[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements and management's analysis for BioRestorative Therapies, Inc [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) Unaudited Q2 and H1 2025 financial statements show significant losses and negative cash flow, raising going concern doubts [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$8.5 million** from **$12.3 million** as of June 30, 2025, with stockholders' equity declining to **$4.8 million** Condensed Consolidated Balance Sheet Highlights (in USD) | Balance Sheet Item | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,555,251 | $547,890 | | Investments held in marketable securities | $5,825,685 | $10,184,701 | | **Total Assets** | **$8,516,559** | **$12,279,799** | | Total Current Liabilities | $3,671,235 | $3,748,406 | | **Total Liabilities** | **$3,671,235** | **$3,748,406** | | Accumulated deficit | $(163,674,777) | $(155,678,715) | | **Total Stockholders' Equity** | **$4,845,324** | **$8,531,393** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenues increased, net loss decreased to **$2.7 million**; H1 2025 net loss widened to **$8.0 million** due to higher R&D Statement of Operations Summary (in USD) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $303,300 | $89,100 | $328,300 | $124,100 | | Research and development | $2,225,882 | $1,454,000 | $4,872,782 | $3,531,278 | | General and administrative | $1,373,976 | $1,097,417 | $3,556,701 | $3,164,391 | | Loss From Operations | $(3,305,287) | $(2,468,807) | $(8,112,821) | $(6,578,059) | | **Net Loss** | **$(2,656,263)** | **$(4,028,562)** | **$(7,996,062)** | **$(6,251,817)** | | Net Loss Per Share | $(0.30) | $(0.50) | $(0.94) | $(0.84) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 net cash used in operations increased to **$5.5 million**; net cash from investing was **$4.5 million**, and cash increased to **$1.6 million** Cash Flow Summary for the Six Months Ended June 30 (in USD) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Used In Operating Activities | $(5,472,653) | $(4,182,945) | | Net Cash Provided By (Used In) Investing Activities | $4,499,158 | $(1,954,831) | | Net Cash Provided By Financing Activities | $1,980,856 | $7,505,646 | | **Net Increase In Cash and Cash Equivalents** | **$1,007,361** | **$1,367,870** | | **Cash and Cash Equivalents - End of Period** | **$1,555,251** | **$2,252,247** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail business operations, accounting policies, and disclose substantial doubt about the company's ability to continue as a going concern - The company's financial condition raises substantial doubt about its ability to continue as a going concern for at least twelve months, due to a net loss of **$8.0 million** and negative operating cash flows of **$5.5 million** for the first six months of 2025[25](index=25&type=chunk) - The company develops therapeutic products using adult stem cells, focusing on its Disc/Spine Program (brtxDISC), ThermoStem Program for metabolic disorders, and a biologics-based cosmetic products business[23](index=23&type=chunk) - During the first six months of 2025, the company raised approximately **$2.0 million** in gross proceeds by selling **965,424 shares** of common stock through its at-the-market (ATM) offering agreement[26](index=26&type=chunk)[65](index=65&type=chunk) - On June 16, 2025, the Board of Directors authorized a common stock repurchase program for up to **$2.0 million** of its outstanding common stock, though no repurchases were made as of June 30, 2025[66](index=66&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, business overview, and liquidity, noting increased revenues, higher R&D, and ongoing going concern doubts requiring future financing - The company has commenced a Phase 2 clinical trial for its lead product candidate, BRTX-100, for the treatment of chronic lower back pain from degenerative disc disease[80](index=80&type=chunk) - The company's working capital decreased by **$3.5 million** to **$3.9 million** as of June 30, 2025, primarily due to cash used to fund operations[103](index=103&type=chunk) - Management states that current funds may not be sufficient for at least twelve months, raising substantial doubt about the company's ability to continue as a going concern[104](index=104&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Q2 and H1 2025 revenues increased due to cosmetic sales, but R&D and G&A