Financial Performance - Total revenue for Q3 2025 was $15.2 million, an increase of $2.3 million from Q2 2025[5] - Net income for Q3 2025 was $12.0 million, improving by $16.1 million from Q2 2025[5] - EBITDA for Q3 2025 was $15.2 million, an increase of $15.4 million from Q2 2025[5] - Adjusted Free Cash Flow for Q3 2025 was $4.3 million, improving by $6.4 million from Q2 2025[5] Revenue Sources - Power and capacity revenue increased by 83% to $4.7 million compared to the previous quarter[5] Debt Management - The company reduced its senior unsecured debt due October 2026 by 47.2% to $38 million[5] Operational Efficiency - The efficiency of the current active miner fleet improved by 10% to 21.3 J/TH from 23.7 J/TH[5] - The company produced a total of 95 Bitcoins in Q3 2025, a decrease of 15 from Q2 2025[5] Cash Position - Greenidge ended the quarter with $7.6 million in cash and $6.1 million in Bitcoin[4] Regulatory Developments - A landmark agreement with NYSDEC was announced, providing a pathway for a new five-year Title V Air Permit[2]

Clinical Trials and Drug Development - LP-184 Phase 1a clinical trial achieved a 48% clinical benefit rate in evaluable cancer patients at or above the therapeutic dose threshold, with marked tumor reductions in patients with specific DNA damage repair mutations[2] - The FDA Type C meeting provided regulatory guidance for Starlight Therapeutics' planned pediatric CNS cancer trial, confirming the combination strategy with spironolactone[8] - LP-300 Phase 2 HARMONIC™ trial is ongoing, evaluating the drug in combination with standard chemotherapy for NSCLC patients who have progressed after TKI therapy[10] - The Company plans to initiate a Pediatric CNS cancer trial in Q1 2026 and LP-184 Phase 1b/2 trials in TNBC and NSCLC, subject to funding[29] - Lantern Pharma's AI platform, RADR, utilizes over 200 billion oncology-focused data points to enhance drug discovery and development efficiency[30] - The Company will host a KOL scientific webinar on November 20, 2025, to discuss LP-184 Phase 1a results and clinical development strategy[29] Financial Performance - Lantern Pharma has approximately $12.4 million in cash, cash equivalents, and marketable securities as of September 30, 2025, down from approximately $24.0 million at the end of 2024, providing an operating runway into approximately Q3 2026[20] - R&D expenses decreased to approximately $2.4 million for Q3 2025, compared to approximately $3.7 million for Q3 2024, primarily due to reductions in research studies and materials[21] - General and Administrative expenses increased to approximately $1.9 million for Q3 2025, up from approximately $1.5 million for Q3 2024, driven by higher business development and investor relations expenditures[22] - Net loss for Q3 2025 was approximately $4.2 million (or $0.39 per share), compared to a net loss of approximately $4.5 million (or $0.42 per share) for Q3 2024[23] - Operating expenses for Q3 2025 totaled $4,349,800, a decrease from $5,179,576 in Q3 2024, indicating a 16% reduction year-over-year[40] - The net loss for Q3 2025 was $4,177,423, compared to a net loss of $4,505,697 in Q3 2024, showing a 7% improvement[40] - As of September 30, 2025, total current assets decreased to $13,461,005 from $25,247,629 as of December 31, 2024, reflecting a significant reduction[38] - The Company reported a cash and cash equivalents balance of $8,389,486 as of September 30, 2025, up from $7,511,079 at the end of 2024[38] - The weighted-average number of common shares outstanding for Q3 2025 was 10,833,393, slightly increasing from 10,763,351 in Q3 2024[40] Strategic Initiatives - The Company entered into an ATM Sales Agreement allowing the sale of up to $15,530,000 of common stock, with $989,061 raised from 212,444 shares sold in Q3 2025[25] - Lantern Pharma expects to scale up commercial efforts for its AI platform and prepare for potential capital formation activities to support clinical advancements in 2026[29] - The RADR AI platform demonstrated a 94.1% accuracy for blood-brain barrier permeability prediction, addressing a critical pharmaceutical challenge[18] - LP-284 has received multiple FDA Orphan Drug Designations, highlighting its potential in treating aggressive lymphomas[14] - The company is advancing development plans for LP-184 in high-value indications, with a combined market potential exceeding $7 billion annually[2]

