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 (Exact name of Registrant as specified in its Charter) Delaware 86-3158720 (State or other jurisdiction of incorporation or organization) 3 Columbus Circle ...

Exhibit 99.1 Indaptus Therapeutics Reports Second Quarter 2025 Financial Results and Provides Corporate Update — Company Initiates Combination Trial and Strengthens Balance Sheet to Support Continued Clinical Progress — NEW YORK (August 13, 2025) - Indaptus Therapeutics, Inc. (Nasdaq: INDP) ("Indaptus" or the "Company"), a clinical stage biotechnology company dedicated to pioneering innovative cancer and viral infection treatments, today announces financial results for the second quarter ended June 30, 2025 ...

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 PERSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-38951 ARTELO BIOSCIENCES, INC. (Exact name of registrant as specified in its charter) (State or other j ...

[Corporate and Clinical Highlights](index=1&type=section&id=Corporate%20and%20Clinical%20Highlights) BeyondSpring reported significant clinical progress for Plinabulin in NSCLC and SEED Therapeutics achieved FDA IND clearance for ST-01156 [CEO's Statement](index=1&type=section&id=CEO%27s%20Statement) CEO Dr. Lan Huang emphasized Plinabulin's immune-modulating potential and SEED Therapeutics' ST-01156 FDA IND clearance - Plinabulin is positioned as a first-in-class agent that harnesses the body's immune system by maturing dendritic cells, bridging innate and adaptive immunity[3](index=3&type=chunk) - The combination of plinabulin and docetaxel has shown durable survival benefits and reduced chemotherapy-induced neutropenia in a global Phase 3 trial[3](index=3&type=chunk) - SEED Therapeutics' oral RBM39 molecular glue degrader, ST-01156, received FDA clearance to enter clinical trials for aggressive cancers like Ewing Sarcoma and KRAS-driven tumors[3](index=3&type=chunk) [Key Milestones](index=1&type=section&id=Key%20Milestones) Key milestones include Plinabulin's ASCO 2025 presentation, 'Med' publication, SEED Therapeutics' ST-01156 FDA IND clearance, and new leadership - ASCO 2025 presentation highlighted Plinabulin's ability to drive immune re-sensitization in NSCLC patients who have progressed on PD-1/L1 therapies[5](index=5&type=chunk) - A publication in 'Med' (Cell Press) detailed Plinabulin's rapid activation of dendritic cells in patients across eight cancer types who had failed prior immunotherapy[5](index=5&type=chunk) - SEED Therapeutics' lead asset, RBM39 degrader ST-01156, received FDA IND clearance and is advancing toward Phase 1 trials[5](index=5&type=chunk) - Dr. Bill Desmarais was appointed as the new CFO and CBO of SEED Therapeutics to accelerate development[5](index=5&type=chunk) [Plinabulin Clinical Updates](index=1&type=section&id=Plinabulin%20Clinical%20Updates) Plinabulin's Phase 2 NSCLC study showed encouraging efficacy, and a publication with MD Anderson confirmed its dendritic cell maturation mechanism Plinabulin Phase 2 NSCLC Study Efficacy Data (ASCO 2025) | Metric | Result | | :--- | :--- | | Median Progression-Free Survival (PFS) | 6.8 months | | Confirmed Objective Response Rate (ORR) | 18.2% | | Duration of Response (DOR) | 7.2 months | | Disease Control Rate (DCR) | 77% | | Overall Survival (OS) at 15 months | 78% | - A study with MD Anderson showed Plinabulin, combined with radiation and a checkpoint inhibitor, rapidly induces dendritic cell maturation in patients who failed prior immunotherapy[6](index=6&type=chunk) - In the MD Anderson study across eight cancer types, the combination therapy achieved an Objective Response Rate (ORR) of **23%** and a Disease Control Rate (DCR) of **54%**[6](index=6&type=chunk) [SEED Therapeutics Updates](index=1&type=section&id=SEED%20Therapeutics%20Updates) SEED Therapeutics achieved FDA IND clearance for ST-01156, showing complete tumor regression in preclinical models, and appointed new leadership - The FDA cleared the IND application for ST-01156, a brain-penetrant, novel orally administered molecular glue degrader targeting RBM39[6](index=6&type=chunk)[7](index=7&type=chunk) - Preclinical data presented at AACR 2025 showed ST-01156 demonstrated complete tumor regression in Ewing Sarcoma models[9](index=9&type=chunk) - Dr. Bill Desmarais, Ph.D., MBA, joined SEED Therapeutics as CFO and Chief Business Officer, bringing over two decades of biopharma leadership experience[9](index=9&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) BeyondSpring reported a reduced Q2 2025 net loss from continuing operations, improved cash, and reclassified SEED Therapeutics as discontinued operations [Q2 2025 Financial Results Summary](index=2&type=section&id=Q2%202025%20Financial%20Results%20Summary) Q2 2025 saw increased R&D, reduced G&A, a lower net loss, and a strengthened cash position for continuing operations Q2 Financial Highlights (Continuing Operations) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | R&D Expenses | $1.0 million | $0.8 million | | G&A Expenses | $0.9 million | $1.8 million | | Net Loss | $1.9 million | $2.7 million | Cash Position | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $9.5 million | $2.9 million | [Year-to-Date 2025 Financial Results Summary](index=2&type=section&id=Year-to-Date%202025%20Financial%20Results%20Summary) Year-to-date 