Financial Performance - Phio Pharmaceuticals reported a net loss of $2.4 million for Q3 2025, compared to a net loss of $1.5 million in Q3 2024, reflecting an increase in operating expenses[12]. - Total operating expenses for Q3 2025 were $2.5 million, compared to $1.6 million in Q3 2024[20]. Research and Development - Research and development expenses increased to $1.2 million in Q3 2025 from $0.6 million in Q3 2024, primarily due to higher clinical trial costs[10]. - In the ongoing Phase 1b trial of PH-762, 100% tumor clearance was achieved in one patient, with over 90% clearance in another and over 50% in a third patient[2]. - A total of 18 patients have completed treatment in the Phase 1b trial, with 6 achieving complete response and 2 achieving near complete response[3]. - The company has no reported dose-limiting toxicities or clinically relevant adverse effects in patients receiving PH-762[4]. Cash and Assets - As of September 30, 2025, the company had cash and cash equivalents of approximately $10.7 million, up from $5.4 million at December 31, 2024[9]. - The company’s total assets increased to $11.5 million as of September 30, 2025, compared to $5.7 million at December 31, 2024[22]. Future Financing - The company expects to raise approximately $12.1 million from warrant inducement financing, extending its cash runway into the first half of 2027[8]. Operating Expenses - General and administrative expenses rose to $1.3 million in Q3 2025, up from $0.9 million in Q3 2024, driven by increased professional fees and employee stock compensation[11].

Financial Performance - Revenue for the third quarter of 2025 was $2.9 million, an increase of 8% compared to $2.7 million in the same period last year[7] - The company reported a net loss of $1.7 million for the third quarter, slightly up from the same period last year[11] - Revenues for Q3 2025 reached $2,915,081, an increase from $2,705,461 in Q3 2024, representing a growth of approximately 7.8%[21] - Operating Loss for Q3 2025 was $(1,736,364), compared to $(1,599,552) in Q3 2024, reflecting a decline in performance[21] - Net Loss Attributable to Common Stockholders for Q3 2025 was $(1,700,505), compared to $(1,593,805) in Q3 2024, showing a worsening of the loss[21] - Net Loss Attributable to Common Stockholders Per Share - Basic and Diluted for Q3 2025 was $(2.21), compared to $(3,732.56) in Q3 2024, showing an improvement in loss per share[21] Expenses and Costs - Total cash operating expenses increased by $0.2 million or 5% compared to the prior-year period, totaling $3.7 million[10] - Total Operating Expenses for the nine months ended September 30, 2025, were $11,721,704, up from $10,599,924 in 2024, marking an increase of approximately 10.6%[21] - Research and Development expenses increased to $161,441 in Q3 2025 from $96,650 in Q3 2024, representing a significant rise of approximately 67.0%[21] - Advertising Costs decreased to $71,427 in Q3 2025 from $114,795 in Q3 2024, reflecting a reduction of approximately 37.7%[21] Assets and Equity - Cash and investments amounted to $11.7 million as of September 30, 2025, with no long-term debt[12] - Total assets increased to $22.37 million as of September 30, 2025, compared to $14.22 million at the end of 2024[18] - Stockholders' equity rose to $17.83 million as of September 30, 2025, up from $10.39 million at the end of 2024[18] Product Development and Innovation - The Freedom Alert Mini units and the upgraded Guardian Alert 911 Plus contributed to revenue growth[8] - The company launched Medication Reminders and Activity Metrics features on the Freedom Alert Max, enhancing AI capabilities[7] - LogicMark is focused on expanding its business-to-business channels and enhancing its product offerings to support sustainable growth[4] Profitability Metrics - Gross margin remained strong at 66%, unchanged year-over-year and year-to-date[7] - Gross Profit for the nine months ended September 30, 2025, was $5,491,594, compared to $5,123,795 for the same period in 2024, indicating a year-over-year increase of about 7.2%[21] - Interest Income for the nine months ended September 30, 2025, was $317,791, compared to $134,286 in 2024, indicating a substantial increase of about 136.5%[21] Shareholder Information - The weighted average number of common shares outstanding for Q3 2025 was 768,407, compared to 427 in Q3 2024, indicating a significant increase in shares[21]

