UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34577 IT TECH PACKAGING, INC. (Exact name of registrant as specified in its charter) Nevada 20-4158835 (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-41620 GAXOS.AI INC. (Exact name of registrant as specified in its charter) (Registrant's telephone number, incl ...

Revenue Generation - For the three months ended September 30, 2025, the company generated revenues of $498,271, primarily from RNK Health, which provided non-clinical services amounting to $441,228[133]. - During the nine months ended September 30, 2025, total revenues reached $692,974, with RNK Health contributing $634,178 from non-clinical services[134]. Operating Expenses - Operating expenses for the three months ended September 30, 2025, were $1,813,026, reflecting a 99.5% increase from $908,573 in the same period of 2024[135]. - Total general and administrative expenses for the nine months ended September 30, 2025, amounted to $3,644,088, up from $2,122,607 in 2024, marking a significant increase[139]. - Other general and administrative expenses for the three months ended September 30, 2025, rose to $254,618, an increase of $152,618 or 149.6% compared to the same period in 2024[147]. - Compensation and related benefits increased by 39.5% to $962,098 for the nine months ended September 30, 2025, primarily due to executive bonuses and stock-based compensation[141]. Research and Development - Research and development fees increased by 8.5% to $274,021 for the three months ended September 30, 2025, compared to $252,657 in 2024[136]. - The company plans to pursue research and development of its products, which will require additional capital from third-party sources[163]. Marketing and Advertising - Advertising and marketing expenses surged by 638.9% to $903,258 for the three months ended September 30, 2025, compared to $122,247 in 2024[144]. - For the three months ended September 30, 2025, advertising and marketing fees increased by $761,670, contributing to the growth in RNK Health services[145]. Losses and Financial Position - The loss from operations for the three months ended September 30, 2025, was $1,314,755, an increase of $408,886 or 45.1% from the previous year[149]. - The net loss attributable to common shareholders for the three months ended September 30, 2025, was $1,001,474, or $0.14 per share, reflecting an increase of $137,064 or 15.9% year-over-year[152]. - For the nine months ended September 30, 2025, net cash used in operations was $3,120,632, primarily due to a net loss of $3,197,507[157]. - The company expects to continue generating operating losses in the foreseeable future due to corporate overhead and research and development costs[156]. Cash and Investments - As of September 30, 2025, the company had a cash balance of $914,183 and short-term investments totaling $12,058,377, with working capital of $12,968,843[154]. - The company reported net cash used in investing activities of $10,363,284 for the nine months ended September 30, 2025, mainly from the purchase of short-term investments[159]. - The company did not have any cash flows from financing activities for the nine months ended September 30, 2025[161]. New Initiatives - The company launched four proprietary games by September 30, 2025, enhancing user engagement through AI-driven personalization and NFT features[124]. - Gaxos Health, a new initiative, aims to provide AI-powered health optimization solutions, with the product launched in Q3 2024[126][127]. - RNK Health LLC was formed to market health-related products, with the company holding a 70% membership interest[128].

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].