2025 showed a slightly improved net loss from continuing operations and a total net income including discontinued operations Six-Month Financial Highlights (Continuing Operations) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | R&D Expenses | $1.9 million | $1.6 million | | G&A Expenses | $2.7 million | $3.1 million | | Net Loss | $4.5 million | $4.7 million | - Net income from discontinued operations was **$1.0 million** for the first six months of 2025, compared to a net loss of **$2.6 million** for the same period in 2024[8](index=8&type=chunk) [Accounting for SEED Therapeutics](index=2&type=section&id=Accounting%20for%20SEED%20Therapeutics) BeyondSpring reclassified SEED Therapeutics' financial results as discontinued operations after agreements to reduce its ownership stake - SEED Therapeutics' financial results are now reported as discontinued operations under ASC 205-20[9](index=9&type=chunk) - BeyondSpring's ownership in SEED is set to be reduced from approximately **40%** to **14%** upon completion of future sale transactions[10](index=10&type=chunk) [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, BeyondSpring's balance sheet showed increased cash, stable assets and liabilities, and a widened shareholders' deficit Selected Balance Sheet Data (in thousands) | Balance Sheet Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $9,544 | $2,922 | | Total assets | $31,043 | $34,315 | | Total liabilities | $48,588 | $48,600 | | Total shareholders' deficit | ($17,545) | ($14,285) | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Q2 2025 showed no revenue and a net loss from continuing operations, with year-to-date results including net income from discontinued operations Income Statement Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $0 | $0 | $0 | $0 | | Loss from operations | ($1,949) | ($2,641) | ($4,559) | ($4,696) | | Net loss from continuing ops | ($1,878) | ($2,651) | ($4,462) | ($4,731) | | Net income (loss) from discontinued ops | ($2,771) | ($1,438) | $983 | ($2,646) | | EPS (Continuing ops) | ($0.04) | ($0.07) | ($0.11) | ($0.12) | [Company Overview](index=3&type=section&id=Company%20Overview) BeyondSpring is a clinical-stage biopharmaceutical company developing first-in-class therapies, featuring Plinabulin and affiliate SEED Therapeutics [About BeyondSpring](index=3&type=section&id=About%20BeyondSpring) BeyondSpring is a clinical-stage biopharmaceutical company focused on developing Plinabulin, a late-stage anti-cancer agent for NSCLC - The company's lead asset, Plinabulin, is in late-stage clinical development as an anti-cancer agent in NSCLC[11](index=11&type=chunk) - Plinabulin's novel mechanism as a dendritic cell maturation agent offers a unique approach to resensitizing tumors resistant to checkpoint inhibitors[11](index=11&type=chunk) [About SEED Therapeutics](index=3&type=section&id=About%20SEED%20Therapeutics) SEED Therapeutics specializes in targeted protein degradation via its RITE3™ platform, developing a pipeline with strategic partners - SEED Therapeutics pioneers targeted protein degradation through its proprietary RITE3™ platform[12](index=12&type=chunk) - The company has strategic collaborations with major pharmaceutical companies Eli Lilly and Eisai[12](index=12&type=chunk) - SEED's lead RBM39 degrader program has received US FDA IND clearance[12](index=12&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section warns that forward-looking statements are subject to significant risks and uncertainties, which could cause actual results to differ - The press release contains forward-looking statements that are not historical facts and are based on current knowledge, beliefs, and expectations[13](index=13&type=chunk) - Actual results could differ materially due to risks such as difficulties in raising capital, unexpected clinical trial results, regulatory delays, and market competition[13](index=13&type=chunk)

Exhibit 99.1 Lucid Diagnostics Provides Business Update and Reports Second Quarter 2025 Financial Results Processed 2,756 EsoGuard tests and recognized 2Q25 revenue of $1.2 million, ending quarter with over $30 million in proforma cash and extending runway well past upcoming reimbursement milestones Multi-Jurisdictional Contractor Advisory Committee (CAC) meeting on Medicare Local Coverage Determination (LCD) for EsoGuard to be held on September 4 Conference call and webcast to be held today, August 13, at ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K ________________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 13, 2025 ________________________ Xenetic Biosciences, Inc. (Exact name of registrant as specified in charter) (State or other jurisdiction of incorporation) (Commission File Number) Nevada 001-37937 45-2952962 (IRS Employer Identification No.) ☐ Pre-commencement ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Creative Realities Reports Fiscal 2025 Second Quarter Results Revenue Growth Picks Up as Year Progresses; Company on Track for Record 2025 LOUISVILLE, KY – August 13, 2025 – Creative Realities, Inc. ("Creative Realities," "CRI," or the "Company") (NASDAQ: CREX), a leading provider of digital signage, media and AdTech solutions, today announced its financial results for the fiscal second quarter ended June 30, 2025. Highlights: "We're very pleased to see, as anticipated, a ...