Financial Performance - Petros reported a net income of $2,250,101 for the nine months ended September 30, 2025, compared to a net loss of $5,045,350 for the same period in 2024[108]. - The loss from continuing operations for the nine months ended September 30, 2025, was $4,163,536, compared to a loss of $152,361 in 2024[108]. - The company experienced a loss on discontinued operations of $0.6 million for the nine months ended September 30, 2025, compared to a loss of $4.9 million in 2024[116]. - Loss from continuing operations for the three months ended September 30, 2025, was $922,723, compared to a loss of $919,541 in 2024[117]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $3,809,837, reflecting a net loss of $2,250,101[175]. - Net cash used in operating activities for the nine months ended September 30, 2024, was $3,663,934, reflecting a net loss of $5,045,350[176]. Operating Expenses - Operating expenses for the nine months ended September 30, 2025, were $4,249,864, an increase of $200,475 or 5% from $4,049,389 in 2024[109][110]. - Operating expenses for the three months ended September 30, 2025, were $990,737, a decrease of $206,622 or 17% from $1,197,359 in 2024[118][119]. Revenue and Asset Management - The company discontinued sales of Stendra® as of March 2025, impacting its revenue stream significantly[91][94]. - The company reported a gain of $7.0 million for the disposal of assets and settlement with Vivus for the nine months ended September 30, 2025, compared to $0 million in 2024[115]. - For the nine months ended September 30, 2025, the company recorded a gain of $10.3 million from the change in fair value of the warrant liability, compared to $0.0 million in the same period of 2024[113]. Financing and Capital Structure - The company is exploring various financing strategies to obtain additional liquidity, including secured or unsecured debt, convertible debt, and equity offerings[132]. - The company plans to finance near-term operations by increasing cash flows from operations and exploring additional ways to raise capital[132]. - The company has raised approximately $15 million from a private placement of Series A Preferred Stock in July 2023, which is convertible into shares of Common Stock[134]. - The Company entered into an Amendment Agreement to defer unpaid Series A Preferred Stock payments to July 15, 2025, and extend the maturity date[142]. - The Series A Preferred Stock accrues dividends at 8% per annum, increasing to 15% per annum upon a Triggering Event[146][147]. - The Company issued 558,000 units in a public offering at $6.00 per unit, raising approximately $9.6 million in gross proceeds[159]. - Net cash provided by financing activities was $8,161,458 for the nine months ended September 30, 2025, consisting of proceeds from the Public Offering[177]. Stock and Warrant Information - The exercise price of the Series A Warrants was adjusted to $0.36625 per 0.25 share following a Reverse Stock Split[160]. - The Company filed a registration statement to register for resale 200% of the Conversion Shares and Warrant Shares, effective September 18, 2023[158]. - The Series A Preferred Stock conversion price was adjusted to $0.1269 per share due to anti-dilution provisions[157]. - The Company issued 13,949 shares of Common Stock as equity awards, representing over 5% of the outstanding shares prior to the Purchase Agreement[148]. - The holders of Series A Preferred Stock are entitled to redeem their shares at a premium during a Triggering Event[146]. - The Warrant Stockholder Approval was obtained on April 10, 2025, allowing for adjustments to the exercise price and number of shares[165]. - The aggregate gross proceeds from the Public Offering were approximately $9.6 million before deducting estimated offering expenses[171]. - The Company incurred transaction costs attributable to the Series B Warrants of approximately $10.4 million, which were expensed immediately upon issuance[173]. - The fair value of the Warrants after anti-dilution adjustments was estimated at approximately $35.9 million[169]. - The exercise price of the Warrants was adjusted to $6.00 per share, and the number of shares issuable upon exercise was adjusted to 2,700,000 shares[168]. Company Structure and Compliance - As of June 16, 2025, the company assigned all assets of its subsidiaries to a third-party fiduciary, marking a significant restructuring[97]. - The company faced delisting from Nasdaq due to non-compliance with minimum bid price and stockholders' equity requirements[98][102]. - The company is currently trading on the OTC Markets under the symbol "PTPI" following its delisting from Nasdaq on May 22, 2025[104][105]. - The Company has not entered into any off-balance sheet financial guarantees or derivative contracts[178]. - The Company is subject to certain covenants regarding indebtedness and asset transfers[150].

