Regulatory Approvals and Product Development - Catheter Precision, Inc. has received FDA clearance for the VIVO System as a pre-procedure planning tool for patients with structurally normal hearts undergoing ablation treatment for idiopathic ventricular arrhythmias [252]. - The VIVO System has been utilized in over 1,000 procedures in the U.S. and EU by more than 30 physicians, with no reported device-related complications [252]. - The company formed a new subsidiary, Cardionomix, to acquire assets related to the Cardiac Pulmonary Nerve Stimulation (CPNS) System, which is in development and has yet to obtain regulatory approval [249]. - KardioNav, another subsidiary, is focused on developing a system that interfaces with implanted cardiac devices to improve pre-ablation mapping and localization of arrhythmogenic tissue [250]. - The company has commenced limited sales of the VIVO System in Europe and the UK through independent distributors [254]. - LockeT, a suture retention device, was first sold in May 2024 and received its first patent in China in September 2024 [255]. - In April 2025, LockeT obtained CE Mark approval for marketing in the EU, Switzerland, and Turkey, leading to new distribution agreements in multiple countries [256]. - Clinical studies for LockeT began in 2023, aiming to demonstrate faster wound closure and lower healthcare costs [258]. - The acquisition of PeriKard was completed on January 24, 2025, for $113 thousand in stock, with potential royalty payments of 10% on net sales for five years [260]. - Cardionomic acquired the CPNS System on May 5, 2025, with total consideration of $1.9 million recognized as acquired in-process research and development [262]. Financial Performance and Revenue - Revenue for the three months ended September 30, 2025, increased by approximately $130 thousand, driven by a $92 thousand increase in LockeT sales and a $38 thousand increase in VIVO System sales compared to the same period in 2024 [287]. - For the nine months ended September 30, 2025, revenue increased by approximately $310 thousand, primarily due to a $322 thousand increase in LockeT sales, partially offset by a $12 thousand decrease in VIVO System sales [287]. - Cost of revenues increased by approximately $8 thousand and $12 thousand for the three and nine months ended September 30, 2025, respectively, mainly due to increased LockeT sales [288]. - Selling, general and administrative expenses rose by approximately $0.1 million for the three months and $1.1 million for the nine months ended September 30, 2025, attributed to increased professional fees and stock-based compensation [289][290]. - Research and development expenses increased by approximately $0.2 million for the three months and $0.4 million for the nine months ended September 30, 2025, primarily due to higher professional fees and salaries [291][292]. - Acquired in-process research and development expenses recognized as R&D expense totaled $119 thousand for the nine months ended September 30, 2025 [261]. - Acquired in-process research and development expenses increased by approximately $2.0 million for the nine months ended September 30, 2025, related to two asset acquisitions completed in 2025 [293]. Cash Flow and Financing - Net cash used in operating activities was $6.8 million for the nine months ended September 30, 2025, primarily due to a net loss of $11.8 million [303]. - As of September 30, 2025, the company had cash and cash equivalents of $1.1 million and an accumulated deficit of $303.8 million [298]. - The company expects operating losses and negative cash flows to continue unless sales and gross profit increase sufficiently to cover operating expenses [300]. - During the nine months ended September 30, 2024, net cash provided by financing activities was $4.2 million, consisting of $2.6 million from the issuance of common stock and $1.5 million from notes payable due to related parties [307]. - The May 2025 PIPE Financing raised gross proceeds of $1.5 million, with additional shares of preferred stock and warrants issued [264]. - As of September 30, 2025, 868,582 shares were sold under the At Market Offering Agreement for gross proceeds of $4.0 million [274]. Internal Controls and Regulatory Risks - The company has identified material weaknesses in its internal control over financial reporting, which could affect its ability to report results accurately [243]. - The company is subject to extensive regulatory scrutiny, and its products may face recalls or suspensions after receiving FDA approval [243]. - The company has not engaged in any off-balance sheet arrangements during the periods presented, indicating a straightforward financial structure [308]. - The company regularly evaluates estimates related to asset acquisitions, including provisions for legal contingencies and income taxes, which could materially affect financial results [310]. Accounting and Valuation - The fair value of trading debt securities is determined using a probability weighted expected return model, which incorporates significant unobservable inputs [314]. - The company recognizes a liability for royalty fees based on actual sales of products, with future estimated royalty payments remeasured at each reporting period [316]. - The fair value measurement of royalties payable includes significant unobservable inputs and is based on an internally developed revenue adjusted discount rate [317]. - New accounting pronouncements are discussed in the financial statements, detailing expected adoption dates and estimated effects on operations [318].