expenses rose; Q2 net loss narrowed, H1 net loss widened Comparison of Results for the Three Months Ended June 30 (in USD) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenues | $303,300 | $89,100 | +240.4% | | Research and Development | $2,225,882 | $1,454,000 | +53.1% | | General and Administrative | $1,373,976 | $1,097,417 | +25.2% | | Net Loss | $(2,656,263) | $(4,028,562) | -34.1% | Comparison of Results for the Six Months Ended June 30 (in USD) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenues | $328,300 | $124,100 | +164.5% | | Research and Development | $4,872,782 | $3,531,278 | +38.0% | | General and Administrative | $3,556,701 | $3,164,391 | +12.4% | | Net Loss | $(7,996,062) | $(6,251,817) | +27.9% | - The increase in R&D expenses for H1 2025 was primarily due to a **$1.18 million** increase in recruitment and other costs for the Phase 2 clinical trial[97](index=97&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is strained with **$3.9 million** working capital, an **$8.0 million** net loss, and negative operating cash flow, raising going concern doubts Liquidity Metrics (in USD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,555,251 | $547,890 | | Investments held in marketable securities | $5,825,685 | $10,184,701 | | Working capital | $3,926,572 | $7,395,815 | - The company anticipates continued net losses and negative cash flows and believes it may not have sufficient cash for the next twelve months, raising substantial doubt about its ability to continue as a going concern[104](index=104&type=chunk) - Future capital requirements depend on factors like product commercialization and the need for collaborations; the company may be unable to raise sufficient capital or may do so on unattractive terms[105](index=105&type=chunk)[107](index=107&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, BioRestorative Therapies, Inc. is exempt from providing market risk disclosures - As a smaller reporting company, BioRestorative Therapies, Inc. is not required to provide quantitative and qualitative disclosures about market risk[116](index=116&type=chunk) [Controls and Procedures](index=30&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of June 30, 2025, due to material weaknesses in internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were not effective as of June 30, 2025[119](index=119&type=chunk) - Material weaknesses in internal control over financial reporting continued to exist, including: lack of adherence to formal policies, inadequate risk assessment, ineffective controls over financial reporting and journal entries, and ineffective controls over accounting for warrants[121](index=121&type=chunk)[122](index=122&type=chunk) - A remediation plan is underway, which includes oversight from the CFO, engagement of an external financial consulting firm, and documentation of key procedures[121](index=121&type=chunk)[122](index=122&type=chunk) [PART II. OTHER INFORMATION](index=32&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section includes references to risk factors, details on unregistered sales of equity securities, and a list of exhibits filed with the report [Risk Factors](index=32&type=section&id=ITEM%201A.%20Risk%20Factors) Investors are directed to the Annual Report on Form 10-K for a comprehensive discussion of significant risks associated with investing in the company's common stock - The company refers to the "Risk Factors" section of its Annual Report on Form 10-K for the year ended December 31, 2024, for a detailed discussion of risks associated with an investment in its common stock[126](index=126&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the three months ended June 30, 2025 - The company had no unregistered sales of equity securities during the three months ended June 30, 2025[127](index=127&type=chunk) [Exhibits](index=32&type=section&id=ITEM%206.%20Exhibits) This section lists the certifications by the Principal Executive Officer and Principal Financial Officer, along with Inline XBRL documents, filed as exhibits - Exhibits filed with the report include CEO and CFO certifications (31.1, 31.2, 32.1) and Inline XBRL data files[128](index=128&type=chunk)

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 ☐ 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: 000-19871 175 Derby St., Bld. 27 Hingham, MA 02043 (Address of principal executive of ices) (781) 875-3605 (Registrant's T ...