Exhibit 99.1 Financial Results for September 30, 2025 Reviva Reports Third Quarter 2025 Financial Results and Recent Business Highlights – Pre-NDA meeting with FDA to discuss brilaroxazine's path to approval for schizophrenia planned in Q4 2025 – – Potential NDA submission for schizophrenia indication targeted for Q2 2026 – – European patent granted covering use of brilaroxazine for the treatment of pulmonary fibrosis adds to existing patent protection in key global markets – Cupertino, Calif., November 13, ...

Financial Performance - Gross Merchandise Sales (GMS) reached $2.4 billion, an 11% increase year-over-year, with a 24% growth excluding the impact of the Taylor Swift "Eras" Tour[5] - Revenue for the quarter was $468 million, up 8% year-over-year, representing 19% of GMS[5] - Net loss amounted to $1.3 billion, primarily due to a one-time stock-based compensation charge of $1.4 billion related to the IPO[5] - Adjusted EBITDA was $67 million, reflecting a 21% increase year-over-year and a 14% margin[5] - The company reported a basic net loss per share of $4.27 for the quarter[12] - For the three months ended September 30, 2025, the company reported a net loss of $1,294,609, compared to a net loss of $33,012 for the same period in 2024, representing a significant increase in losses[29] - Revenue for the three months ended September 30, 2025, was $468,113, an increase of 7.5% from $433,779 in the same period of 2024[29] - Adjusted EBITDA for the three months ended September 30, 2025, was $67,493, which is 14% of revenue, compared to 13% of revenue in the same period of 2024[29] IPO and Capital Structure - The company successfully completed its IPO, raising approximately $1 billion in gross proceeds and listing on the NYSE in September 2025[5] - StubHub reduced its debt by approximately $750 million, resulting in a net leverage ratio of 3.9x trailing twelve months Adjusted EBITDA[5] - Total liabilities decreased to $3,149,822 thousand as of September 30, 2025, from $3,715,843 thousand on December 31, 2024, showing a reduction of 15.2%[14] - Net leverage ratio improved to 3.9x as of September 30, 2025, compared to 6.7x as of December 31, 2024[38] - The principal amount of senior credit facilities was $1,685,640,000 as of September 30, 2025[38] Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were $1,392,458 thousand, up from $1,000,965 thousand at the end of 2024, reflecting a 39.1% increase[14] - The company reported a net cash provided by operating activities of $181,436 thousand for the nine months ended September 30, 2025, down from $410,935 thousand in 2024[16] - Cash flows from financing activities resulted in a net cash provided of $224,542 thousand for the nine months ended September 30, 2025, compared to a net cash used of $38,496 thousand in 2024[16] - For the three months ended September 30, 2025, net cash provided by operating activities was $3,795,000, compared to $19,320,000 in the previous quarter[37] - Free cash flow for the three months ended September 30, 2025, was $(4,600,000), a decrease from $9,716,000 in the previous quarter[37] - Total TTM free cash flow as of September 30, 2025, was $5,601,000, down from $20,803,000 in the previous quarter[37] Expenses and Costs - Total costs and expenses for the quarter were $1.8 billion, significantly impacted by the stock-based compensation charge[12] - The company incurred $1,405,248 in stock-based compensation expense during the three months ended September 30, 2025, compared to $1,426 in the same period of 2024[35] - Cost of revenue for the three months ended September 30, 2025, was $100,514, up from $79,562 in the same period of 2024[32] - Operations and support expenses for the three months ended September 30, 2025, were $22,508, compared to $15,584 in the same period of 2024[33] - Sales and marketing expenses for the three months ended September 30, 2025, were $281,136, an increase from $220,964 in the same period of 2024[34] - General and administrative expenses for the three months ended September 30, 2025, were $1,425,733, significantly higher than $99,355 in the same period of 2024[35] Assets and Deficits - Total assets increased to $5,600,780 thousand as of September 30, 2025, up from $5,093,585 thousand on December 31, 2024, representing a growth of 9.9%[14] - The company’s accumulated deficit increased to $(2,875,290) thousand as of September 30, 2025, compared to $(1,504,669) thousand at the end of 2024, indicating a growing financial challenge[14]