Product Development and Regulatory Approvals - The VIVO System has been utilized in over 1,000 procedures in the U.S. and EU by more than 30 physicians, with no reported device-related complications[252]. - The Company has received FDA clearance to market the VIVO System in the U.S. as a pre-procedure planning tool for patients with structurally normal hearts[252]. - The VIVO System has received CE Mark designation, allowing marketing in EU member countries[253]. - The Company has commenced limited sales of the VIVO System in Europe and the UK through independent distributors[254]. - LockeT® device recognized its first sale in May 2024 and received its first patent in China in September 2024[255]. - In April 2025, LockeT obtained CE Mark approval for marketing in the EU, Switzerland, and Turkey, leading to new distributor agreements in multiple countries[256]. - Clinical studies for LockeT began in 2023, aiming to demonstrate faster wound closure and lower healthcare costs[258]. Financial Performance and Revenue - Revenue for the three months ended September 30, 2025, increased by approximately $130 thousand, driven by a $92 thousand increase in LockeT sales and a $38 thousand increase in VIVO System sales compared to the same period in 2024[287]. - For the nine months ended September 30, 2025, revenue increased by approximately $310 thousand, primarily due to a $322 thousand increase in LockeT sales, partially offset by a $12 thousand decrease in VIVO System sales[287]. - Cost of revenues increased by approximately $8 thousand and $12 thousand for the three and nine months ended September 30, 2025, respectively, mainly due to increased LockeT sales and higher product margins[288]. - Selling, general and administrative expenses rose by approximately $0.1 million for the three months and $1.1 million for the nine months ended September 30, 2025, attributed to increased professional fees, stock-based compensation, and salaries[289][290]. - Research and development expenses increased by approximately $0.2 million for the three months and $0.4 million for the nine months ended September 30, 2025, primarily due to higher professional fees and salaries[291][292]. - Acquired in-process research and development expenses increased by approximately $2.0 million for the nine months ended September 30, 2025, related to two asset acquisitions completed in 2025[293]. Financing and Cash Flow - The Company anticipates the need for additional financing to support ongoing operations and product development[242]. - The May 2025 PIPE Financing raised gross proceeds of $1.5 million, with additional shares of preferred stock and warrants issued[264]. - As of September 30, 2025, 868,582 shares were sold under the At Market Offering Agreement for gross proceeds of $4.0 million[274]. - Net cash used in operating activities was $6.8 million for the nine months ended September 30, 2025, primarily due to a net loss of $11.8 million[303]. - As of September 30, 2025, the company had cash and cash equivalents of $1.1 million and an accumulated deficit of $303.8 million[298]. - The company expects operating losses and negative cash flows to continue unless sales and gross profit increase sufficiently to cover operating expenses[300]. - During the nine months ended September 30, 2024, net cash provided by financing activities was $4.2 million, consisting of $2.6 million from the issuance of common stock and $1.5 million from notes payable due to related parties[307]. Internal Controls and Financial Reporting - The Company has identified material weaknesses in internal control over financial reporting, which could affect the accuracy of financial results[243]. - The Company is subject to extensive regulatory scrutiny, and product approvals may be delayed or denied[243]. - The company has not engaged in any off-balance sheet arrangements during the periods presented, indicating a straightforward financial structure[308]. - The company regularly evaluates estimates related to asset acquisitions, including provisions for legal contingencies and income taxes, which may materially affect financial results[310]. Accounting and Valuation - The fair value of trading debt securities is determined using a probability weighted expected return model, which incorporates significant unobservable inputs[314]. - The company recognizes a liability for royalty fees based on actual sales of products, with future estimated royalty payments recorded at fair value[316]. - Royalties payable due to related parties are remeasured at each reporting period, with changes recorded in the statements of operations[317]. - The company applies an internally developed revenue adjusted discount rate to discount forecasted royalty payments, reflecting the product revenue's risk profile[317]. - New accounting pronouncements are described in the financial statements, including expected adoption dates and estimated effects on operations[318].

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 September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39975 JAWS MUSTANG ACQUISITION CORPORATION (Exact Name of Registrant as Specified in Its Charter) | Cayman I ...

