemed dividend[198] Revenue Sources - The company reported collaboration and licensing revenue of $1,818,000 for the three months ended September 30, 2025, compared to no revenue in the same period of 2024[23] - Total revenues increased by $2.0 million, or over 200%, primarily driven by collaboration and licensing revenues, with $1.8 million recognized from a terminated agreement[192] - Product revenues rose to $162,000, a 145.5% increase from $66,000 in the prior year[191] - Service revenues increased by 6.3%, reaching $942,000 compared to $886,000 in the previous year[191] Expenses and Costs - Research and development expenses for the nine months ended September 30, 2025, were $34,343,000, down from $41,312,000 in the same period of 2024, reflecting a decrease of 17%[23] - Selling, general and administrative expenses surged by $14.2 million, or 144%, driven by costs associated with Papzimeos commercial readiness[195] - Operating loss for the three months ended September 30, 2025, was $34.5 million, a 62.2% increase from $21.3 million in the prior year[191] - The company reported stock-based compensation of $2,061,000 for the quarter ending September 30, 2024, reflecting ongoing investment in employee incentives[30] - The company recognized a significant increase in stock-based compensation expense, which rose to $8,703,000 in 2025 from $6,606,000 in 2024, reflecting a 32% increase[38] Assets and Liabilities - Cash and cash equivalents decreased to $14,322,000 as of September 30, 2025, from $29,517,000 as of December 31, 2024, a decline of 51%[17] - Total assets increased to $171,264,000 as of September 30, 2025, compared to $145,266,000 as of December 31, 2024, representing a growth of 18%[19] - The company’s total liabilities rose to $129,396,000 as of September 30, 2025, up from $78,535,000 as of December 31, 2024, an increase of 65%[20] - The accumulated deficit increased to $(2,317,845,000) as of September 30, 2025, compared to $(2,090,706,000) as of December 31, 2024, indicating a worsening financial position[20] Stock and Equity - The weighted average shares outstanding for the three months ended September 30, 2025, were 307,170,490, compared to 275,881,170 for the same period in 2024, reflecting an increase in shares[23] - The total common stock shares outstanding increased to 292,869,097 as of September 30, 2024, up from 252,656,151 shares at June 30, 2024, representing a growth of approximately 15.9%[30] - Precigen, Inc. issued 39,878,939 shares in public offerings, net of issuance costs, contributing to the increase in total equity[33] - The company converted all holders of preferred stock to common stock in the third quarter of 2025, impacting the equity structure[75] Financing Activities - The company’s net cash provided by financing activities was $90,562,000 for the nine months ended September 30, 2025, compared to $32,179,000 for the same period in 2024, showing a substantial increase in financing[41] - The company entered into a Loan Agreement on September 3, 2025, securing a senior secured term loan facility of up to $125 million, with net proceeds of $92,818 after expenses[108] - The effective interest rate for the Term Loan was 12.5% for the three months ended September 30, 2025, with total interest expense of $902[112] Regulatory and Clinical Developments - The company received FDA approval for Papzimeos™ (Zopapogene Imadenovec) in August 2025, marking its transition from a development-stage to a commercial-stage company[44] - The FDA granted full approval of Papzimeos in August 2025, marking it as the first and only FDA-approved therapy for adults with recurrent respiratory papillomatosis (RRP)[167] - Papzimeos demonstrated a 51% complete response rate in a pivotal clinical trial, with 18 out of 35 patients requiring no surgeries in the 12 months post-treatment[169] - The FDA granted priority review for the company's BLA for PRGN-2012, with a target action date set for August 27, 2025[152] Strategic Initiatives - The company has initiated a strategic prioritization of its clinical portfolio, including a workforce reduction of over 20% to focus on the commercialization of Papzimeos[48] - The company is focusing on strategic partnerships to advance its UltraCAR-T programs, including PRGN-3006 in AML[173] - The proprietary UltraPorator device is designed to streamline and ensure rapid manufacturing of UltraCAR-T therapies, representing a significant advancement in the field[172] Other Financial Metrics - The company recorded a cumulative catch-up adjustment of $2,266 for stock-based compensation upon FDA approval of the BLA[140] - The total lease liabilities as of September 30, 2025, amounted to $5,302,000, with a current portion of $1,123,000[145] - The company had no outstanding balance on its $5 million revolving line of credit as of September 30, 2025, which bore interest at 8.00% per annum[114]