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 June 30, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ (State or other jurisdiction of incorporation or organization) Nevada 83-1019155 Commission File Number: 001-41037 (I.R.S. Employer Identificati ...

[Expion360 Inc. Form 8-K Current Report](index=1&type=section&id=Expion360%20Inc.%20Form%208-K) This report details Expion360 Inc.'s current material events, including preliminary financial results and related exhibits [Company Information](index=1&type=section&id=Company%20Information) Expion360 Inc. is a Nevada-based corporation whose common stock is listed on The Nasdaq Capital Market under the ticker symbol XPON, classified as an emerging growth company - The company's common stock, with a par value of **$0.001 per share**, is registered and trades on The Nasdaq Capital Market under the symbol XPON[3](index=3&type=chunk) - Expion360 Inc. is identified as an emerging growth company as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934[4](index=4&type=chunk) [Item 2.02. Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) On August 4, 2025, Expion360 Inc. issued a press release to announce its selected preliminary unaudited financial results for the second quarter ended June 30, 2025, furnished as Exhibit 99.1 and not considered "filed" for Section 18 of the Securities Exchange Act of 1934 - The company announced select preliminary unaudited financial results for the second quarter ended June 30, 2025, through a press release issued on August 4, 2025[5](index=5&type=chunk) - The information, including the attached Exhibit 99.1, is being furnished and is not deemed "filed" under Section 18 of the Exchange Act, nor is it subject to the liabilities of that section[6](index=6&type=chunk) [Item 9.01. Financial Statements and Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits included with the Form 8-K filing, primarily the press release (99.1) detailing the company's financial results Exhibits Filed | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release, dated August 4, 2025 | | 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2025 OR ☐ 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 001-37536 Conifer Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organiz ...

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 June 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: 001-42650 RENATUS TACTICAL ACQUISITION CORP I (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | N/A | | --- | - ...

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 June 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: 001-42650 RENATUS TACTICAL ACQUISITION CORP I (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | N/A | | --- | - ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) The financial information section presents the unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for the period ended June 30, 2025, show a significant increase in net loss and cash used in operations compared to the prior year, with substantial doubt about the company's ability to continue as a going concern [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Items (in thousands) | Balance Sheet Items (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $39,510 | $71,637 | | Total current assets | $42,966 | $75,811 | | Total assets | $46,466 | $79,899 | | **Liabilities & Equity** | | | | Total current liabilities | $20,500 | $15,237 | | Total liabilities | $22,965 | $18,225 | | Accumulated deficit | $(288,833) | $(240,869) | | Total stockholders' equity | $23,501 | $61,674 | - Cash and cash equivalents decreased by **44.8%** from **$71.6 million** at the end of 2024 to **$39.5 million** as of June 30, 2025, reflecting significant cash burn from operations[10](index=10&type=chunk) - Total stockholders' equity declined by **61.9%** to **$23.5 million** from **$61.7 million** at year-end 2024, primarily driven by the net loss incurred during the first six months of 2025[10](index=10&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Operating Results (in thousands) | Operating Results (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Research and development | $21,196 | $11,296 | $37,353 | $21,594 | | General and administrative | $5,880 | $4,697 | $11,525 | $9,471 | | **Total operating expenses** | **$27,076** | **$15,993** | **$48,878** | **$31,065** | | Loss from operations | $(27,076) | $(15,993) | $(48,878) | $(31,065) | | **Net loss** | **$(26,723)** | **$(14,583)** | **$(47,964)** | **$(28,311)** | - Net loss for the second quarter of 2025 increased by **83.2%** year-over-year to **$26.7 million**, driven by an **87.6%** increase in Research and Development expenses[13](index=13&type=chunk) Per Share Data | Per Share Data | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss per share, basic and diluted | $(1.74) | $(0.97) | $(3.16) | $(2.00) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (in thousands) | Cash Flow Summary (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(38,295) | $(27,416) | | Net cash provided by (used in) investing activities | $5 | $(182) | | Net cash provided by financing activities | $6,163 | $47,530 | | **Net (decrease) increase in cash** | **$(32,127)** | **$19,932** | | Cash at beginning of period | $72,054 | $87,304 | | **Cash at end of period** | **$39,927** | **$107,236** | - Net cash used in operating activities increased by **39.7%** to **$38.3 million** for the first six months of 2025, compared to **$27.4 million** in