Product Deployment and Sales - The TRACER 1000™ has been deployed in approximately 34 locations across 16 countries, including the USA, Europe, and Asia as of September 30, 2025[94]. - In April 2025, the company fulfilled a $429,000 purchase order for six TRACER 1000 explosive trace detectors, marking the first TSA-approved sale of this product[100]. - The TRACER 1000 Narcotic Trace Detector was launched on March 10, 2025, specifically designed to screen for synthetic opiates and novel psychoactive substances[99]. - The company has received ECAC certification for the TRACER 1000 in 2019, allowing sales to airport and cargo security customers in the European Union[94]. - The U.S. federal government had a budget for over 6,000 ETD units at checkpoint and baggage screening points for fiscal year 2023, indicating a significant market opportunity for the TRACER 1000[96]. - The TRACER 1000 is now listed in the United States General Services Administration IT Schedule 70, facilitating sales to the federal government[97]. Financial Performance - Total revenue for the three months ended September 30, 2025, increased by $260 thousand, reaching $297 thousand, compared to $34 thousand in the same period of 2024[117]. - Gross profit rose to $188 thousand with a gross margin of 63%, up from 26% in the prior year, reflecting a shift towards higher margin grant revenue and consumables[118]. - Operating expenses increased by $87 thousand, or 2.4%, totaling $3,724 thousand, driven by higher selling, general and administrative expenses[119]. - Net cash used in operating activities was $3,936 thousand, an increase of $250 thousand compared to $3,686 thousand in the same period of 2024[121]. - Cash provided by investing activities significantly increased by $3,325 thousand, totaling $3,518 thousand, primarily due to selling short-term time deposit investments[124]. - As of September 30, 2025, cash and cash equivalents were $2.7 million, down from $3.1 million as of June 30, 2025[122]. - The company reported a net loss of $3,465 thousand for the three months ended September 30, 2025, compared to a net loss of $3,278 thousand in the same period of 2024[117]. - Other income and expense, net decreased by $279 thousand, primarily due to lower dividend income and a realized loss on securities[119]. - The effective tax rate for the company is 0% for the three months ended September 30, 2025, with expectations of remaining at 0% for the full fiscal year 2026[128]. - The company has approximately $763 thousand of uncertain tax positions as of September 30, 2025, all accounted as contra-deferred tax assets[131]. Product Development and Market Strategy - The AgLAB 1000-D2™ has demonstrated the potential to improve THC and CBD oil yields by approximately 15% to 30% during field trials[107]. - AgLAB is targeting the rapidly growing CBD and hemp market, which is expected to expand due to increasing acceptance of medicinal cannabis products and legislative changes[104]. - The company has entered into a master lease agreement with SC Laboratories for joint marketing of the AgLAB 1000-D2™ mass spectrometer[108]. - The formation of EN-SCAN, a new subsidiary, aims to manufacture instruments for environmental testing, focusing on real-time air, water, and soil analysis[114].

