Financial Performance - For the nine months ended September 30, 2025, the company reported a net loss of $23.3 million, compared to a net loss of $15.7 million for the same period in 2024, reflecting an increase in operating losses [109]. - The company incurred significant operating losses since inception, with a net loss of $22.6 million for the year ended December 31, 2024 [109]. - The net loss attributable to common shareholders for the three months ended September 30, 2025, was $7.10 million, compared to a loss of $6.54 million in 2024, an increase of 8.4% [136]. - Net losses for the nine months ended September 30, 2025, and 2024, were $23.3 million and $15.7 million, respectively, with accumulated deficits reaching $134.4 million as of September 30, 2025 [153]. Cash and Funding - As of September 30, 2025, the company had an accumulated deficit of $134.4 million and cash and cash equivalents of $2.7 million [109][113]. - The company completed a private placement on June 2, 2025, raising approximately $12.6 million by issuing 4,759,309 shares of common stock and warrants [114]. - The company entered into a Secured Promissory Note and Loan Agreement on October 27, 2025, for up to $3 million to support working capital [122]. - The company has initiated an at-the-market offering program with an aggregate offering price of up to $50 million, pending SEC approval [123]. - The company anticipates needing substantial additional funding for development programs and operations, with existing cash expected to meet requirements through the end of 2025 [165]. Research and Development - The company initiated a Phase 3 trial for its lead product candidate IFx-2.0 in June 2025, targeting advanced or metastatic Merkel cell carcinoma patients [105]. - The company is planning to investigate TBS-2025 in a randomized Phase 2 trial for mutated NPM1 acute myeloid leukemia [106]. - Research and development expenses increased to $4.97 million for the three months ended September 30, 2025, compared to $2.95 million for the same period in 2024, representing a 68.5% increase [136]. - For the nine months ended September 30, 2025, research and development expenses totaled $14.48 million, up from $9.36 million in 2024, an increase of 54.7% [145]. - Research and development expenses for the nine months ended September 30, 2025, included $5.65 million for IFx-2.0, an increase of 8.7% from $5.19 million in 2024 [146]. Operating Expenses - General and administrative expenses rose to $1.76 million for the three months ended September 30, 2025, up from $0.78 million in 2024, marking a 124.8% increase [138]. - General and administrative expenses for the nine months ended September 30, 2025, were $9.15 million, compared to $2.60 million in 2024, indicating a 253.5% increase [147]. - Total operating expenses for the three months ended September 30, 2025, were $6.73 million, compared to $3.73 million in 2024, reflecting an increase of 80.4% [136]. Income and Expenses - Grant income for the three months ended September 30, 2025, was $0.14 million, a new revenue stream following the assumption of the Kintara Health and Human Services grant [139]. - Interest expense decreased significantly to $16,532 for the three months ended September 30, 2025, from $2.00 million in 2024, a reduction of 99.2% [141]. - The total other income (expense) for the three months ended September 30, 2025, was a loss of $372,852, compared to a loss of $1.85 million in 2024, reflecting an improvement of 80.8% [136]. - Interest expense for the nine months ended September 30, 2024, was $3.6 million, with a total of $31.3 million in convertible notes issued under the TuHURA Notes at an interest rate of 20% per annum [149]. Acquisition and Merger - The company acquired rights to TBS-2025, a novel VISTA-inhibiting monoclonal antibody, through the acquisition of Kineta, Inc. on June 30, 2025 [106]. - The Kineta acquisition was completed on June 30, 2025, through a cash and stock transaction, with Kineta becoming a wholly-owned subsidiary [177]. - Each share of Kineta was converted into 0.185298 shares of common stock, totaling approximately 2,868,169 shares, plus a pro rata portion of 1,129,885 shares to be issued after six months [178]. - Goodwill and other intangible assets related to the Kineta Merger were recorded on the balance sheet as of September 30, 2025 [180]. - Acquired in-process research and development (IPR&D) is capitalized as indefinite-lived intangible assets and will not be amortized until regulatory approval is received [181]. Valuation and Fair Value - The estimated fair value of the aggregate share component of the Kineta Merger was calculated using the closing stock price on the merger date [179]. - A third-party valuation firm will assist in valuing the IPR&D, which has significant measurement uncertainty due to a lack of historical data [182]. - The company tests indefinite-lived intangible assets for impairment by assessing qualitative factors and performing quantitative tests if necessary [183]. - Following the reverse merger with Kintara, the fair value of common stock will be based on quoted market prices, with all preferred shares converted to common stock [176]. Cash Flow Activities - Net cash used in operating activities for the nine months ended September 30, 2025, was $22.1 million, primarily due to a net loss of $23.3 million and changes in operating assets and liabilities [160]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $13.4 million, including $12.1 million from the issuance of common stock [163]. - For the nine months ended September 30, 2025, net cash used in investing activities was $1.3 million, primarily for property and equipment purchases and payments related to the Kineta acquisition [162].