[Dawson Geophysical Q2 2025 Earnings Report](index=1&type=section&id=Dawson%20Geophysical%20Q2%202025%20Earnings%20Report) [Management Commentary and Strategic Initiatives](index=1&type=section&id=Management%20Commentary%20and%20Strategic%20Initiatives) The company made a significant capital investment in new seismic data acquisition technology to meet rising demand and enhance operational efficiency - The company made a **significant capital investment** to purchase new single-node channels from a subsidiary of Geospace Technologies[3](index=3&type=chunk) - The new channels are lightweight and autonomous, expected to **improve operational efficiency** through faster field deployment and retrieval[3](index=3&type=chunk) - This investment aims to meet the rising demand for high-resolution, high channel count surveys and **improve both top-line and bottom-line results**[3](index=3&type=chunk)[4](index=4&type=chunk) - The company's **backlog is improving**, with multiple jobs contracted for the newly purchased equipment[4](index=4&type=chunk) [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) The company reported a 5% increase in Q2 fee revenues and a reduced net loss, though year-to-date net income declined significantly from the prior year Q2 Financial Performance (Three Months Ended June 30) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Fee Revenues | $8.7 million | $8.3 million | +5% | | Gross Margin | 13% | 1% | +12 p.p. | | Net Loss | ($2.3 million) | ($3.5 million) | Improved | | Loss per Share | ($0.08) | ($0.12) | Improved | | EBITDA | ($1.2 million) | ($2.3 million) | Improved | YTD Financial Performance (Six Months Ended June 30) | Metric | YTD 2025 | YTD 2024 | Change | | :--- | :--- | :--- | :--- | | Net (Loss) Income | ($1.4 million) | $2.3 million | Declined | | (Loss) Income per Share | ($0.04) | $0.07 | Declined | | EBITDA | $1.2 million | $5.2 million | -77% | - Revenues in the United States **increased over 200%** quarter over quarter due to improved crew utilization[4](index=4&type=chunk) [Operations and Capital Allocation](index=3&type=section&id=Operations%20and%20Capital%20Allocation) The company deployed a large crew with high expected utilization, committed to a $24.2 million equipment purchase, and significantly increased its cash position - One large channel crew was deployed at the beginning of April and is expected to be **highly utilized** through the end of the year[7](index=7&type=chunk) - The company entered into an Equipment Purchase Agreement with GTC, Inc to acquire single point node channels for an aggregate price of approximately **$24.2 million**[8](index=8&type=chunk)[9](index=9&type=chunk) - The equipment purchase is financed with approximately **$6.0 million in cash** and **$18.2 million through three 36-month promissory notes** at an 8.75% interest rate[9](index=9&type=chunk) Liquidity Position as of June 30, 2025 | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash Position | $16.2 million | $1.4 million | | Working Capital | $4.9 million | $4.6 million | [Detailed Financial Statements](index=5&type=section&id=Detailed%20Financial%20Statements) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 total revenues decreased due to lower reimbursable revenue, but the operating loss improved year-over-year because of lower operating expenses Q2 Statement of Operations Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Fee Revenue | $8,735 | $8,326 | | Total Operating Revenues | $9,851 | $12,512 | | Total Operating Costs | $12,222 | $16,281 | | (Loss) from Operations | ($2,371) | ($3,769) | | Net (Loss) | ($2,349) | ($3,546) | YTD Statement of Operations Highlights (in thousands) | Line Item | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | | Fee Revenue | $23,994 | $35,064 | | Total Operating Revenues | $25,929 | $44,096 | | (Loss) Income from Operations | ($1,337) | $2,033 | | Net (Loss) Income | ($1,357) | $2,300 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet shows a significant increase in cash and total assets, alongside a rise in current liabilities driven by higher deferred revenue Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $16,228 | $1,385 | | Total current assets | $31,428 | $14,541 | | Property and equipment, net | $11,330 | $12,979 | | Total assets | $45,684 | $30,870 | | Total current liabilities | $26,545 | $9,930 | | Total stockholders' equity | $16,413 | $17,281 | [Segment Operations](index=8&type=section&id=Segment%20Operations) USA Operations drove Q2 revenue but incurred a loss, while Canada Operations was profitable on a year-to-date basis despite a Q2 loss Q2 2025 Operations by Segment (in thousands) | Metric | USA Operations | Canada Operations | Consolidated | | :--- | :--- | :--- | :--- | | Operating Revenues | $9,520 | $331 | $9,851 | | (Loss) from Operations | ($1,317) | ($1,054) | ($2,371) | | Net (Loss) | ($1,297) | ($1,052) | ($2,349) | | EBITDA | ($303) | ($856) | ($1,159) | YTD 2025 Operations by Segment (in thousands) | Metric | USA Operations | Canada Operations | Consolidated | | :--- | :--- | :--- | :--- | | Operating Revenues | $12,816 | $13,113 | $25,929 | | (Loss) Income from Operations | ($5,838) | $4,501 | ($1,337) | | Net (Loss) Income | ($5,843) | $4,486 | ($1,357) | | EBITDA | ($3,706) | $4,885 | $1,179 | [Non-GAAP Measures and Reconciliations](index=3&type=section&id=Non-GAAP%20Measures%20and%20Reconciliations) - The company uses **EBITDA**, a non-GAAP measure, to assess financial performance, liquidity, and operating performance over time[12](index=12&type=chunk) [Reconciliation of EBITDA to Net Income](index=7&type=section&id=Reconciliation%20of%20EBITDA%20to%20Net%20Income) Consolidated EBITDA improved year-over-year for Q2 2025 but showed a significant decrease for the six-month period EBITDA Reconciliation (in thousands) | Period | Net (Loss) Income | Depreciation & Amortization | EBITDA | | :--- | :--- | :--- | :--- | | **Q2 2025** | ($2,349) | $1,174 | ($1,159) | | **Q2 2024** | ($3,546) | $1,406 | ($2,337) | | **YTD 2025** | ($1,357) | $2,445 | $1,179 | | **YTD 2024** | $2,300 | $2,995 | $5,233 | [Reconciliation of EBITDA to Net Cash from Operating Activities](index=7&type=section&id=Reconciliation%20of%20EBITDA%20to%20Net%20Cash%20from%20Operating%20Activities) The company generated $14.9 million in net cash from operating activities in Q2 2025, which reconciles to its negative EBITDA after adjustments EBITDA to Operating Cash Flow Reconciliation - Q2 2025 (in thousands) | Line Item | Amount | | :--- | :--- | | Net cash provided by operating activities | $14,875 | | Changes in working capital and other items | ($15,737) | | Non-cash adjustments to net loss | ($297) | | **EBITDA** | **($1,159)** | [Company Information and Disclosures](index=3&type=section&id=Company%20Information%20and%20Disclosures) [About Dawson Geophysical](index=3&type=section&id=About%20Dawson%20Geophysical) The company is a leading provider of onshore seismic data acquisition services in North America, with a growing focus on CCUS monitoring - The company is a leading provider of **North American onshore seismic data acquisition services**[11](index=11&type=chunk) - Services include acquiring and processing **2-D, 3-D, and multi-component seismic data** for clients[11](index=11&type=chunk) - **Carbon Capture Utilization and Storage (CCUS)** seismic monitoring is a growing and intricate part of the business[11](index=11&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section outlines risks and uncertainties related to future performance, including energy price volatility and dependence on industry spending - Forward-looking statements relate to future events, financial performance, expected utilization, and **anticipated benefits from the new equipment purchase**[14](index=14&type=chunk) - Key risks include **dependence on energy industry spending**, volatility of oil and gas prices, contract delays, and risks associated with the new equipment[14](index=14&type=chunk)

[Executive Summary & Corporate Update](index=1&type=section&id=Executive%20Summary%20%26%20Corporate%20Update) [Second Quarter 2025 Financial Results Overview](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results%20Overview) DURECT Corporation reported its financial results for Q2 2025, showing a decrease in total revenues and a reduced net loss compared to Q2 2024, with cash and investments also declining from year-end 2024 Financial Highlights for Three Months Ended June 30: | Metric | Q2 2025 | Q2 2024 | | :---------------------------------- | :------ | :------ | | Total revenues | $447,000 | $646,000 | | Net loss | $2.3 million | $3.7 million | Cash, Cash Equivalents and Investments: | Date | Amount | | :---------------------------------- | :------ | | June 30, 2025 | $6.7 million | | December 31, 2024 | $12.0 million | [Proposed Acquisition by Bausch Health](index=1&type=section&id=Proposed%20Acquisition%20by%20Bausch%20Health) DURECT announced an agreement to be acquired by Bausch Health, with the transaction expected to close in Q3 2025, including an upfront cash payment per share and potential future sales milestones - DURECT Corporation announced its acquisition by **Bausch Health Companies Inc.