Financial Performance - FY26 Q2 net income increased by $1.4 million year-over-year to $0.08 per share[1] - Consolidated revenue for Q2 was $9.1 million, a 2% increase primarily due to higher revenue at Stadco[4] - Consolidated gross profit for Q2 was $2.5 million, an increase of $1.4 million driven by improved operating performance at both Ranor and Stadco[4] - Operating income for Q2 was $0.9 million, compared to a loss of $0.5 million in the same period a year ago[4] - Consolidated revenue for the three months ended September 30, 2025, was $9,086,000, a 2% increase from $8,946,000 in the same period of 2024[23] - Gross profit for the six months ended September 30, 2025, reached $3,488,000, representing a 179% increase compared to $1,253,000 in 2024[23] - Net income for the six months ended September 30, 2025, was $228,000, a significant recovery from a net loss of $2,061,000 in the same period of 2024[25] - EBITDA for the three months ended September 30, 2025, was $1,644,000, compared to $209,000 in 2024, marking a substantial increase[26] Revenue and Cost Analysis - Cost of revenue decreased by 16% to $6.6 million, attributed to a favorable product mix at both Ranor and Stadco[4] - Cost of revenue for the three months ended September 30, 2025, decreased to $6,628,000, down 16% from $7,932,000 in 2024[23] - Ranor's revenue for the three months ended September 30, 2025, was $4,373,000, a 9% decrease from $4,790,000 in 2024[23] - Stadco's revenue for the three months ended September 30, 2025, increased by 14% to $4,819,000 from $4,223,000 in 2024[23] Cash and Debt Management - Total debt as of September 30, 2025, was $7.3 million, down from $7.4 million on March 31, 2025[6] - Cash and cash equivalents increased to approximately $0.2 million as of September 30, 2025, from $0.2 million on March 31, 2025[6] - Cash and cash equivalents at the end of the period were $220,000, up from $132,000 at the end of the same period in 2024[25] - The company reported a net cash used in operating activities of $436,000 for the six months ended September 30, 2025, compared to $425,000 in 2024[25] - The company incurred $2,245,000 in capital expenditures for property, plant, and equipment during the six months ended September 30, 2025[25] Expenses - SG&A expenses for Q2 were $1.5 million, a 1% increase due to higher compensation costs[4] - Interest expense increased by 12% primarily due to interest costs for revolver loan borrowings[4] Backlog - Backlog reached $47.8 million as of September 30, 2025, with expectations for delivery over the next one to three fiscal years[3]

Revenue Performance - Total revenue for the three months ended September 30, 2025, decreased by $1.8 million to $7.6 million, compared to $9.4 million for the same period in 2024, representing a 19% decline [124]. - Subscription revenue for the three months ended September 30, 2025, decreased by $0.7 million, primarily due to a $0.8 million decrease from the expiration of a commercial contract in April 2025 [131]. - Service revenue for the three months ended September 30, 2025, decreased by $1.1 million, reflecting $0.7 million lower government service revenue from Central Banks and $0.4 million lower commercial service revenue [124]. - Total revenue for the nine months ended September 30, 2025, decreased by $4.8 million to $25.0 million, compared to $29.8 million for the same period in 2024, a 16% decrease [125]. - Subscription revenue for the nine months ended September 30, 2025, decreased by $2.9 million, primarily due to a $3.5 million decrease from the expiration of commercial contracts [132]. - Total revenue decreased by $1.8 million (19%) for the three months ended September 30, 2025, with domestic revenue increasing by $0.3 million (15%) and international revenue decreasing by $2.1 million (28%) [136]. - Annual Recurring Revenue (ARR) decreased by $2.9 million (15%) from September 30, 2024, to September 30, 2025, reflecting the expiration of a commercial contract that accounted for $3.5 million of ARR [145]. - Commercial subscription revenue decreased by $0.7 million (14%) for the nine months ended September 30, 2025, compared to the same period in 2024 [141]. - Government service revenue decreased by $1.9 million (20%) for the three months ended September 30, 2025, primarily due to lower revenue from Central Banks [144]. Operating Expenses - Total operating expenses for the three months ended September 30, 2025, decreased by $4.5 million to $12.8 million, compared to $17.3 million for the same period in 2024 [127]. - Total operating expenses for the nine months ended September 