Revenue Performance - Revenue for the three months ended September 30, 2025, was $3,807,274, an increase of $1,329,053 or 53.6% compared to $2,478,221 for the same period in 2024[75] - Revenue for the nine months ended September 30, 2025, was $13,382,304, an increase of $2,183,677 or 19.5% compared to $11,198,627 for the same period in 2024[83] Gross Profit - Gross profit for the three months ended September 30, 2025, was $747,878, representing a gross profit margin of 19.6%, compared to a gross profit loss of $209,533 with a margin of -8.5% for the same period in 2024, marking an increase of $957,411 or 456.9%[76] - Gross profit for the nine months ended September 30, 2025, was $1,357,512, representing a gross profit margin of 10.1%, compared to $778,780 with a margin of 7.0% for the same period in 2024, marking an increase of $578,732 or 74.3%[82] Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $2,080,880, a decrease of $299,560 or 12.6% compared to $2,380,440 for the same period in 2024[77] - Total operating expenses for the nine months ended September 30, 2025, were $6,985,712, a decrease of $515,580, or 6.9% compared to $7,501,292 for the same period in 2024[85] Specific Expense Categories - Selling expenses for the three months ended September 30, 2025, were $541,259, a decrease of $69,454 or 11.4% compared to $610,713 for the same period in 2024[78] - General and administrative expenses for the three months ended September 30, 2025, were $1,270,195, a decrease of $221,171 or 14.8% compared to $1,491,366 for the same period in 2024[79] - Research and development expenses for the three months ended September 30, 2025, were $269,426, a decrease of $8,935 or 3.2% compared to $278,361 for the same period in 2024[80] - Selling expenses increased by $88,429, or 4.5%, to $2,071,843 for the nine months ended September 30, 2025, primarily due to lower sales commissions in 2024 and costs associated with a joint venture[86] - General and administrative expenses decreased by $405,649, or 8.9%, to $4,171,764 for the nine months ended September 30, 2025, mainly due to non-recurring costs in the prior year[87] - Research and development expenses decreased by $198,360, or 21.1%, to $742,105 for the nine months ended September 30, 2025, attributed to one-time exit costs from a prior project[88] Net Loss - Net loss for the three months ended September 30, 2025, was $1,459,762, a favorable change of $1,380,764 or 48.6% compared to a net loss of $2,840,526 for the same period in 2024[81] - The net loss for the nine months ended September 30, 2025, was $5,978,890, a decrease of $1,361,631, or 18.5% compared to the net loss of $7,340,521 in the same period in 2024[90] Cash Flow - Cash flows used in operating activities for the nine months ended September 30, 2025, were $3,977,121, a favorable change of $1,551,321 compared to $5,528,442 for the same period in 2024[96] - Cash flows provided from financing activities were $787,024 for the nine months ended September 30, 2025, a favorable change of $912,742 compared to cash flows used by financing activities of $125,718 in the prior year[98] Financial Position - As of September 30, 2025, the company had cash of $7,354,024 and net working capital of $13,406,883, a decrease of $2,329,926 compared to December 31, 2024[92]

