Exhibit 99.1 Conference Call and Webcast Today, August 12, 2025 at 11:00 a.m. ET (800) 715-9871 or +1 (646) 307-1963, conference ID 1613596 or www.bbgi.com Replay information provided below CONTACT: Heidi Raphael Ilana Goldstein Chief Communications Officer Director, IR & Corp. Dev. Beasley Broadcast Group, Inc. Beasley Broadcast Group, Inc. 239/263-5000 or Heidi.raphael@bbgi.com 212/835-8500 or ilana@bbgi.com BEASLEY BROADCAST GROUP REPORTS SECOND QUARTER REVENUE OF $53.0 MILLION NAPLES, Florida, August 12 ...

```markdown PART I. FINANCIAL INFORMATION [Item 1. Unaudited Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) Unaudited interim financial statements for Verrica Pharmaceuticals Inc., detailing financial position, operations, and cash flows [Balance Sheets](index=3&type=section&id=BALANCE%20SHEETS) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Cash and cash equivalents | $15,396 | $46,329 | | Accounts receivable | $9,193 | $48 | | License and collaboration receivable | $8,178 | $29 | | Total current assets | $36,781 | $51,179 | | Total assets | $39,107 | $54,134 | | Total current liabilities | $29,222 | $29,012 | | Total liabilities | $56,591 | $63,994 | | Total stockholders' deficit | $(17,484) | $(9,860) | - Cash and cash equivalents decreased significantly from **$46.3 million** at December 31, 2024, to **$15.4 million** at June 30, 2025[8](index=8&type=chunk) - Accounts receivable and license and collaboration receivable saw substantial increases, indicating higher billed and unbilled amounts[8](index=8&type=chunk) - Total stockholders' deficit worsened from **$(9.9) million** to **$(17.5) million**[8](index=8&type=chunk) [Statements of Operations](index=4&type=section&id=STATEMENTS%20OF%20OPERATIONS) | Metric (in thousands) | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Product revenue, net | $4,534 | $4,892 | $7,956 | $8,124 | | License and collaboration revenue | $8,168 | $285 | $8,185 | $879 | | Total revenue | $12,702 | $5,177 | $16,141 | $9,003 | | Total operating expenses | $11,192 | $20,383 | $22,761 | $42,808 | | Income (loss) from operations | $1,510 | $(15,206) | $(6,620) | $(33,805) | | Net income (loss) | $204 | $(17,186) | $(9,538) | $(37,517) | | Net income (loss) per share, basic | $0.02 | $(3.70) | $(1.01) | $(8.07) | - The company reported a net income of **$0.2 million** for the three months ended June 30, 2025, a significant improvement from a net loss of **$(17.2) million** in the prior-year period[10](index=10&type=chunk) - Total revenue for the three months ended June 30, 2025, increased by **$7.5 million** (**145%**) year-over-year, primarily driven by an **$8.0 million** milestone payment from Torii[10](index=10&type=chunk)[156](index=156&type=chunk) - Total operating expenses decreased by **$9.2 million** (**45%**) for the three months ended June 30, 2025, mainly due to reduced selling, general and administrative, and research and development expenses[10](index=10&type=chunk)[159](index=159&type=chunk)[161](index=161&type=chunk) [Statements of Stockholders' Deficit](index=5&type=section&id=STATEMENTS%20OF%20STOCKHOLDERS'%20DEFICIT) | Metric (in thousands) | January 1, 2025 (in thousands) | June 30, 2025 (in thousands) | January 1, 2024 (in thousands) | June 30, 2024 (in thousands) | | :-------------------------------- | :-------------- | :------------ | :-------------- | :------------ | | Total Stockholders' (Deficit) Equity | $(9,860) | $(17,484) | $19,763 | $(13,300) | | Stock-based compensation | $1,026 (Q1) / $888 (Q2) | $1,914 (6M) | $2,072 (Q1) / $2,228 (Q2) | $4,300 (6M) | | Net income (loss) | $(9,742) (Q1) / $204 (Q2) | $(9,538) (6M) | $(20,331) (Q1) / $(17,186) (Q2) | $(37,517) (6M) | - The accumulated deficit increased from **$(307.0) million** at January 1, 2025, to **$(316.6) million** at June 30, 2025[13](index=13&type=chunk) - Additional paid-in capital increased by **$1.9 million** during the six months ended June 30, 2025, primarily due to stock-based compensation[13](index=13&type=chunk) [Statements of Cash Flows](index=6&type=section&id=STATEMENTS%20OF%20CASH%20FLOWS) | Metric (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(22,721) | $(36,305) | | Net