Financial Performance - Revenue for the three months ended September 30, 2025, was $49,473,179, an increase of 16.7% compared to $42,481,896 for the same period in 2024[12] - Gross loss for the three months ended September 30, 2025, was $2,484,083, improving from a gross loss of $3,606,790 in the prior year[12] - Net loss for the three months ended September 30, 2025, was $6,508,053, compared to a net loss of $4,647,871 for the same period in 2024, representing a 39.9% increase in losses[12] - Basic and diluted net loss per share for the three months ended September 30, 2025, was $0.15, compared to $0.11 for the same period in 2024[12] - The Company reported a net loss attributable to stockholders of $6,508,053 for the three months ended September 30, 2025, compared to a net loss of $4,647,871 for the same period in 2024[111] - The Company recorded total other income of $738,592 for the three months ended September 30, 2025, down from $1,205,665 for the same period in 2024[106] Assets and Liabilities - Total current assets decreased to $29,213,192 as of September 30, 2025, down from $37,665,911 as of June 30, 2025, a decline of 22.5%[9] - Total liabilities decreased to $133,955,680 as of September 30, 2025, from $145,124,257 as of June 30, 2025, a reduction of 7.7%[10] - Cash and cash equivalents as of September 30, 2025, were $6,456,745, down from $9,190,277 as of June 30, 2025, a decrease of 29.9%[9] - Total stockholders' equity decreased to $22,381,885 as of September 30, 2025, from $25,089,938 as of June 30, 2025, a decline of 10.8%[10] - The Company incurred a net current liability of $11.1 million[21] - Accounts payable decreased to $7,588,236 as of September 30, 2025, down from $9,005,727 as of June 30, 2025, representing a reduction of approximately 15.7%[82] Cash Flow and Financing - The company reported a net cash used in operating activities of $1,929,402 for the three months ended September 30, 2025, compared to $3,612,112 for the same period in 2024, indicating improved cash flow management[15] - The company is in discussions with financial institutions to secure additional credit facilities to strengthen working capital[21] - The company has an unused line of credit of $4.39 million with Eastwest Bank as of September 30, 2025[152] - The Company is exploring additional financing options to strengthen working capital amid a net current liability of $11.1 million as of September 30, 2025[137] Revenue Breakdown - Transportation services revenue was $32,075,786, up from $28,490,756, while warehousing services revenue increased to $17,380,018 from $13,973,694[44] - Revenue from transportation services increased by $3.6 million, or 12.6%, while revenue from warehousing services rose by $3.4 million, or 24.4% during the same period[131] - Contract liabilities transferred to revenue for the three months ended September 30, 2025, were $862,145, compared to $276,463 in 2024[45] Operational Insights - The company operates as a third-party logistics provider, focusing on multi-modal transportation and logistics services primarily in the United States[17] - The company is executing a cost optimization plan, including delaying non-essential capital expenditures and reducing third-party service costs to improve cash flow[21] - The company plans to optimize warehouse utilization and develop higher-margin logistics solutions to improve profitability[21] - The company operated ten warehouses with a total gross floor area of approximately 3,905,020 square feet as of September 30, 2025[126] - Active customer base increased from 505 to 607 between June 30, 2025, and September 30, 2025[126] Asset Management - As of September 30, 2025, accounts receivable from third parties totaled $18,679,435, down from $22,713,346 as of June 30, 2025, representing a decrease of approximately 17.9%[69] - The total allowance for credit loss remained unchanged at $594,869 for both September 30, 2025, and June 30, 2025[70] - Property and equipment, net decreased to $10,646,576 as of September 30, 2025, from $11,259,820 as of June 30, 2025, reflecting a decline of approximately 5.4%[71] - Intangible assets, net decreased to $43,032 as of September 30, 2025, from $54,627 as of June 30, 2025, a decline of approximately 21.3%[72] Shareholder Information - The Company issued 434,879 shares of common stock at US$1.72 per share in March 2025, raising US$750,000 as part of the SEPA loan conversion[92] - The Company issued 3,192,145 shares for Investor Notices pursuant to the Standby Equity Purchase Agreement, increasing total shares to 45,443,079 as of September 30, 2025[14] - The weighted average number of shares of common stock outstanding was 42,462,207 for the three months ended September 30, 2025, compared to 41,634,000 for the same period in 2024[111] Lease and Rental Expenses - Operating lease expenses increased to US$9,177,790 for the three months ended September 30, 2025, compared to US$8,111,425 for the same period in 2024, reflecting a year-over-year increase of approximately 13.1%[79] - The Company recognized lease income of US$81,900 during the three months ended September 30, 2025, compared to US$727,498 in the same period of 2024, indicating a significant decline in lease income[77] - Total minimum lease payments for operating leases amount to US$163,148,107, with a total lease liability of US$123,603,076 as of September 30, 2025[80] Miscellaneous - The Company adopted ASU 2023-07 on January 1, 2024, which did not have a material impact on its consolidated financial statements[66] - The Company entered into a non-binding Letter of Intent to acquire 100% of Leopard Transnational Inc., a logistics provider with approximately 360,000 square feet of U.S. warehouse space[118] - The Company recorded depreciation expenses of $682,244 for the three months ended September 30, 2025, compared to $578,432 for the same period in 2024, indicating an increase of approximately 18%[71]