Financial Performance - The company reported a net loss of $287.0 million for the nine months ended September 30, 2025, with an accumulated deficit of $1.2 billion[96]. - The net loss for the three months ended September 30, 2025, was $102.2 million, representing a 58.5% increase from a net loss of $64.5 million in 2024[108]. - The company reported a net loss of $287.0 million for the nine months ended September 30, 2025, which is a 59.6% increase from a net loss of $179.8 million in 2024[114]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $224.5 million, compared to $151.4 million for the same period in 2024[127][129]. - Cash and cash equivalents increased to $286.8 million as of September 30, 2025, compared to $177.9 million at the end of 2024[122]. - The total cash, cash equivalents, and marketable securities decreased by $67.6 million during the nine months ended September 30, 2025, primarily due to operating expenses[122]. Research and Development - Apitegromab achieved its primary endpoint in the pivotal Phase 3 SAPPHIRE clinical trial for SMA, with positive top-line results announced in October 2024[88]. - Over 90% of patients in the Phase 2 TOPAZ trial for apitegromab remained on treatment at 48 months, showing sustained clinical benefit[89]. - The FDA granted priority review designation for the Biologics License Application (BLA) for apitegromab, indicating potential significant improvement in treatment for SMA[88]. - The company plans to initiate dosing of SRK-439 in healthy volunteers in Q4 2025, following FDA clearance of its investigational new drug application[93]. - In the Phase 2 EMBRAZE trial, patients receiving apitegromab with tirzepatide showed a 54.9% preservation of lean mass compared to tirzepatide alone (p=0.001)[93]. - Research and development expenses are expected to remain substantial as the company progresses its clinical development programs[101]. - The company expects continued substantial research and development expenses driven by employee compensation and clinical program development, particularly for apitegromab and SRK-439[111]. - The company expects substantial expenses related to the research and development of apitegromab and other product candidates[135]. Operating Expenses - For the three months ended September 30, 2025, total operating expenses increased by 59.8% to $103.6 million compared to $64.8 million in the same period of 2024[108]. - Research and development expenses for the three months ended September 30, 2025, were $50.5 million, up 3.6% from $48.7 million in 2024[109]. - General and administrative expenses surged by 230.4% to $53.1 million for the three months ended September 30, 2025, compared to $16.1 million in 2024[112]. - For the nine months ended September 30, 2025, research and development expenses totaled $161.6 million, an increase of 20.4% from $134.2 million in 2024[115]. - General and administrative expenses for the nine months ended September 30, 2025, were $131.2 million, up 170.4% from $48.5 million in 2024[118]. Future Outlook - The company continues to build its commercialization capabilities to support future product sales and marketing activities[96]. - The company expects to incur significant commercialization expenses related to the marketing approval and sales of apitegromab[132]. - The company anticipates that existing cash and marketable securities will fund operations into 2027, but additional capital will be required for clinical development and commercialization[133]. - The company will continue to rely on additional financing to achieve business objectives, with potential dilution of common stockholder ownership interests[136]. Capital and Financing - As of September 30, 2025, the company has sold 3,386,290 shares under the ATM program, generating net proceeds of $96.9 million[123]. - Net cash provided by investing activities was $179.7 million for the nine months ended September 30, 2025, up from $119.3 million in 2024[130]. - Net cash provided by financing activities was $155.1 million for the nine months ended September 30, 2025, significantly higher than $6.7 million in 2024[131]. - The company had 17,362,147 pre-funded warrants outstanding as of September 30, 2025, with none exercised during the nine months ended[125]. - The company had 8,220,620 common warrants outstanding with an exercise price of $7.35, which expire on December 31, 2025[126].

