Exhibit 99.1 MARPAI REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS Marpai Slashes Losses by Two-Thirds in Q2 2025, Paving the Way to Profitability. Operating Expenses Cut 70% as Turnaround Gains Traction Tampa, August 13, 2025, Marpai, Inc. ("Marpai" or the "Company") (OTCQX: MRAI), a leader in innovative healthcare technology and Third-Party Administration (TPA) services, today announced second quarter 2025 results that mark a decisive step forward in its turnaround strategy. The Company delivered substanti ...

[Second Quarter 2025 Performance Overview](index=1&type=section&id=Second%20Quarter%202025%20Performance%20Overview) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management reported a successful second quarter, characterized by strong portfolio execution, strategic capital allocation, and a strengthened financial position - Portfolio occupancy increased to **97.8%**, with successful resolution of 9 out of 12 previously vacant properties through sales or leasing[2](index=2&type=chunk) - Executed strategic asset recycling by acquiring **$17.8 million** of assets at an **8.2%** cash cap rate and selling **$22.7 million** of assets, with occupied properties sold at a **6.75%** cap rate[2](index=2&type=chunk) - Strengthened the balance sheet, delivering strong AFFO per share and reducing the net debt to annualized adjusted EBITDAre ratio[2](index=2&type=chunk) - Announced the appointment of Pierre Revol as the new Chief Financial Officer following the end of the quarter[2](index=2&type=chunk) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) FrontView REIT reported a net loss of $4.5 million for Q2 2025, alongside strong FFO and AFFO, improved occupancy, and a healthy balance sheet Q2 2025 Summarized Financial Results (in thousands, except per share amounts) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenues | $17,554 | $14,610 | | Net loss | $(4,530) | $(3,012) | | Net loss per share | $(0.16) | — | | FFO | $6,720 | $4,010 | | FFO per share | $0.24 | — | | AFFO | $9,028 | $4,892 | | AFFO per share | $0.32 | — | - Acquired 5 properties for **$17.8 million** at an average capitalization rate of **8.2%**[5](index=5&type=chunk) - Sold 9 properties, including 5 occupied ones for **$11.6 million** in gross proceeds at an average cap rate of **6.75%**[5](index=5&type=chunk) - Maintained a strong balance sheet with Net Debt to Adjusted EBITDAre of **5.5x** and total available liquidity of **$139.9 million**[5](index=5&type=chunk) - Paid a **$0.215** dividend per share, representing a **7.2%** yield and a **66%** AFFO payout ratio[5](index=5&type=chunk) [Investment and Portfolio Status](index=2&type=section&id=Investment%20and%20Portfolio%20Status) In Q2 2025, the company was a net seller with $4.9 million in dispositions, while maintaining a portfolio of 319 properties with 97.8% occupancy Investment Activity Summary (for the three months ended June 30, 2025) | Activity | of Properties | Amount (in thousands) | | :--- | :--- | :--- | | Investments | 5 | $17,799 | | Dispositions | 9 | $22,661 | | **Net Activity** | **(4)** | **$(4,862)** | Portfolio Snapshot as of June 30, 2025 | Metric | Value | | :--- | :--- | | Number of Properties | 319 | | Annualized Base Rent | $62.3 million | | Occupancy | 97.8% | | Weighted Average Lease Term | 7.3 years | | Investment Grade % | 33.1% | [Balance Sheet and Liquidity](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, the company maintained a strong balance sheet with a Net Debt to Annualized Adjusted EBITDAre of 5.5x and $139.9 million in total liquidity Leverage and Liquidity as of June 30, 2025 | Metric | Value | | :--- | :--- | | Net Debt/ Annualized Adjusted EBITDAre | 5.5x | | Fixed Charge Coverage Ratio | 3.3x | | Total Liquidity (in thousands) | $139,863 | [Distributions](index=3&type=section&id=Distributions) The board of directors declared a quarterly cash dividend of $0.215 per common share and OP unit for the third quarter of 2025 - A quarterly dividend of **$0.215** per share was declared on August 12, 2025[10](index=10&type=chunk) - The dividend is payable on or before October 15, 2025, to holders of record as of September 30, 2025[10](index=10&type=chunk) [Full Year 2025 Guidance](index=3&type=section&id=Full%20Year%202025%20Guidance) [Revised Guidance Update](index=3&type=section&id=Revised%20Guidance%20Update) The company updated its full-year 2025 guidance, narrowing the AFFO per share range to $1.22-$1.24 and adjusting capital allocation expectations Full Year 2025 Guidance Update | Metric | Prior Guidance | Current Guidance | | :--- | :--- | :--- | | AFFO per share | $1.20 to $1.26 | $1.22 to $1.24 | | Investment Activity ($mm) | $125 to $145 | $110 to $130 | | Disposition Activity ($mm) | $20 to $40 | $60 to $75 | - The company does not provide guidance for the comparable GAAP measure, net income, due to the inability to reasonably predict certain items like potential impairments or gains/losses on dispositions[14](index=14&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, shows total assets of $856.5 million and total liabilities of $352.6 million, reflecting growth in real estate investments and net debt Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total real estate held for investment, net | $688,212 | $679,008 | | Total assets | $856,512 | $821,809 | | Debt, net | $316,892 | $266,538 | | Total liabilities | $352,561 | $299,131 | | Total equity | $503,951 | $522,678 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, total revenues increased to $17.6 million, but higher operating expenses and an impairment loss resulted in a net loss of $4.5 million Statement of Operations Summary (in thousands) | Account | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total revenues | $17,554 | $14,610 | | Total operating expenses | $15,459 | $10,855 | | Interest expense | $4,647 | $6,597 | | (Gain)/ loss on sale of real estate | $(1,194) | $51 | | Impairment loss | $2,978 | — | | **Net loss** | **$(4,530)** | **$(3,012)** | [Non-GAAP Financial Measures and Reconciliations](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [Notice and Definitions of Non-GAAP Measures](index=4&type=section&id=Notice%20and%20Definitions%20of%20Non-GAAP%20Measures) This section explains the company's use of non-GAAP financial measures like FFO, AFFO, and EBITDA, which provide supplemental information for investors - FFO and AFFO are presented as they are widely accepted industry measures for comparing the operating performance of REITs, though they should not be considered alternatives to GAAP net income[21](index=21&type=chunk)[34](index=34&type=chunk) - EBITDA and EBITDAre are used to provide supplemental information on operating performance exclusive of certain non-cash costs and differences in capital structure[22](index=22&type=chunk)[42](index=42&type=chunk) - Adjusted NOI is used to reflect income and expense items incurred only at the property level, providing a clearer view of property-level performance[23](index=23&type=chunk)[46](index=46&type=chunk) [Reconciliation of Net Loss to FFO and AFFO](index=7&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20FFO%20and%20AFFO) The company reconciled its Q2 2025 net loss of $4.5 million to FFO of $6.7 million and AFFO of $9.0 million, adjusting for non-cash items Q2 2025 Reconciliation of Net Loss to FFO and AFFO (in thousands) | Line Item | Amount | | :--- | :--- | | **Net loss** | **$(4,530)** | | Depreciation and amortization | $9,466 | | (Gain)/ loss on sale of real estate | $(1,194) | | Impairment loss on real estate | $2,978 | | **Funds from Operations (FFO)** | **$6,720** | | Straight-line rent adjustments | $(286) | | Amortization of financing/lease intangibles | $1,341 | | Other non-recurring expenses | $964 | | **Adjusted Funds from Operations (AFFO)** | **$9,028** | [Reconciliation of Net Loss to EBITDA, NOI, and Other Metrics](index=8&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20EBITDA,%20NOI,%20and%20Other%20Metrics) This section details the calculation of EBITDAre, Annualized Adjusted EBITDAre, and leverage ratios, including a Net Debt to Annualized Adjusted EBITDAre of 5.5x Q2 2025 Reconciliation to EBITDAre and Adjusted Cash NOI (in thousands) | Line Item | Amount | | :--- | :--- | | **Net loss** | **$(4,530)** | | Depreciation and amortization | $10,407 | | Interest expense | $4,647 | | **EBITDA** | **$10,718** | | Adjustments for real estate sales/impairments | $1,784 | | **EBITDAre** | **$12,502** | | Other adjustments | $1,722 | | **Adjusted EBITDAre** | **$14,224** | | **Adjusted Cash NOI** | **$15,909** | Leverage Ratios as of June 30, 2025 | Metric | Value | | :--- | :--- | | Gross Debt | $318,500,000 | | Net Debt | $310,137,000 | | Net Debt to Annualized EBITDAre | 6.2x | | Net Debt to Annualized Adjusted EBITDAre | 5.5x | - The Fixed Charge Coverage Ratio, calculated as Annualized Adjusted EBITDAre divided by Annualized Fixed Charges, was **3.3x** for the period[50](index=50&type=chunk)[51](index=51&type=chunk) [Other Information](index=3&type=section&id=Other%20Information) [Conference Call and Webcast](index=3&type=section&id=Conference%20Call%20and%20Webcast) The company will host a conference call and webcast on August 14, 2025, at 10:00 a.m. Central Time to discuss Q2 2025 earnings - The earnings conference call is scheduled for Thursday, August 14, 2025, at **10:00 a.m. Central Time**[15](index=15&type=chunk) [About FrontView REIT, Inc.](index=3&type=section&id=About%20FrontView%20REIT,%20Inc.) FrontView is an internally-managed net-lease REIT specializing in properties with direct frontage on high-traffic roads, with 319 properties across 37 U.S. states - FrontView is a net-lease REIT focused on acquiring and managing properties with prominent frontage and high visibility[17](index=17&type=chunk) - As of June 30, 2025, the portfolio consisted of **319** properties in **37** states with a diversified tenant base[17](index=17&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements, including 2025 guidance, subject to risks and uncertainties, with investors advised to review SEC filings - The report includes forward-looking statements, such as the 2025 guidance, which are not guarantees of future performance[18](index=18&type=chunk) - Investors are cautioned not to place undue reliance on these statements and are encouraged to review the 'Risk Factors' in the company's Form 10-K[19](index=19&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2025 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-40916 MultiSensor AI Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware (State or ...

