Financial Performance - Unity Bancorp reported net income of $15.5 million, or $1.52 per diluted share, for Q4 2025, up from $14.4 million, or $1.41 per diluted share in Q3 2025, representing a year-over-year increase in net income of 40% from $41.5 million in 2024[3] - Net income for the quarter reached $15,472, representing a 7.5% increase from $14,390 in the previous quarter and a 34.5% increase from $11,505 year-over-year[11] - Net income for the three months ended December 31, 2025, was $15,472, representing a 7.5% increase from $14,390 in the same period last year[16] - Net income per common share (Basic) rose to $1.55, an 8.4% increase from $1.43 in the previous quarter and 34.8% from $1.15 year-over-year[11] - Net income per common share - Basic increased to $1.55 from $1.43 year-over-year[16] - The Return on average assets was 2.20%, up from 1.83% a year ago, indicating improved profitability[30] Income and Revenue - Net interest income for Q4 2025 was $31.4 million, an increase of $1.5 million from $29.9 million in Q3 2025, with a net interest margin of 4.60%, up 6 basis points[6] - Total interest income for the three months ended December 31, 2025, was $45,868, an increase of 3.4% compared to $44,361 for the same period in 2024[16] - Total interest income for the year ended December 31, 2025, was $173,628, an increase of 11.5% compared to $155,738 in 2024[18] - Total noninterest income increased significantly by 31.4% to $3,898 from $2,967 year-over-year[16] - Total noninterest income rose to $3,898,000, compared to $1,916,000 in the same quarter last year, marking a significant increase of 103%[30] Loans and Deposits - Total gross loans increased by $284.1 million, or 12.6%, year-over-year, and by $76.2 million, or 3.1%, quarter-over-quarter[6] - Total loans reached $2,544,713, up 3.1% from $2,468,527 in the previous quarter and 12.6% from $2,260,657 year-over-year[11] - Total loans for the same period reached $2,504,338,000, with a total interest income of $43,482,000, reflecting a loan yield of 6.79%[20] - Total deposits rose by $223.7 million, or 10.7%, year-over-year, and by $56.6 million, or 2.5%, quarter-over-quarter, with uninsured deposits at 21.7% of total deposits[6] - Total deposits grew to $2,324,061, a 2.5% increase from $2,267,484 in the previous quarter and 10.7% from $2,100,313 year-over-year[11] Assets and Equity - Total assets increased to $2,966,652, up 3.1% from $2,876,365 in the previous quarter and 11.8% from $2,654,017 year-over-year[11] - The total assets of the company as of December 31, 2025, were $2,792,216,000, an increase from $2,501,821,000 in the prior year[20] - Total shareholders' equity reached $345,631, a 3.5% increase from $334,023 in the previous quarter and 16.9% from $295,583 year-over-year[11] - The total shareholders' equity rose to $339,480,000, up from $290,291,000 year-over-year[20] Operational Efficiency - Efficiency ratio decreased to 39.52%, down from 41.47% in the previous quarter and 44.44% year-over-year, indicating improved operational efficiency[11] - The efficiency ratio improved to 39.52%, down from 44.44% a year ago, indicating better cost management[30] Tax and Credit Losses - The effective tax rate decreased to 21.4% in Q4 2025 from 23.7% in Q3 2025, aided by the purchase of $8.0 million in federal tax credits[6] - The effective tax rate decreased to 21.4% from 23.7% in the previous year[16] - The allowance for credit losses as a percentage of gross loans was 1.27% as of December 31, 2025[6] - Provision for credit losses on loans was $2,208, a substantial increase of 56.7% compared to $1,409 in the prior year[16] Nonaccrual Assets - Nonaccrual assets increased to $31.3 million, with a nonaccrual loans to total loans ratio of 1.17% as of December 31, 2025[9] - Nonaccrual assets increased to $31,308, a 52.6% rise from $20,514 in the previous quarter and 108.1% from $15,046 year-over-year[12] - Nonaccrual loans totaled $29,836, representing an increase from $20,514, which is a 45.5% rise[28] - Nonaccrual loans to total loans ratio was 1.17%, up from 0.83%[28] Recognition and Expansion - Unity Bancorp was recognized in Piper Sandler's Sm-All Stars Class of 2025, highlighting its performance among small-cap banks[9] - The number of banking offices increased to 22, up from 21 a year ago, reflecting ongoing expansion efforts[31]