Product Launch and Sales - Iterum Therapeutics launched ORLYNVAH™ in the United States in August 2025 for the treatment of uncomplicated urinary tract infections (uUTIs) after over 25 years without new branded launches in this space[3] - Net product revenues for the third quarter of 2025 were $0.4 million, reflecting initial sales of ORLYNVAH™[7] - The company expects net product sales of ORLYNVAH™ to range between $5 million and $15 million in 2026, depending on market uptake and payer coverage[3] Financial Performance - The net loss for the third quarter of 2025 was $9.0 million, compared to a net loss of $6.1 million for the same period in 2024[13] - Product revenue for the three months ended September 30, 2025, was $390 million, with no revenue reported for the same period in 2024[25] - The net loss for the three months ended September 30, 2025, was $8,979 million, compared to a net loss of $6,094 million for the same period in 2024, indicating a 47% increase in losses[25] - Non-GAAP net loss for the three months ended September 30, 2025, was $7,342 million, compared to $4,837 million for the same period in 2024, reflecting a 52% increase[25] Expenses - Research and development expenses decreased to $1.3 million in Q3 2025 from $3.1 million in Q3 2024, primarily due to lower chemistry, manufacturing, and control expenses[10] - Selling, general, and administrative expenses increased to $6.5 million in Q3 2025 from $1.8 million in Q3 2024, attributed to the commercialization of ORLYNVAH™[11] - Total operating expenses for the three months ended September 30, 2025, were $8,121 million, compared to $4,887 million for the same period in 2024, representing a 66% increase[25] - Research and development expenses for the three months ended September 30, 2025, were $1,261 million, compared to $3,107 million for the same period in 2024, showing a decrease of 59%[25] Cash and Assets - Cash and cash equivalents were $11.0 million as of September 30, 2025, with an extended cash runway projected into Q2 2026[6] - Cash, cash equivalents, and short-term investments decreased to $11,002 million as of September 30, 2025, down from $24,125 million as of December 31, 2024[27] - Total assets decreased to $32,503 million as of September 30, 2025, from $44,595 million as of December 31, 2024[27] - Total liabilities decreased to $39,884 million as of September 30, 2025, from $48,676 million as of December 31, 2024[27] Shareholder Information - The company reported a weighted average of 45,801,927 ordinary shares outstanding for the three months ended September 30, 2025, compared to 20,044,270 for the same period in 2024[25] Intellectual Property and Research - Iterum has been granted a patent in China for a combination treatment related to sulopenem, projected to expire in March 2041[4] - The company presented two posters at the IDWeek 2025 conference, highlighting its focus on urinary tract infections[5] Derivatives and Amortization - Adjustments to the fair value of derivatives for Q3 2025 were $0.7 million, compared to $0.4 million for the same period in 2024[12] - The amortization of intangible assets for the three months ended September 30, 2025, was $349 million, with no amortization reported for the same period in 2024[25]

Financial Performance - The company reported a net loss of $25.2 million for the three months ended September 30, 2025, and $95.5 million for the nine months ended September 30, 2025, with an accumulated deficit of $142.5 million as of September 30, 2025[150]. - The company reported a net loss of $25.2 million for the three months ended September 30, 2025, compared to a net loss of $16.3 million for the same period in 2024, an increase in loss of $8.9 million[177]. - The net loss for the nine months ended September 30, 2025, was $95.5 million, compared to a net loss of $16.9 million for the period from June 18, 2024, through September 30, 2024, representing an increase of $78.6 million[182]. - The company has not generated any revenue to date and does not expect to do so in the foreseeable future[168]. - The company anticipates continued substantial losses in the foreseeable future, with profitability dependent on successful development, approval, and commercialization of product candidates[204]. Funding and Capital Structure - The company has raised a total of $80.0 