**[2](index=2&type=chunk) - The transaction is expected to be completed in the **third quarter of 2025**[1](index=1&type=chunk)[3](index=3&type=chunk) [Merger Agreement Details](index=1&type=section&id=Merger%20Agreement%20Details) The merger agreement outlines Bausch Health's payment of $1.75 per share in cash, totaling approximately $63 million upfront, with potential for up to $350 million in aggregate net sales milestone payments for larsucosterol Merger Payment Structure: | Component | Amount | | :---------------------------------- | :------ | | Per share payment | $1.75 per share | | Upfront consideration (all-cash) | Approximately $63 million | | Potential net sales milestone payments | Up to $350 million (aggregate) | - Milestone payments are contingent on larsucosterol sales, to be achieved before the earlier of the **10-year anniversary** of first commercial sale in the U.S. or **December 31, 2045**[3](index=3&type=chunk) [Tender Offer and SEC Filings](index=1&type=section&id=Tender%20Offer%20and%20SEC%20Filings) A tender offer for DURECT's common stock commenced on August 12, 2025, by Bausch Health's subsidiary, with investors advised to review SEC filings for important information - A tender offer to acquire all of DURECT's outstanding common stock commenced on **August 12, 2025**[3](index=3&type=chunk) - Bausch Health and Merger Sub filed a Tender Offer Statement on Schedule TO, and DURECT filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC on **August 12, 2025**[4](index=4&type=chunk) - Investors and security holders are advised to read these documents carefully and in their entirety prior to making any decisions regarding the tender offer[4](index=4&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk) [Company Profile](index=2&type=section&id=Company%20Profile) [About DURECT Corporation](index=2&type=section&id=About%20DURECT%20Corporation) DURECT Corporation is a late-stage biopharmaceutical company focused on epigenetic therapies, with its lead drug candidate, larsucosterol, in clinical development for alcohol-associated hepatitis (AH) and holding FDA Fast Track and Breakthrough Therapy designations - DURECT is a **late-stage biopharmaceutical company** developing epigenetic therapies targeting dysregulated DNA methylation for serious and life-threatening conditions, including acute organ injury[6](index=6&type=chunk) - Larsucosterol, DURECT's lead drug candidate, is in clinical development for alcohol-associated hepatitis (AH) and has received **FDA Fast Track and Breakthrough Therapy designations**[6](index=6&type=chunk) - Larsucosterol is an investigational drug candidate and has not been approved for commercialization by the U.S. Food and Drug Administration or other health authorities[9](index=9&type=chunk) [Forward-Looking Statements and Risk Factors](index=2&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This section contains forward-looking statements regarding the acquisition and future performance, cautioning that actual results may differ due to various risks, including uncertainties in timing, completion, competing offers, closing conditions, and milestone achievement - The press release contains forward-looking statements regarding the potential benefits and timing of the acquisition, and the prospective performance of the surviving company[7](index=7&type=chunk) - Actual results may differ materially due to risks such as uncertainties in the timing and completion of the Offer and Merger, the percentage of stockholders tendering shares, competing offers, failure to satisfy closing conditions, and the risk that Milestone Payments are not achieved[7](index=7&type=chunk) - Undue reliance should not be placed on these statements, and the Company undertakes no obligation to revise or update them, except as required by law[8](index=8&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) [Condensed Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The condensed statements of operations show a decrease in total revenues and a reduced net loss for both the three and six months ended June 30, 2025, compared to the same periods in 2024, primarily due to lower research and development costs Three Months Ended June 30 (in thousands): | Metric | 2025 | 2024 | YoY Change | | :---------------------------------- | :--- | :--- | :--------- | | Collaborative R&D and other revenue | $428 | $606 | -29.4% | | Product revenue | $19 | $40 | -52.5% | | **Total revenues** | **$447** | **$646** | **-30.8%** | | Research and development | $1,176 | $2,247 | -47.7% | | Selling, general and administrative | $2,067 | $2,566 | -19.4% | | **Net loss** | **$(2,265)** | **$(3,700)** | **-38.7%** | | Net loss per common share (basic) | $(0.07) | $(0.12) | -41.7% | Six Months Ended June 30 (in thousands): | Metric | 2025 | 2024 | YoY Change | | :---------------------------------- | :--- | :--- | :--------- | | Collaborative R&D and other revenue | $749 | $1,102 | -32.0% | | Product revenue | $19 | $40 | -52.5% | | **Total revenues** | **$768** | **$1,142** | **-32.8%** | | Research and development | $3,059 | $6,366 | -51.9% | | Selling, general and administrative | $4,644 | $5,246 | -11.5% | | **Net loss** | **$(6,497)** | **$(11,343)** | **-42.7%** | | Net loss per common share (basic) | $(0.21) | $(0.37) | -43.2% | [Condensed Balance Sheets](index=5&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2025, DURECT's total assets decreased significantly compared to December 