Vaccine Development and Clinical Trials - The Phase 2 GI.1 norovirus challenge study achieved a statistically significant 30% relative reduction in the rate of norovirus infection between the vaccinated and placebo arms [129]. - The study also indicated a 21% relative reduction in norovirus acute gastroenteritis in the vaccine arm compared to placebo, although this finding did not reach statistical significance [130]. - The second-generation norovirus constructs demonstrated a significant increase in NBAA titers, with a 141% increase for the GI.1 vaccine candidate and a 94% increase for the GII.4 vaccine candidate [134]. - A contract with HHS BARDA for $9.3 million was awarded in January 2024 to fund preparation for a Phase 2b clinical study involving 10,000 participants for the COVID-19 vaccine candidate [137]. - The Phase 2b study has enrolled approximately 5,000 participants, with a primary endpoint measuring the relative efficacy of Vaxart's COVID-19 vaccine candidate compared to an approved mRNA comparator [145]. - The Phase 2 challenge study of the H1N1 flu vaccine candidate showed a 39% reduction in clinical disease relative to placebo, outperforming the market-leading injectable quadrivalent influenza vaccine, which reduced clinical disease by 27% [147]. - The norovirus vaccine candidate was well tolerated with no vaccine-related serious adverse events reported in the Phase 1 study involving breastfeeding mothers [137]. - The company received constructive feedback from the FDA regarding potential correlates of protection for the norovirus program, requesting new clinical data before further review [132]. - The Phase 2b study will measure efficacy for symptomatic and asymptomatic disease, systemic and mucosal immune induction, and the incidence of adverse events [146]. - The company has committed to global access for its bivalent norovirus vaccine candidate in breastfeeding mothers from low- and middle-income countries if proven effective and approved [137]. - The company plans to continue the development of its preclinical tri-valent seasonal influenza vaccine candidate and work with governments to create pandemic monovalent influenza vaccines [150]. - The company has demonstrated immunogenicity for its HPV-16 and HPV-18 vaccine candidates in preclinical studies, targeting strains responsible for approximately 70% of cervical cancers [150]. Financial Performance - The company reported a revenue of $72.4 million for the three months ended September 30, 2025, representing a 1,368% increase compared to $4.9 million in the same period of 2024 [166]. - Operating expenses increased to $80.2 million for the three months ended September 30, 2025, a 313% rise from $19.4 million in the prior year [166]. - The net loss for the three months ended September 30, 2025, was $8.1 million, a 42% decrease from a net loss of $14.1 million in the same period of 2024 [166]. - The company has incurred significant research and development expenses totaling $75.9 million for the three months ended September 30, 2025, compared to $15.1 million in 2024 [162]. - Revenue from government contracts recognized under the 2024 ATI-RRPV Contract was $71.8 million for the three months ended September 30, 2025, compared to $4.0 million in 2024 [158]. - Total revenue for the three months ended September 30, 2025, was $72.4 million, a 1,368% increase from $4.9 million in the same period of 2024 [169]. - Revenue from government contracts for the nine months ended September 30, 2025, reached $131.4 million, up 923% from $12.9 million in 2024 [169]. - Research and development expenses for the three months ended September 30, 2025, increased by $60.9 million, or 404%, compared to the same period in 2024 [171]. - Total operating expenses for the nine months ended September 30, 2025, were $170.4 million, a 149% increase from $68.3 million in 2024 [170]. - Interest income for the three months ended September 30, 2025, was $0.3 million, a 70% decrease from $1.0 million in 2024 [175]. - The provision for income taxes for the nine months ended September 30, 2025, was $132,000, a 57% increase from $84,000 in 2024 [177]. - The company recorded a net loss of $38.7 million for the nine months ended September 30, 2025 [193]. - The company experienced a net cash decrease of $8.3 million for the nine months ended September 30, 2025 [192]. Capital and Funding - The company entered into an At the Market Offering Agreement in March 2025, allowing for the sale of up to $50 million in common stock [180]. - The company was notified of its securities being delisted from The Nasdaq Stock Market due to noncompliance with listing conditions [181]. - The 2024 ASPR-BARDA Contract awarded to the company had a total value of $9.3 million, supporting clinical trial planning activities [183]. - The company raised $40.0 million in gross proceeds from a registered direct offering in June 2024 [185]. - As of September 30, 2025, the company had approximately $28.8 million in cash, cash equivalents, and short-term