Financial Performance - The net loss for the three months ended September 30, 2025, was $11,269,000, compared to a net loss of $10,646,000 for the same period in 2024, indicating an increase in loss of about 5.9%[25] - The company reported a net loss of $8.7 million for the nine months ended September 30, 2025, compared to a net loss of $41.1 million for the same period in 2024, representing a 78.8% improvement[36] - For the three months ended September 30, 2025, the net loss was $11.27 million, resulting in a net loss per share of $0.21, compared to a net loss of $10.65 million and a net loss per share of $0.33 for the same period in 2024[99] - The net loss for Q3 2025 was $11.3 million, compared to a net loss of $10.6 million in Q3 2024, reflecting an increase in operational losses[166] Assets and Liabilities - Total current assets decreased from $103,804,000 as of December 31, 2024, to $90,134,000 as of September 30, 2025, a decline of approximately 13.2%[22] - Total liabilities decreased significantly from $40,539,000 as of December 31, 2024, to $13,474,000 as of September 30, 2025, representing a reduction of about 66.8%[22] - Cash and cash equivalents decreased from $102,654,000 as of December 31, 2024, to $86,963,000 as of September 30, 2025, a decline of about 15.3%[22] - As of September 30, 2025, the company had cash and cash equivalents of $87.0 million and $5.2 million of debt[180] Equity and Stock - The total stockholders' equity increased from $66,327,000 as of December 31, 2024, to $80,124,000 as of September 30, 2025, reflecting a growth of approximately 20.8%[22] - The weighted-average common shares outstanding increased from 32,013,569 for the three months ended September 30, 2024, to 54,894,347 for the same period in 2025, an increase of approximately 71.5%[25] - The Company has reserved 15,657,328 shares of common stock for future issuance as of September 30, 2025, down from 17,666,380 shares as of December 31, 2024, representing a reduction of approximately 11.4%[71] - The Company has 8,558,685 shares reserved under the 2021 Equity Incentive Plan, with 1,939,396 shares remaining available for future grants as of September 30, 2025[83] Research and Development - Research and development expenses increased to $8,461,000 for the three months ended September 30, 2025, compared to $5,416,000 for the same period in 2024, marking a rise of approximately 56.5%[25] - The Company recorded a total stock-based compensation expense for the nine months ended September 30, 2025, was $2.5 million, compared to $4.1 million for the same period in 2024[88] - Research and development expenses increased by $5.0 million from $14.5 million in the nine months ended September 30, 2024, to $19.5 million in the nine months ended September 30, 2025, primarily due to a $4.2 million increase in clinical development costs[173] - Research and development expenses increased by $3.0 million from $5.4 million in Q3 2024 to $8.5 million in Q3 2025, primarily due to increased manufacturing and regulatory costs for CAN-2409 programs[167] Financing Activities - The company raised approximately $14.3 million from the issuance of common stock in a registered direct offering on June 25, 2025[39] - The company completed a public offering on December 16, 2024, raising approximately $92.0 million before deducting underwriting discounts and commissions[38] - The company raised approximately $291.6 million in gross proceeds from various financing activities, including $207.6 million from the sale of common stock[179] - The company entered into a Loan and Security Agreement on October 14, 2025, with an aggregate principal amount of up to $130.0 million, with the first tranche of $50.0 million drawn down at closing[189] Future Outlook - The company expects to continue generating operating losses and negative cash flows for the foreseeable future[36] - The company believes existing resources will fund planned operations for at least 12 months from the issuance date of the financial statements[41] - The company anticipates significant future funding requirements to support ongoing research, development, and commercialization efforts[207] - The company expects operating