Financial Performance - Total net revenue for the year ended September 30, 2025, was $9,912,000, representing a 54% increase from $6,442,000 in 2024[214] - Product revenue increased by 2% to $5,996,000, while services revenue surged by 609% to $3,916,000[214] - Gross profit for the year was $5,007,000, a 96% increase from $2,552,000 in the previous year[214] - The company reported a net loss of $46,131,000 for the year, a 130% increase from a loss of $20,034,000 in 2024[214] Operating Expenses - Operating expenses for research and development decreased by 58% to $2,419,000, while selling, general, and administrative expenses decreased by 5% to $39,556,000[214] - Research and development expenses decreased by $3,360 million or 58% to $2,419 million for the year ended September 30, 2025, compared to $5,779 million for the year ended September 30, 2024[225] - Selling, general and administrative expenses decreased by $2,279 million or 5% to $39,556 million for the year ended September 30, 2025, compared to $41,835 million for the year ended September 30, 2024[227] Revenue Breakdown - Product revenue for the year ended September 30, 2025, was $5,996 million, an increase of $106 million or 2% compared to $5,890 million for the year ended September 30, 2024[219] - Services revenue for the year ended September 30, 2025, was $3,916 million, an increase of $3,364 million or 609% compared to $552 million for the year ended September 30, 2024[220] Cash Flow and Financing - Net cash used in operating activities was $10,113 million for the year ended September 30, 2025, which included a net loss of $46,131 million[249] - The company entered into an At The Market Offering Agreement to sell up to $15,800,000 in shares of Class A Common Stock[202] - In April 2025, the company issued 3,850,000 shares of Class A Common Stock and raised net proceeds of $3,645,000 from the offering[205] - Net cash provided by financing activities for the year ended September 30, 2024 was $19,673, including $21,014 from the merger and PIPE[253] Liabilities and Deficits - Total liabilities as of September 30, 2025 were $37,449, up from $33,558 as of September 30, 2024, mainly due to increased borrowings and additional liability-classified warrants[260] - The company incurred operating losses of $37,693 and $46,395 for the years ended September 30, 2025 and 2024, respectively, with an accumulated deficit of $150,588 as of September 30, 2025[262] - The company expects to continue incurring operating losses and negative cash flows, necessitating additional debt or equity financing to fund operations and product development[262] Asset Valuation and Impairment - The company recorded impairment charges of $725 million and $1,333 million for the years ended September 30, 2025, and 2024, respectively, to write down the value of long-lived assets[287] - Goodwill totaled $16,066 million as of September 30, 2025, representing the excess of the fair value of purchase consideration over the fair value of identifiable net assets acquired[288] - The company did not record any goodwill impairment losses for the years ended September 30, 2025, and 2024, indicating stable reporting unit valuations[290] Mergers and Acquisitions - The merger with Mobix Labs, Inc. raised gross proceeds of $21,014,000, including a $19,750,000 private investment in public equity at $10.00 per share[213] - The company plans to pursue acquisitions to enhance its product portfolio and expand into strategically aligned industries[198] - The company has commitments including $2,323 in deferred purchase consideration related to acquisitions and potential payments of up to $4,000 under the RaGE Earnout, payable in March 2026[261] Accounting and Reporting - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from various reporting requirements[293] - As a "smaller reporting company," the company benefits from reduced disclosure obligations, including providing only two years of audited financial statements[295] - Significant estimates and assumptions are made in accounting for business combinations, including expected future cash flows and discount rates[283] - The company recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position will be sustained upon examination[281]