investments, which are insufficient to fund planned operations for the next 12 months [187]. - The company has received $125.9 million in cash payments under the 2024 ATI-RRPV Contract as of September 30, 2025, with an additional $42.7 million received after that date [186]. - Negative cash flow from operating activities for the nine months ended September 30, 2025, was $22.9 million, compared to $37.4 million for the same period in 2024 [193]. - The company expects to have cash runway into the second quarter of 2027 based on current management plans [189]. - Total contractual obligations as of September 30, 2025, amount to $59.8 million, with $32.3 million due within one year [197]. - The company had approximately $24.5 million in non-cancelable purchase commitments, primarily for clinical services expected to be paid within the next year [199]. - The company may need to raise additional capital to continue operations, which could involve selling additional securities or debt financing [188]. Market and Investment Strategy - The company maintains a strategy to preserve principal, maintain liquidity, and maximize total return without significantly increasing risk through investments in marketable debt securities [211]. - The company does not engage in trading or speculative investments and holds no equity securities [211]. - A 1% increase in the strength of the U.S. dollar against the Japanese yen would result in a 1% reduction in royalty revenue and related accounts receivable [213]. - The company has not experienced significant foreign exchange gains or losses recently and does not anticipate significant foreign exchange impacts in the near future [213]. Clinical Trial Challenges - The company had enrolled approximately half of the targeted number of participants for the COVID-19 Phase 2b trial before receiving a stop work order [186]. - The company expects to incur significant research and development expenses as it advances its tablet vaccine candidates into clinical trials and prepares for potential commercial launch [162].

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) Commission file number: 001-42726 For the quarter ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COHEN CIRCLE ACQUISITION CORP. II (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1852032 (State or other jurisdiction of incorporation or ...

Revenue Performance - Ainos reported revenues of $2,167 in Q3 2025, a significant increase from nil in Q3 2024, attributed to sales of VELDONA pet supplements and pilot programs for the AI Nose platform [128][129]. - The company's revenue for the first nine months of 2025 was $113,037, a 445% increase from $20,729 in the same period of 2024 [140]. Gross Profit and Loss - Gross profit for Q3 2025 was $1,690, compared to a gross loss of $547 in Q3 2024, driven by increased sales volume [130]. - Gross profit for the first nine months of 2025 was $93,390, compared to a gross loss of $31,945 in the first nine months of 2024, reflecting a $125,335 improvement [143]. Expenses - Research and development (R&D) expenses were $1,990,630 in Q3 2025, a slight decrease of 2% from $2,022,244 in Q3 2024, due to reduced co-research expenses [131]. - Research and development expenses decreased by $459,134 (8%) to $5,626,514 in the first nine months of 2025 from $6,085,648 in the first nine months of 2024 [144]. - Selling, general and administrative (SG&A) expenses decreased by 22% to $795,253 in Q3 2025 from $1,015,758 in Q3 2024, primarily due to lower share-based compensation and reduced fees [134]. - Selling, general and administrative expenses increased by $1,069,571 (35%) to $4,159,627 in the first nine months of 2025 compared to $3,090,056 in the first nine months of 2024 [146]. Operating and Net Loss - Operating loss for the first nine months of 2025 was $9,692,751, a 5% increase from $9,207,649 in the first nine months of 2024 [148]. - Net loss for the first nine months of 2025 was $10,302,714, representing a 1% increase from $10,209,149 in the same period of 2024 [150]. Cash Position - As of September 30, 2025, Ainos had cash and cash equivalents of $1,128,217, with plans to fund operations through business revenues and external financing [123]. - Available cash as of September 30, 2025, was $1,128,217, down from $3,892,919 as of December 31, 2024 [151]. - Cash used in operating activities decreased by $1,184,357 to $3,759,679 in the first nine months of 2025 compared to $4,944,036 in the first nine months of 2024 [153]. Future Plans and Developments - Ainos plans to enter commercial pilot phase for the AI Nose platform across industrial, robotics, and long-term care environments in the second half of 2025 [107]. - The HIV oral wart program under the VELDONA platform has received Orphan Drug Designation from the U.S. FDA, with clinical trials planned in Taiwan [117]. - Ainos signed a three-year subscription-based order valued at $2.1 million with ASE Technology Holding Co., Ltd. for deploying 1,400 AI Nose units across three manufacturing sites [111]. - The company anticipates funding operations over the next twelve months through cash reserves, business revenues, and potential debt financing [155]. Other Notable Changes - Ainos has ceased selling COVID-19 antigen test kits as of Q1 2024, focusing on advancing its AI Nose and VELDONA platforms [119]. - Interest expense for the first nine months of 2025 was $534,986, an increase of 24% from $432,097 in the same period of 2024 [149].