Exhibit 99.1 Coherent Corp. 375 Saxonburg Blvd. Saxonburg, PA 16056-9499 USA PRESS RELEASE COHERENT CORP. REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2025 RESULTS SAXONBURG, Pa., Aug. 13, 2025 (GLOBE NEWSWIRE) – Coherent Corp. (NYSE: COHR) ("Coherent," "We," or the "Company"), a global leader in photonics, announced financial results today for the fiscal fourth quarter and full year fiscal 2025 ended June 30, 2025. Revenue for the fourth quarter of fiscal 2025 was a record $1.53 billion, with GAAP gross mar ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2025 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-40916 MultiSensor AI Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware (State or ...

Exhibit 99.1 Alumis Reports Second Quarter 2025 Financial Results and Provides Corporate Update -Completed enrollment in Phase 3 ONWARD clinical trials for envudeucitinib in moderate-to-severe plaque psoriasis; topline readout expected in early Q1 2026- -Completed enrollment in Phase 2b LUMUS clinical trial for envudeucitinib in systemic lupus erythematosus (SLE); topline readout expected in Q3 2026- - Completed merger with ACELYRIN, Inc. to strengthen financial position and support advancement of late-stag ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, highlighting increased Q2 2025 revenue, narrowed net loss, and substantial cash inflow from financing activities [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $138.2 million by June 30, 2025, from $149.0 million, driven by reduced short-term investments, while equity also declined Condensed Consolidated Balance Sheets | Financial Metric | June 30, 2025 ($ in thousands) | December 31, 2024 ($ in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 26,761 | 19,264 | | Short-term investments | 39,569 | 54,194 | | Total current assets | 88,729 | 98,772 | | Total assets | 138,246 | 149,011 | | **Liabilities & Equity** | | | | Total current liabilities | 15,237 | 23,648 | | Long-term debt | 39,373 | 28,905 | | Total liabilities | 82,615 | 82,084 | | Total stockholders' equity | 55,631 | 66,927 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total revenues nearly doubled to $15.3 million, driven by R&D, significantly narrowing net loss to $13.3 million from $22.8 million Condensed Consolidated Statements of Operations | Metric ($ in thousands, except EPS) | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | 15,328 | 7,979 | 22,871 | 25,052 | | Product Revenue | 7,380 | 6,259 | 13,439 | 15,810 | | R&D Revenue | 7,948 | 1,720 | 9,432 | 9,242 | | Loss from Operations | (12,862) | (22,732) | (33,348) | (34,620) | | Net Loss | (13,272) | (22,755) | (33,960) | (34,260) | | Net Loss per Share | (0.16) | (0.32) | (0.40) | (0.49) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations increased to $31.8 million, while investing activities provided $11.4 million, and financing provided $27.9 million Condensed Consolidated Statements of Cash Flows | Cash Flow Activity ($ in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | (31,765) | (19,957) | | Net cash provided by (used in) investing activities | 11,402 | (55,650) | | Net cash provided by financing activities | 27,859 | 29,084 | | **Net change in cash, cash equivalents & restricted cash** | **7,496** | **(46,523)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail revenue by geography, the $40 million Innovatus Loan, $16.4 million from equity sales, and significant customer concentration - For the six months ended June 30, 2025, the Americas and APAC regions were the largest sources of revenue, contributing **$8.4 million** and **$8.1 million**, respectively[39](index=39&type=chunk) - The company entered into a five-year term loan agreement with Innovatus for up to **$40.0 million**, with the second tranche of **$10.0 million** funded in June 2025[74](index=74&type=chunk) - During Q2 2025, the company sold 7,244,966 shares of common stock under its Cantor Sales Agreement, receiving net proceeds of **$16.4 million**[67](index=67&type=chunk) - Customer concentration remains high, with Customer A and Customer B accounting for **21%** and **19%** of total revenues, respectively, for the three months ended June 30, 2025[82](index=82&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strategic focus on pharma biocatalysis and ECO Synthesis™, highlighting a 92% Q2 revenue increase, improved gross margin, and sufficient liquidity [Business Overview](index=22&type=section&id=Business%20Overview) Codexis leverages its CodeEvolver® platform for pharma biocatalysis and develops the ECO Synthesis™ platform for RNAi therapeutics manufacturing - The company's core strategy revolves around its proprietary CodeEvolver® directed evolution technology platform to develop novel enzymes[85](index=85&type=chunk) - Key focus areas are the established pharma biocatalysis business and the emerging Enzyme-Catalyzed Oligonucleotide (ECO) Synthesis™ manufacturing platform for RNAi therapeutics[85](index=85&type=chunk) - In 2025, the company expects to manufacture GLP-grade siRNA for customers in its Innovation Lab and partner with a CDMO for GMP-grade synthesis using the ECO Synthesis™ platform[87](index=87&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Q2 2025 total revenues surged 92% to $15.3 million, driven by R&D, with product gross margin