Financial Performance - Total current assets increased to $11,493,000 as of September 30, 2025, compared to $5,736,000 on December 31, 2024, representing a growth of 100%[10] - The net loss for the nine months ended September 30, 2025, was $6,327,000, compared to a net loss of $5,524,000 for the same period in 2024, indicating a 15% increase in losses[13] - The company reported total operating expenses of $6,686,000 for the nine months ended September 30, 2025, a 17% increase from $5,713,000 in the same period of 2024[13] - The Company reported a net loss of $2.392 million for the three months ended September 30, 2025, compared to a net loss of $1.524 million for the same period in 2024, representing a 57% increase in net loss year-over-year[74] - Total operating expenses for the nine months ended September 30, 2025, were $6.686 million, up from $5.713 million in the same period of 2024, indicating an increase of 17%[74] Cash and Financing Activities - Cash and cash equivalents at the end of the period were $10,705,000, up from $5,390,000 at the end of September 30, 2024, reflecting a 98% increase[16] - The Company raised approximately $900,000 from the December 19, 2024 Offerings after deducting placement agent fees and offering expenses[45] - The net proceeds from the July 2025 Financing were approximately $2.1 million after deducting fees and expenses[57] - Net cash used in operating activities for the nine months ended September 30, 2025, was $5,900,000, slightly higher than $5,741,000 for the same period in 2024[16] - Net cash provided by financing activities for the nine months ended September 30, 2025, was $11.2 million, an increase from $2.6 million in 2024, mainly due to the issuance and exercise of common stock and warrants[117] Research and Development - Research and development expenses for the three months ended September 30, 2025, were $1,181,000, up 83% from $644,000 in the same period of 2024[13] - Research and development expenses for the nine months ended September 30, 2025, totaled $3.141 million, compared to $2.658 million for the same period in 2024, reflecting a 18% increase[74] - The ongoing Phase 1b clinical trial for PH-762 has shown promising results, with 100% tumor clearance in one of three patients and over 90% clearance in another at Day 36[87] - A total of 18 patients with cutaneous carcinomas completed treatment in the Phase 1b trial, with 6 achieving a complete response (100% clearance) and 2 showing near complete response (>90% clearance) [88] - Preclinical data indicated that PH-762 treated DP TIL increased tumor killing activity by two-fold in collaboration with AgonOx [90] Stock and Equity - Total stockholders' equity rose to $9,839,000 as of September 30, 2025, compared to $4,723,000 at the end of 2024, marking a 108% increase[10] - The weighted average number of common shares outstanding increased to 5,468,584 for the three months ended September 30, 2025, compared to 990,033 in the same period of 2024[13] - The Company issued 2,507,005 shares of common stock and warrants, net of offering costs of $1,028,000, during the reporting period[14] - The Company completed a 1-for-9 reverse stock split effective July 5, 2024, adjusting all share and per share amounts accordingly[25] Operational Challenges - The Company has reported recurring losses from operations since inception and expects to continue negative cash flows for the foreseeable future[27] - The Company has not yet recognized any product revenues, raising doubts about its ability to continue as a going concern[28] - The Company anticipates incurring substantial additional operating losses for several years as it continues to develop product candidates and seek marketing approval[119] - Future funding requirements may be influenced by various factors, including investments in research and development, clinical trial expenses, and potential strategic acquisitions[121] - The company may seek additional funding to sustain future operations, but there is no assurance that such funding will be available on favorable terms[122] Compliance and Regulatory Risks - The company is currently in compliance with Nasdaq listing requirements, but there is no guarantee of maintaining compliance in the future[132] - Changes in U.S. and international trade policies may adversely impact the company's business and operating results, particularly regarding supply chain disruptions and increased costs[134]

Financial Results Announcement - Sable Offshore Corp. announced its financial results for the period ended September 30, 2025, on November 13, 2025[3] - The press release detailing the financial results is attached as Exhibit 99.1[5] Company Classification - The company is classified as an emerging growth company under the Securities Exchange Act[2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 8-K _________________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): November 13, 2025 ___________________________________ Sable Offshore Corp. (Exact name of registrant as specified in its charter) ___________________________________ Delaware (State or other jurisdiction of incorporation or organization) 001-4 ...

Financial Performance - Total revenues for Q3 2025 were $28,734,355, an increase from $27,700,936 in Q3 2024, representing a growth of 3.7%[3] - Net loss attributable to common stockholders for Q3 2025 was $2,587,905, compared to a loss of $1,595,136 in Q3 2024, indicating a 62.3% increase in losses year-over-year[3] Cash and Investments - Cash inflow from operations for the nine months ended September 30, 2025, was $12.1 million, unchanged from the same period in 2024[6] - Total unrestricted cash and investments as of September 30, 2025, amounted to $56,203,902, up from $41,659,941 at the end of 2024[3] - The investment in Sky Harbour Class A common stock and warrants was valued at $82.7 million as of September 30, 2025[5] Assets and Liabilities - Total assets as of September 30, 2025, were $721,354,111, a decrease from $728,345,729 at the end of 2024[3] - Total liabilities increased to $173,429,102 as of September 30, 2025, compared to $165,626,276 at the end of 2024[3] Other Financial Metrics - The book value per share decreased to $16.80 at September 30, 2025, from $16.99 at December 31, 2024[7] - Net other expense included an unrealized loss of $1.5 million on Sky Harbour warrants and $2.0 million in losses related to the 24th Street Funds[4] Future Outlook - The company anticipates future growth and plans to focus on market expansion and new product development, although specific financial projections were not disclosed[9]

