IPO and Financial Overview - The company completed its Initial Public Offering (IPO) on October 9, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[117]. - The company incurred total costs of $15,615,485 related to the IPO, including a cash underwriting fee of $4,000,000 and a Deferred Fee of $10,950,000[126]. - The company has until October 9, 2026, to complete a Business Combination, or it will cease operations and liquidate[120]. Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,268,915, primarily from interest income of $2,533,302 on cash and marketable securities held in the Trust Account[123]. - For the nine months ended September 30, 2025, the company reported a net income of $6,851,780, with interest income of $7,473,450 from marketable securities[124]. - The company has not generated any operating revenues to date and will not do so until after completing its initial Business Combination[122]. Assets and Cash Management - As of September 30, 2025, the company had marketable securities in the Trust Account totaling $241,011,789, which will be used to complete a Business Combination[128]. - The company has cash held outside the Trust Account of approximately $500,596, primarily used for identifying and evaluating target businesses[130]. Administrative and Financial Obligations - The company incurred $37,500 and $112,500 in administrative service fees for the three and nine months ended September 30, 2025, respectively[135]. - The company may seek Working Capital Loans of up to $1,500,000, which can be converted into warrants at a price of $1.00 per warrant[133]. Shareholder and Equity Information - Class A Ordinary Shares subject to possible redemption are classified as temporary equity and presented at redemption value outside of shareholders' equity[143]. - Net income (loss) per Ordinary Share is calculated by dividing net income (loss) applicable to shareholders by the weighted average number of Ordinary Shares outstanding[144]. - The Sponsor, directors, and officers have waived their rights to liquidating distributions from the Trust Account for Founder Shares if the initial Business Combination is not completed within the Combination Period[139]. Accounting Standards and Compliance - The FASB issued ASU 2024-03, requiring additional disclosures about specific expense categories, effective for fiscal years beginning after December 15, 2026[145]. - Management does not believe that any recently issued accounting standards would materially affect the unaudited condensed financial statements[146]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[147].

IPO and Trust Account - The company completed its Initial Public Offering (IPO) on October 9, 2024, raising gross proceeds of $230 million from the sale of 23 million Units at $10.00 per Unit[117]. - Following the IPO, the company placed $231.15 million in a Trust Account, which may only be invested in U.S. government securities or held as cash until the completion of a Business Combination[119]. - The company incurred total costs of $15,615,485 related to the IPO, including a cash underwriting fee of $4 million and a deferred fee of $10.95 million[126]. - The Sponsor, directors, and officers have waived their rights to liquidating distributions from the Trust Account for Founder Shares if the initial Business Combination is not completed within the Combination Period[139]. Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,268,915, primarily from interest income of $2,533,302 on cash and marketable securities[123]. - For the nine months ended September 30, 2025, the company reported a net income of $6,851,780, with interest income of $7,473,450 on cash and marketable securities[124]. - As of September 30, 2025, the company held marketable securities in the Trust Account valued at $241,011,789, which will be used to complete a Business Combination[128]. - As of September 30, 2025, the company had cash held outside the Trust Account of approximately $500,596, primarily for evaluating target businesses[130]. - The company has not generated any operating revenues to date and will not do so until after completing its initial Business Combination[122]. Business Combination and Operations - The company has until October 9, 2026, to complete a Business Combination, or it will cease operations and liquidate[120]. - The company plans to incur increased expenses due to being a public company, including legal and compliance costs[122]. Accounting and Reporting - Class A Ordinary Shares subject to possible redemption are classified as temporary equity and presented at redemption value outside of shareholders' equity[143]. - Net income (loss) per Ordinary Share is calculated by dividing net income (loss) applicable to shareholders by the weighted average number of Ordinary Shares outstanding[144]. - The FASB issued ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requiring additional disclosures about specific expense categories[145]. - Management does not believe that any recently issued accounting standards would materially affect the unaudited condensed financial statements[146]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[147].