31, 2024, primarily driven by a reduction in cash and cash equivalents and short-term investments, while total liabilities remained relatively stable and stockholders' equity decreased Condensed Balance Sheet Highlights (in thousands): | Metric | June 30, 2025 | December 31, 2024 | Change | | :-------------------------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $6,502 | $11,011 | $(4,509) | | Short-term Investments | $0 | $792 | $(792) | | Total current assets | $7,772 | $13,175 | $(5,403) | | Total assets | $12,482 | $18,349 | $(5,867) | | Total current liabilities | $7,893 | $7,710 | $183 | | Stockholders' equity | $3,483 | $9,131 | $(5,648) | [Contact Information](index=5&type=section&id=Contact%20Information) [Investor Relations Contact](index=5&type=section&id=Investor%20Relations%20Contact) This section provides contact details for DURECT Corporation's investor relations and media inquiries, handled by LifeSci Advisors and LifeSci Communications, respectively - Investor Relations contact: **Sandya von der Weid at LifeSci Advisors** (svonderweid@lifesciadvisors.com)[13](index=13&type=chunk) - Media Contact (DURECT): **Michael Fitzhugh at LifeSci Communications** (mfitzhugh@lifescicomms.com)[13](index=13&type=chunk)

[PART I—FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) This section presents the unaudited condensed financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for Ares Acquisition Corporation II [Unaudited Condensed Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Condensed%20Financial%20Statements) This section presents the unaudited condensed financial statements for Ares Acquisition Corporation II as of June 30, 2025, detailing financial position, operations, and cash flows, along with notes on the proposed business combination and going concern uncertainty Condensed Balance Sheet Summary (As of June 30, 2025) | Account | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$560,977,962** | **$551,901,020** | | Investments held in Trust Account | $558,149,739 | $550,800,038 | | Cash | $137,896 | $975,319 | | **Total Liabilities** | **$27,000,795** | **$23,240,569** | | Current Liabilities | $12,160,593 | $740,569 | | Deferred underwriting and advisory fees | $8,359,410 | $17,500,000 | | **Total Shareholders' Deficit** | **($24,072,572)** | **($22,039,587)** | Condensed Statements of Operations Summary (Six Months Ended June 30) | Account | 2025 | 2024 | | :--- | :--- | :--- | | General and administrative expenses | $8,211,992 | $828,934 | | Investment income on investments held in Trust Account | $11,531,430 | $13,807,691 | | **Net Income** | **$3,319,438** | **$12,978,757** | - On April 14, 2025, the Company entered into a business combination agreement with Kodiak Robotics Inc. The transaction is subject to shareholder approval and other closing conditions[31](index=31&type=chunk)[43](index=43&type=chunk) - The deadline to consummate a business combination was extended from April 25, 2025, to January 26, 2026. In connection with the extension, shareholders redeemed **640,288 Class A ordinary shares** for an aggregate of **$7,143,312**[32](index=32&type=chunk)[38](index=38&type=chunk) - Management has determined that the approaching mandatory liquidation date of January 26, 2026, raises substantial doubt about the Company's ability to continue as a going concern[52](index=52&type=chunk)[154](index=154&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and operational results, highlighting the proposed business combination, financing, and liquidity challenges - The company is a blank check company formed to effect a business combination and has until **January 26, 2026**, to do so[131](index=131&type=chunk)[136](index=136&type=chunk) - On April 14, 2025, the company entered into a business combination agreement with Kodiak Robotics Inc. Concurrently, it entered into subscription agreements for a **$60.0 million PIPE investment** to support the transaction[138](index=138&type=chunk)[143](index=143&type=chunk) - On April 11, 2025, the deferred underwriting and advisory fees payable upon a business combination were reduced from a potential **$21 million** to a combined total of **$8,359,410**[133](index=133&type=chunk)[146](index=146&type=chunk)[160](index=160&type=chunk) - As of June 30, 2025, the company had a working capital deficit of **$9,332,370** and cash of **$137,896** outside the Trust Account. Its liquidity needs are met by loans from its Sponsor, including a Working Capital Loan with **$1,232,707** outstanding[152](index=152&type=chunk)[153](index=153&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company, as a smaller reporting company, is not required to provide market risk disclosures - As a smaller reporting company defined by Rule 12b-2 of the Exchange Act, the company is not required to provide the information otherwise required under this