Revenue Performance - Revenues for Q3 2025 were $36.1 million, an increase of $1.5 million (4%) compared to $34.6 million in Q3 2024[105] - Managed services revenue increased to $15.7 million, up approximately $3.5 million from $12.2 million in the same period last year[105] - For the nine-month period ended September 30, 2025, total revenues were $108.2 million, an increase of $3.4 million (or 3.2%) compared to $104.9 million in the same period in 2024[119] - Carrier services revenue increased by $2.8 million to $65.0 million, attributed to growth in the number of phone lines under management for federal government customers[120] Profitability - Gross profit for Q3 2025 was $5.3 million (15% of revenues), compared to $4.7 million (14% of revenues) in Q3 2024[111] - Gross profit for the nine-month period ended September 30, 2025, increased by $0.9 million to $15.2 million, maintaining a gross margin of 14%[123][125] Expenses - Cost of revenues for Q3 2025 was $30.8 million (85% of revenues), an increase from $29.9 million (86% of revenues) in Q3 2024[110] - General and administrative expenses were $4.8 million (13% of revenues), compared to $4.4 million (13% of revenues) in Q3 2024, primarily due to inflationary pressures and additional headcount[114] - General and administrative expenses were $14.5 million (or 13% of revenues), up from $13.3 million (or 13% of revenues) in the same period in 2024, primarily due to inflationary pressures and additional headcount[126] Net Loss - Net loss for the nine-month period ended September 30, 2025, was $1.9 million, consistent with a net loss of $1.6 million for the same period in 2024[130] Cash Flow - Cash provided by operations for the nine months ended September 30, 2025, was approximately $5.8 million, a significant increase from a net cash used in operations of $0.8 million in the same period in 2024[134] - Cash used in investing activities was approximately $0.1 million for the nine months ended September 30, 2025, primarily for purchases of property and equipment[137] - Cash used in financing activities was approximately $0.5 million, reflecting line of credit advances and payments of $2.8 million[138] Strategic Focus - The company is focusing on expanding its marketplace share and improving sustainability through technology investments and new sales initiatives[101] - The company plans to explore integration of artificial intelligence into its solutions to enhance information security and service delivery[107] Contractual Obligations - The DHS CWMS 2.0 ID/IQ contract is up for renewal in November 2025, with a potential six-month extension announced[96] Working Capital - At September 30, 2025, net working capital was approximately $2.2 million, slightly down from $2.4 million at December 31, 2024[133]

Clinical Trials and Research - The Company initiated the VERSATILE-003 Phase 3 clinical trial for PDS0101 (Versamune® HPV) in HPV16-positive first-line treatment of recurrent/metastatic head and neck squamous cell carcinoma, aiming to enroll 351 patients[94]. - The colorectal cancer cohort of the Phase 2 trial with PDS01ADC met pre-defined criteria for expansion to stage 2 following positive stage 1 results[94]. - The estimated 12-month overall survival rate for the ICI naïve cohort in the VERSATILE-002 trial was 87.1%, significantly higher than the published results of 36-50% for approved ICIs used alone[105]. - The median progression-free survival (PFS) in the ICI naïve cohort was reported at 10.4 months, compared to published results of 2-3 months for approved ICIs[105]. - The disease control rate in the ICI naïve cohort was 70.6%, with a confirmed and unconfirmed objective response rate of 41.2%[105]. - The Company plans to investigate a triple combination of PDS0101 + PDS01ADC + pembrolizumab as a first-line treatment in HPV16-positive recurrent/metastatic HNSCC[107]. - The Company has requested a meeting with the FDA to seek an expedited pathway for the VERSATILE-003 trial, proposing to include progression-free survival as an early primary endpoint[96]. - The Company completed enrollment in the ICI naïve arm of the VERSATILE-002 trial in May 2023 and filed an amended IND with the FDA in Q3 2023[102]. - The Company reported that 60% of patients in the VERSATILE-002 trial had a CPS score of 1-19, indicating a generally weaker response to Keytruda®[105]. - The Company announced a temporary pause to VERSATILE-003 during the FDA's review of the proposed changes to the trial's design[96]. - Median Overall Survival (mOS) was 30 months, with a