expenses to increase substantially as it advances clinical development and prepares for potential commercialization of product candidates[204][206] Clinical Trials and Product Development - The company has established two off-the-shelf viral immunotherapy platforms, with product candidates CAN-2409 and CAN-3110 currently in clinical trials[34] - CAN-2409 demonstrated a statistically significant improvement in disease-free survival (DFS) with a median DFS not reached for the treatment arm compared to 86.1 months in the placebo arm (p=0.0155; HR 0.70; 95% CI: 0.52 to 0.94) in a phase 3 trial involving 745 patients[117] - The phase 3 trial showed a 67.1% rate of patients achieving a prostate-specific antigen (PSA) nadir (<0.2 ng/ml) in the CAN-2409 arm compared to 58.6% in the placebo arm (p=0.0164) and an 80.4% pathological complete response rate in post-treatment biopsies versus 63.6% in the control arm (p=0.0015)[118] - The ongoing phase 1b trial of CAN-3110 for recurrent high-grade glioma (HGG) received Fast Track Designation from the FDA in February 2024, aiming to improve overall survival[120] Internal Controls and Compliance - Management is responsible for establishing and maintaining adequate internal control over financial reporting[220] - Disclosure controls and procedures are designed to ensure timely recording and reporting of required information[220] - Controls provide reasonable assurance of achieving their objectives, acknowledging that no system can guarantee complete effectiveness[220] - Management applies judgment in evaluating the cost-benefit relationship of possible controls and procedures[220]

Revenue Performance - Revenues for the first nine months of 2025 were stable at $24.6 million, compared to $24.8 million for the same period in 2024[5] - In Q3 2025, revenues were $7.0 million, a 22% decline from $9.0 million in Q3 2024, primarily due to advanced purchases ahead of a price increase[11] - Total revenues for Q3 2025 were $6,988 million, a decrease of 22.5% compared to $9,012 million in Q3 2024[29] Operating Expenses - Operating expenses decreased by 5% year-over-year in Q3 2025, totaling $13.3 million compared to $14.0 million in Q3 2024[12] - Operating expenses for Q3 2025 totaled $13,266 million, slightly down from $13,972 million in Q3 2024[29] - Total operating expenses for the nine months ended September 30, 2025, were $40,512 million, slightly up from $40,260 million in 2024[29] Net Loss - The net loss for Q3 2025 was $6.6 million, compared to a net loss of $5.7 million in the prior-year quarter[14] - Net loss for Q3 2025 was $6,649 million, compared to a net loss of $5,669 million in Q3 2024, representing an increase in loss of 17.3%[31] - Loss from operations for the nine months ended September 30, 2025, was $(15,907) million, compared to $(15,498) million for the same period in 2024[29] Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was negative $6.0 million, compared to negative $4.6 million for Q3 2024[15] - Adjusted EBITDA for Q3 2025 was $(5,987) million, with an adjusted EBITDA margin of -85.7%, compared to $(4,575) million and -50.8% in Q3 2024[31] Financing and Assets - The company closed the purchase of all Ameluz and RhodoLED US assets from Biofrontera AG, with a new earnout structure reducing payment rates to 12%-15% of U.S. net sales[5] - The company received the final $2.5 million of an $11 million financing led by existing investors in October 2025[10] - The divestiture of the Xepi antibiotic cream to Pelthos Pharmaceuticals was announced for $3 million at closing, with potential milestone payments of up to $6 million[5] Cash and Liabilities - The cash balance as of September 30, 2025, was $3.4 million, down from $5.9 million at the end of 2024[26] - Total liabilities as of September 30, 2025, were $17.996 million, compared to $17.668 million at the end of 2024[26] Research and Development - Research and development expenses increased to $854 million in Q3 2025 from $669 million in Q3 2024, reflecting a growth of 27.7%[29] Earnings Per Share - Basic and diluted loss per common share for Q3 2025 was $(0.62), compared to $(0.98) in Q3 2024[29] Interest Expense and Fair Value Changes - Interest expense, net for Q3 2025 was $(111) million, compared to $8 million in Q3 2024[31] - The company reported a change in fair value of warrants resulting in a loss of $(285) million in Q3 2025, compared to a loss of $(680) million in Q3 2024[31]