[Mastech Digital Q2 2025 Earnings Release](index=1&type=section&id=Mastech%20Digital%20Q2%202025%20Earnings%20Release) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported a 2% sequential revenue growth to $49.1 million, though GAAP net income declined significantly due to one-time costs [Overall Performance](index=1&type=section&id=Overall%20Performance) Q2 2025 vs. Q2 2024 Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $49.1M | $49.5M | -0.8% | | Gross Profits | $13.8M | $14.0M | -1.4% | | Gross Margin | 28.1% | 28.2% | -10 bps | | GAAP Net Income | $0.1M | $1.4M | -92.8% | | GAAP Diluted EPS | $0.01 | $0.12 | -91.7% | | Non-GAAP Net Income | $1.8M | $2.2M | -18.2% | | Non-GAAP Diluted EPS | $0.15 | $0.19 | -21.1% | Q2 2025 vs. Q1 2025 Performance | Metric | Q2 2025 vs. Q1 2025 | Note | | :--- | :--- | :--- | | Consolidated Revenues | +2% | From $48.3M to $49.1M | | Consolidated Gross Margins | +147 bps | - | | GAAP Diluted EPS | $0.01 | vs. ($0.12) | | Non-GAAP Diluted EPS | $0.15 | vs. $0.06 | - Q2 2025 results included **$0.9 million** of combined severance and Finance & Accounting transition costs, while Q1 2025 included **$1.4 million** of severance expense[5](index=5&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) - The **IT Staffing Services** segment achieved a 3% sequential revenue increase, driven by higher bill rates and disciplined pricing[4](index=4&type=chunk)[5](index=5&type=chunk) - The **Data and Analytics Services** segment experienced softer activity with order bookings of $5.8 million, reflecting cautious client spending[5](index=5&type=chunk)[6](index=6&type=chunk) [Management Commentary and Financial Position](index=2&type=section&id=Management%20Commentary%20and%20Financial%20Position) Management noted resilient performance and market stabilization while maintaining a strong financial position with no bank debt - CEO Nirav Patel highlighted early signs of market stabilization and the company's strategic focus on becoming a partner for AI-first transformations[7](index=7&type=chunk) - The company maintains a strong financial position with **$27.9 million in cash**, no bank debt, and **$22.2 million** in borrowing availability[7](index=7&type=chunk) - Days Sales Outstanding (DSO) was **53 days**, which is within the company's target range[7](index=7&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section provides the unaudited condensed consolidated financial statements for the second quarter ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $27,933 | $27,742 | | Total current assets | $65,659 | $66,205 | | Total assets | $110,392 | $111,484 | | Total current liabilities | $19,718 | $20,577 | | Total liabilities | $22,582 | $24,050 | | Total shareholders' equity | $87,810 | $87,434 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months ended June 30, 2025 | Three Months ended June 30, 2024 | | :--- | :--- | :--- | | Revenues | $49,097 | $49,534 | | Gross profit | $13,820 | $13,980 | | Income from operations | $27 | $1,693 | | Net income | $135 | $1,391 | | Diluted EPS | $0.01 | $0.12 | [Reconciliation of GAAP to Non-GAAP Measures](index=7&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Q2 2025 GAAP to Non-GAAP Reconciliation (in thousands) | Description | Amount | | :--- | :--- | | GAAP Net Income | $135 | | Amortization of acquired intangible assets | $649 | | Stock-based compensation | $714 | | Severance expense | $232 | | Finance and accounting transition expense | $688 | | Income tax adjustments | ($588) | | **Non-GAAP Net Income** | **$1,830** | - Non-GAAP measures exclude items like amortization, stock-based compensation, and one-time expenses to provide a more meaningful comparison of operational performance[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Supplemental Financial Information (by Segment)](index=8&type=section&id=Supplemental%20Financial%20Information%20(by%20Segment)) Q2 2025 Segment Revenues (in thousands) | Segment | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Data and analytics services | $8,589 | $8,876 | | IT staffing services | $40,508 | $40,658 | | **Total revenues** | **$49,097** | **$49,534** | Q2 2025 Segment Gross Margin % | Segment | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Data and analytics services | 45.2% | 49.2% | | IT staffing services | 24.5% | 23.6% | | **Total gross margin %** | **28.1%** | **28.2%** | [Disclosures](index=2&type=section&id=Disclosures) This section details the rationale for using non-GAAP measures and includes a standard forward-looking statements disclaimer - The company presents non-GAAP measures to supplement GAAP results, believing they offer investors useful information for period-to-period comparisons[9](index=9&type=chunk)[10](index=10&type=chunk) - A cost-cutting initiative to transition finance functions to India is expected to cost **$2.0 million** and yield annual savings of **$1.2 million** post-transition[14](index=14&type=chunk) - The release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially[15](index=15&type=chunk)