lower 95% confidence interval of 19.7 months; published mOS for pembrolizumab is 12-18 months[111]. - Objective Response Rate (ORR) of 36% (19/53); published ORR for pembrolizumab is 19-25%[111]. - Disease Control Rate (DCR) is 77% (41/53)[111]. - Median Progression-Free Survival (mPFS) was 6.3 months overall; 14.1 months for patients with CPS≥20[116]. - 75% of immune checkpoint inhibitor (ICI) naïve patients remain alive at 36 months; published median overall survival in similar patients is 7-11 months[117]. - Significant tumor shrinkage with confirmed ORR of 75% in HPV16-positive immune checkpoint inhibitor naïve patients; historically published result is 11-24%[122]. - Earlier and greater proportion of ctDNA clearance with PDS0101 plus chemoradiation (CRT) vs. SOC CRT alone (81.3% clearance after 3 weeks vs. 30.3% with SOC, p=0.0018)[123]. - Decrease in PSA levels was seen in all patients at all three tested doses of PDS01ADC, with 61% of patients having at least a 60% decrease in PSA levels[129]. - The combination of PDS0101 and Keytruda® appeared to be well tolerated, with 11% of patients experiencing Grade 3 treatment-related adverse events[110]. - 21% of patients had deep tumor responses and shrinkage of 90-100%[111]. Financial Performance - As of September 30, 2025, the company reported net losses of $26.9 million and $29.7 million for the nine months ended September 30, 2025 and 2024, respectively, with an accumulated deficit of $209.0 million[131][138]. - The company had $26.2 million in cash and cash equivalents as of September 30, 2025[132]. - Research and development expenses decreased to $4.6 million for the three months ended September 30, 2025, down from $6.8 million for the same period in 2024, representing a 33% decrease[142][143]. - General and administrative expenses increased to $3.6 million for the three months ended September 30, 2025, up from $3.4 million in 2024, a 6% increase[142][144]. - Total operating expenses for the three months ended September 30, 2025, were $8.1 million, a decrease of 20% from $10.2 million in 2024[142]. - The net loss for the three months ended September 30, 2025, was $9.0 million, a 16% improvement from the $10.7 million loss in 2024[142]. - For the nine months ended September 30, 2025, research and development expenses totaled $14.6 million, down 19% from $18.0 million in 2024[146][147]. - The company sold 2,237,941 shares of common stock for a net value of $3.0 million during the nine months ended September 30, 2025[152]. - The company expects significant increases in research and development expenses as it advances its clinical candidates and prepares for potential commercial launches[140]. - The company has not generated any revenues from commercial product sales and does not expect to do so in the near future[138]. - The company received $24.6 million in net proceeds from a Loan and Security Agreement with Horizon Technology Finance Corporation[153]. - Approximately $0.9 million was received from the net sale of tax benefits for tax year 2022[154]. - The company raised approximately $11 million in gross proceeds from the February 2025 Offering, with net proceeds of approximately $10.05 million[156]. - As of September 30, 2025, the company had $26.2 million in cash and cash equivalents, primarily used for operating expenses and research and development[159]. - Net cash used in operating activities was $24.0 million for the nine months ended September 30, 2025, a decrease from $26.8 million in 2024[165]. - The company anticipates continued losses as it develops and seeks regulatory approvals for its product candidates, with no product revenue generated to date[168]. - The company has substantial doubt about its ability to continue as a going concern for at least 12 months from the issuance of its financial statements[162]. - Net cash provided by financing activities decreased by $11.4 million for the nine months ended September 30, 2025, primarily due to a decrease in proceeds from the Loan and Security Agreement[167]. - The company plans to fund operations through existing cash and additional equity and/or debt financing, but there is uncertainty regarding the availability of such financing[161]. - The company has no material non-cancelable purchase commitments with service providers, operating on a cancelable basis[172].

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 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: 001-42142 GRAF GLOBAL CORP. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | N/A | | --- | --- | ...