Financial Performance - For the third quarter ended September 30, 2025, Aptose reported a net loss of $5.1 million, a decrease of $1.8 million compared to a net loss of $7.0 million for the same period in 2024[10] - The total operating expenses for the third quarter were $4.9 million, compared to $7.0 million for the same period in 2024[10] - The accumulated deficit as of September 30, 2025, was $558.7 million, an increase from $541.0 million at the end of 2024[14] - Aptose Biosciences reported a net loss of $5.2 million for the quarter, compared to a net loss of $4.8 million in the same quarter last year, reflecting a 8.3% increase in losses year-over-year[23] Research and Development - Research and development expenses for the quarter were $2.2 million, down from $4.7 million in the comparable period in 2024, primarily due to reduced activity in the APTIVATE clinical trial[15][18] - The program costs for tuspetinib were $1.4 million for the quarter ended September 30, 2025, compared to $4.1 million for the same period in 2024[18] - The company is committed to advancing its research in precision medicine, with a focus on biomarker-driven therapies[23] - Aptose is advancing its lead drug candidate, APTO-253, into a Phase 1b clinical trial, with initial data expected in Q2 2024[23] Cash and Financing - As of September 30, 2025, the company had cash, cash equivalents, and restricted cash equivalents totaling $1.6 million, down from $6.7 million at the end of 2024[12][17] - The company is actively pursuing financing and cost reduction efforts to extend its cash runway due to insufficient cash to fund operations[17] - The company ended the quarter with cash and cash equivalents of $30.1 million, which is expected to fund operations into the second half of 2024[23] Clinical Trials and Data - The company achieved complete response (CR) or complete response with partial hematologic recovery (CRh) in 100% of patients (6/6) treated at the higher dose levels of 80 mg and 120 mg of tuspetinib in combination with venetoclax and azacitidine[3][4] - The company reported a 15% increase in patient enrollment for its clinical trials compared to the previous quarter[23] - The company plans to present updated data from the TUSCANY trial at the American Society of Hematology (ASH) Annual Meeting scheduled for December 6-9, 2025[4] Strategic Initiatives - The company has initiated a strategic review of its pipeline to prioritize assets with the highest potential for value creation[23] - Aptose is exploring partnerships to enhance its research capabilities and accelerate the development of its drug candidates[23] - Aptose plans to expand its market presence by targeting additional oncology indications for its drug candidates[23] - The company is focused on cost management strategies, aiming to reduce operational expenses by approximately 10% in the upcoming fiscal year[23] - Aptose anticipates revenue generation from potential licensing agreements in the next 12 months[23]

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 quarter 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: 001-42665 Cal Redwood Acquisition Corp. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | N/A | | --- | --- | | (St ...

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 quarter 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: 001-42665 Cal Redwood Acquisition Corp. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | N/A | | --- | --- | | (St ...

Clinical Development - NDV-01 program achieved a 92% overall response rate at any time in non-muscle invasive bladder cancer (NMIBC) with favorable safety[1] - FDA alignment secured for Phase 3 program with two independent paths for approval in high-risk BCG-unresponsive and intermediate-risk NMIBC settings[5] - Expected milestones include the initiation of Phase 3 trials for NDV-01 in high-risk and intermediate-risk NMIBC in the first half of 2026[14] - Sepranolone's Phase 2 proof of concept clinical trial for Prader-Willi Syndrome is also expected to initiate in the first half of 2026[14] Financial Performance - Net loss for Q3 2025 was $10.1 million or $0.30 per share, compared to a net loss of $21.7 million or $0.72 per share in Q3 2024[14] - Net loss for the nine months ended September 30, 2025, was $37,517,403, a reduction of 38.7% compared to a net loss of $61,322,218 for the same period in 2024[29] - Total operating expenses for the nine months ended September 30, 2025, were $38,767,088, down 40.3% from $64,815,482 for the same period in 2024[29] - Cash and cash equivalents at the end of the period were $1,384,484, down from $3,857,026 at the beginning of the period, indicating a decrease of 64.1%[33] - Net cash used in operating activities for the nine months ended September 30, 2025, was $31,190,765, a reduction of 27.0% from $42,956,164 for the same period in 2024[33] Expenses - R&D expenses for Q3 2025 were $4.0 million, down from $11.1 million in Q3 2024, primarily due to reduced trial costs[14] - General and administrative expenses for the nine months ended September 30, 2025, were $19,960,421, down 32.8% from $29,639,951 for the same period in 2024[29] - The company incurred stock-based compensation expenses of $11,534,002 for the nine months ended September 30, 2025, compared to $23,458,012 for the same period in 2024, a decrease of 50.8%[33] - G&A expenses for Q3 2025 were $6.3 million, down from $11.9 million in Q3 2024, mainly due to lower stock-based compensation[14] Assets and Equity - Cash, equivalents, and short-term investments totaled $13.9 million as of September 30, 2025, down from $44.9 million at December 31, 2024[14] - Total current assets decreased from $45,795,843 as of December 31, 2024, to $14,854,269 as of September 30, 2025, representing a decline of approximately 67.6%[27] - Stockholders' equity decreased from $35,521,961 as of December 31, 2024, to $9,465,539 as of September 30, 2025, a decline of approximately 73.3%[27] Shares Outstanding - Shares outstanding were 73,333,622 as of November 10, 2025[14] - The company reported a weighted average number of common shares outstanding of 32,274,238 for the nine months ended September 30, 2025, compared to 30,160,242 for the same period in 2024, reflecting an increase of 7.0%[29]