IPO and Financing - In March 2025, the company completed its IPO, issuing 36,590,000 shares at $40.00 per share, resulting in net proceeds of $1.4 billion[226]. - The company issued $2.0 billion in aggregate principal amount of senior notes due 2030 in May 2025, with a 9.25% interest rate[289][290]. - The company amended its Revolving Credit Facility on November 10, 2025, increasing the capacity to $2.5 billion and extending the maturity to November 2029[272]. - The company anticipates future investments may require significant debt and/or equity financing, which could lead to dilution for stockholders[267]. - The company’s ability to raise additional capital on favorable terms is uncertain, which could adversely affect its business objectives[267]. Revenue and Growth - Revenue for the three months ended September 30, 2025, was $1,364,676, a 134% increase from $583,941 in the same period of 2024; for the nine months, revenue was $3,559,096, up 205% from $1,167,996[244]. - Approximately 80% of the revenue increase for the three months ended September 30, 2025, was due to expansion within the existing customer base[244]. Costs and Expenses - Cost of revenue for the three months ended September 30, 2025, was $368,824, representing a 158% increase from $143,134 in 2024; for the nine months, it was $943,885, up 203% from $311,192[245]. - Technology and infrastructure expenses for the three months ended September 30, 2025, rose by $462 million, or 162%, driven mainly by a $349 million increase in depreciation and amortization[249]. - Sales and marketing expenses for the three months ended September 30, 2025, increased by $40 million, or 880%, primarily due to a $20 million rise in personnel costs[251]. - General and administrative expenses for the three months ended September 30, 2025, increased by $118 million, or 352%, largely due to a $97 million rise in personnel-related expenses[253]. - Interest expense, net for the three months ended September 30, 2025, increased by $206 million, or 198%, attributed to higher borrowing levels[257]. - Cost of revenue for the three months ended September 30, 2025, increased by $226 million, or 158%, compared to the same period in 2024, primarily due to higher data center operating costs[247]. - General and administrative expenses are expected to rise as the company incurs additional costs related to operating as a public entity[236]. Net Income and Loss - Operating income for the three months ended September 30, 2025, was $51,850, compared to $117,116 in the same period of 2024; for the nine months, operating income was $43,589, down from $211,684[241]. - The net loss for the three months ended September 30, 2025, was $110,124, compared to a net loss of $359,807 in the same period of 2024[241]. - The company generated significant losses from operations, reflected in an accumulated deficit of $2.2 billion as of September 30, 2025[264]. Cash Flow and Liquidity - Net cash provided by operating activities was $1.5 billion for the nine months ended September 30, 2025, a decrease from $2.6 billion for the same period in 2024[299]. - Net cash used in investing activities increased to $6.3 billion for the nine months ended September 30, 2025, compared to $5.2 billion for the same period in 2024, driven by higher capital investments in infrastructure[300]. - Net cash provided by financing activities rose to $5.8 billion for the nine months ended September 30, 2025, up from $4.1 billion in 2024, primarily due to debt issuance and IPO proceeds[301]. - As of September 30, 2025, the company had total liquidity of $6,741.8 million, an increase from $5,767.3 million as of December 31, 2024[268]. - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $1.9 billion, along with $1.1 billion of restricted cash[306]. Risks and Challenges - A 100-basis point increase in interest rates would increase interest expense related to floating-rate facilities by approximately $23 million for the three months and $45 million for the nine months ended September 30, 2025[307]. - The company is exposed to foreign currency risks due to international transactions, particularly in British pounds, Euros, and Swedish krona, which may negatively affect future revenue[308]. - The company has foreign currency derivative contracts to mitigate some foreign currency exchange risks, although these do not eliminate the impact entirely[309]. - Inflation has not materially affected the company's financial condition, but rising personnel-related costs could pose challenges if not offset by price increases[310].