Agreement Details - The equity purchase agreement between Matthews International Corporation and Duravant LLC is dated November 12, 2025[1]. - The agreement includes sections on purchase and sale, estimated purchase price, and purchase price adjustments[3]. - Financial statements and liabilities of the transferred entity are addressed in the representations and warranties section[5]. - The agreement outlines compliance with laws and permits necessary for the transaction[5]. - There are provisions regarding the sufficiency of assets and the solvency of the buyer[5]. - The agreement includes sections on brokers and investment decisions related to the purchase[5]. - The document specifies the need for consents and approvals, ensuring no violations occur[5]. - The agreement emphasizes the importance of intellectual property and environmental matters in the transaction[5]. - The closing of the transaction is detailed, including any withholding requirements[4]. - Additional agreements related to the transaction are mentioned, indicating further commitments[9]. Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $1.2 billion in Q3 2023[10]. - The company reported a significant increase in revenue, achieving $1.5 billion in Q3 2023, representing a 25% year-over-year growth[110]. - The company reported a revenue of $1.5 billion for Q3 2023, representing a 15% year-over-year increase[1]. - The company reported a net income of $200 million, a 10% increase compared to the previous year[10]. - The company reported a net income of $300 million for the quarter, a 30% increase compared to the same period last year[110]. - The company reported a net income of $250 million, a 12% increase compared to the previous year[8]. - The company reported a 15% increase in gross margin, improving from 40% to 46% year-over-year[200]. User Engagement - User data showed a growth of 25% in active users, totaling 5 million by the end of the quarter[10]. - User growth reached 10 million new subscribers in the last quarter, bringing the total to 100 million active users[2]. - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase in user engagement[110]. - User data showed an increase in active users to 10 million, up from 8 million last year, indicating a 25% growth in user base[200]. Future Guidance - The company provided guidance for Q4 2023, expecting revenue between $1.3 billion and $1.4 billion, representing a growth of 10% to 16%[10]. - The company provided guidance for Q4 2023, projecting revenue between $1.6 billion and $1.8 billion, which reflects a growth rate of 20% to 30% compared to Q4 2022[110]. - The company expects revenue guidance for Q4 2023 to be between $1.6 billion and $1.7 billion, indicating a potential growth of 12% to 14%[3]. - The company provided guidance for the next quarter, expecting revenue to be between $1.6 billion and $1.8 billion, reflecting a growth rate of 10% to 20%[200]. Product Development and Market Expansion - New product launches contributed to a 30% increase in sales, with the latest product line accounting for $300 million in revenue[10]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year, enhancing the product portfolio[110]. - New product launches included a state-of-the-art software platform, projected to generate an additional $200 million in revenue over the next year[4]. - The company is investing $50 million in R&D for new technologies aimed at improving operational efficiency and product innovation[110]. - The company is investing $50 million in R&D for new technology aimed at enhancing user experience[5]. - The company is expanding its market presence in Europe, targeting a 20% market share by the end of 2024[10]. - Market expansion efforts include entering three new international markets, projected to increase overall market share by 15%[110]. - The company is planning to enter the Asian market, targeting a revenue contribution of $100 million within the first year[9]. - The company is exploring potential acquisitions to enhance its product portfolio and market presence[200]. Customer Engagement and Satisfaction - Customer retention rates improved to 85%, reflecting the effectiveness of new customer engagement strategies[10]. - Customer satisfaction ratings improved to 90%, reflecting the effectiveness of recent service enhancements and product improvements[110]. - Customer satisfaction ratings improved to 90%, reflecting a 5% increase from the previous quarter[10]. Strategic Acquisitions - A strategic acquisition was completed, enhancing the company's technology capabilities and expected to generate an additional $50 million in annual revenue[10]. - The company has completed a strategic acquisition of a competitor for $300 million, expected to enhance market position and operational capabilities[110]. - A strategic acquisition was announced, with the company acquiring a competitor for $500 million, expected to enhance product offerings and customer base[6]. Cost Management - Cost reduction strategies implemented have resulted in a 10% decrease in operational expenses, improving overall profit margins[110]. - Cost reduction strategies implemented are expected to save approximately $30 million annually[8]. - Operating expenses were managed effectively, resulting in a 5% reduction compared to the previous quarter[200]. Research and Development - Research and development expenses increased by 12%, totaling $150 million, focusing on innovative technologies[10]. - Research and development expenses increased by 20%, totaling $150 million, focusing on innovative technologies[7].