Revenue and Growth - ARCALYST® net product revenue for 2025 was $677.5 million, representing approximately 62% year-over-year growth from $417.0 million in 2024[4] - Kiniksa expects ARCALYST net product revenue for 2026 to be between $900 million and $920 million[7] Patient Treatment and Usage - As of the end of 2025, approximately 18% of the 14,000 multiple-recurrence patients were actively on ARCALYST treatment[7] - More than 4,150 prescribers have written ARCALYST prescriptions since its launch[7] - Average total duration of ARCALYST therapy in recurrent pericarditis is approaching 3 years[7] Clinical Trials and Development - KPL-387 Phase 2 recurrent pericarditis data is expected in the second half of 2026[2] - KPL-1161 Phase 1 trial is planned to initiate by the end of 2026[2] Financial Position - Cash balance increased to $414.1 million as of December 31, 2025, with no debt[7] - Gross-to-net was 8.4% for 2025, down from 9.8% in 2024, impacted by the Inflation Reduction Act[7] - Kiniksa expects its current operating plan to remain cash flow positive on an annual basis[7]

Portfolio Holdings - As of December 31, 2025, SuRo Capital held positions in 35 portfolio companies, including 32 privately held and 3 publicly held [8]. - SuRo Capital retains approximately 68.1% of its investment in CW Opportunity 2 LP as of December 31, 2025 [10]. Financial Performance - During Q4 2025, SuRo Capital realized net proceeds of $9.0 million from CW Opportunity 2 LP, with a gain of $6.7 million, and $3.1 million from Forge Global, Inc., with a gain of $1.1 million [9]. - The investment in Rebric, Inc. resulted in a loss of $1.0 million during Q4 2025 [9]. - The preliminary financial estimates for Q4 2025 are unaudited and subject to change, with actual results potentially differing materially [15]. Dividends - The company declared dividends of $0.25 per share on July 31, 2025, and December 5, 2025, to common stockholders [14]. Future Commitments - SuRo Capital committed up to $20.0 million to Magnetar Opportunity 2025-4 LP, with $5.0 million funded as of January 12, 2026 [13]. - The company expects to announce its Q4 and fiscal year results for 2025 during the week of March 9, 2026 [16]. Risks and Uncertainties - Forward-looking statements indicate potential risks and uncertainties that may affect future performance [17]. - The company sold its remaining shares of Forge Global, Inc. as of November 6, 2025 [11].

Financial Performance - Total revenue for Q4 2025 was $400.5 million, with FY 2025 revenue reaching $1.45 billion[9] - Same-Shack sales increased by 2.1% in Q4 2025 and 2.3% for FY 2025 compared to 2024[9] - Adjusted EBITDA for FY 2025 is estimated to be between $208 million and $212 million[16] - The company aims for total revenue growth in the low-teens percentage range from FY 2025 to FY 2027[16] Expansion Plans - The company opened 45 new Company-operated Shacks in FY 2025, with 15 openings in Q4 2025[9] - The company plans to open approximately 55-60 new Company-operated Shacks and 40-45 licensed Shacks in FY 2026[16] - The total addressable market has been increased to over 1,500 Company-operated Shacks[4] Profitability Projections - Restaurant-level profit margin is projected to be approximately 22.6% to 22.8% of Shack sales in Q4 2025 and 22.5% to 22.7% for FY 2025[16] Future Guidance - Initial guidance for FY 2026 includes total revenue of $1.6 billion to $1.7 billion and same-Shack sales growth projected to be positive low-single digits[16] Strategic Focus - The company is focused on culinary and marketing innovation to drive top-line growth and improve guest experiences[7]