Financial Performance - Net sales increased by 10% to $5.0 million in Q3 2025, compared to $4.5 million in the prior year quarter[4] - Operating income of $1.0 million was reported for Q3 2025, a significant improvement from a loss of $2.4 million in the same quarter last year[8] - Total operating expenses decreased by 42% to $4.0 million in Q3 2025, down from $6.9 million in the prior year quarter[7] - The net loss attributable to common stockholders was $1.7 million in Q3 2025, compared to a net loss of $2.4 million in Q3 2024, equating to a loss of $0.01 per share[9] - Restricted cash increased to $0.8 million as of September 30, 2025, compared to $0.7 million as of December 31, 2024[10] - The company reported a total stockholders' deficit of $75.1 million as of September 30, 2025[16] Cost Management - The company achieved a reduction in manufacturing costs by approximately 50% for both PHEXX and SOLOSEC, enhancing per-unit profit and facilitating entry into price-sensitive global markets[4] Regulatory and Clinical Developments - SOLOSEC was submitted for marketing approval in the UAE in Q3 2025 under a License and Supply Agreement with Pharma 1[4] - The company is conducting a Phase 4 clinical trial for SOLOSEC, hypothesizing a 1.75 lower rate of repeat infections compared to metronidazole[4] Corporate Actions - Evofem terminated the merger agreement with Aditxt following stockholder disapproval on October 20, 2025[5]

Revenue Growth - For the three months ended September 30, 2025, total operating revenue increased by 36.7% to $136.564 million compared to $99.901 million in the same period of 2024[209]. - Patient services revenue for the three months ended September 30, 2025, was $60.195 million, reflecting a 21.0% increase from $49.752 million in the prior year[209]. - Dispensary revenue for the three months ended September 30, 2025, rose by 57.4% to $75.895 million, up from $48.210 million in the same quarter of 2024[209]. - Total operating revenue for the nine months ended September 30, 2025, was $360.772 million, a 23.1% increase from $293.145 million in the same period of 2024[209]. Expenses and Costs - Total operating expenses for Q3 2025 were $144.6 million, an increase of 27.1% from $113.8 million in Q3 2024[213]. - Patient services costs increased by 17.7% in Q3 2025, primarily due to rising intravenous drug costs, while clinical payroll costs decreased by 1.8%[214]. - Dispensary costs rose by 97.7% in Q3 2025 due to a significant increase in the number of prescriptions filled, despite a 20.4% decrease in average prescription costs[215]. - Selling, general and administrative expenses were 18.5% of total operating revenue for the three months ended September 30, 2025, compared to 26.7% in the same period of 2024[208]. - Selling, general and administrative (SG&A) expenses decreased by 4.5% in Q3 2025 to $25.4 million, attributed to cost discipline and operational efficiency[216]. Profitability and Loss - The company reported a net loss of 12.2% for the three months ended September 30, 2025, compared to a net loss of 16.2% in the same period of 2024[208]. - The net loss for the nine months ended September 30, 2025, was $53.1 million, a slight increase of 3.1% from $51.5 million in the same period of 2024[227]. - Adjusted EBITDA for Q3 2025 was $(3.46) million, a 57.8% improvement from $(8.20) million in Q3 2024[226]. Cash Flow and Liquidity - As of September 30, 2025, the company had cash and cash equivalents of $27,658 and an accumulated deficit of $263,911, with a net loss of $53,098 for the nine months ended September 30, 2025[229]. - The company improved cash flow from operations by approximately $2,904, a 9% reduction in cash used compared to the same period in the prior year[231]. - Net cash used in operating activities decreased to $27,820 for the nine months ended September 30, 2025, compared to $30,724 in the prior year, reflecting a 9% improvement[236]. - The company expects sufficient liquidity to fund operations for at least one year from the issuance date of the financial statements[232]. - Cash provided by accounts payable and accrued expenses increased by $1,027 for the nine months ended September 30, 2025, due to cash management initiatives[240]. Market and Operational Insights - The number of fills in the dispensary increased by 97.7% for the three months ended September 30, 2025, contributing to the revenue growth despite a 20.4% decrease in average revenue per fill[211]. - The number of clinics remained stable at 80, while the number of markets expanded to 22 from 14 in the prior year[222]. - The company anticipates continued increases in selling, general and administrative expenses due to costs associated with being a public company and business growth[206]. Financial Instruments and Risks - Interest expense for the nine months ended September 30, 2025, increased by 47.9% to $9.36 million compared to $6.33 million in the prior year[219]. - The fair value of conversion option derivative liabilities increased by $5.98 million in Q3 2025 due to a rise in stock price[220]. - Total material cash requirements over the next five years are estimated at $125,380, including $93,227 for convertible notes and $31,667 for operating leases[241]. - Inflation has increased costs for drugs and clinical trials, potentially leading to faster depletion of cash reserves[266]. - Impairment risk is assessed annually, with potential economic disruptions and rising interest rates posing threats to goodwill and intangible assets[267]. Revenue Recognition - The transaction price for FFS arrangements is variable, based on patient encounters and provider costs, with revenue recognized only when significant reversal of cumulative revenue is unlikely[252]. - Revenue for dispensed prescriptions is based on fee schedules set by PBMs, with DIR fees impacting the transaction price[256]. - Clinical research contracts are recognized as a single performance obligation, with revenue invoiced periodically based on trial progress[257].