the same period of 2024, reflecting higher operating losses[20](index=20&type=chunk) - Cash from financing activities was significantly lower in the first half of 2025 (**$6.2 million** from ATM offering) compared to the first half of 2024 (**$47.5 million** from an underwritten offering), contributing to the large net decrease in cash[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company has concluded that substantial doubt exists about its ability to continue as a going concern, as existing cash and cash equivalents of **$39.5 million** are not sufficient to fund operating plans for at least twelve months from the financial statement issuance date[28](index=28&type=chunk)[30](index=30&type=chunk) - In July 2025, the company implemented a corporate reorganization, including a workforce reduction of approximately **50%**, to extend its cash runway, focusing on briquilimab clinical programs in chronic urticaria and halting other programs, with an estimated cost of **$1.9 million** for the reduction[100](index=100&type=chunk)[101](index=101&type=chunk) - The company operates as a single reportable segment focused on the research and development of therapeutic products for chronic urticaria and asthma, with total program costs of **$25.5 million** for the six months ended June 30, 2025, a **107%** increase from **$12.3 million** in the prior year period[98](index=98&type=chunk)[99](index=99&type=chunk) - The company entered into an Open Market Sale Agreement (ATM Offering) in March 2025, raising net proceeds of approximately **$5.9 million** by June 30, 2025, with **$94.1 million** remaining available under the ATM prospectus as of that date[76](index=76&type=chunk)[77](index=77&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's focus on developing briquilimab for mast cell driven diseases, highlighting recent clinical data, an investigation into a drug product lot, and a subsequent corporate reorganization to extend the cash runway, while reiterating substantial doubt about the company's ability to continue as a going concern [Overview and Recent Developments](index=26&type=section&id=Overview%20and%20Recent%20Developments) - The company is a clinical-stage biotech focused on developing briquilimab, a monoclonal antibody targeting the c-Kit receptor on mast cells for diseases like Chronic Spontaneous Urticaria (CSU), Chronic Inducible Urticaria (CIndU), and asthma[110](index=110&type=chunk)[111](index=111&type=chunk) - An investigation is underway for a specific drug product lot used in the BEACON (CSU) and ETESIAN (asthma) studies, which showed an atypical lack of efficacy in certain patient cohorts, leading to halting enrollment in the ETESIAN study[116](index=116&type=chunk)[119](index=119&type=chunk) - On July 8, 2025, the company implemented a corporate reorganization, reducing its workforce by approximately **50%** to extend its cash runway and focus resources on its chronic urticaria clinical development programs[122](index=122&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Expense Comparison (in thousands) | Expense Comparison (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Research and development | $21,196 | $11,296 | +88% | | General and administrative | $5,880 | $4,697 | +25% | | **Total operating expenses** | **$27,076** | **$15,993** | **+69%** | - The **88%** increase in Q2 2025 R&D expenses was driven by a **$9.6 million** rise in program costs, including a **$4.1 million** increase in CRO expenses and a **$5.1 million** increase in CMO manufacturing costs to support clinical programs[143](index=143&type=chunk)[146](index=146&type=chunk) Expense Comparison (in thousands) | Expense Comparison (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Research and development | $37,353 | $21,594 | +73% | | General and administrative | $11,525 | $9,471 | +22% | | **Total operating expenses** | **$48,878** | **$31,065** | **+57%** | - For the first six months of 2025, R&D expenses grew by **$15.8 million** (**73%**) year-over-year, primarily due to a **$13.2 million** increase in program costs related to advancing the CSU and asthma trials and higher CMO manufacturing expenses[151](index=151&type=chunk)[154](index=154&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, the company had cash and cash equivalents of **$39.5 million**[158](index=158&type=chunk) - Management has concluded there is substantial doubt about the company's ability to continue as a going concern within one year, given recurring losses and the current cash position relative to its operating plan[163](index=163&type=chunk) - The company will need to raise substantial additional funding to continue operations, with future financing potentially coming from equity or debt offerings, collaborations, or other arrangements, though there is no assurance of success[162](index=162&type=chunk)[163](index=163&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes to its market risk during the six months ended June 30, 2025 - There have been no material changes to the company's market risk exposure during the first six months of 2025[182](index=182&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[184](index=184&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[185](index=185&type=chunk) [PART II. OTHER INFORMATION](index=43&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other important information including legal proceedings, updated risk factors, equity sales, other disclosures, and a list of exhibits [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently a party to any material legal proceedings - As of the filing date, the company is not involved in any material legal proceedings[187](index=187&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) This section updates and reiterates key risks to the business, including financial concerns about going concern, operational risks from clinical trial delays and reorganization, reliance on third parties, and market-related risks - **Financial Risk:** The company has a history of significant net losses and negative cash flows, expects to incur losses for the foreseeable future, and has substantial doubt about its ability to continue as a going concern[189](index=189&type=chunk)[201](index=201&type=chunk) - **Clinical Development Risk:** Delays in clinical trials are a major risk, highlighted by the investigation into a drug product lot used in the BEACON and ETESIAN studies that demonstrated an atypical absence of efficacy[206](index=206&type=chunk)[208](index=208&type=chunk) - **Operational Risk:** The July 2025 corporate reorganization and **~50%** workforce reduction may have unintended consequences, such as loss of expertise and reduced morale, and may not achieve the anticipated benefits[203](index=203&type=chunk) - **Third-Party Reliance Risk:** The company relies heavily on third parties like CROs to conduct clinical trials, and failures by these parties, such as potential manufacturing variability in the investigated drug lot, could substantially harm the business[221](index=221&type=chunk)[224](index=224&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[242](index=242&type=chunk) [Item 5. Other Information](index=58&type=section&id=Item%205.%20Other%20Information) During the quarter, no directors or officers adopted or terminated any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements - No directors or officers adopted or terminated a Rule 10b5-1 trading plan during the fiscal quarter ended June 30, 2025[245](index=245&type=chunk) [Item 6. Exhibits](index=59&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer - The report includes a list of exhibits filed, such as corporate governance documents and officer certifications required by the Sarbanes-Oxley Act[246](index=246&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ 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: 001-40060 Longeveron Inc. (Exact name of registrant as specified in its charter) | Delaware | 47-2174146 | | --- | --- | | (State or Other Ju ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 June 30, 2025 OR ☐ 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: 001-39409 KALARIS THERAPEUTICS, INC. (Exact Name of Registrant as Specified in its Charter) | Dela ...

PART I FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements.) Intellinetics' financial statements show decreased assets and liabilities, a widened net loss of $1.30 million, and a 9.7% revenue decline for H1 2025 [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $17.16 million, liabilities fell to $5.59 million due to debt repayment, and equity rose to $11.56 million Condensed Consolidated Balance Sheet Highlights (in USD) | Account | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Current Assets** | $4,602,726 | $5,474,556 | ($871,830) | | Cash | $2,071,475 | $2,489,236 | ($417,761) | | **Total Assets** | **$17,158,385** | **$18,574,956** | **($1,416,571)** | | **Total Current Liabilities** | $4,678,795 | $6,597,773 | ($1,918,978) | | Notes payable - current | $0 | $1,297,448 | ($1,297,448) | | **Total Liabilities** | **$5,594,713** | **$7,943,201** | **($2,348,488)** | | **Total Stockholders' Equity** | **$11,563,672** | **$10,631,755** | **$931,917** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 saw a net loss of $567,590 on 13.6% lower revenues, while H1 2025 net loss widened to $1.30 million with a 9.7% revenue drop Three Months Ended June 30, Performance (in USD) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | $4,010,813 | $4,641,593 | -13.6% | | Gross Profit | $2,726,557 | $3,002,979 | -9.2% | | (Loss) Income from Operations | ($508,478) | $172,106 | -395.4% | | Net (Loss) Income | ($567,590) | $75,050 | -856.3% | | Diluted EPS | ($0.13) | $0.02 | -750.0% | Six Months Ended June 30, Performance (in USD) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | $8,258,158 | $9,148,677 | -9.7% | | Gross Profit | $5,595,757 | $5,902,623 | -5.2% | | (Loss) Income from Operations | ($1,193,037) | $137,626 | -966.9% | | Net (Loss) Income | ($1,295,155) | ($99,664) | -1200.0% | | Diluted EPS | ($0.31) | ($0.02) | -1450.0% | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 operating cash flow significantly decreased to $112,521, leading to an overall cash decrease of $417,761 Six Months Ended June 30, Cash Flow Summary (in USD) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $112,521 | $1,788,381 | | Net cash used in investing activities | ($471,904) | ($398,766) | | Net cash used in financing activities | ($58,378) | ($924,194) | | **Net (decrease) increase in cash** | **($417,761)** | **$465,421** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail segment operations, accounting policies, significant customer concentration, and the full repayment of all outstanding notes payable - The company operates through two reporting segments: Document Management (software solutions) and Document Conversion (services to convert documents, primarily paper to digital)[24](index=24&type=chunk) - All outstanding notes payable to both