Revenue Growth - GeneDx reported preliminary full year 2025 revenues of approximately $427 million, representing a 41% year-over-year increase[7] - For the fourth quarter of 2025, revenues were approximately $121 million, an increase of 27% year-over-year[7] - Exome and genome revenues for full year 2025 were approximately $360 million, up 54% year-over-year (58% excluding a one-time 2024 benefit)[7] - The company expects full year 2026 revenues to be between $540 million and $555 million, with exome and genome growth projected at 33% to 35%[9] Patient Volume and Access - GeneDx accessioned more than 30,000 patients in the fourth quarter of 2025, demonstrating a volume growth rate of 34.3% year-over-year[3] - GeneDx secured Medicaid coverage for exome and genome sequencing in 8 new states, increasing total coverage to 37 states[13] Profitability and Margins - The adjusted gross margin for full year 2025 was approximately 71%, with a similar margin expected for the fourth quarter[12] Product and Service Expansion - GeneDx launched GeneDx Infinity™, the world's largest rare disease genomic dataset, which includes nearly 1 million exomes and genomes[13] - The company expanded into general pediatrics and prenatal diagnostics, enhancing its market reach and service offerings[13] Leadership Changes - The company appointed new leadership, including Dr. Linda Genen as Chief Medical Officer, to support its growth strategy[16]

Financial Performance - U.S. net product sales for FILSPARI in Q4 2025 reached approximately $103 million, representing 108% year-over-year growth[5] - Total U.S. net product sales for the fiscal year 2025 are expected to be approximately $410 million[1] - The company ended 2025 with approximately $323 million in cash, cash equivalents, and marketable securities[1] - A $40 million milestone payment was received from CSL Vifor in October 2025 following market access achievements[5] Product Development and Approvals - The PDUFA target action date for FILSPARI's sNDA seeking full approval in FSGS is January 13, 2026[5] - The pivotal Phase 3 HARMONY Study of pegtibatinase is set to restart in Q1 2026 after optimization of the manufacturing process[6] - Chugai Pharmaceutical is expected to submit a New Drug Application for sparsentan in Japan in 2026[5] - If approved, FILSPARI would be the first and only medication approved for FSGS, a rare kidney disorder[5] - The company is preparing for a New Drug Application for sparsentan for the treatment of IgAN in Japan, indicating market expansion efforts[21] Market Launch and Acceptance - The company is making continued progress with the FILSPARI launch in IgAN, with preliminary estimates of metrics related to this launch[21] - The company anticipates potential approval and commercial launch of FILSPARI in FSGS, although there are risks regarding the timing and outcome of the sNDA[21] - The ongoing commercial launch of FILSPARI in IgAN is facing risks related to market acceptance, including efficacy, safety, and pricing[21] Clinical Evidence and Research - The company anticipates continued generation of clinical evidence to support FILSPARI's role as foundational therapy in IgAN throughout 2026[5] - The company is focused on the Phase 3 HARMONY Study, with expectations to restart study activities, although timelines may be subject to change[21] Risks and Challenges - There are uncertainties regarding the company's ability to raise additional funding required for product development due to macroeconomic conditions[21] - Risks associated with the manufacturing scale-up and successful execution of commercial strategies for FILSPARI are present[21] - The company faces potential disruptions to clinical trials and commercialization activities due to global and macroeconomic conditions[21] - The company is dependent on contractors for clinical drug supply and commercial manufacturing, which introduces additional risks[21] - The company is monitoring serum potassium levels in patients treated with FILSPARI, especially when used with other agents that increase serum potassium[22]