Revenue Performance - Net Power reported no revenue for the three months ended September 30, 2025, compared to $12,000 in the same period in 2024, representing a 100% decrease [111]. - Revenue for the nine months ended September 30, 2025 was $0, a decrease of $250,000 or 100% compared to $250,000 in 2024 [123]. Expenses - Research and development expenses increased by $7.2 million, or 42%, for the three months ended September 30, 2025, primarily due to increased activity under the BHES JDA and ongoing validation testing [115]. - Project development expenses surged by $9.8 million, or 4,206%, for the three months ended September 30, 2025, due to costs associated with Project Permian [116]. - General and administrative expenses increased by $0.7 million, or 8%, for the three months ended September 30, 2025, primarily due to higher professional fees and increased employee headcount [112]. - Sales and marketing expenses rose by $0.4 million, or 35%, for the three months ended September 30, 2025, attributed to higher professional fees and growth in employee headcount [113]. - Research and development expenses increased by $29.7 million, or 67%, totaling $73.8 million for the nine months ended September 30, 2025, compared to $44.1 million in 2024 [127]. - Project development expenses surged by $40.3 million, or 2,826%, reaching $41.7 million for the nine months ended September 30, 2025, compared to $1.4 million in 2024 [128]. - General and administrative expenses rose by $8.7 million, or 39%, totaling $31.4 million for the nine months ended September 30, 2025, compared to $22.6 million in 2024 [125]. - Cash used in operating activities increased by $74.3 million, totaling $93.0 million for the nine months ended September 30, 2025, compared to $18.7 million in 2024 [141]. Losses and Impairments - An impairment loss of $1,095.8 million was recognized for the three months ended September 30, 2025, related to long-lived assets [117]. - Operating loss for the nine months ended September 30, 2025 was $1.72 billion, compared to a loss of $130.9 million in 2024 [123]. - Net loss attributable to Net Power Inc. was $559,000 for the nine months ended September 30, 2025, compared to a loss of $14,871 in 2024 [123]. - The company recognized an impairment loss of $1.1 billion related to long-lived assets in the third quarter of 2025 [129]. - An impairment loss of $1,095.8 million was recognized for the three and nine months ended September 30, 2025, indicating significant challenges in asset recoverability [152]. Interest and Tax - Interest income decreased by $3.2 million, or 40%, for the three months ended September 30, 2025, due to lower interest-bearing cash and investment balances [119]. - Interest income decreased by $8.5 million, or 35%, totaling $16.2 million for the nine months ended September 30, 2025, compared to $24.7 million in 2024 [132]. - Income tax benefit was $1.2 million for the three months ended September 30, 2025, compared to $4.7 million for the same period in 2024, reflecting an increase in the Company's valuation allowance [121]. Liquidity and Commitments - Total liquidity as of September 30, 2025 was $421.5 million, down from $530.2 million at the end of 2024 [138]. - As of September 30, 2025, the company has committed to purchase components of industrial machinery totaling $149.1 million, with $66.8 million remaining related to these commitments [150]. Strategic Focus - The Company intends to pause all development work and related expenditures for its first utility-scale power plant (SN1) to focus on new business opportunities in low-carbon gas power solutions [109]. - The total value of the BHES Joint Development Agreement (JDA) is $140 million, with approximately $54.0 million recognized in cash and share-based expenses as of September 30, 2025 [148]. - The company incurred expenses of $1.0 million and $4.9 million related to the BHES JDA Make-Whole Payments for the three and nine months ended September 30, 2025, respectively [148]. - The company expects to remain an emerging growth company (EGC) through the end of 2025, benefiting from an extended transition period for compliance with new financial accounting standards [153].