Financial Performance - As of September 30, 2025, Cardiol Therapeutics Inc. reported total assets of CAD 12,947,801, a decrease of 59.5% from CAD 31,863,751 as of December 31, 2024[2] - The company’s cash and cash equivalents decreased to CAD 11,622,408 from CAD 30,580,029, representing a decline of 61.9%[2] - For the nine months ended September 30, 2025, the net loss was CAD 26,606,305, compared to a net loss of CAD 28,498,989 for the same period in 2024, indicating a 6.6% improvement[4] - Operating expenses for the nine months ended September 30, 2025, totaled CAD 26,285,321, down from CAD 30,287,227 in 2024, reflecting a decrease of 13.2%[4] - The basic and diluted net loss per share for the nine months ended September 30, 2025, was CAD 0.32, compared to CAD 0.42 for the same period in 2024[4] - The company’s total equity as of September 30, 2025, was CAD 9,560,875, a significant decrease of 61.3% from CAD 24,728,483 as of December 31, 2024[2] Cash Flow and Expenses - Cash used in operating activities for the nine months ended September 30, 2025, was CAD 18,629,352, slightly lower than CAD 19,467,574 in 2024[6] - Research and development expenses increased to CAD 11,275,671 for the nine months ended September 30, 2025, from CAD 9,783,261 in 2024, marking a rise of 15.3%[4] - Interest income for the nine months ended September 30, 2025, was CAD 551,192, down from CAD 886,567 in 2024, a decrease of 37.8%[6] - The total expenses related to share-based compensation for the nine months ended September 30, 2025, amounted to $7,686,761, a decrease from $11,130,090 for the same period in 2024[24] Share Capital and Equity - The company’s share capital increased to CAD 187,362,629 as of September 30, 2025, from CAD 179,335,421 at the end of 2024, an increase of 4.5%[2] - The number of common shares issued increased to 87,455,722 by September 30, 2025, from 65,352,279 on December 31, 2023, reflecting an increase of 33.9%[22] - The balance of Performance Share Units (PSUs) as of September 30, 2025, is 679,755, down from 2,000,000 on December 31, 2023, indicating significant redemption activity[29] - The balance of Restricted Share Units (RSUs) as of September 30, 2025, was 4,728,056, with 2,915,818 vested[36] Assets and Liabilities - As of September 30, 2025, the total carrying value of property and equipment is $989,647, a decrease from $993,816 on December 31, 2023[18] - The accumulated depreciation increased to $848,666 by September 30, 2025, from $656,758 on December 31, 2023, reflecting a depreciation expense of $143,402 for the year ended December 31, 2024[18] - The lease liability decreased to $134,199 by September 30, 2025, from $174,340 on December 31, 2023, with repayments totaling $41,532 in both 2024 and 2025[19] - The carrying value of the right-of-use asset decreased to $32,598 by September 30, 2025, from $80,586 on December 31, 2024, reflecting the impact of lease repayments and depreciation[18] Management and Commitments - Salaries and benefits for key management personnel for the nine months ended September 30, 2025, totaled $2,446,705[43] - The company has committed lease payments totaling approximately $330,600 for the years 2025 to 2028[39] - The company’s total commitments for contract research services amount to $1,361,101 from 2025 to 2029[41] Subsequent Events - Subsequent to September 30, 2025, 2,621,000 PSUs were issued and 983,592 PSUs were redeemed[34][35] - Subsequent to September 30, 2025, the company completed a financing of US$11.4 million through the issuance of 11,425,000 common share units at USD$1.00 per unit[44] Stock Options and Derivatives - The fair value of stock options issued during the nine months ended September 30, 2025, was estimated at $0.79, compared to $1.79 for the same period in 2024[28] - The Corporation issued 1,560,000 stock options during the year ended December 31, 2024, with a weighted average exercise price of $1.65[25] - The derivative liability related to warrants decreased by $1,352,085 during the three months ended September 30, 2024, and all 8,175,000 warrants expired unexercised during 2024[20] Quarterly Performance - The basic and diluted loss per share for the three months ended September 30, 2025, was calculated based on a loss of $9,964,281, with a weighted average of 84,727,401 shares outstanding[38] - Total operating expenses for the three months ended September 30, 2025, included non-cash share-based compensation of $3,306,682 in general and administration expenses and $692,923 in research and development expenses[42]

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].