cash used in investing activities | $0 | $(11) | | Net cash used in financing activities | $(8,212) | $(1,301) | | Net decrease in cash and cash equivalents | $(30,933) | $(37,617) | | Cash and cash equivalents at end of period | $15,396 | $31,930 | - Net cash used in operating activities decreased by **$13.6 million**, from **$(36.3) million** in H1 2024 to **$(22.7) million** in H1 2025, primarily due to a reduced net loss and changes in operating assets and liabilities[16](index=16&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk) - Net cash used in financing activities increased significantly to **$(8.2) million** in H1 2025, mainly due to debt repayments under the Credit Agreement, compared to **$(1.3) million** in H1 2024[16](index=16&type=chunk)[187](index=187&type=chunk) [Notes to Financial Statements](index=7&type=section&id=Notes%20to%20Financial%20Statements) [Note 1—Organization and Description of Business Operations](index=7&type=section&id=Note%201%E2%80%94Organization%20and%20Description%20of%20Business%20Operations) - Verrica Pharmaceuticals Inc. is a dermatology therapeutics company, incorporated in Delaware in 2013[18](index=18&type=chunk) - YCANTH (VP-102) topical solution was approved by the FDA on July 21, 2023, for molluscum contagiosum in adult and pediatric patients two years of age and older[18](index=18&type=chunk) - A **1-for-10** reverse stock split was effected on July 24, 2025, reducing outstanding common shares from 92,650,404 to 9,265,034, with financial statements retroactively adjusted[19](index=19&type=chunk)[21](index=21&type=chunk) - The company has an accumulated deficit of **$316.6 million** as of June 30, 2025, and cash outflows from operations of **$22.7 million** for the six months ended June 30, 2025, leading to substantial doubt about its ability to continue as a going concern[22](index=22&type=chunk) - To address liquidity concerns, the company plans to seek additional funding through equity offerings, debt financing, collaborations, and licensing arrangements[22](index=22&type=chunk)[26](index=26&type=chunk) - A Second Amendment to the Torii Collaboration and License Agreement on June 27, 2025, accelerated an **$8.0 million** milestone payment (received in July 2025) and modified terms for a **$10.0 million** milestone payment and manufacturing transfer[24](index=24&type=chunk)[25](index=25&type=chunk) - The company is subject to 'baby shelf rules' limiting primary public offerings to one-third of its public float until it exceeds **$75.0 million**[26](index=26&type=chunk) - Principal payments on the **$50.0 million** Loan Facility (from July 2023) commenced in January 2025 due to not meeting specified YCANTH net revenue targets[27](index=27&type=chunk) - A 'going concern' waiver for financial statements was obtained from lenders for Q2, Q3, and Q4 2025, but future waivers or additional financing are critical to avoid default[28](index=28&type=chunk) [Note 2—Significant Accounting Policies](index=9&type=section&id=Note%202%E2%80%94Significant%20Accounting%20Policies) - The unaudited interim financial statements are prepared in conformity with US GAAP and SEC rules, with certain information condensed or omitted[29](index=29&type=chunk)[30](index=30&type=chunk) - The company operates as a single operating segment focused on developing and selling medications for skin diseases[34](index=34&type=chunk) - Revenue from product sales (YCANTH) is recognized upon physical delivery to customers, with gross sales reduced by gross-to-net (GTN) estimates for returns, chargebacks, rebates, and fees[48](index=48&type=chunk)[49](index=49&type=chunk) - Collaboration revenue includes nonrefundable up-front license fees, regulatory/commercial milestone payments, and manufacturing supply payments. An **$8.0 million** development milestone from Torii was recognized in Q2 2025[55](index=55&type=chunk)[57](index=57&type=chunk) - The derivative liability, related to a bifurcated settlement feature of the OrbiMed Credit Agreement, is re-measured at fair value each reporting period, with changes recognized in the statements of operations[47](index=47&type=chunk) | Metric | June 30, 