Financial Results - Volato Group, Inc. announced its financial results for Q3 2025 on November 13, 2025[4] - The earnings press release is available as Exhibit 99.1, detailing the company's performance for the quarter ended September 30, 2025[4] - The financial results include key metrics that will be elaborated in the earnings press release[4] Company Information - The company is listed on NYSE American LLC under the trading symbol SOAR[2] - The report indicates that Volato Group, Inc. is classified as an emerging growth company[4] - The company has opted not to use the extended transition period for new financial accounting standards[4] Compliance and Documentation - The report was signed by Mark Heinen, Chief Financial Officer of Volato Group, Inc.[8] - The filing is in compliance with the Securities Exchange Act of 1934[7] - The report includes a cover page interactive data file embedded within the Inline XBRL document[5] Stock Information - The Class A common stock has an exercise price of $287.50 for its associated warrants[2]

Financial Results - Volato Group, Inc. announced its financial results for Q3 2025 on November 13, 2025[4] - The earnings press release is available as Exhibit 99.1, detailing the company's performance[5] Company Classification - The report indicates that the company is classified as an emerging growth company under the Securities Act[2]

Revenue Performance - Ondas Holdings reported a revenue increase of $8,617,518, reaching $10,098,310 for the three months ended September 30, 2025, compared to $1,480,792 for the same period in 2024[299]. - The revenue growth was primarily driven by approximately $5,294,000 in increased product sales and $3,704,000 in increased service and subscription revenue at OAS, attributed to sales of the Optimus System™, Iron Drone Raider™, and Apeiro ground robots[300]. - Ondas Networks generated $81,517 in revenue for the three months ended September 30, 2025, a decrease of $363,771 compared to $445,288 in 2024, while OAS revenue surged to $10,016,793 from $1,035,504[299]. - Revenue increased by $17,556,228 to $20,619,880 for the nine months ended September 30, 2025, compared to $3,063,652 for the same period in 2024[310]. Cost and Profitability - Cost of goods sold rose by $6,060,683 to $7,493,915 for the three months ended September 30, 2025, compared to $1,433,232 in 2024, mainly due to increased revenue at OAS[301]. - Gross profit increased by $2,556,835 to $2,604,395 for the three months ended September 30, 2025, with gross profit margins improving from 3% in 2024 to 26% in 2025[302]. - Cost of goods sold increased by $9,592,896 to $13,194,865 for the nine months ended September 30, 2025, compared to $3,601,969 for the same period in 2024[311]. - Gross profit increased by $7,963,332 to $7,425,015 for the nine months ended September 30, 2025, compared to a gross loss of $538,317 for the same period in 2024[312]. Operating Expenses - The increase in operating expenses was significant, rising by $9,399,670 to $18,107,945 for the three months ended September 30, 2025, compared to $8,708,275 in 2024, driven by higher general and administrative costs[299]. - Operating expenses increased by $9,399,670, or 108%, to $18,107,945 for the three months ended September 30, 2025, compared to $8,708,275 for the same period in 2024[304]. - Total operating expenses increased by $16,934,924 to $42,488,107 for the nine months ended September 30, 2025, compared to $25,553,183 for the same period in 2024[313]. - Human resource costs, including benefits, accounted for 61% of total operating expenses for the three months ended September 30, 2025, up from 38% in the same period in 2024[304]. - The increase in operating expenses was primarily driven by a $7,784,000 increase in human resource costs, including a $4,935,000 increase in stock-based compensation[304]. - Operating expenses increased by $16,934,924, or 66%, primarily due to a $14,271,000 increase in human resource costs, including $7,718,000 for stock-based compensation[314]. Loss and Income - Operating loss increased by $6,842,835, or 79%, to $15,503,550 for the three months ended September 30, 2025, compared