Financial Performance - For the three months ended September 30, 2025, the company reported total net revenues of $43.867 million, a significant increase from $28.994 million in the same period of 2024[191]. - Net revenues for the three months ended September 30, 2025, increased to $43.9 million, a 51.3% increase from $29.0 million in the same period of 2024[223]. - The gain on loans, net for the three months ended September 30, 2025, was $36.421 million, representing 83% of total net revenues, compared to $21.503 million or 74% in the prior year[191]. - Gain on loans, net for the three months ended September 30, 2025, increased by $20.4 million or 129% to $36.4 million compared to $15.8 million for the same period in 2024, driven by increased funded loan volume[225]. - International lending revenue for the three months ended September 30, 2025, increased by $1.1 million or 91% to $2.3 million compared to $1.2 million in the same period of 2024, primarily due to increased operations in U.K. brokerage businesses[231]. - The net loss for the three months ended September 30, 2025, was $39.1 million, compared to a net loss of $54.2 million in the same period of 2024[223]. - Adjusted Net Loss for Q3 2025 was $(28,459) thousand, compared to $(48,886) thousand in Q3 2024, representing a 42% improvement year-over-year[271]. - Adjusted EBITDA for Q3 2025 was $(24,915) thousand, compared to $(38,870) thousand in Q3 2024, indicating a 36% improvement year-over-year[271]. Loan and Revenue Metrics - Funded loan volume for the three months ended September 30, 2025, was $1.210 billion, up from $1.035 billion in the same period of 2024[198]. - The average loan amount for the three months ended September 30, 2025, was $296,159, slightly down from $300,589 in the same period of 2024[198]. - The company reported a total of 4,086 loans funded during the three months ended September 30, 2025, compared to 3,443 loans in the same period of 2024[198]. - The company achieved a gain on sale margin of 3.01% for the three months ended September 30, 2025, compared to 2.08% in the same period of 2024[198]. Expenses and Costs - Total expenses for the three months ended September 30, 2025, were $82.8 million, slightly down from $83.1 million in the same period of 2024[223]. - Compensation and benefits expenses for the three months ended September 30, 2025, were $41.3 million, up from $37.8 million in the same period of 2024[223]. - Other revenue for the three months ended September 30, 2025, was $2.8 million, a decrease from $3.1 million in the same period of 2024[231]. - Broker revenue decreased by $0.8 million or 34% to $1.6 million for the three months ended September 30, 2025, primarily due to the conclusion of the integrated relationship partnership with Ally[227]. - General and administrative expenses decreased by $2.4 million, or 19%, to $10.2 million for the three months ended September 30, 2025, primarily due to reductions in rent and insurance premiums[253]. - Other expenses increased by $5.7 million, or 429%, to $7.1 million for the three months ended September 30, 2025, driven by increased liability classified warrants[261]. Strategic Initiatives - The company expanded its Retail channel by hiring the executive team from NEO Home Loans to enhance its distribution strategy[188]. - The company executed multiple new strategic partnerships, including one with a top five U.S. personal financial services platform serving over 50 million customers[190]. - The company plans to continue investing in technology to improve customer experience and reduce operational costs through automation[185]. - The company plans to sell several entities in the U.K. as part of a strategic shift, with the sale of its digital mortgage broker in the U.K. completed by the end of the third quarter of 2025[213]. Capital and Liquidity - The company raised approximately $568 million in gross proceeds from the Business Combination in August 2023, with $528.6 million in Convertible Notes issued[277]. - As of September 30, 2025, the company had an aggregate available amount of $575.0 million across three warehouse lines of credit[275]. - The company believes that funds from various sources will be adequate to meet liquidity and capital resource needs for at least the next 12 months[279]. - The Company implemented an At-the-Market (ATM) Offering Program on September 26, 2025, for sales of up to $75.0 million of its Class A common stock[289]. - The Company intends to use net proceeds from the ATM Program for general corporate purposes, including working capital and increasing warehouse line capacity[291]. Cash Flow - Net cash used by operating activities was $109.3 million for the nine months ended September 30, 2025, a decrease of $165 million, or 60%, compared to $274 million for the same period in 2024[293]. - Net cash used in investing activities was $589.5 million for the nine months ended September 30, 2025, an increase of $478 million, or 427%, compared to $111.8 million for the same period in 2024[295]. - Net cash provided by financing activities was $555.4 million for the nine months ended September 30, 2025, an increase of $462 million, or 496%, compared to $93.1 million for the same period in 2024[296]. - The increase in cash provided by financing activities was primarily driven by an increase in customer deposits through the Company's U.K. banking entity[296]. - The increase in cash used in investing activities was primarily due to purchases exceeding maturities of short-term investments and loan originations held for investment[295]. - The Company does not have any off-balance sheet arrangements that are likely to materially affect its financial condition[297].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-40143 Better Home & Finance Holding Company (State or other jurisdiction of incorporation or organization) 1 World Trade Center 285 Fulton S ...