Clinical Trials and Drug Development - The company is conducting a pivotal Phase 3 trial for Annamycin in combination with Cytarabine for the treatment of relapsed/refractory acute myeloid leukemia (AML), with an interim unblinding expected after recruiting the first 45 subjects[85]. - As of November 4, 2025, 60% of the targeted 45 subjects have consented to participate in the MIRACLE trial, with treatment of the last subject expected in Q1 2026[98]. - Annamycin has been administered to 84 subjects across five clinical trials with no evidence of cardiotoxicity, including subjects treated above the FDA's lifetime maximum anthracycline limit of 550 mg/m2[93]. - The company has a total of fourteen clinical trials, with ongoing studies for Annamycin and other drug candidates, including a Phase 2B/3 trial for AML and a Phase 1B/2 trial for soft tissue sarcoma[96]. - The MIRACLE trial is designed as an adaptive study with a lead-in Part A to determine the optimum dose of Annamycin, followed by Part B for further evaluation[97]. - The company has received ten communications from the FDA regarding the MIRACLE trial, focusing on safety and monitoring, with no significant changes to the trial design or dosing of Annamycin[101]. - Annamycin is designed to be non-cardiotoxic and has shown no cardiotoxicity in clinical trials, which is a significant advantage over currently prescribed anthracyclines[89]. - The MIRACLE trial protocol was amended to allow dosing above the lifetime maximum allowable dose for anthracyclines, with FDA feedback reducing the size of Part B of the Phase 3 trial to 222 subjects, a 10% reduction[102]. - The European Medicines Agency approved the Clinical Trial Application for the MIRACLE trial in nine EU countries, contingent on presenting results of nonclinical GLP studies before initiating Part B[104]. - In the Phase 1B/2 clinical trial of AnnAraC for AML, 36% of subjects achieved complete remission, with a median durability of 10 months for those in remission[106]. - The FDA approved a single pediatric study plan for Annamycin in combination with Cytarabine for children with relapsed/refractory AML, expected to commence in the second half of 2027[108]. - The MB-107 trial for Annamycin in STS Lung Mets showed a median overall survival of 13.5 months, compared to 8-12 months for standard treatments[110]. - Annamycin is being evaluated for pancreatic cancer in a grant-funded research project at UNC, with a Phase 1B/2 study planned to start in 2026[113][115]. Financial Performance - Research and development (R&D) expenses decreased to $3.7 million in Q3 2025 from $4.9 million in Q3 2024, a reduction of approximately 24.5%[134]. - General and administrative expenses slightly decreased to $2.1 million in Q3 2025 from $2.2 million in Q3 2024, a decrease of about 4.6%[135]. - The net loss for Q3 2025 was $25.4 million, compared to a net loss of $7.0 million in Q3 2024, indicating a significant increase in losses[133]. - The company recorded a net gain of $1.6 million from the change in fair value of warrant liability in Q3 2025, compared to no gain in Q3 2024[136]. - Cash used in operating activities was $17.4 million for the nine months ended September 30, 2025, a decrease of $1.4 million from $18.8 million in the prior year[145]. - The company raised gross proceeds of $6.0 million from the exercise of Series E warrants in August 2025[146]. - The company reported a net increase in cash and cash equivalents of $2.4 million for the nine months ended September 30, 2025, compared to a decrease of $14.1 million in the prior year[144]. - The company must seek additional funds of approximately $7 million to support operations into the second quarter of 2026[152]. Intellectual Property and Collaborations - The Australian Patent Office granted a patent for preliposomal Annamycin lyophilizate, extending the patent term until June 2040[122]. - The World Health Organization approved "naxtarubicin" as the international non-proprietary name for Annamycin, facilitating its recognition in clinical documents[125]. - The US Patent and Trademark Office granted two additional patents covering methods of making liposomal Annamycin, extending the patent term until June 2040[127]. - The company received a Notice of Intent to Grant for a European patent for "Method of Reconstituting Liposomal Annamycin," enhancing global exclusivity with a base patent term extending until June 2040[128]. - The company has additional patent applications related to Annamycin pending in major jurisdictions worldwide[128]. - The company has established collaborations with the University of Texas MD Anderson Cancer Center for research and development of its drug candidates[84]. Regulatory and Compliance - The company received a subpoena from the SEC in March 2022 regarding information related to its COVID-19 drug candidate, with expenses of approximately $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively[153]. - There have been no material changes to the company's critical accounting policies and estimates from those disclosed in the Form 10-K for the year ended December 31, 2024[154]. - The company is classified as a smaller reporting company, and thus, quantitative and qualitative disclosures about market risks are not applicable[156]. Strategic Focus and Growth - The company plans to expand treated indications with Annamycin in 2026, indicating a focus on growth and market expansion[86]. - The company aims to attract and retain key personnel to effectively manage its business and support future growth[84].