to $8,660,715 for the same period in 2024[305]. - Operating loss for the nine months ended September 30, 2025, increased by $8,971,592, or 34%, to $35,063,092 compared to $26,091,500 for the same period in 2024[315]. - Total other income, net increased by $9,195,703, to $8,330,150 for the three months ended September 30, 2025, compared to total other expense, net of $865,553 for the same period in 2024[306]. - Total other income increased by $4,583,780 to $3,003,192, primarily due to a $9,030,000 increase in interest and dividend income[316]. - Net loss decreased by $2,045,412, or 21%, to $7,480,856 for the three months ended September 30, 2025, compared to $9,526,268 for the same period in 2024[307]. - Net loss increased by $4,695,268, or 17%, to $32,367,356 for the nine months ended September 30, 2025, compared to $27,672,088 for the same period in 2024[318]. Cash and Financing - Cash and restricted cash at the end of the period was approximately $433,393,557, up from $2,873,286 in the previous year[319]. - Net cash flows used in investing activities increased by approximately $17,084,000, primarily due to the purchase of equity securities and cash paid for acquisitions[321]. - The company raised approximately $422,309,000 in proceeds from registered offerings during the nine months ended September 30, 2025[325]. - As of September 30, 2025, the company had an accumulated deficit of approximately $268,723,000[323]. - The company expects to fund operations for the next twelve months from cash on hand, gross profits, and potential proceeds from warrants and additional financing[329]. Business Operations and Strategy - The company operates two business segments: Ondas Networks, focusing on wireless connectivity solutions, and OAS, which develops autonomous solutions for defense and industrial markets[286]. - Ondas Holdings continues to develop partnerships in the rail industry, including collaboration with Siemens Mobility to market FullMAX-based networking technology[290]. - OAS achieved FAA Type Certification for the Optimus 1-EX UAV on September 25, 2023, enabling broad BVLOS operations and validating the system's safety and reliability[296]. - The company is closely monitoring the impact of ongoing military operations in Israel on its business, particularly regarding the import of materials for the Optimus System™[298]. Accounting and Reporting - Management's discussion and analysis is based on unaudited Condensed Consolidated Financial Statements prepared in accordance with U.S. GAAP[332]. - There have been no significant changes in critical accounting policies since the filing of the 2024 Form 10-K[332]. - No material changes to significant accounting policies are expected from recent accounting pronouncements[333]. - Forward-looking statements are based on current expectations and assumptions, subject to risks and uncertainties[334]. - The company is classified as a smaller reporting company and is not required to provide market risk disclosures[335].

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 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 001-36613 Middlefield Banc Corp. (Exact Name of Registrant as Specified in its Charter ...

Revenue Performance - For the three months ended September 30, 2025, total revenues were $48.5 million, a decrease of 6.5% compared to $51.8 million for the same period in 2024[38]. - The Data and Analytics Services segment generated $7.9 million in revenue for the three months ended September 30, 2025, down 15.7% from $9.4 million in 2024[38]. - The IT Staffing Services segment reported $40.6 million in revenue for the three months ended September 30, 2025, a decrease of 4.0% from $42.4 million in 2024[38]. - For the three months ended September 30, 2025, total revenues were $48,496,000, a decrease of 6.8% from $51,839,000 in the same period of 2024[80]. - The Data and Analytics Services segment generated revenues of $7,910,000, down 15.8% from $9,398,000 year-over-year[80]. - The IT Staffing Services segment reported revenues of $40,586,000, a decline of 4.3% compared to $42,441,000 in the prior year[80]. - Total revenues for the nine months ended September 30, 2025, were $145,910,000, a decrease of 1.9% compared to $148,196,000 for the same period in 2024[82]. - The Canadian subsidiary