improving to 72% and SG&A expenses decreasing 21% Results of Operations Summary | Metric ($ in thousands) | Q2 2025 | Q2 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | 15,328 | 7,979 | 7,349 | 92% | | Product Revenue | 7,380 | 6,259 | 1,121 | 18% | | R&D Revenue | 7,948 | 1,720 | 6,228 | 362% | | Cost of Product Revenue | 2,098 | 3,462 | (1,364) | (39)% | | Product Gross Margin | 72% | 45% | - | - | - The increase in Q2 R&D revenue was driven by **$3.6 million** from legacy agreements and **$2.5 million** from a new licensing agreement executed in the quarter[95](index=95&type=chunk) - SG&A expenses decreased by **$3.4 million** in Q2 2025 compared to Q2 2024, mainly due to **$2.2 million** in lower stock-based compensation and **$0.9 million** in lower legal costs[102](index=102&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds $66.3 million in cash and investments, supported by a $40 million term loan and equity sales, deemed sufficient for 12 months Liquidity and Capital Resources Summary | Metric ($ in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 26,761 | 19,264 | | Short-term investments | 39,569 | 54,194 | | Working capital | 73,492 | 75,124 | - The company secured a five-year term loan from Innovatus for up to **$40 million**, with the full amount drawn as of June 27, 2025[112](index=112&type=chunk)[116](index=116&type=chunk) - Under the Cantor Sales Agreement, the company raised gross proceeds of **$17.3 million** during Q2 2025[117](index=117&type=chunk) - Management believes existing cash and expected revenues will provide adequate funds for operations for at least the next 12 months[119](index=119&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces interest rate and foreign currency risks, but a hypothetical 10% adverse change is not expected to materially impact its financial position - As of June 30, 2025, the company had **$66.3 million** in cash, cash equivalents, and short-term investments subject to interest rate risk[128](index=128&type=chunk) - The company has **$40.8 million** in principal outstanding under the variable-rate Innovatus Loan, where a 10% increase in the prime rate would impact results by **$0.3 million** over the next twelve months[129](index=129&type=chunk) - Foreign currency risk is considered minimal, with a hypothetical 10% unfavorable change in exchange rates resulting in a potential loss of approximately **$40 thousand**[130](index=130&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including CEO and CFO, deemed disclosure controls effective as of June 30, 2025, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[134](index=134&type=chunk) - No material changes to the company's internal control over financial reporting were identified during the most recent fiscal quarter[135](index=135&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material pending litigation or other legal proceedings - As of the filing date, Codexis is not involved in any material legal proceedings[138](index=138&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) This section outlines key risks including net losses, customer and manufacturer dependence, unproven ECO Synthesis platform, competition, and financial and regulatory risks - **Financial & Strategic Risks:** The company has a history of net losses and may not achieve profitability, is dependent on a limited number of customers, and its new ECO Synthesis platform is based on novel, largely unproven technology[140](index=140&type=chunk)[142](index=142&type=chunk)[163](index=163&type=chunk) - **Operational Risks:** Codexis relies on a limited number of third-party contract manufacturers for large-scale production of its enzymes, posing a risk to supply chain stability[140](index=140&type=chunk)[157](index=157&type=chunk) - **Capital & Debt Risks:** The company may need additional capital in the future and must comply with covenants in its loan agreement with Innovatus, which could restrict business operations[141](index=141&type=chunk)[185](index=185&type=chunk)[187](index=187&type=chunk) - **Regulatory & IP Risks:** The company's and its customers' products are subject to extensive regulation, and protecting its intellectual property rights is critical and may involve costly litigation[141](index=141&type=chunk)[143](index=143&type=chunk)[208](index=208&type=chunk) [Other Items (Items 2, 3, 4, 5, 6)](index=60&type=section&id=Other%20Items) This section covers remaining disclosures, including no unregistered equity sales, no defaults, no Rule 10b5-1 plan changes, and a list of exhibits - There were no unregistered sales of equity securities during the period[259](index=259&type=chunk) - During the three months ended June 30, 2025, no directors or executive officers adopted or terminated any Rule 10b5-1 trading arrangements[262](index=262&type=chunk)

Exhibit 99.1 Aterian Reports 2025 Second Quarter Financial Results and Provides Guidance for the Second Half of 2025 Tarif Mitigation Strategies, Cost Optimization Plan, New Product Introductions, and Sales Channel Expansion Position the Company for Improved Performance SUMMIT, NEW JERSEY, August 13, 2025 – Aterian, Inc. (Nasdaq: ATER) ("Aterian" or the "Company"), a consumer products company, today announced financial results for the second quarter ended June 30, 2025 ("Q2 2025") and provided net revenue a ...