Revenue and Profit Growth - Fourth quarter total revenues increased 14% to $336.8 million, while gross profit increased 13% to $198.6 million[8] - Full year total revenues increased 10% to $1,274.3 million, with gross profit rising 9% to $746.1 million[8] - Adjusted EBITDA for the fourth quarter rose 33% to $47.9 million, and for the full year, it increased 26% to $191.2 million[8] - Net income for the fourth quarter surged 76% to $26.7 million, while full year net income rose 32% to $109.6 million[8] - Diluted earnings per share (EPS) for the fourth quarter increased 62% to $0.34, and for the full year, it rose 29% to $1.42[8] - Total revenues for the twelve months ended September 30, 2025, were $1.27 billion, compared to $1.45 billion for the previous year, a decline of 12.4%[29] - The company reported a segment contribution of $67.4 million for the three months ended September 30, 2025, down from $75.0 million in the same quarter of 2024[26] - The company reported a segment contribution of $211.6 million, with U.S. Pawn contributing $165.3 million and Latin America Pawn contributing $38.8 million[31] Store Expansion and Operations - The company opened 40 de novo stores and acquired 52 locations in fiscal 2025, more than doubling the total acquisitions from the previous two years[6] - The company opened 17 new locations and acquired 8 locations during the quarter, bringing the total store count to 1,360[34] - The company experienced a total of 11 locations combined or closed over the twelve months, resulting in a net increase of 81 locations[34] Cash and Assets - Cash and cash equivalents increased to $469.5 million from $170.5 million, primarily due to the issuance of Senior Notes and cash from operating activities[10] - Total current assets reached $1.1 billion as of September 30, 2025, a 54.5% increase from $729.0 million in 2024[22] - The company’s total equity grew to $1.03 billion as of September 30, 2025, up from $804.6 million in 2024, indicating a growth of 27.2%[22] - Consolidated gross profit for Q4 2025 was $198.6 million, up 13% year-over-year, with full year gross profit at $746.1 million, a 9% increase[40] Expenses and Liabilities - Store expenses increased 8% in the fourth quarter, primarily due to labor costs and new store openings[9] - Total liabilities increased to $925.7 million as of September 30, 2025, from $688.7 million in 2024, marking a rise of 34.4%[22] - Store expenses for the three months ended September 30, 2025, were $129.0 million, an increase from $119.0 million in the prior year[26] - General and administrative expenses for the same period were $23.4 million, compared to $20.7 million in the previous year[26] - The company incurred an interest expense of $8.1 million for the three months ended September 30, 2025[26] - Interest expense increased to $8.1 million from $3.2 million year-over-year, while interest income also rose to $(5.3) million from $(2.1) million[38] Pawn Loans and Service Charges - Pawn loans outstanding (PLO) increased 12% to $307.5 million in the fourth quarter, with a same-store basis increase of 10%[9] - The company reported a 20.5% increase in pawn service charges, totaling $125.97 million for the three months ended September 30, 2025, compared to $115.1 million in 2024[20] - Pawn service charges contributed $125.9 million, down from $140.0 million, indicating a decrease of 10.0%[26] - The company made loans totaling $1.01 billion during the twelve months ended September 30, 2025, compared to $937.0 million in 2024, reflecting an increase of 7.9%[24] Currency and Market Performance - The average exchange rate for the Mexican peso was 18.3 for the quarter, compared to 19.7 in the same quarter last year, indicating a strengthening of the peso[37] - The company provided non-GAAP financial information to enhance understanding of its operations, particularly in Latin America, where results are affected by currency fluctuations[35] - Constant currency consolidated revenues for Q4 2025 were $335.9 million, a 14% increase, and $1,304.3 million for the full year, a 12% increase[40] - Latin America Pawn segment gross profit for Q4 2025 was $54.0 million, a 19% increase, with full year gross profit at $195.4 million, an 8% increase[40] - Latin America Pawn merchandise sales for Q4 2025 were $59.3 million, a 17% increase, with full year sales at $225.7 million, a 10% increase[40]