Financial Performance - The net loss for the period attributable to equity holders was £281,000 for Q3 2025, significantly improved from £4,511,000 in Q3 2024, representing a reduction of 94%[5] - Total comprehensive loss for the nine months ended September 30, 2025, was £26,930,000, compared to £18,389,000 for the same period in 2024, an increase of 46%[5] - The Company reported an accumulated deficit of £250.3 million and cash flows used in operating activities of £6.3 million for the nine months ended September 30, 2025[27] - The basic and diluted loss per ordinary share for the nine months ended September 30, 2025, was £0.00, compared to £0.32 for the same period in 2024[37] Expenses - Research and development expenses decreased to £2,172,000 for Q3 2025 from £3,736,000 in Q3 2024, a reduction of 42%[3] - Administrative expenses increased to £1,399,000 for Q3 2025 compared to £1,358,000 in Q3 2024, a rise of 3%[3] - Share-based payment expenses totaled £9.1 million for the nine months ended September 30, 2025, significantly up from £1.7 million for the same period in 2024[46] - The Company incurred a non-cash revaluation loss of £12.6 million from derivative financial instruments related to Series A and Series B warrants for the nine months ended September 30, 2025[33] Cash and Assets - Cash and cash equivalents at the end of the period increased to £25,249,000 as of September 30, 2025, up from £6,749,000 at the beginning of the period, reflecting a net increase of £18,707,000[12] - Total assets rose to £32,315,000 as of September 30, 2025, compared to £14,774,000 as of December 31, 2024, an increase of 118%[8] - The accumulated deficit increased to £250,259,000 as of September 30, 2025, from £224,294,000 at the end of 2024, an increase of 12%[8] - Cash and cash equivalents increased to £25.2 million as of September 30, 2025, compared to £6.7 million as of December 31, 2024[40] Capital and Shareholder Equity - Share capital and share premium increased to £189,586,000 as of September 30, 2025, from £151,827,000 at the end of 2024, a growth of 25%[8] - The company’s share premium rose to £175.246 million as of September 30, 2025, compared to £146.146 million at the end of 2024, reflecting a growth of approximately 19.9%[47] - As of September 30, 2025, the company had issued share capital of £189.586 million, an increase from £151.827 million as of December 31, 2024, representing a growth of approximately 24.9%[47] - The company completed a registered direct offering in May 2025, raising initial proceeds of £5.2 million, with £4.4 million allocated to derivative financial instruments related to warrants[50] Future Outlook - The Company has not generated any revenues from operations to date and does not expect to in the foreseeable future[27] - The Company continues to require additional capital to achieve profitability, which is dependent on the successful development and commercialization of its product candidates[29] - The Company’s board of directors is satisfied that cash and cash equivalents on hand will be sufficient to fund anticipated operations for the next 12 months[28] Share Transactions - The total fair value of warrants exercised or cancelled during 2025 amounted to £17.1 million, with no derivative warrant liabilities remaining outstanding as of September 30, 2025[52] - The exercise price of Series B warrants was reset multiple times, ultimately to a floor price of $0.1291, resulting in the issuance of 356,412,705 ADSs, representing 8,901,317,625 ordinary shares, and gross proceeds of £3.5 million[53] - The exercise of Series A warrants resulted in gross proceeds of £0.8 million, with 8,300,000 warrants exercised for 207,500,000 ordinary shares[53] - The company issued 11,330,287 ordinary shares and 9,327,644 warrants during the share capital issuance process, contributing to the overall increase in share capital[47] Other Income - The Company recognized £2.7 million in total other income for the nine months ended September 30, 2025, including £1.9 million from ADR depositary contributions and £0.8 million from insurance proceeds[32]