reported revenues of $112,000 for the three months ended September 30, 2025, down 43.4% from $198,000 in 2024[82]. - The Indian and Other segment generated $306,000 in revenue for the three months ended September 30, 2025, a decline of 48.9% from $598,000 in 2024[82]. Client Concentration - The top ten clients accounted for approximately 59% of total revenues for the three months ended September 30, 2025, compared to 56% in 2024[40]. Goodwill and Impairment - Goodwill related to the IT Staffing Services segment remained unchanged at $8.4 million as of September 30, 2025[41]. - The Company recorded a goodwill impairment of $5.3 million related to the Data and Analytics Services segment in 2023[41]. Operating Expenses and Income - Total gross profit for the three months ended September 30, 2025, was $13,715,000, representing a gross margin of 28.3%, slightly down from 28.5% in the same quarter of 2024[80]. - The IT Staffing Services segment's operating income for the three months ended September 30, 2025, was $3,178,000, compared to $1,951,000 in the same period of 2024[81]. - The company’s total operating expenses for the three months ended September 30, 2025, were $1,932,000, down from $2,442,000 in the prior year[81]. Taxation - The total provision for income taxes for the three months ended September 30, 2025, was $294,000, with an effective tax rate of 23.8%[71]. - The company’s total current provision for income taxes was $84,000 for the three months ended September 30, 2025, compared to $644,000 in the same period of 2024[70]. - The company’s valuation allowance against deferred tax assets totaled $452,000 as of September 30, 2025[71]. Stock and Compensation - Stock-based compensation expense for the three months ended September 30, 2025 was $729,000, up from $542,000 in 2024; for the nine months, it increased to $2.3 million from $1.6 million[55]. - The Company granted 327,000 stock options at an average strike price of $7.45 during the nine months ended September 30, 2025, compared to 525,000 stock options at an average strike price of $8.41 in 2024[54]. - As of September 30, 2025, there were 975,000 shares of Common Stock available for grants under the Stock Incentive Plan[54]. - The Company issued 11,483 shares under the Employee Stock Purchase Plan during the nine months ended September 30, 2025, at a share price of $6.09, compared to 21,329 shares at $6.38 in 2024[60]. Lease and Rental Expenses - The Company utilized approximately 94,000 square feet of office space as of September 30, 2025, under noncancelable operating leases[45]. - The present value of operating lease liabilities as of September 30, 2025, was $2.753 million, with a weighted average discount rate of 5.7%[46]. - Rental expense for the three and nine months ended September 30, 2025 totaled $0.4 million and $1.2 million, respectively, compared to $0.4 million and $1.1 million for the same periods in 2024[47]. - Total cash paid for lease liabilities for the three and nine months ended September 30, 2025 was $0.4 million and $1.1 million, consistent with the amounts for the same periods in 2024[48]. - The Company has no new leases entered into during the three and nine months ended September 30, 2025 and 2024, indicating a stable leasing strategy[48]. Financial Position - Total assets as of September 30, 2025, amounted to $112,617,000, a slight increase from $111,484,000 on December 31, 2024[82]. - The Company had outstanding borrowings under the Revolver totaling zero dollars as of September 30, 2025, with unused borrowing capacity of approximately $20.8 million[68]. - The company had no outstanding borrowings under the Credit Agreements as of September 30, 2025[144]. Currency and Accounting Standards - The functional currency for the Canadian subsidiary is the U.S. dollar, while Indian and European subsidiaries operate in their local currencies[145]. - A hypothetical 10% increase or decrease in foreign currency rates would not have had a material impact on the consolidated financial statements[145]. - The company does not expect the recently issued ASUs to have a material impact on its financial statements[84][86]. - The company is currently evaluating the impact of ASU 2025-05 but does not expect it to have a material effect on its consolidated financial statements[86].