2025 | | :-------------------------------- | :------------ | | Derivative liability (Level 3) | $1,796 | | Expected term (years) | 3.07 | | Credit spread | 12.3% | - Basic and diluted net income per share for Q2 2025 was **$0.02**, a significant improvement from **$(3.70)** in Q2 2024[74](index=74&type=chunk) - Potential shares outstanding not included in diluted EPS calculation due to anti-dilutive effect totaled **5,968,904** as of June 30, 2025[75](index=75&type=chunk) - New accounting pronouncements (ASU 2023-09 on Income Taxes and ASU 2024-03 on Disaggregation of Income Statement Expenses) are being evaluated for their impact on future financial statements[76](index=76&type=chunk)[77](index=77&type=chunk) [Note 3—Inventory](index=18&type=section&id=Note%203%E2%80%94Inventory) | Inventory Category (in thousands) | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :------------ | :---------------- | | Raw materials | $1,008 | $1,082 | | Work in process | $523 | $664 | | Finished goods | $991 | $717 | | Total inventory | $2,522 | $2,463 | - Total inventory increased slightly from **$2.46 million** at December 31, 2024, to **$2.52 million** at June 30, 2025[78](index=78&type=chunk) [Note 4—Property and Equipment](index=19&type=section&id=Note%204%E2%80%94Property%20and%20Equipment) | Category (in thousands) | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :------------ | :---------------- | | Machinery and equipment | $737 | $1,164 | | Office equipment | $326 | $326 | | Office furniture and fixtures | $303 | $303 | | Leasehold improvements | $54 | $54 | | Total property and equipment, gross | $1,420 | $1,847 | | Accumulated depreciation | $(1,105) | $(1,258) | | Total property and equipment, net | $315 | $589 | - Net property and equipment decreased from **$0.59 million** at December 31, 2024, to **$0.32 million** at June 30, 2025, primarily due to depreciation[79](index=79&type=chunk) [Note 5—Accrued Expenses and Other Current Liabilities](index=19&type=section&id=Note%205%E2%80%94Accrued%20Expenses%20and%20Other%20Current%20Liabilities) | Category (in thousands) | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :------------ | :---------------- | | Gross to net reserves | $9,609 | $10,316 | | Compensation and related costs | $1,850 | $1,173 | | Clinical trials and drug development | $546 | $892 | | Total accrued expenses and other current liabilities | $13,101 | $13,511 | - Total accrued expenses and other current liabilities decreased slightly from **$13.5 million** at December 31, 2024, to **$13.1 million** at June 30, 2025[80](index=80&type=chunk) [Note 6—Commitments and Contingencies](index=19&type=section&id=Note%206%E2%80%94Commitments%20and%20Contingencies) - The company is a defendant in a putative class action lawsuit (Gorlamari v. Verrica Pharmaceuticals Inc., et al.) alleging federal securities law violations related to manufacturing deficiencies of YCANTH (VP-102)[81](index=81&type=chunk) - Multiple stockholder derivative lawsuits (Cohen, Cannon, Bonaccorso) were filed with similar factual allegations; the Cohen and Cannon actions have been consolidated and stayed, while the Bonaccorso action was voluntarily dismissed[83](index=83&type=chunk)[84](index=84&type=chunk) - Management believes that the ultimate liabilities from these legal proceedings will not materially affect the company's financial position, results of operations, or cash flows[85](index=85&type=chunk) [Note 7—Stockholders' Deficit](index=21&type=section&id=Note%207%E2%80%94Stockholders'%20Deficit) - The company has **200,000,000** authorized shares of common stock, **$0.0001** par value[86](index=86&type=chunk) - A November 2024 offering generated net proceeds of approximately **$39.6 million** from the sale of common stock and pre-funded warrants, along with Series A and B warrants[87](index=87&type=chunk) | Warrant Type | Number of Warrants (June 30, 2025) | Exercise Price | Expiration Date | | :-------------------------------- | :--------------------------------- | :------------- | :-------------- | | Pre-funded warrants (2023 offering) | 148,148 | $0.0001 | No expiration | | OrbiMed debt facility warrants | 51,855 | $34.5040 | 7/26/2033 | | Torii amendment warrants | 50,000 | $95.6000 | 5/14/2034 | | Pre-funded warrants (2024 offering) | 87,400 | $0.0001 | No expiration | | Series A warrants (2024 offering) | 2,387,703 | $10.6800 | 11/21/2025 | | Series B warrants (2024 offering) | 2,387,703 | $13.3500 | 11/20/2029 | - The OrbiMed warrant exercise price was adjusted down to **$34.50** per share due to the November 2024 Offering[88](index=88&type=chunk) - Torii warrants vest based on clinical milestones related to the global Phase 3 Program for common warts[88](index=88&type=chunk) [Note 8—Stock-Based Compensation](index=22&type=section&id=Note%208%E2%80%94Stock-Based%20Compensation) | Expense Category (in thousands) | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Selling, general and administrative | $588 | $1,715 | $1,373 | $3,337 | | Research and development | $300 | $513 | $541 | $963 | | Total stock-based compensation | $888 | $2,228 | $1,914 | $4,300 | - Total stock-based compensation decreased by **$1.3 million** for the three months ended June 30, 2025, and by **$2.4 million** for the six months ended June 30, 2025, compared to the prior year periods[89](index=89&type=chunk) - As of June 30, 2025, unrecognized compensation for unvested stock options was **$5.4 million** (weighted-average period of 2.43 years) and for RSUs was **$30,586** (weighted-average period of 0.27 years)[90](index=90&type=chunk)[91](index=91&type=chunk) [Note 9—Leases](index=22&type=section&id=Note%209%E2%80%94Leases) - The company leases office space in West Chester, PA, as its headquarters, with the initial term expiring September 1, 2027[93](index=93&type=chunk) - A previous operating lease for office space in Scotch Plains, NJ, was terminated effective November 30, 2024[94](index=94&type=chunk) - The company has finance leases for a vehicle fleet program for its sales force, with a term of 52 months[95](index=95&type=chunk) | Lease Type (in thousands) | Three Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | | :-------------------------------- | :------------------------------- | :----------------------------- | | Total finance lease costs | $99 | $203 | | Operating lease costs | $85 | $171 | | Maturity (in thousands) | Operating Lease (in thousands) | Finance Lease (in thousands) | | :-------------------------------- | :-------------- | :------------ | | 2025 (remaining 6 months) | $181 | $198 | | 2026 | $366 | $344 | | 2027 | $246 | $320 | | 2028 | $0 | $133 | | Total lease payments | $793 | $995 | | Weighted average remaining lease term (years) | 2.17 | 2.96 | | Weighted average discount rate | 6.25% | 7.76% | [Note 10—Debt](index=24&type=section&id=Note%2010%E2%80%94Debt) - On July 26, 2023, the company entered into a Credit Agreement for a **$125.0 million** senior secured credit facility, borrowing **$50.0 million** with net proceeds of **$44.1 million**[98](index=98&type=chunk) - The loan matures on July 26, 2028, and principal payments began in January 2025 due to YCANTH net revenue not meeting specified targets[99](index=99&type=chunk) - Interest accrues at SOFR (or **4.00%**) plus **8.00%**, with an additional **4.00%** during an event of default[100](index=100&type=chunk) - The Credit Agreement includes a financial covenant to maintain at least **$10.0 million** in liquidity and requires financial statements not to be subject to a 'going concern' qualification[101](index=101&type=chunk) - Waivers for the 'going concern' requirement were obtained for financial statements through December 31, 2025[101](index=101&type=chunk)[108](index=108&type=chunk) - Interest expense related to the Credit Agreement was **$2.1 million** for Q2 2025 and **$4.3 million** for H1 2025, including non-cash interest[109](index=109&type=chunk) | Debt Component (in thousands) | Short-term (in thousands) | Long-term (in thousands) | Total (in thousands) | | :-------------------------------- | :--------- | :-------- | :---- | | Gross proceeds | $13,953 | $29,070 | $43,023 | | Accrued final payment fee | $1,047 | $2,180 | $3,227 | | Accrued repayment fee | $581 | $47 | $628 | | Unamortized debt discount and issuance costs | $(2,908) | $(6,719) | $(9,627) | | Total