30, 2025, decreased by $7.1 million to $44.1 million, compared to $51.2 million for the same period in 2024 [128]. - The company anticipates expenses in fiscal 2025 to be significantly lower than in fiscal 2024, with cash expenses reduced by approximately $16.5 million on an annualized basis due to a reorganization [126]. - Sales and marketing expenses decreased by $2.8 million (49%) for the three months ended September 30, 2025, compared to the same period in 2024, representing 37% of total revenue [156]. - Sales and marketing expenses decreased by $2.8 million for the three months ended September 30, 2025, and by $5.6 million for the nine months ended September 30, 2025, compared to the same periods in 2024 [157]. - Research, development, and engineering expenses decreased by $2.2 million (33%) for the three months and by $3.4 million (17%) for the nine months ended September 30, 2025, compared to the same periods in 2024 [161]. - General and administrative expenses increased by $0.5 million (10%) for the three months and by $1.9 million (14%) for the nine months ended September 30, 2025, compared to the same periods in 2024 [164]. - Stock-based compensation expense increased by $1.2 million (43%) for the three months and by $1.0 million (12%) for the nine months ended September 30, 2025, compared to the same periods in 2024 [166]. - Cash compensation costs decreased by $2.5 million for the three months and by $5.4 million for the nine months ended September 30, 2025, largely due to lower headcount [158]. Profitability Metrics - Gross profit decreased by $1.5 million (25%) for the three months ended September 30, 2025, primarily due to lower revenue, partially offset by lower cost of service revenue [150]. - Total gross profit margin decreased from 62% in 2024 to 58% in 2025 for the three months ended September 30 [149]. - Non-GAAP gross profit for Q3 2025 decreased by $1.2 million to $6.213 billion compared to Q3 2024, primarily due to lower revenue [182]. - Non-GAAP gross profit margin for Q3 2025 increased to 81% from 79% in Q3 2024, reflecting a more favorable mix of service revenue [183]. - Non-GAAP operating expenses for Q3 2025 decreased by $5.5 million to $8.611 billion compared to Q3 2024, mainly due to lower cash compensation costs [185]. - Non-GAAP net loss for Q3 2025 was $2.186 billion, a decrease from $6.040 billion in Q3 2024 [181]. Cash Flow and Financial Position - Cash used in operating activities for the nine months ended September 30, 2025, decreased by $9.6 million to $12.770 billion compared to the same period in 2024 [191]. - Working capital as of September 30, 2025, was $12.319 billion, down from $30.193 billion at December 31, 2024 [187]. - Cash, cash equivalents, and short-term marketable securities decreased by $16.2 million to $12.562 billion from December 31, 2024 [188]. Future Outlook and Financing - The company expects government service revenue in fiscal 2025 to be $1.7 million to $1.8 million lower than in fiscal 2024 due to a smaller approved budget by Central Banks [123]. - The reorganization announced on February 26, 2025, is expected to reduce cash expenses by approximately $16.5 million on an annualized basis [199]. - The company may seek additional financing to support growth initiatives and fund acquisitions, although future financing may not be available on satisfactory terms [204]. - Forward-looking statements indicate expectations regarding future revenue trends and anticipated expenses, which are subject to uncertainties [205]. - The company does not undertake any obligation to publicly update or revise forward-looking statements after the filing date of the Quarterly Report [207]. Stock and Securities - The company issued 929 thousand shares of common stock at $35.00 per share, resulting in gross cash proceeds of $32.5 million from the registered direct offering [200]. - The 2025 Employee Stock Purchase Plan allows eligible employees to contribute up to 15% of their salary for purchasing common stock at a discounted price, with 250 thousand shares reserved for this plan [201]. - An amendment to the 2018 Stock Incentive Plan was approved, increasing the number of shares authorized for issuance by 950 thousand shares [202]. - A new shelf registration statement was filed, allowing the company to sell securities up to $100.0 million, with $67.5 million remaining available as of September 30, 2025 [203].

FORM 10-Q ☒ 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 001-42190 DAMON INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in its charter) British Columbia N/A (State or o ...