Enrollment Statistics - As of September 30, 2025, High Desert Medical College had 2,263 students enrolled in its programs[157] - As of September 30, 2025, Central Coast College had 549 students enrolled in its programs[159] - As of September 30, 2025, Integrity College of Health had 220 students enrolled in its programs[160] - As of September 30, 2025, Contra Costa Medical Career College had 463 students enrolled in its programs[161] Regulatory Environment - The company is currently evaluating the impact of new regulations on its business, including those related to Title IV programs[162] - The company expects new regulations from the RISE and AHEAD Committees to impact its operations, effective July 1, 2026[166] - The company is subject to regulatory changes that could materially affect its student population and revenues[166] - The company satisfied the composite score requirement of the financial responsibility test necessary to participate in Title IV Programs[203] Financial Performance - Revenue for the three months ended September 30, 2025, was approximately $19.4 million, an increase of approximately $5.4 million or 38.5% compared to $14.0 million for the same period in 2024, primarily due to increased enrollment[193] - Educational services expense increased to approximately $10.3 million for the three months ended September 30, 2025, up approximately $3.1 million or 43.3% from $7.2 million in the same period in 2024, driven by increased instructional and staffing costs[194] - General and administrative expense rose to approximately $6.1 million for the three months ended September 30, 2025, an increase of approximately $2.1 million or 54% compared to $4.0 million in the same period in 2024, largely due to higher marketing costs and professional fees[195] - Net income for the three months ended September 30, 2025, was approximately $2.2 million, a slight increase of approximately $0.1 million or 0.05% from $2.1 million in the same period in 2024[197] Cash Flow and Capital Expenditures - Cash and cash equivalents were approximately $20.6 million as of September 30, 2025, compared to $21.5 million as of September 30, 2024[198] - Net cash provided by operating activities decreased to approximately $1.1 million for the three months ended September 30, 2025, down from $3.2 million in the same period in 2024, primarily due to increases in accounts receivable and prepaid expenses[204] - Capital expenditures remained constant at approximately $0.2 million for both the three months ended September 30, 2025, and 2024[200] - Net cash used by financing activities was approximately $0.5 million for the three months ended September 30, 2025, compared to net cash provided of approximately $8.2 million in the same period in 2024, mainly due to debt reduction and lease payments[206] Inflation and Growth Status - The company has not experienced a material impact from inflation on its results of operations for the three months ended September 30, 2025, and 2024[208] - The company intends to rely on exemptions provided by the JOBS Act as an "emerging growth company" until it reaches total annual gross revenues of $1.235 billion or more[213] - The company will remain classified as an "emerging growth company" until the earliest of several conditions, including the issuance of more than $1 billion in nonconvertible debt in the previous three years[213] - The company is not required to provide certain market risk disclosures as it qualifies as a "smaller reporting company" under the Exchange Act[214] Acquisitions - The company has acquired multiple institutions, including Contra Costa Medical Career College in December 2024[156] Seasonal Trends - The company experienced seasonal trends, with increased enrollments typically in the first and third quarters of the fiscal year[180]

Financial Performance - Total revenue for Q3 2025 was $3.5 million, representing a 19% increase compared to Q3 2024[5] - Gross profit increased to $1.9 million, up by $0.3 million or 16% year-over-year, with a gross margin of 54%[5] - The company reported a net loss of $7.9 million for Q3 2025, compared to a net loss of $5.8 million in Q3 2024[17] - Net loss for the period was $17,921,000, compared to a loss of $15,259,000 in the previous year, indicating a year-over-year increase in losses of approximately 17.5%[19] - Net cash used in operating activities was $15,178,000, slightly higher than $14,692,000 in the prior year, reflecting ongoing operational challenges[19] Cash and Financing - Cash and cash equivalents totaled $17.8 million as of September 30, 2025, following an IPO that generated net proceeds of $23.4 million[8] - Cash and cash equivalents at the end of the period increased to $17,787,000 from $9,799,000, representing a significant improvement of approximately 81%[19] - Net cash provided by financing activities was $23,589,000, a substantial increase from $10,073,000 in the previous year, driven by proceeds from the IPO and other financing activities[19] Operating Expenses - Operating expenses rose to $9.9 million, an increase of $2.5 million from Q3 2024, primarily due to R&D and administrative costs[6] - The company