Financial Performance - The company reported net losses of $50.5 million for Q3 2025, compared to $39.3 million for Q3 2024, and $129.3 million for the nine months ended September 30, 2025, compared to $108.4 million for the same period in 2024[145]. - Net loss for the three months ended September 30, 2025, was $50.5 million, an increase of $11.2 million from a net loss of $39.3 million in 2024[196]. - Cash used in operating activities was $93.0 million for the nine months ended September 30, 2025, compared to $81.2 million in 2024, reflecting an increase in net loss from $108.4 million to $129.3 million[226][227]. - The company expects to incur significant expenses and operating losses for the foreseeable future as it advances preclinical and clinical development, necessitating additional capital[221]. Cash and Financing - As of September 30, 2025, the company had cash, cash equivalents, and restricted cash totaling $17.1 million, with an additional $2.8 million in receivables from Johnson & Johnson Innovative Medicine[144]. - As of September 30, 2025, the company had $17.1 million in cash, cash equivalents, and restricted cash, with a net decrease of $89.1 million during the nine months[225]. - Net cash provided by financing activities was $6.9 million for the nine months ended September 30, 2025, compared to $50.3 million in 2024, indicating a significant decrease in financing[229][230]. - The company anticipates needing additional capital to fund operations and may raise funds through equity offerings, debt financing, or strategic collaborations[147]. - The company estimates it can fund operations into the second half of 2027 based on current cash and anticipated payments, excluding potential near-term cash from milestone achievements[223]. Operating Expenses - The total operating expenses for Q3 2025 were $46.5 million, down from $51.0 million in Q3 2024, while for the nine-month periods, expenses were $138.5 million in 2025 compared to $144.6 million in 2024[146]. - Total operating expenses for the three months ended September 30, 2025, were $46.5 million, a decrease of $4.5 million from $50.9 million in 2024[196]. - Total operating expenses for the nine months ended September 30, 2025, were $138.5 million, a decrease of $6.1 million from $144.6 million in 2024[208]. Research and Development - Research and development expenses increased to $32.5 million for the three months ended September 30, 2025, up by $6.3 million from $26.2 million in 2024, primarily due to increased manufacturing costs[203]. - Research and development expenses for the nine months ended September 30, 2025, were $98.8 million, an increase of $3.3 million from $95.5 million in 2024, primarily due to higher costs in the AAV-GAD program and other ocular diseases[216]. - The company expects to incur increased research and development costs, particularly for AAV-hAQP1 and AAV-GAD, with some costs offset by funding from Hologen[184]. Collaborations and Agreements - The company has received approximately $632.2 million from equity securities sales, $75.0 million from debt issuance, and $130.0 million from the Collaboration Agreement with Johnson & Johnson Innovative Medicine[144]. - A strategic collaboration with Hologen Limited includes an upfront cash payment of $200 million and potential additional funding of up to $230 million[154]. - MeiraGTx entered into a strategic collaboration with Lilly, receiving an upfront payment of $75 million and potential milestone payments exceeding $400 million for the development of genetic medicines in ophthalmology[168]. - Hologen has made $28.0 million in payments towards the upfront payment and an additional $22.0 million in Q4 2025[154]. - Hologen has an exclusive option to purchase additional shares in MeiraGTx Manufacturing, potentially increasing its ownership to 40% within 12 months[164]. - The joint venture Hologen Neuro AI Ltd will be funded with a $200 million upfront payment and up to $230 million in additional funding from Hologen for the AAV-GAD program targeting Parkinson's disease[174]. Clinical Developments - AAV2-hAQP1 received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA, with a Phase 2 study currently enrolling participants[174]. - AAV-GAD for Parkinson's disease has received RMAT designation, with positive data from three clinical studies supporting its development[174]. - The Phase 3 LUMEOS trial for botaretigene sparoparvovec (bota-vec) has received Fast Track and orphan drug designations from the FDA, with potential revenue of up to $285 million upon first commercial sales[176]. - The company is progressing its first riboswitch program for metabolic disease, with IND-enabling discussions ongoing with regulatory agencies[176]. Currency and Interest - Foreign currency loss was $1.6 million for the three months ended September 30, 2025, compared to a gain of $3.5 million in 2024, reflecting a $5.1 million change due to currency fluctuations[204]. - Foreign currency gain was $10.8 million for the nine months ended September 30, 2025, compared to $2.6 million in 2024, reflecting an increase of $8.1 million due to the weakening of the U.S. dollar against the pound sterling and euro[217]. - Interest income decreased to $0.2 million for the three months ended September 30, 2025, down by $1.0 million from $1.2 million in 2024, attributed to lower interest rates and cash balances[205]. - Interest income decreased to $1.5 million for the nine months ended September 30, 2025, down from $3.1 million in 2024, a decline of $1.6 million attributed to lower interest rates and cash balances[219]. - Interest expense for the three months ended September 30, 2025, was $3.1 million, a decrease of $0.3 million from $3.4 million in 2024, primarily due to lower interest rates[206]. - Interest expense decreased to $9.1 million for the nine months ended September 30, 2025, from $9.9 million in 2024, a reduction of $0.7 million due to lower interest rates[220]. - A hypothetical 1% increase in the SOFR would increase annual interest expense by approximately $0.8 million, given the current outstanding balance of $75.0 million[234].