item[172](index=172&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - Based on an evaluation as of June 30, 2025, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective[174](index=174&type=chunk) - There were no material changes in internal control over financial reporting during the most recent fiscal quarter[175](index=175&type=chunk) [PART II—OTHER INFORMATION](index=31&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) This section covers legal proceedings, risk factors, unregistered sales of equity, defaults, mine safety, other information, and a list of exhibits [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company and its affiliates may be subject to legal proceedings and regulatory investigations, incurring significant costs - The company and its affiliates are subject to legal proceedings and extensive regulation, which may result in information requests or investigations and incur significant costs[176](index=176&type=chunk)[177](index=177&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) This section details additional risks, primarily concerning conflicts of interest for the company's officers, directors, and Sponsor regarding the proposed business combination - Officers and directors have potential conflicts of interest, as their founder shares (Converted Class A Ordinary Shares) and Private Placement Warrants may become worthless if a business combination is not completed by the deadline[179](index=179&type=chunk) - The Sponsor and its affiliates have incurred out-of-pocket expenses and provided loans (Overfunding, Working Capital, and Extension Note Contributions) that will only be repaid or reimbursed upon the closing of a business combination, creating a financial incentive to complete a deal[181](index=181&type=chunk) - The Sponsor and its affiliates have agreed to vote their shares in favor of the initial business combination and have waived their redemption rights, which may differ from the interests of public shareholders[183](index=183&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%20from%20Registered%20Securities) The company reported no unregistered equity sales during the quarter and confirmed no material change in the planned use of IPO proceeds, with $505 million in the Trust Account - No unregistered sales of equity securities were conducted during the quarter ended June 30, 2025[185](index=185&type=chunk) - **$505,000,000** of net proceeds from the IPO and Private Placement were placed in the Trust Account. There has been no material change in the planned use of proceeds[186](index=186&type=chunk)[187](index=187&type=chunk) [Defaults Upon Senior Securities](index=33&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[189](index=189&type=chunk) [Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no applicable mine safety disclosures - None[190](index=190&type=chunk) [Other Information](index=33&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025 - During the quarter ended June 30, 2025, no directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement[191](index=191&type=chunk) [Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists key exhibits filed with the Form 10-Q, including the Business Combination Agreement, loan notes, and officer certifications List of Key Exhibits | Exhibit No. | Description | | :--- | :--- | | 2.1 | Business Combination Agreement, dated as of April 14, 2025 | | 10.1 | Working Capital Loan Promissory Note | | 10.2 | Form of Promissory Note (Extension Note) | | 10.3 | Sponsor Support Agreement, dated as of April 14, 2025 | | 31.1, 31.2 | Certifications of CEO and CFO (Section 302) | | 32.1, 32.2 | Certifications of CEO and CFO (Section 906) |

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended 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: 001-36042 PRECIGEN, INC. (Exact name of registrant as specified in its charter) Virginia 26-0084895 (State or other jurisdi ...

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: August 12, 2025 (Date of earliest event reported) Mexco Energy Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) (Commission File Number) CO 1-31785 84-0627918 (IRS Employer Identification Number) 415 W. Wall Street, Suite 475 79701 Midland, TX (Zip Code) (Address ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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: 001-40602 ERASCA, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 83-1217027 (State ...

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 28, 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 001-06836 FLANIGAN'S ENTERPRISES, INC. (Exact name of registrant as specified in its charter) | Florida | 59 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 Securities registered pursuant to Section 12(b) of the Act: | | Trading | | | --- | --- | --- | | Title of each class | Symbol(s) | Name of each exchange on which registered ...