Financial Performance - Net income for the nine months ended September 30, 2025, was $13.38 million, a significant decrease from $230.00 million in the same period of 2024[32]. - General and administrative expenses rose to $9.50 million for the nine months ended September 30, 2025, up from $6.46 million in 2024, representing an increase of approximately 47.5%[31]. - The company reported a loss from operations of $10.36 million for the nine months ended September 30, 2025, compared to a loss of $63.11 million in the same period of 2024[31]. - Cash, cash equivalents, and restricted cash decreased to $26.01 million at the end of September 2025, down from $30.69 million at the end of September 2024[32]. - The company incurred a change in fair value of Earnout Shares liability amounting to a loss of $17.38 million for the nine months ended September 30, 2025[32]. - Research and development expenses for the nine months ended September 30, 2025, were $781,066, a decrease from $1.81 million in 2024[31]. - The weighted average Class A common stock outstanding increased to 58,598,923 for the nine months ended September 30, 2025, compared to 45,981,155 in 2024[31]. - The company reported total liabilities of $86.38 million as of September 30, 2025, down from $117.74 million on December 31, 2024[30]. - The net cash used in operating activities for the nine months ended September 30, 2025, was $4.04 million, compared to $21.56 million in the same period of 2024[32]. - Total assets increased to $372.73 million as of September 30, 2025, compared to $369.85 million on December 31, 2024, reflecting a growth of approximately 0.5%[30]. Business Development - AirJoule Technologies reported a strong balance sheet with $26.0 million in cash, cash equivalents, and restricted cash, providing substantial financial flexibility for commercialization efforts[18]. - The company made a $2.75 million capital contribution to its joint venture with GE Vernova, which is crucial for productization and commercialization activities[17]. - AirJoule is advancing the productization of its A250 system for commercial-scale deployment, focusing on reliability and maximizing water productivity ahead of 2026[13]. - The company is engaged in commercial discussions for multi-unit AirJoule systems, utilizing a Water Purchase Agreement model to create recurring revenue streams[11][12]. - A field demonstration in Hubbard, TX, is generating data that validates AirJoule's performance and accelerates commercial adoption across industrial applications[3]. - AirJoule's partnership with the Net Zero Innovation Hub for Data Centers positions the company at the forefront of sustainable infrastructure for next-generation data centers[4]. - The collaboration with the U.S. Army Engineer Research and Development Center aims to validate AirJoule's technology for military applications, potentially informing procurement decisions by the Department of Defense[6][7]. - AirJoule's water production process incorporates three purification steps, yielding distilled water that meets EPA and FDA standards, providing a competitive advantage in the market[10]. - The company is expanding its manufacturing capabilities with a new facility in Newark, Delaware, to support productization and commercial-scale production[14]. - AirJoule expects to generate initial revenues across multiple pathways, including data centers, industrial, and defense applications, as customer discussions progress[19][20].

Financial Position - AirJoule Technologies reported a strong cash position of $26.0 million at the end of Q3 2025, providing substantial financial flexibility for commercialization efforts[18]. - Total assets increased to $372.73 million as of September 30, 2025, compared to $369.85 million on December 31, 2024, reflecting a growth of approximately 0.5%[30]. - Cash, cash equivalents, and restricted cash decreased to $26.01 million at the end of September 2025 from $30.69 million at the end of September 2024, a decline of approximately 15.5%[32]. - Total liabilities decreased to $86.38 million as of September 30, 2025, from $117.74 million on December 31, 2024, a reduction of approximately 26.6%[30]. Revenue and Income - Net income for the nine months ended September 30, 2025, was $13.38 million, a significant decrease from $230.00 million in the same period of 2024[32]. - The company reported a loss from operations of $10.36 million for the nine months ended September 30, 2025, compared to a loss of $63.11 million in the same period of 2024[31]. - The company reported a basic net loss per share of $0.07 for the three months ended September 30, 2025, compared to a net income of $0.63 per share in the same period of 2024[31]. - Cash flows from operating activities resulted in a net cash used of $4.04 million for the nine months ended September 30, 2025, compared to $21.56 million in 2024[32]. Expenses - General and administrative expenses rose to $9.50 million for the nine months ended September 30, 2025, compared to $6.46 million in 2024, representing an increase of approximately 47.5%[31]. - Research and development expenses for the nine months ended September 30, 2025, were $781,066, down from $1.81 million in 2024, indicating a decrease of approximately 57.3%[31]. - The company incurred a change in fair value of Earnout Shares liability amounting to a loss of $17.38 million for the nine months ended September 30, 2025[32]. Commercialization Efforts - The company made a $2.75 million capital contribution to its joint venture with GE Vernova, which is crucial for productization and commercialization activities[17]. - AirJoule's A250 system is being productized for commercial-scale deployment, focusing on reliability and maximizing water productivity ahead of 2026[13]. - A field demonstration in Hubbard, TX, is generating significant data to validate AirJoule's performance in real-world conditions, enhancing commercial adoption[3]. - AirJoule is engaged in commercial discussions for multi-unit system deployments, utilizing a Water Purchase Agreement model to accelerate customer adoption[11]. - The company anticipates initial revenues from multiple market segments, including data centers and defense applications, as commercialization efforts progress[19]. Strategic Partnerships and Collaborations - The partnership with the Net Zero Innovation Hub for Data Centers positions AirJoule at the forefront of sustainable infrastructure, with capabilities to be showcased in 2026[4]. - AirJoule's strategic partnerships with industry leaders like GE Vernova and Carrier are expected to enhance market penetration and product development[20]. - The company is expanding its defense sector footprint through collaborations with the U.S. Army Engineer Research and Development Center and a defense contractor for anti-corrosion applications[8]. Product and Technology - AirJoule's water production process incorporates three purification steps, yielding distilled water that meets EPA and FDA standards, providing a competitive advantage[10].

— Company Raises Revenue Outlook for 2025 to $142-$145 Million, up 37%-40% Year-Over-Year — Waltham, Massachusetts – November 13, 2025 – Evolv Technologies Holdings, Inc (NASDAQ: EVLV), a leading security technology company pioneering AI-based solutions designed to help create safer experiences, today announced financial results for the quarter ended September 30, 2025. Exhibit 99.1 Evolv Technology Reports Third Quarter Financial Results "We made meaningful progress across many key measures of the business ...

Market Presence and Product Development - Sunshine Biopharma has 76 generic prescription drugs currently on the market in Canada[53] - The company is developing K1.1 mRNA, an LNP encapsulated mRNA targeted for liver cancer, and SBFM-PL4, a protease inhibitor for SARS Coronavirus infections[54] - Generic drugs must undergo an Abbreviated New Drug Submission (ANDS) process with Health Canada to obtain a Notice of Compliance (NOC) and Drug Identification Number (DIN)[56] - Sunshine Biopharma's generic drugs include key medications such as Abiraterone for oncology and Apixaban for cardiovascular conditions[57] - The company has 12 additional drugs in its pipeline expected to launch in 2026, targeting various health areas[59] - The company has entered into an exclusive worldwide license agreement with the University of Arizona for technology related to PLpro inhibitors[66] - The company owns over 200 DIN's for prescription drugs in Canada and has rights to sell 10 generic prescription drugs through distribution agreements[72] Financial Performance - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 15% year-over-year growth[58] - The company generated $9,417,179 in sales for the three months ended September 30, 2025, an increase of $982,001 or 11.6% compared to the same period in 2024[74] - Gross profit for the three months ended September 30, 2025, was $3,073,540, up from $2,866,151 in the same period in 2024, reflecting an increase of $207,389[74] - For the nine months ended September 30, 2025, revenues were $27,728,750, a 9.7% increase from $25,279,291 in the same period in 2024[77] - The direct cost of generating revenues for the nine months ended September 30, 2025, was $18,501,918 (66.7%), down from $17,702,546 (70.0%) in 2024, indicating improved cost management[77] - The company incurred a net loss of $883,820 ($0.19 per share) for the three months ended September 30, 2025, a 24.0% decrease from a net loss of $1,197,803 ($0.94 per share) in the same period in 2024[76] - As of September 30, 2025, the company had cash and cash equivalents of $9,306,438[80] Strategic Initiatives - The company provided an optimistic