reported a depreciation and amortization expense of $161,000, up from $155,000, indicating continued investment in assets[19] - Stock-based compensation rose significantly to $629,000 from $43,000, reflecting increased employee incentives and potential future costs[19] - Accounts payable increased to $596,000 from $226,000, suggesting a rise in short-term obligations[19] - The company recorded a loss on disposal of property and equipment amounting to $1,000, indicating asset management challenges[19] - Cash paid for income taxes was $7,000, slightly higher than $6,000 in the previous year, reflecting minimal tax obligations[19] Business Development - New accounts grew by 31% in Q3 2025 compared to the same quarter in 2024[7] - CapsoCam Plus® has been used by over 151,000 patients as of September 30, 2025[7] - The company submitted an application to the FDA for Breakthrough Device Designation for its endoscopy capsule aimed at early-stage pancreatic cancer detection[7] - CapsoVision entered into a development agreement with Canon Inc. for higher-resolution CMOS image sensors for future capsule endoscopes[7] Share Information - The weighted average common shares outstanding for Q3 2025 was 46,217,127[17] Currency Impact - The effect of exchange rate changes on cash and cash equivalents contributed an increase of $139,000, highlighting the impact of currency fluctuations on cash positions[19]

Financial Performance - Relmada reported a net loss of approximately $37.5 million for the nine months ended September 30, 2025, with an accumulated deficit of about $678.4 million[147]. - The net loss for the three months ended September 30, 2025, was approximately $10.09 million, compared to a net loss of $21.73 million for the same period in 2024, representing a decrease of about 53%[156]. - The net loss for the nine months ended September 30, 2025, was approximately $37.52 million, compared to $61.32 million for the same period in 2024, a decrease of about 39%[163]. - The company incurred negative operating cash flows of $31.19 million for the nine months ended September 30, 2025, compared to $42.96 million for the same period in 2024, a reduction of about 27%[170]. - The company reported a decrease in interest/investment income to approximately $247,000 for the three months ended September 30, 2025, down from $856,500 in 2024, a decline of about 71%[155]. - The company had a cash decrease of $2.47 million for the nine months ended September 30, 2025, compared to a decrease of $2.61 million for the same period in 2024[170]. - The company expects to incur additional losses until it can generate significant revenue from the commercialization of its product candidates[167]. Research and Development - The lead product NDV-01 is currently in a Phase 2 clinical trial for aggressive non-muscle invasive bladder cancer (NMIBC), with a complete response rate of 92% at any time and 85% at nine months[139][138]. - Sepranolone, a novel neurosteroid, is expected to initiate a Phase IIb study in Prader-Willi Syndrome in the first half of 2026[125][132]. - The company plans to initiate Phase III programs for NDV-01 targeting high-risk, second-line BCG-unresponsive NMIBC and intermediate-risk patients in the adjuvant setting in the first half of 2026[143]. - NDV-01 allows for a single administration in less than 10 minutes, providing sustained localized chemotherapy for up to 10 days, enhancing therapeutic effects while improving patient convenience[134][135]. - In a Phase 2a study, Sepranolone demonstrated a 28% reduction in tic severity as measured by the YGTSS scoring system, with no off-target CNS effects observed[131][130]. - The ongoing Phase 2 study of NDV-01 involved 36 patients, with 61% experiencing treatment-related adverse events, primarily transient dysuria[138]. Intellectual Property - The company has over 40 issued patents related to Sepranolone and more than 10 issued patents related to NDV-01, potentially providing market exclusivity beyond 2030 and 2038, respectively[149][150]. Strategic Changes - Relmada has restructured its development strategy to focus on acquiring new candidates while pausing work on esmethadone, aiming to diversify its development pipeline[122]. - The FDA has provided feedback indicating that a single-arm trial for NDV-01 in BCG-unresponsive patients may be acceptable, with further discussions planned[141]. Expenses - Research and development expenses for the three months ended September 30, 2025, decreased to approximately $4.04 million from $11.15 million for the same period in 2024, a reduction of about 64%[154]. - General and administrative expenses for the three months ended September 30, 2025, decreased to approximately $6.29 million from $11.86 million for the same period in 2024, a reduction of about 53%[154]. - For the nine months ended September 30, 2025, research and development expenses were approximately $18.81 million, down from $35.18 million in 2024, a decrease of about 53%[161]. Financing Activities - The company closed an underwritten offering of 40,142,000 shares at an offering price of $2.20 per share, generating net proceeds of approximately $94 million[168].