million from convertible notes in July 2024, $15.0 million in September 2024, $205.0 million from Pre-Closing Financing, and approximately $135.0 million from a Private Placement[149]. - The company completed a private placement on October 6, 2025, raising approximately $135 million by selling 13,368,164 common shares at $9.14 each and pre-funded warrants for 1,402,092 shares at $9.1399 each[166]. - Convertible Notes totaling $95.0 million were converted into 9,433,831 shares of common stock and 4,289,744 pre-funded warrants at the effective time of the Merger[216]. - The company expects to need substantial additional funding to support ongoing operations and growth strategy[153]. - The company anticipates needing substantial additional funds to achieve its business objectives, particularly as it advances preclinical activities and initiates clinical trials[199]. Cash and Investments - As of September 30, 2025, the company had cash and cash equivalents, and investments totaling $198.9 million, expected to fund operations for at least twelve months[155]. - Cash and cash equivalents as of September 30, 2025, were $50.1 million, with investments totaling $148.8 million[187]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $61.0 million, primarily due to a net loss of $95.5 million[192]. - Net cash used in investing activities for the nine months ended September 30, 2025, was $148.8 million, driven by purchases of investments and leasehold improvements[194]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $190.6 million, mainly from $205.0 million in gross proceeds from the Pre-Closing Financing[195]. Research and Development - The lead product candidate, JADE101, is being developed for the treatment of IgA nephropathy, while the second candidate, JADE201, targets multiple autoimmune disorders[148]. - The company has incurred operating losses since inception and does not have any products approved for sale, relying on future product development for revenue generation[150]. - The company plans to continue incurring significant expenses as it advances research and development for its product candidates[150]. - Research and development expenses for the three months ended September 30, 2025, were $22.0 million, up from $13.6 million in the same period in 2024, reflecting an increase of $8.4 million[178]. - Research and development expenses for the nine months ended September 30, 2025, were $64.6 million, a significant increase of $50.9 million compared to $13.7 million for the period from June 18, 2024, through September 30, 2024[184]. Operating Expenses - For the three months ended September 30, 2025, total operating expenses were $27.4 million, an increase of $12.4 million compared to $15.0 million for the same period in 2024[177]. - General and administrative expenses for the three months ended September 30, 2025, were $5.4 million, significantly higher than $1.4 million for the same period in 2024, representing an increase of $4.0 million[179]. - The company expects general and administrative expenses to increase substantially as it expands headcount and office space to support growth[173]. - Total operating expenses for the nine months ended September 30, 2025, were $78.6 million, up from $15.6 million for the same period in 2024, reflecting an increase of $63.0 million[182]. Corporate Actions - The merger with Aerovate Therapeutics was completed on April 28, 2025, with Pre-Merger Jade being the accounting acquirer[157]. - A reverse stock split of 1-for-35 was executed immediately prior to the merger, affecting the common stock trading on Nasdaq[164]. - The Redomestication to Nevada was effective on April 28, 2025, with no interruption in trading on Nasdaq under the symbol "JBIO"[165]. Tax and Valuation - The company has recorded a full valuation allowance against its net deferred tax assets due to cumulative losses and expectations of future losses[175]. - The company measures stock-based awards using the Black-Scholes model, with compensation expense recognized over the requisite service period[211]. - The fair value of common stock is determined based on the quoted market price following the Merger and Nasdaq listing[213]. - The company did not have any off-balance sheet arrangements as of September 30, 2025[219]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[221].