Financial Results - Inspire Medical Systems, Inc. announced preliminary and unaudited results for the quarter and full year ended December 31, 2025, with specific figures to be confirmed upon completion of closing procedures[5]. - The company’s financial results remain subject to change based on internal control over financial reporting[6]. Executive Appointment - The company appointed Matthew J. Osberg as Chief Financial Officer, effective after the filing of the Annual Report on Form 10-K for the fiscal year ended December 31, 2025[7]. - The transition of the Chief Financial Officer role follows Richard J. Buchholz's decision to step down in August 2025, with Buchholz serving as interim CFO until the filing of the 2025 10-K[15]. Compensation and Benefits - Mr. Osberg's annual base salary is set at $650,000, with a target annual cash bonus of 70% of his base salary and additional long-term incentive awards[10]. - The company will pay Mr. Osberg a cash sign-on bonus of $600,000, with half paid upon starting and the remainder six months later[11]. - Mr. Osberg is eligible for performance stock units valued at $1,500,000 and restricted stock units also valued at $1,500,000, both vesting based on performance objectives and time[11]. - The employment agreement with Mr. Osberg includes provisions for severance benefits in case of termination without cause[13]. Investor Relations - The company is participating in various meetings with investors and analysts in January 2026, with presentation materials available on its Investor Relations page[17]. Stock Information - Inspire Medical Systems is listed on the New York Stock Exchange under the trading symbol INSP[3].

Financial Performance - Preliminary U.S. net product revenues for full-year 2025 were approximately $689 million, with Q4 revenues of about $155 million[5][13]. - Cash and cash equivalents as of December 31, 2025, were approximately $466 million, expected to fund operations to profitability[10]. Product Demand and Market Penetration - SYFOVRE total injection demand grew 17% year-over-year, maintaining a market share of approximately 60% in geographic atrophy[5][6]. - EMPAVELI achieved more than 5% market penetration in C3G and primary IC-MPGN, with 267 new patient start forms in 2025[3][12]. Regulatory and Clinical Developments - Regulatory submission for a prefilled syringe of SYFOVRE is planned in the first half of 2026[5][6]. - Pivotal trials for EMPAVELI have been initiated in two additional nephrology indications: FSGS and DGF[5][12]. - APL-90993, a potential one-time treatment using base editing technology, is advancing with an IND submission planned in the second half of 2026[8]. - The Phase 2 study of SYFOVRE + APL-3007 is ongoing, with topline data expected in 2027[12]. - Sobi received a positive opinion from the EMA for Aspaveli's indication extension in C3G and primary IC-MPGN[12]. - The New England Journal of Medicine published positive Phase 3 VALIANT results for EMPAVELI in C3G and primary IC-MPGN[12]. Product Innovations - Apellis Pharmaceuticals has developed two C3-targeting medicines approved for treating four serious diseases, marking the first new class of complement medicine in 15 years[38]. - The company has introduced the first-ever therapy for geographic atrophy, a leading cause of blindness, and the first treatment for patients aged 12 and older with C3 glomerulopathy or primary immune-complex membranoproliferative glomerulonephritis[38]. Safety and Monitoring - EMPAVELI treatment requires monitoring for signs of hemolysis after discontinuation, with a recommended observation period of at least 8 weeks[33]. - Common adverse reactions for adult patients with PNH include injection site reactions, infections, and fatigue, with an incidence of ≥10%[35]. - For patients aged 12 and older with C3G or primary IC-MPGN, common adverse reactions include injection-site reactions and pyrexia, also with an incidence of ≥10%[36]. - The company emphasizes the importance of pregnancy testing for females of reproductive potential before starting EMPAVELI, advising effective contraception during treatment and for 40 days post-treatment[37]. Forward-Looking Statements and Company Focus - Apellis warns that actual results may differ from forward-looking statements due to various factors, including adjustments to revenue figures and regulatory approvals[39]. - The company is focused on unlocking the potential of targeting C3 across various serious diseases, indicating a commitment to ongoing research and development[38]. - Apellis has established media and investor contact channels for further inquiries, enhancing transparency and communication with stakeholders[40].

Financial Results - MaxCyte, Inc. announced preliminary unaudited financial results for Q4 and fiscal year ended December 31, 2025[4] - The press release detailing financial results was issued on January 12, 2026[4] Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[3]