[Executive Summary and Q2 2025 Highlights](index=1&type=section&id=Executive%20Summary) Jade Biosciences' Q2 2025 highlights include a reverse merger, significant financing, and JADE101 pipeline advancement [Q2 2025 Highlights and Strategic Direction](index=1&type=section&id=Q2%202025%20Highlights%20and%20Strategic%20Direction) Jade Biosciences reported a productive second quarter, marked by the closing of a reverse merger and significant financing, advancing its pipeline, particularly JADE101, towards clinical-stage development - Closed a reverse merger and significant financing during the quarter[2](index=2&type=chunk) - Continued to advance a pipeline aimed at delivering potentially best-in-class therapies for systemic and organ-specific autoimmune diseases[2](index=2&type=chunk) - Presented compelling preclinical data on JADE101, supporting its potential as a best-in-class disease-modifying therapy for IgA nephropathy (IgAN)[2](index=2&type=chunk) - Anticipates transitioning into a clinical-stage company in the coming months[2](index=2&type=chunk) [Pipeline and Corporate Updates](index=1&type=section&id=Pipeline%20and%20Corporate%20Updates) Jade Biosciences provided pipeline updates for JADE101 and JADE201, alongside a key corporate appointment [JADE101 Program Update](index=1&type=section&id=JADE101%3A%20potentially%20best-in-class%20anti-APRIL%20monoclonal%20antibody%20for%20IgA%20nephropathy%20%28IgAN%29) Jade Biosciences provided a comprehensive update on JADE101, its lead candidate for IgA nephropathy, highlighting strong preclinical data and outlining the plan for its Phase 1 clinical trial [Preclinical Data and Mechanism](index=1&type=section&id=JADE101%20Preclinical%20Data) Preclinical data for JADE101 demonstrated ultra-high APRIL binding affinity, potent inhibition of APRIL signaling, and sustained IgA suppression, supporting its potential for best-in-class activity and convenient dosing - Presented preclinical data for JADE101 at the 62nd European Renal Association Congress[4](index=4&type=chunk)[5](index=5&type=chunk) - JADE101 showed **ultra-high APRIL binding affinity (~50 femtomolar KD, >750-fold higher than sibeprenlimab)** and potent, complete inhibition of APRIL signaling in vitro[5](index=5&type=chunk) - Demonstrated deep, sustained IgA suppression with an extended half-life of approximately **27 days** after a single **30 mg/kg intravenous dose** in non-human primates (NHPs)[5](index=5&type=chunk) - Pharmacokinetic (PK) profile in NHPs supports potential for convenient, infrequent subcutaneous dosing (no more than every eight weeks) in clinical settings[5](index=5&type=chunk) - Binds a unique epitope on trimeric APRIL protein, selected to avoid high molecular weight immune complexes, aiming for predictable PK and reduced immunogenicity risk[5](index=5&type=chunk) [Clinical Development Plan](index=1&type=section&id=JADE101%20Clinical%20Development%20Plan) The Phase 1 clinical trial for JADE101 is set to begin in Q3 2025, with interim data expected in the first half of 2026 to inform later-stage studies - Phase 1 healthy-volunteer study of JADE101, administered as a subcutaneous injection, is expected to begin in the **third quarter of 2025**[4](index=4&type=chunk)[5](index=5&type=chunk) - Interim, biomarker-rich data are anticipated in the **first half of 2026**, intended to guide dose and dose interval selection for later-stage JADE101 studies in IgAN patients[4](index=4&type=chunk)[5](index=5&type=chunk) [JADE201 Program Update](index=2&type=section&id=JADE201%3A%20development%20candidate%20from%20the%20JADE-002%20antibody%20discovery%20program) JADE201, a development candidate from the JADE-002 program, is on track to enter the clinic in the first half of 2026, with potential applications in multiple systemic autoimmune diseases - JADE201, the development candidate from the JADE-002 antibody discovery program, remains on track to enter the clinic in the **first half of 2026**[8](index=8&type=chunk) - JADE201 has the potential to be evaluated in multiple systemic autoimmune diseases[8](index=8&type=chunk) - Further details on JADE201 are expected to be disclosed in the **second half of 2025**[8](index=8&type=chunk) [Corporate Developments](index=2&type=section&id=Corporate) Jade Biosciences announced the appointment of Brad Dahms as its new Chief Financial Officer - Appointed Brad Dahms as Chief Financial Officer (CFO), an accomplished biopharmaceutical executive with extensive experience in CFO and senior leadership roles[6](index=6&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) Jade Biosciences reported its Q2 2025 financial results, detailing a net loss and a robust cash position [Financial Summary](index=2&type=section&id=Financial%20Summary) Jade Biosciences reported a net loss of $32.1 million for Q2 2025, supported by $220.9 million in cash and cash equivalents, with R&D and G&A expenses totaling $22.5 million and $5.2 million respectively Q2 2025 Key