Financial Results - TuHURA Biosciences reported financial results for Q3 2025, ending September 30, 2025[7] - The company issued a press release on November 14, 2025, detailing its corporate update and financial performance[7] - Specific financial metrics and performance data were not provided in the extracted content[7]

Financial Results - TuHURA Biosciences reported financial results for Q3 2025, ending September 30, with a focus on corporate updates[7] - The press release detailing the financial results was issued on November 14, 2025[7] - Specific financial metrics and performance data were not provided in the extracted content[7] - The report indicates that the information is not deemed "filed" under the Securities Act or the Exchange Act[7] - The Chief Financial Officer, Dan Dearborn, signed the report on November 14, 2025[13] - The financial statements and exhibits are referenced but not detailed in the extracted content[8] Company Information - The company is listed on the Nasdaq Capital Market under the symbol HURA[5] - The company has not indicated whether it is an emerging growth company[6] Future Outlook and Developments - No details on user data, future outlook, or new product developments were included in the extracted content[7] - There are no mentions of market expansion or acquisitions in the provided documents[7]

Financial Results Announcement - Scholar Rock Holding Corporation announced its financial results for the fiscal quarter ended September 30, 2025[4]. - A press release detailing the financial results has been issued and is available as Exhibit 99.1[4]. - The report includes a cover page interactive data file embedded within the Inline XBRL document as Exhibit 104[8]. Conference Call Information - The company will hold a conference call on November 14, 2025, at 8:00 am ET to discuss its financial and operating results[6]. - Presentation slides for the conference call are provided as Exhibit 99.2[6]. Company Information - The company is registered under the Securities Exchange Act of 1934 and trades on the Nasdaq Global Select Market under the symbol SRRK[3]. - The company is incorporated in Delaware and has a principal office located in Cambridge, MA[2]. - The company has not indicated if it is an emerging growth company[3]. Report Details - The report is intended to be furnished and not deemed "filed" under the Exchange Act[5]. - The report was signed by Junlin Ho, General Counsel & Corporate Secretary, on November 14, 2025[12].

Financial Performance - Mersana Therapeutics reported a net loss of $7.5 million, or $1.51 per share, for Q3 2025, compared to a net loss of $11.5 million, or $2.34 per share, in Q3 2024[12]. - Collaboration revenue for Q3 2025 was $11.0 million, down from $12.6 million in the same period in 2024, primarily due to decreased revenue from Johnson & Johnson and Merck KGaA[11]. - Cash and cash equivalents as of September 30, 2025, were $56.4 million, with expectations to support operations into mid-2026[11]. - Research and development expenses for Q3 2025 were $12.2 million, down from $14.8 million in Q3 2024, reflecting lower headcount and compensation costs[11]. - General and administrative expenses for Q3 2025 were $6.3 million, compared to $9.9 million in Q3 2024, also due to reduced headcount and consulting fees[11]. - Mersana has a total stockholders' deficit of $59.5 million as of September 30, 2025[16]. - Mersana's total assets decreased to $62.7 million from $144.7 million year-over-year[16]. Development and Milestones - Mersana achieved a $15 million development milestone from GSK for its XMT-2056 candidate in Q3 2025[8]. - Mersana continues to evaluate its Emi-Le candidate in patients with triple-negative breast cancer and adenoid cystic carcinoma type 1[4][5]. Proposed Transactions and Risks - The company is in a merger agreement with Day One Biopharmaceuticals, with an upfront consideration of $25.00 per share and potential total deal value of up to $285 million[3]. - Mersana is involved in proposed transactions with Day One, including a tender offer and merger, with potential benefits and expected completion timelines[20]. - The company faces risks related to the timely completion of the proposed transactions, which could adversely affect its business and stock price[20]. - There is uncertainty regarding stockholder participation in the tender offer and potential competing acquisition proposals[20]. - Mersana's management may experience distractions from ongoing business operations due to the proposed transactions[20]. - The company is subject to various regulatory approvals that could impact the closing of the proposed transactions[20]. - Potential milestone payments related to the CVR may not be achieved, affecting future financial outcomes[20]. - Mersana's trading price and business operations may be disrupted by the announcement or pendency of the proposed transactions[20]. - The company may incur significant costs related to stockholder litigation or legal proceedings associated with the proposed transactions[20]. - Mersana's ability to finance continued operations and its competitive position are under scrutiny amid these developments[20]. - The company acknowledges various market, economic, and regulatory risks that could impact its future performance[20].