outlook, projecting a revenue growth of 10% for the next quarter, aiming for $1.32 billion[58] - New product launches included two innovative drugs, expected to contribute an additional $200 million in revenue over the next year[58] - The company is expanding its market presence in Asia, targeting a 25% increase in market share by the end of the fiscal year[58] - A strategic acquisition of a smaller biotech firm was completed, expected to enhance the company's R&D capabilities and add $50 million in annual revenue[58] - The company is investing $100 million in new technology to improve production efficiency, aiming for a 30% reduction in costs[58] - The company reported a 5% increase in gross margin, now at 60%, due to improved operational efficiencies[58] - The company plans to launch a new marketing strategy aimed at increasing brand awareness, with a budget of $10 million allocated for the next quarter[58] - The company has initiated a partnership with a leading research institution to accelerate drug development, which is expected to reduce time-to-market by 20%[58] Regulatory and Compliance - The average approval process for products filed with Health Canada takes approximately 12 months for in-licensing and supply agreements, and 45-60 days for cross-licensing agreements[55] - The company is classified as a smaller reporting company and is not required to provide detailed market risk disclosures[89] - The company plans to reduce the cost of goods sold from approximately 67% to around 60% to achieve breakeven[84]

Table of Contents 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 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 No. 001-38779 Rhinebeck Bancorp, Inc. (Exact name of registrant as specified in its charter) Maryland 83-2117268 (State or other ...

Financial Performance - Total revenue for Q3 2025 was $42.9 million, a 57% increase from $27.4 million in Q3 2024[3] - Annual Recurring Revenue (ARR) at the end of Q3 2025 was $117.2 million, up 25% from $93.7 million in Q3 2024[3] - Net loss for Q3 2025 was $(1.8) million, improving from $(30.4) million in Q3 2024[3] - Adjusted EBITDA for Q3 2025 was $5.1 million, compared to $(3.0) million in Q3 2024[4] - Total revenue for the first nine months of 2025 was $107.4 million, a 44% increase from $74.8 million in the same period of 2024[5] - The company expects total revenues in 2025 to be between $142 million and $145 million, reflecting growth of 37% to 40% compared to 2024[6] - The company anticipates delivering positive full-year Adjusted EBITDA in 2025 with margins in the high single digits[6] - Adjusted earnings (loss) for the first nine months of 2025 was $(11.5) million, an improvement from $(30.8) million in the same period of 2024[5] - Adjusted EBITDA for the nine months ended September 30, 2025, was $9,297,000, compared to an adjusted EBITDA loss of $21,349,000 for the same period in 2024, indicating a significant improvement[29] Cash and Assets - Cash, cash equivalents, and marketable securities as of September 30, 2025, totaled $56.2 million[3] - Cash and cash equivalents decreased to $31.50 million as of September 30, 2025, down from $37.02 million at the end of 2024[16] - Total assets increased to $304.29 million from $268.06 million at the end of 2024, indicating growth in the company's asset base[16] - The total cash, cash equivalents, and restricted cash at the end of the period was $31,504,000, down from $46,308,000 at the end of the same period in 2024[18] Customer Acquisition and Growth - The company screened millions of visitors daily across over 1,000 customers, indicating strong customer acquisition and deployment expansion[2] - The company added 62 new customers in the three months ended September 30, 2025, compared to 52 new customers in the same period of 2024[20] Expenses and Liabilities - Research and development expenses for Q3 2025 were $5.61 million, slightly down from $5.81 million in Q3 2024[14] - Current liabilities rose to $119.35 million, up from $96.71 million at the end of 2024, primarily due to increased deferred revenue[16] - The company reported a significant increase in accounts receivable, netting $48.88 million compared to $28.39 million at the end of 2024[16] - Stock-based compensation for the nine months ended September 30, 2025, was $15,816,000, a decrease from $21,364,000 in the same period of 2024[26] - Non-recurring employee restructuring and other separation costs amounted to $2,976,000 for the nine months ended September 30, 2025, compared to $1,000,000 in the same period of 2024[30] Shareholder Information - The weighted average common shares outstanding increased to 172.79 million from 157.71 million year-over-year, reflecting potential dilution[14] - The weighted average common shares outstanding – diluted for the three months ended September 30, 2025, was 