Financial Metrics | Metric | Q2 2025 (in millions) | | :------------------------------------ | :-------------------- | | Cash & Cash Equivalents (as of June 30, 2025) | $220.9 | | Research and Development (R&D) expenses | $22.5 | | General and Administrative (G&A) expenses | $5.2 | | Other expenses, net | $4.4 | | Net loss | $(32.1) | | Shares Outstanding (as of June 30, 2025) | 52.6 | - Cash and cash equivalents of **$220.9 million** as of June 30, 2025, supports cash runway through the **end of 2027**, including multiple clinical inflection points[4](index=4&type=chunk)[8](index=8&type=chunk) - Net loss totaled **$32.1 million** for the second quarter of 2025, which includes non-cash stock-based compensation of **$4.0 million**[8](index=8&type=chunk) [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) The balance sheet shows a significant increase in cash and total assets, and a shift from a stockholders' deficit to a positive equity position, primarily driven by recent financing activities Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | | :------------------------------------------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $220,942 | $69,386 | +$151,556 | | Other assets | $3,026 | $3,413 | -$387 | | Total assets | $223,968 | $72,799 | +$151,169 | | Total liabilities | $22,412 | $119,596 | -$97,184 | | Total convertible preferred stock and stockholders' equity (deficit) | $201,556 | $(46,797) | +$248,353 | - Cash and cash equivalents increased by **$151.6 million** from December 31, 2024, to June 30, 2025[14](index=14&type=chunk) - Total liabilities decreased significantly by **$97.2 million**, while total stockholders' equity shifted from a deficit of **$(46.8) million** to a positive **$201.6 million**[14](index=14&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20LOSS) The company reported a net loss of $32.1 million for Q2 2025 and $70.3 million for the six months ended June 30, 2025, driven by increased R&D and G&A expenses, and a significant expense from the change in fair value of convertible notes Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands) | Metric | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Period from June 18, 2024 (Inception) Through June 30, 2024 | | :-------------------------------------------------------------------------------- | :------------------------------- | :----------------------------- | :---------------------------------------------------------- | | Research and development | $22,547 | $42,570 | $78 | | General and administrative | $5,231 | $8,592 | $512 | | Total operating expenses | $27,778 | $51,162 | $590 | | Loss from operations | $(27,778) | $(51,162) | $(590) | | Interest income | $1,828 | $2,443 | — | | Change in fair value of Convertible Notes payable | $(6,184) | $(21,584) | — | | Total other expense, net | $(4,356) | $(19,141) | — | | Net loss | $(32,134) | $(70,303) | $(590) | | Net loss per share attributable to common stockholders, basic and diluted | $(0.86) | $(3.45) | $(0.19) | - Research and development expenses increased substantially to **$22.5 million** for Q2 2025 and **$42.6 million** for the six months ended June 30, 2025, reflecting active pipeline development[8](index=8&type=chunk)[16](index=16&type=chunk) - Other expenses, net, for Q2 2025 included a **$6.2 million** expense from the change in fair value of convertible notes, partially offset by **$1.8 million** in interest income[8](index=8&type=chunk)[16](index=16&type=chunk) [About Jade Biosciences, Inc.](index=3&type=section&id=About%20Jade%20Biosciences%2C%20Inc.) Jade Biosciences is a biotech company developing best-in-class therapies for autoimmune diseases, with JADE101 as its lead [About Jade Biosciences, Inc.](index=3&type=section&id=About%20Jade%20Biosciences%2C%20Inc.) Jade Biosciences is a biotechnology company focused on developing best-in-class therapies for autoimmune diseases, with a pipeline including lead candidate JADE101 for IgA nephropathy and other preclinical programs - Focused on developing best-in-class therapies to address critical unmet needs in autoimmune diseases[9](index=9&type=chunk) - Lead candidate, JADE101, targets the cytokine APRIL for the treatment of immunoglobulin A nephropathy[9](index=9&type=chunk) - Pipeline also includes JADE201 and an undisclosed antibody discovery program, JADE-003, both in preclinical development[9](index=9&type=chunk) - Launched based on assets licensed from Paragon Therapeutics, an antibody discovery engine[9](index=9&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section provides a cautionary disclaimer for forward-looking statements about Jade's future pipeline and financial performance [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section serves as a cautionary disclaimer, indicating that certain statements about Jade's future pipeline, business, and financial performance are forward-looking and subject to various risks and uncertainties - Includes express