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 OR (855) 508-3568 Registrant's telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 For the transition period from ________ to ________ Commission file ...

Financial Performance - The company reported a net loss of $65.6 million for the nine months ended September 30, 2025, compared to a net loss of $55.6 million for the same period in 2024, indicating an increase in losses year-over-year [129]. - As of September 30, 2025, the company had an accumulated deficit of $327.9 million and cash, cash equivalents, and short-term investments totaling $265.4 million [129]. - The net loss for Q3 2025 was $20.953 million, compared to a net loss of $20.217 million in Q3 2024, indicating a 3.6% increase in losses [148]. - For the nine months ended September 30, 2025, the company used $59.7 million in cash for operating activities, reflecting a net loss of $65.6 million [174]. - For the nine months ended September 30, 2024, the company used $53.1 million in cash for operating activities, reflecting a net loss of $55.6 million [175]. - Interest income for Q3 2025 was $2.739 million, an increase of 48.7% from $1.842 million in Q3 2024 [148]. - Other income increased by $1.1 million for the nine months ended September 30, 2025, mainly from state tax refunds [163]. - The company reported net cash provided by financing activities of $9.8 million for the nine months ended September 30, 2025, primarily from open market sales of common stock [178]. Research and Development - The company is developing NGN-401 for the treatment of Rett syndrome, with a registrational trial named Embolden currently evaluating a 1E15 vg dose in 20 female participants [107]. - The primary endpoint for the Embolden trial is a responder-based composite endpoint, with a minimum success threshold of 35% response rate (7 out of 20 patients) to reject the null hypothesis [109]. - Updated interim data from the Phase 1/2 trial showed that all pediatric participants experienced functional gains, with a total of 35 developmental milestones/skills gained across core clinical domains [111]. - The company completed enrollment in a Phase 1/2 clinical trial for NGN-101 in patients with CLN5 Batten disease but decided not to move forward with the program due to the denial of its RMAT application [125]. - The company is in the early discovery stage for additional potential programs utilizing its EXACT platform for complex neurological diseases [124]. - The company expects significant increases in research and development expenses over the next several years due to expanded clinical trials and personnel costs [139]. - Research and development expenses for Q3 2025 were $17.241 million, an increase of 5.9% from $16.285 million in Q3 2024 [148]. - For the nine months ended September 30, 2025, research and development expenses totaled $54.4 million, up 19.3% from $45.6 million in the same period of 2024 [153]. - The increase in Rett syndrome program expenses included a $2.1 million rise in preclinical costs and a $4.0 million increase in clinical trial costs for NGN-401 [154]. - The company anticipates continued increases in research and development and general and administrative expenses as it advances clinical development [156][159]. Operating Expenses - General and administrative expenses for Q3 2025 were $6.557 million, up 11.2% from $5.895 million in Q3 2024 [148]. - For the nine months ended September 30, 2025, general and administrative expenses reached $21.4 million, up 30.2% from $16.4 million in the same period of 2024 [158]. - Total operating expenses for the nine months ended September 30, 2025, were $75.799 million, compared to $62.018 million for the same period in 2024, reflecting a 22.2% increase [148]. Capital and Funding - The company has raised aggregate net proceeds of approximately $552.3 million since its inception, primarily through the sale of preferred and common stock [129]. - The company expects to require substantial additional capital to support ongoing operations and product development [168]. - The company has federal and state net operating loss carryforwards of $319.8 million and $39.6 million, respectively, which may offset future taxable income [146]. Regulatory and Compliance - The company received FDA clearance for its Investigational New Drug (IND) application for NGN-401 in January 2023 [108]. - The collaboration agreement with the University of Edinburgh was amended and extended through December 2026 to support pipeline development [132]. - The company has no products approved for sale and may never achieve regulatory and marketing approval for its product candidates [130]. - The company has no off-balance sheet arrangements as defined by SEC rules [195]. - The company’s financial statements are prepared in accordance with U.S. GAAP, with no material changes to significant accounting policies during the nine months ended September 30, 2025 [196]. Facilities and Lease Obligations - The company established a fully operational cGMP facility in Houston, Texas, to manufacture products for research and clinical studies, enhancing control over product quality and development timelines [126]. - The company has a lease obligation for its New York headquarters expiring in January 2028, covering approximately 6,000 square feet [181]. - The company has a lease for a manufacturing facility in Houston, Texas, expiring in August 2029, with an option to renew for two additional five-year terms [182]. - The company entered into a License Agreement with the University of Edinburgh, which includes obligations of up to $5.3 million in regulatory-related milestones and up to $25 million in sales-related milestones [191]. Contingent Liabilities - The total contingent value rights (CVR) liability as of September 30, 2025, was $1.1 million, compared to $1.8 million as of December 31, 2024 [188].