Financial Performance - For fiscal 2025, Spire reported consolidated adjusted earnings per share of $4.44, a 7.5% increase from $4.13 in fiscal 2024[1] - Fiscal 2025 net income was $271.7 million ($4.37 per diluted share), compared to $250.9 million ($4.19 per share) in fiscal 2024[4] - Adjusted earnings for fiscal 2025 totaled $275.5 million, up from $247.4 million in fiscal 2024[4] - Fiscal 2026 adjusted EPS guidance is set at $5.25 to $5.45, while fiscal 2027 guidance is $5.65 to $5.85[4][14] Segment Performance - Gas Utility adjusted earnings increased to $231.4 million in fiscal 2025 from $220.8 million in fiscal 2024[6] - Midstream adjusted earnings rose to $56.3 million in fiscal 2025, up from $33.5 million in fiscal 2024, driven by additional storage capacity and higher contract rates[11] - Contribution margin increased by $37.5 million, primarily due to new rates at Spire Alabama and higher ISRS revenues at Spire Missouri[7] Dividend and Capital Investment - The company raised its common stock dividend by 5.1%, marking 23 consecutive years of dividend growth[16] - Spire's 10-year capital investment target has been increased to $11.2 billion, supporting long-term adjusted EPS growth of 5–7%[15] Quarterly Performance - The company reported a consolidated net loss of $39.8 million in the fourth quarter of fiscal 2025, compared to a net loss of $25.9 million in the same period last year[18] - Operating revenues for Q3 2025 increased to $334.1 million, up 13.7% from $293.8 million in Q3 2024[27] - Net loss for Q3 2025 was $39.8 million, compared to a net loss of $25.9 million in Q3 2024, reflecting a deterioration in performance[27] - Total operating expenses rose to $334.6 million in Q3 2025, a 22.1% increase from $274.0 million in Q3 2024[27] Cash Flow and Investments - The company reported a net cash provided by operating activities of $578.0 million for the year ended September 30, 2025, down from $912.4 million in the previous year[29] - Capital expenditures for the year ended September 30, 2025, were $922.4 million, compared to $861.3 million in 2024, indicating increased investment in infrastructure[29] Balance Sheet - Total assets increased to $11,575.3 million as of September 30, 2025, up from $10,860.7 million in 2024, reflecting growth in the company's asset base[28] - The company’s long-term debt decreased to $3,369.4 million from $3,704.4 million year-over-year, indicating improved debt management[28] Adjusted Loss and Earnings - Adjusted loss earnings for Q3 2025 were reported at $(24.1) million, translating to $(0.47) per diluted share, compared to an adjusted loss of $(27.6) million or $(0.54) per diluted share in Q3 2024[30] - The contribution margin for the three months ended September 30, 2025, was $242.6 million, an increase from $224.5 million in the same period of 2024, reflecting a growth of approximately 8.1%[32] Year-End Results - Operating revenues for the year ended September 30, 2025, totaled $2,476.4 million, compared to $2,593.0 million for the year ended September 30, 2024, indicating a decrease of about 4.5%[32] - The total operating income for the year ended September 30, 2025, was $523.9 million, up from $488.3 million in 2024, representing an increase of approximately 7.3%[32] - Operation and maintenance expenses for the year ended September 30, 2025, were $542.1 million, compared to $507.4 million in 2024, reflecting an increase of about 6.8%[32] - Natural gas costs for the year ended September 30, 2025, were $905.5 million, a decrease from $1,103.3 million in 2024, showing a reduction of approximately 17.9%[32] - The contribution margin for the year ended September 30, 2025, was $1,455.2 million, compared to $1,361.5 million in 2024, indicating an increase of about 6.9%[32] - Depreciation and amortization expenses for the year ended September 30, 2025, were $298.2 million, up from $278.4 million in 2024, reflecting an increase of approximately 7.1%[32] - Taxes, other than income taxes, for the year ended September 30, 2025, totaled $206.7 million, compared to $215.6 million in 2024, indicating a decrease of about 4.5%[32] - The gross receipts tax expense for the year ended September 30, 2025, was $115.7 million, slightly up from $128.2 million in 2024, reflecting a decrease of about 9.8%[32]