or implied statements relating to Jade's expectations, hopes, beliefs, intentions, or strategies regarding the future of its pipeline and business[10](index=10&type=chunk) - Forward-looking statements involve risks and uncertainties that may cause actual results or performance to be materially different, such as trial delays, failure to demonstrate safety/efficacy, unanticipated costs, and regulatory approval issues[10](index=10&type=chunk) - Readers are cautioned not to place undue reliance on these statements, which speak only as of the date they are made, and Jade does not undertake any duty to release public updates or revisions[10](index=10&type=chunk) [Contact Information](index=4&type=section&id=Contact%20Information) Contact details for media and investor inquiries regarding Jade Biosciences [Contact Information](index=4&type=section&id=Contact%20Information) Contact details for media and investor inquiries regarding Jade Biosciences - For media and investor inquiries, contact Priyanka Shah at Media@JadeBiosciences.com, IR@JadeBiosciences.com, or 908-447-6134[12](index=12&type=chunk)

[PART I: FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%3A%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's unaudited financials show declining assets and ongoing net losses driven by significant R&D spending [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $470.6 million as of June 30, 2025, reflecting a growing accumulated deficit Condensed Consolidated Balance Sheet Data (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $52,332 | $75,218 | | Total current assets | $282,655 | $303,386 | | Total assets | $470,593 | $548,710 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $31,675 | $35,523 | | Total liabilities | $126,032 | $126,531 | | Accumulated deficit | $(1,930,499) | $(1,819,823) | | Total stockholders' equity | $344,561 | $422,179 | | Total liabilities and stockholders' equity | $470,593 | $548,710 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The company reported a reduced net loss of $110.7 million for H1 2025 due to lower operating expenses Statement of Operations Highlights (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Research and development | $40,156 | $50,355 | $90,356 | $102,614 | | General and administrative | $14,281 | $16,087 | $29,272 | $33,354 | | Loss from operations | $(56,819) | $(71,431) | $(122,010) | $(140,935) | | Net loss | $(50,943) | $(66,358) | $(110,676) | $(131,358) | | Net loss per share, basic and diluted | $(0.23) | $(0.35) | $(0.51) | $(0.73) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations improved to $92.0 million in H1 2025, offset by cash from investing and financing Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(91,959) | $(119,487) | | Net cash provided by investing activities | $50,011 | $96,746 | | Net cash provided by financing activities | $19,062 | $110,253 | | **Net change in cash, cash equivalents and restricted cash** | **$(22,886)** | **$87,512** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, a workforce reduction, and a significant clinical trial modification due to an adverse event - The company is a clinical-stage immuno-oncology firm developing 'off-the-shelf' allogeneic T cell product candidates for cancer and autoimmune diseases[20](index=20&type=chunk) - Management expects that its **cash, cash equivalents, and investments of $302.6 million** as of June 30, 2025, will be sufficient to fund operations for at least the next 12 months[24](index=24&type=chunk)[25](index=25&type=chunk) - In May 2025, the company initiated a **28% workforce reduction**, recording charges of **$4.7 million** in Q2 2025[45](index=45&type=chunk)[46](index=46&type=chunk) - In May 2024, the agreement with Servier was amended, expanding the licensed territory for CD19 products and modifying future milestone and royalty payments[58](index=58&type=chunk)[59](index=59&type=chunk) - Subsequent to the quarter end, the company **closed the FCA arm (FC plus ALLO-647) of its ALPHA3 study** to enrollment due to a **Grade 5 adverse event** attributed to ALLO-647[110](index=110&type=chunk)[111](index=111&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses clinical program priorities, a key trial modification, and an extended cash runway into H2 2027 [Overview](index=23&type=section&id=Overview) The company is advancing its CAR T pipeline, highlighted by a pivotal trial modification and a workforce reduction - The company's strategic focus is on three core clinical programs: **ALPHA3 (cema-cel), RESOLUTION (ALLO-329), and TRAVERSE (ALLO-316)**[118](index=118&type=chunk) - On August 1, 2025, the company closed the arm testing FC plus ALLO-647 (FCA) in the ALPHA3 trial due to a **Grade 5 adverse event attributed to ALLO-647**[121](index=121&type=chunk)[122](index=122&type=chunk) - In May 2025, a **workforce reduction of approximately 28%** was initiated to reprioritize resources towards clinical