unrelated and related parties were fully prepaid on June 18, 2025[64](index=64&type=chunk)[67](index=67&type=chunk) - The company has significant customer concentration risk, with the **State of Michigan accounting for 40% of total revenues** for the six months ended June 30, 2025, and 45% for the same period in 2024[83](index=83&type=chunk) Segment Revenue and Gross Profit (Six Months Ended June 30) | Segment | Revenue 2025 | Revenue 2024 | Gross Profit 2025 | Gross Profit 2024 | | :--- | :--- | :--- | :--- | :--- | | Document Management | $3,961,838 | $3,679,508 | $3,414,744 | $3,175,430 | | Document Conversion | $4,296,320 | $5,469,169 | $2,181,013 | $2,727,193 | | **Total** | **$8,258,158** | **$9,148,677** | **$5,595,757** | **$5,902,623** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses H1 2025 revenue decline due to customer volume and sales cycles, increased operating expenses, and debt repayment [Executive Overview of Results](index=25&type=section&id=Executive%20Overview%20of%20Results) H1 2025 revenues decreased 9.7% to $8.26 million, with SaaS growth offset by a $1.30 million net loss due to volume and sales cycle issues - Revenue decline was caused by a temporary volume reduction in the document conversion segment before a major contract renewal and longer sales lead times in the document management segment due to economic uncertainty[94](index=94&type=chunk) Key Financial Results for Six-Month Period 2025 | Metric | H1 2025 | YoY Change | | :--- | :--- | :--- | | Revenues | $8,258,158 | -9.7% | | SaaS Revenues | $3,119,273 | +11.2% | | Cost of Revenues | $2,662,401 | -18.0% | | Operating Expenses | $6,788,794 | +17.8% | | Loss from Operations | ($1,193,037) | N/A (vs. income of $137,626) | | Net Loss | ($1,295,155) | N/A (vs. loss of $99,664) | [Results of Operations](index=27&type=section&id=Results%20of%20Operations) H1 2025 revenues declined 9.7% due to professional services, offset by SaaS growth, while gross profit margin improved and operating expenses rose - **SaaS revenues increased by 11.2%** in H1 2025 compared to H1 2024, primarily due to new payables automation customers[102](index=102&type=chunk) - Professional services revenues decreased by **21.4%** in H1 2025, mainly from reduced scanning projects in the Document Conversion segment related to the timing of a contract renewal with its largest customer[103](index=103&type=chunk) - Overall gross profit percentage increased from **64.5% in H1 2024 to 67.8% in H1 2025**, attributed to a favorable revenue mix with a higher proportion of high-margin SaaS revenue[107](index=107&type=chunk) - Operating expenses rose due to investments in scaling, including expanded SOC2 processes, a larger development team, and an expanded sales team[112](index=112&type=chunk)[115](index=115&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds $2.1 million in cash, fully repaid debt in June 2025, and believes current capital resources are sufficient for 12 months - The company had **$2.1 million in cash and cash equivalents** as of June 30, 2025[120](index=120&type=chunk) - All outstanding notes payable were repaid in full on June 18, 2025[122](index=122&type=chunk) - The company initiated an 'at-the-market' (ATM) offering program, with approximately **$8.2 million remaining available** as of the filing date[121](index=121&type=chunk) - Net cash provided by operating activities for H1 2025 was **$112,521**, a significant decrease from $1,788,381 in H1 2024[124](index=124&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) This section is not applicable as Intellinetics, Inc. is classified as a smaller reporting company - Not applicable to smaller reporting companies[129](index=129&type=chunk) [Controls and Procedures](index=29&type=section&id=ITEM%204.%20Controls%20and%20Procedures.) Management concluded the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[131](index=131&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[133](index=133&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=30&type=section&id=ITEM%201.%20Legal%20Proceedings.) The company reported no legal proceedings during the period - None[136](index=136&type=chunk) [Risk Factors](index=30&type=section&id=ITEM%201A.%20Risk%20Factors.) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - There have been no material changes to the risk factors from the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[137](index=137&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) The company reported no unregistered sales of equity securities during the period - None[138](index=138&type=chunk) [Other Information](index=30&type=section&id=ITEM%205.%20Other%20Information.) No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter - No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[141](index=141&type=chunk) [Exhibits](index=30&type=section&id=ITEM%206.%20Exhibits.) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including the At the Market Offering Agreement, the contract with the State of Michigan, and various officer certifications

Spectral AI Announces 2025 Second Quarter Financial Results Exhibit 99.1 Q2 Overview DALLAS, TX – August 12, 2025 - Spectral AI, Inc. (Nasdaq: MDAI) ("Spectral AI" or the "Company"), an artificial intelligence (AI) company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, today announced financial results for the second quarter ended June 30, 2025 and provided an update on its ongoing business activities. SELECT BUSINESS HIGHLIGHTS Corporate The Company completed ...