172,790,098, compared to 157,709,229 for the same period in 2024[30] - Adjusted loss per share – diluted for the three months ended September 30, 2025, was $(0.02), an improvement from $(0.04) in the same period of 2024[30] Losses and Impairments - For the nine months ended September 30, 2025, the company reported a net loss of $44,020,000 compared to a net loss of $38,297,000 for the same period in 2024, representing an increase in losses of approximately 15.5%[18] - The company reported a loss from operations of $8,596,000 for the three months ended September 30, 2025, compared to a loss of $19,152,000 in the same period of 2024[26] - For the three months ended September 30, 2025, the net loss was $1,796,000 compared to a net loss of $30,443,000 for the same period in 2024[30] - The change in fair value of contingent earn-out liability resulted in a loss of $7,521,000 for the three months ended September 30, 2025, compared to a gain of $8,321,000 in the same period of 2024[30] - The company reported a loss on impairment of lease equipment of $209,000 for the three months ended September 30, 2024[30] Gains and Margins - Subscription revenue reached $22.69 million, up 26.5% from $17.91 million year-over-year[14] - Gross profit for Q3 2025 was $21.31 million, compared to $15.81 million in Q3 2024, reflecting a gross margin improvement[14] - The gross margin for the three months ended September 30, 2025, was 49.7%, down from 57.8% in the same period of 2024, while the adjusted gross margin was 50.6%, down from 64.1%[27] - The change in fair value of public warrant liability resulted in a gain of $2,578,000 for the three months ended September 30, 2025, compared to a gain of $1,576,000 in the same period of 2024[30]

Financial Performance - The company reported net losses of approximately $6.0 million and $13.2 million for the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively[87]. - As of September 30, 2025, the company had accumulated deficits of approximately $88 million, up from $82 million as of December 31, 2024[87]. - Net loss for the nine months ended September 30, 2025, was $5,981,000, a decrease of $5,145,000 compared to a net loss of $11,126,000 in the same period in 2024[118]. - Total other income increased by $147,000 (118%) for the nine months ended September 30, 2025, due to a milestone payment of $150,000 received from Adovate[108]. - Net cash used in operating activities decreased by approximately $300,000 for the nine months ended September 30, 2025, compared to the same period in 2024[119]. - Financing activities provided approximately $5,874,000 for the nine months ended September 30, 2025, a decrease of $1,972,000 compared to $7,846,000 in the same period in 2024[121]. Expenses - Research and development expenses decreased by approximately $511,000 (50%) during the three months ended September 30, 2025, compared to the same period in 2024[99]. - General and administrative expenses increased by approximately $63,000 (5%) during the three months ended September 30, 2025, compared to the same period in 2024[100]. - Research and development expenses decreased by approximately $498,000 (20%) for the nine months ended September 30, 2025, compared to the same period in 2024[104]. - General and administrative expenses increased by approximately $69,000 for the nine months ended September 30, 2025, primarily due to higher compensation expenses[105]. - The inducement expense of approximately $4,464,000 was a one-time, noncash expense associated with the issuance of new warrants in the nine months ended September 30, 2024[107]. Cash Position and Funding - The company expects that current cash and cash equivalents will not be sufficient to fund operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern[86]. - Cash and cash equivalents at September 30, 2025, were $4.6 million, expected to fund operations into the second quarter of 2026[115]. - The company has incurred recurring losses and needs to raise additional funds to sustain operations, raising substantial doubt about its ability to continue as a going concern[116]. - The company completed a warrant inducement transaction in May 2025, generating net proceeds of approximately $2.2 million[91]. - The June 2025 Offering resulted in aggregate net proceeds of approximately $3.0 million from the sale of shares and warrants[94]. - The company sold 1,869,996 shares under the At the Market Offering, receiving net proceeds of approximately $478,000 during the three and nine months ended September 30, 2025[96]. Future Plans - The company plans to begin a Phase III study of AD04 in the first half of 2026, pending adequate funding and regulatory approvals[115]. - The company is focused on completing the clinical development program for its investigational drug candidate AD04, primarily in the US and secondarily in Europe/UK[83].