programs[133](index=133&type=chunk) - As of June 30, 2025, the company had **$302.6 million in cash, cash equivalents, and investments**, with an expected cash runway into the second half of 2027[134](index=134&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Operating expenses decreased 13% in H1 2025, driven by lower R&D and G&A costs, resulting in a reduced net loss Comparison of Operating Results (in thousands) | Line Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Research and development | $90,356 | $102,614 | (12)% | | General and administrative | $29,272 | $33,354 | (12)% | | Impairment of long-lived assets | $2,382 | $4,989 | (52)% | | **Total operating expenses** | **$122,010** | **$140,957** | **(13)%** | | **Net Loss** | **$(110,676)** | **$(131,358)** | **(16)%** | - The **$12.3 million decrease in H1 2025 R&D expenses** was driven by a $7.1 million reduction in external development and manufacturing costs and a $2.7 million decrease in personnel-related costs[177](index=177&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) With $302.6 million in cash and investments, the company has sufficient liquidity for at least the next 12 months - The company had **$302.6 million in cash, cash equivalents, and investments** as of June 30, 2025, and believes this is sufficient to fund operations for at least the next 12 months[184](index=184&type=chunk) - In May 2024, a registered offering generated **net proceeds of $105.2 million**, and during H1 2025, ATM offerings resulted in **net proceeds of $11.5 million**[185](index=185&type=chunk) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(91,959) | $(119,487) | | Net cash provided by investing activities | $50,011 | $96,746 | | Net cash provided by financing activities | $19,062 | $110,253 | [Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks relate to interest rate fluctuations on its investment portfolio and foreign exchange - The company's main market risks are interest rate fluctuations on its **$302.6 million cash and investment portfolio** and foreign exchange risk from Euro-denominated payments[206](index=206&type=chunk)[207](index=207&type=chunk) - As of June 30, 2025, the company had **$23.5 million in an escrow deposit** and minimal current liabilities denominated in foreign currency, primarily related to the Servier agreement[208](index=208&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of the end of the reporting period - Management concluded that as of June 30, 2025, the company's **disclosure controls and procedures were effective**[209](index=209&type=chunk) - There were **no changes in internal control over financial reporting** during the quarter ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, internal controls[210](index=210&type=chunk) [PART II: OTHER INFORMATION](index=36&type=section&id=PART%20II%3A%20OTHER%20INFORMATION) [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - Management believes there are **currently no pending claims or actions** that could have a material adverse effect on the company[212](index=212&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) Key risks include a history of losses, financing needs, clinical trial uncertainties, and reliance on third parties - The company has a history of net losses (**$1.9 billion accumulated deficit** as of June 30, 2025) and will require substantial additional financing to continue development[225](index=225&type=chunk) - The business is **highly dependent on the success of its lead product candidates** (cema-cel, ALLO-316, ALLO-329), and failure of any could significantly harm the company[217](index=217&type=chunk)[248](index=248&type=chunk) - A **Grade 5 serious adverse event (SAE)** in the ALPHA3 trial's FCA arm led to its discontinuation, creating risks of regulatory action, negative perception, and potential liability[217](index=217&type=chunk)[263](index=263&type=chunk) - There is **uncertainty whether the FC lymphodepletion regimen alone** (without ALLO-647) will be sufficient for cema-cel's efficacy in the ALPHA3 trial[223](index=223&type=chunk)[366](index=366&type=chunk) - The company is **heavily reliant on partners** like Cellectis for TALEN gene-editing technology and Foresight Diagnostics for the MRD assay essential for the ALPHA3 trial[223](index=223&type=chunk)[367](index=367&type=chunk)[370](index=370&type=chunk) - **Reduced manufacturing operations** following the May 2025 workforce reduction may limit the ability to support development programs and require a costly ramp-up in the future[217](index=217&type=chunk)[302](index=302&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=84&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period [Exhibits](index=85&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including corporate governance and certification documents [Signatures](index=86&type=section&id=Signatures) The report is duly signed by the Chief Executive Officer and Chief Financial Officer on August 13, 2025