Financial Results - Tamboran Resources Corporation announced its financial and operating results for the quarter ended September 30, 2025[3] - The earnings presentation and press release were issued on November 13, 2025, detailing the company's performance[3] Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[2]

Financial Performance - Revenues for the nine months ended September 30, 2025, were $2,000,000, with a gross profit of $13,000, compared to no revenues in the same period of 2024 [25]. - Net income for the nine months ended September 30, 2025, was $54,007,000, a significant improvement from a net loss of $8,904,000 in 2024 [25]. - Basic income per share of common stock was $1.30 for the nine months ended September 30, 2025, compared to a loss of $0.22 in the same period of 2024 [25]. - The company recognized $665,000 in other income for the nine months ended September 30, 2025, compared to $0 in 2024 [208]. - Gross profit for the nine months ended September 30, 2025, was $13,000, indicating a significant increase from $0 in 2024 [208]. - Cost of revenue for the nine months ended September 30, 2025, was $1,987,000, with no costs reported for the same period in 2024 [212]. Assets and Equity - Total assets increased to $220,493,000 as of September 30, 2025, compared to $155,278,000 in 2024, representing a growth of 42% [22]. - Total stockholders' equity rose to $203,282,000 as of September 30, 2025, up from $146,265,000 in 2024, reflecting an increase of 39% [22]. - Cash and cash equivalents decreased to $52,179,000 as of September 30, 2025, from $54,420,000 in 2024, a decline of approximately 4% [22]. - Long-term liabilities increased to $12,044,000 as of September 30, 2025, compared to $4,246,000 in 2024, representing a rise of 184% [22]. Research and Development - Research and development expenses decreased to $4,393,000 for the nine months ended September 30, 2025, from $4,863,000 in 2024, indicating a reduction of approximately 10% [25]. - Research and development expenses for the three months ended September 30, 2025, decreased by 49% to approximately $1,153,000 compared to $2,242,000 in 2024 [218]. - The company has commitments to pay a total of $11,577 to a Clinical Research Organization for services related to its Phase 3 clinical trial, with $1,726 recognized in research and development expenses through September 30, 2025 [138]. Cash Flow and Investments - The total net cash used in operating activities for the nine months ended September 30, 2025, was $8,679,000, an increase from $6,501,000 in the prior year [32]. - The company reported a net cash provided by investing activities of $7,127,000 for the nine months ended September 30, 2025, compared to $90,393,000 in 2024 [32]. - The company holds investments in marketable securities, including $532 in DNA, $224 in Entera, and $4,200 in Pelthos as of September 30, 2025 [65]. - The company entered into a Profit Sharing Loan Agreement, loaning NIS 5.5 million ($1,523) to finance a real estate project, with potential returns of 20% annual interest or 40% of project profits [107][108]. Stock and Shareholder Activities - Stock-based compensation for the nine months ended September 30, 2025, was $3,708,000, compared to $2,824,000 in 2024 [32]. - The company repurchased and retired common stock amounting to $732,000 in the nine months ended September 30, 2025 [32]. - The company entered into a share repurchase agreement to buy back 1,155,367 shares at a price of $2.23 per share, totaling $2,576,000 [166]. - The Company repurchased 329,243 shares of its common stock for a total amount of $732 during the nine months ended September 30, 2025, under its stock buyback program [151]. Joint Ventures and Agreements - The company has a joint venture with Hefei Tianhui Biotech Co., Ltd. aimed at developing oral insulin, although the agreement was terminated on October 23, 2025 [37][38]. - The company entered into a binding term sheet for a license and development agreement with Scilex regarding lidocaine products, including ZTLido, with a focus on global net sales [183]. - A joint venture, RoyaltyVest Ltd., was formed to operate under the agreement, with the company holding 50% of the shares [184]. - RoyaltyVest entered into a ZTLido License Agreement with Scilex, acquiring exclusive rights to develop lidocaine-based products, sharing net profits equally [117][118]. Financial Transactions and Valuations - The fair value of the Company's investments in Scilex was $50,460, including $33,832 from notes and $14,660 from warrants as of September 30, 2025 [100]. - The fair value of the Tranche B Note was less than the aggregate unpaid principal balance by $4,086 thousand as of September 30, 2025 [94]. - The Company received $3,722 thousand in repayments from Scilex in April 2025, consisting of $3,125 thousand principal and $597 thousand accrued interest [94]. - The fair value of Alpha Tau's ordinary shares held by the Company was determined to be $4.51 as of September 30, 2025, up from $2.612 on April 24, 2025 [131]. Future Plans and Commitments - The company plans to initiate a 60-patient clinical trial in the U.S. to validate its oral insulin formulation in high-responder populations, aiming for a clinically meaningful outcome of over 1% reduction in HbA1c [172]. - The company approved real estate investments of up to $30 million to leverage opportunities in the current market [199]. - The company entered into a loan agreement for the Hapisga Project with a total amount of up to $22.65 million, secured by significant collateral [203].

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 ☐ 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: 001-42164 SIM Acquisition Corp. I (Exact name of registrant as specified in its charter) Cayman Islands 35-2838851 (State or ot ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number: 001-42164 SIM Acquisition Corp. I (Exact name of registrant as specified in its charter) Cayman Islands 35-2838851 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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (State or ot ...