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 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 001-36589 WILHELMINA INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) | ...

PART I — FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Adaptimmune Therapeutics plc's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025, detailing financial position, performance, cash flows, and significant subsequent events Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $26,061 | $91,139 | | Marketable securities | $0 | $60,466 | | Total current assets | $78,115 | $188,169 | | Total assets | $130,633 | $245,963 | | **Liabilities & Equity** | | | | Total current liabilities | $51,513 | $64,527 | | Total liabilities | $201,591 | $234,114 | | Total stockholders' equity | $(70,958) | $11,849 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Income Statement Item | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Product revenue, net | $15,126 | $0 | | Development revenue | $5,836 | $133,909 | | **Total revenue** | **$20,962** | **$133,909** | | Research and development | $(51,836) | $(75,655) | | Selling, general and administrative | $(41,767) | $(38,815) | | **(Loss)/profit from operations** | **$(76,021)** | **$19,439** | | **Net (loss)/profit** | **$(77,924)** | **$21,018** | | Net (loss)/profit per share, basic | $(0.05) | $0.01 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Item | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash (used in)/provided by operating activities | $(101,372) | $15,449 | | Net cash provided by/(used in) investing activities | $59,644 | $(1,101) | | Net cash (used in)/provided by financing activities | $(23,666) | $53,747 | | **Net (decrease)/increase in cash** | **$(65,428)** | **$67,659** | - The company has incurred a net loss of **$77.9 million** and used **$101.4 million** in cash from operating activities for the six months ended June 30, 2025 However, management believes that cash and cash equivalents will be sufficient for at least the next 12 months following the filing, primarily due to a significant asset sale and restructuring that occurred in July 2025[28](index=28&type=chunk)[31](index=31&type=chunk) - A significant subsequent event occurred on July 27, 2025, when the company entered into an Asset Purchase Agreement to sell its key cell therapy assets (TECELRA, letecel, afami-cel, uza-cel) to USWM CT, LLC for **$55.0 million** in cash upfront, plus potential future milestones up to **$30.0 million** The transaction closed on July 31, 2025[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - In connection with the asset sale, the company announced a further restructuring on July 28, 2025, planning to reduce its remaining workforce by approximately **62%** This is expected to incur pre-tax costs of approximately **$7.0 million to $8.0 million**, primarily in the third quarter of 2025[109](index=109&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strategic shift, including the sale of key assets and restructuring, analyzing financial results impacted by decreased collaboration revenue and initial product sales, while affirming sufficient liquidity post-asset sale - On July 27, 2025, the company agreed to sell its key assets, including TECELRA, letecel, afami-cel, and uza-cel, to US WorldMeds This transaction marks a significant strategic shift, with the company now planning to explore options for its remaining preclinical assets like PRAME and ADP-520[115](index=115&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) Comparison of Operations for the Three Months Ended June 30 (in thousands) | Metric | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$13,677** | **$128,231** | **$(114,554)** | **(89)%** | | Product revenue, net | $11,078 | $0 | $11,078 | N/A | | Development revenue | $2,599 | $128,231 | $(125,632) | (98)% | | R&D Expenses | $(22,979) | $(40,448) | $17,469 | (43)% | | SG&A Expenses | $(18,485) | $(19,083) | $598 | (3)% | | **Net (Loss)/Profit** | **$(30,340)** | **$69,521** | **$(99,861)** | **(144)%** | Comparison of Operations for the Six Months Ended June 30 (in thousands) | Metric | H1 2025 | H1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$20,962** | **$133,909** | **$(112,947)** | **(84)%** | | Product revenue, net | $15,126 | $0 | $15,126 | N/A | | Development revenue | $5,836 | $133,909 | $(128,073) | (96)% | | R&D Expenses | $(51,836) | $(75,655) | $23,819 | (31)% | | SG&A Expenses | $(41,767) | $(38,815) | $(2,952) | 8% | | **Net (Loss)/Profit** | **$(77,924)** | **$21,018** | **$(98,942)** | **(471)%** | - The significant decrease in development revenue in 2025 is primarily due to the termination of the Genentech collaboration in April 2024, which resulted in a one-time cumulative catch-up revenue recognition of **$101.3 million** in Q2 2024[163](index=163&type=chunk)[178](index=178&type=chunk) - Total Liquidity, a non-GAAP measure combining cash, cash equivalents, and marketable securities, was **$26.1 million** as of June 30, 2025, a sharp decline from **$151.6 million** at December 31, 2024 However, the company received a **$55.0 million** cash payment from the asset sale in July 2025[190](index=190&type=chunk)[199](index=199&type=chunk) - Net cash used in operating activities was **$101.4 million** for the first six months of 2025, a stark contrast to the **$15.4 million** provided by operating activities in the same period of 2024 The change was driven by the absence of large upfront collaboration payments received in 2024 and cash outflows for redundancy payments in 2025[192](index=192&type=chunk)[193](index=193&type=chunk)[195](index=195&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risk exposure during the three months ended June 30, 2025, referring to the 2024 Annual Report for detailed discussion - There were no material changes to the Company's market risk during the second quarter of 2025[202](index=202&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of June 30, 2025, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[203](index=203&type=chunk)[204](index=204&type=chunk) - No material changes to the company's internal control over financial reporting were identified during the quarter ended June 30, 2025[205](index=205&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company settled litigation with The University of Texas M.D. Anderson Cancer Center on July 16, 2025, with the financial impact deemed immaterial to its operations - On July 16, 2025, the company settled litigation with The University of Texas M.D Anderson Cancer Center concerning a 2016 strategic alliance agreement[95](index=95&type=chunk)[206](index=206&type=chunk) - The company asserts that the financial obligations of the settlement are not material and are not expected to have a material adverse effect on its financial position[96](index=96&type=chunk)[207](index=207&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) This section highlights the risk of non-compliance with Nasdaq's minimum bid price requirement, detailing the company's transfer to the Nasdaq Capital Market and the extended period to regain compliance - The company is not in compliance with Nasdaq's minimum bid price requirement, as its American Depositary Shares (ADSs) traded below **$1.00** for over 30 consecutive business days, receiving a notice on November 1, 2024[211](index=211&type=chunk) - On May 1, 2025, Nasdaq approved the company's application to transfer its listing to the Nasdaq Capital Market, granting an additional 180-day compliance period to regain the minimum **$1.00** bid price[212](index=212&type=chunk) - Failure to regain compliance with Nasdaq's listing rules could result in the delisting of the company's ADSs, which would adversely affect market price, liquidity, and the ability to raise capital[213](index=213&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds from such sales during the period - None reported for the period[214](index=214&type=chunk) [Defaults Upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None reported for the period[215](index=215&type=chunk) [Mine Safety Disclosures](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business operations - Not applicable[216](index=216&type=chunk) [Other Information](index=42&type=section&id=Item%205.%20Other%20Information) The company states that during the three-month period ended June 30, 2025, none of its directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the second quarter of 2025[217](index=217&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including the Asset Purchase Agreement and required officer certifications - The exhibits filed with this report include the Asset Purchase Agreement dated July 27, 2025, and required officer certifications under Sections 302 and 906 of the Sarbanes-Oxley Act[218](index=218&type=chunk)