debt, net | $12,673 | $24,578 | $37,251 | | Aggregate Maturities (in thousands) | Debt (in thousands) | Final payment fee (in thousands) | Repayment fee (in thousands) | Total (in thousands) | | :-------------------------------- | :--- | :---------------- | :------------ | :---- | | 2025 (6 months remaining) | $6,976 | $524 | $302 | $7,802 | | 2026 | $13,953 | $1,047 | $326 | $15,326 | | 2027 | $13,953 | $1,047 | $0 | $15,000 | | 2028 | $8,141 | $609 | $0 | $8,750 | | Total | $43,023 | $3,227 | $628 | $46,878 | [Note 11—License and Collaboration Agreements](index=27&type=section&id=Note%2011%E2%80%94License%20and%20Collaboration%20Agreements) - The company has a collaboration and license agreement with Torii Pharmaceutical Co., Ltd. for the development and commercialization of cantharidin-based product candidates in Japan[111](index=111&type=chunk) - As of June 30, 2025, the company is entitled to receive an additional **$50.0 million** in aggregate payments from Torii, contingent on development, regulatory, and sales milestones[112](index=112&type=chunk) - The Second Amendment to the Torii Agreement (June 27, 2025) accelerated an **$8.0 million** milestone payment (received July 2025) and changed a **$10.0 million** milestone payment for Japanese approval of YCANTH (TO-208) to cash, rather than an offset[118](index=118&type=chunk) - The company and Torii will equally split the cost of a global Phase 3 program for YCANTH (VP-102) in common warts, with Torii initially paying costs and the company repaying its share through offsets against future royalties and milestones[115](index=115&type=chunk) - A warrant to purchase **50,000** shares of common stock was issued to Torii, vesting upon specific clinical milestones for the common warts program[117](index=117&type=chunk) - The Lytix Agreement grants the company an exclusive license for VP-315 for dermatological indications, with potential milestone payments up to **$111.0 million** and tiered royalties[119](index=119&type=chunk) [Note 12 – Related Parties](index=29&type=section&id=Note%2012%20%E2%80%93%20Related%20Parties) - The CEO, Jayson Rieger, and COO, David Zawitz, are former employees and current consultants to PBM Capital Group, LLC, a significant investor controlled by Paul B. Manning[120](index=120&type=chunk) [Note 13 – Subsequent Event](index=29&type=section&id=Note%2013%20%E2%80%93%20Subsequent%20Event) - The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, introducing changes to U.S. federal tax law[121](index=121&type=chunk) - Due to a full valuation allowance against U.S. federal deferred tax assets, the company does not currently expect the OBBBA to have a material impact on its financial statements[121](index=121&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion and analysis of financial condition and results, covering dermatology focus, YCANTH, pipeline, and liquidity [Overview](index=30&type=section&id=Overview) - Verrica Pharmaceuticals Inc. is a dermatology therapeutics company focused on clinician-administered therapies for skin diseases[125](index=125&type=chunk) - YCANTH (VP-102) was approved by the FDA in July 2023 for molluscum contagiosum and commercially launched in August 2023[125](index=125&type=chunk)[126](index=126&type=chunk) - The company is developing YCANTH (VP-102) for common warts, with a Phase 3 program initiated with Torii, expecting the first patient to be dosed in Q4 2025[127](index=127&type=chunk) - VP-315, an oncolytic peptide-based injectable therapy, is being developed for basal cell carcinoma (BCC) and other dermatological oncology indications, with additional data expected by end of 2025[129](index=129&type=chunk) [Liquidity Overview](index=31&type=section&id=Liquidity%20Overview) - The company has funded operations primarily through equity sales and borrowings, including a **$50.0 million** Loan Facility in July 2023[130](index=130&type=chunk)[131](index=131&type=chunk) - Principal payments on the Loan Facility began in January 2025 due to YCANTH net revenue not meeting specified targets[131](index=131&type=chunk) - A 'going concern' waiver was obtained for financial statements through December 31, 2025, but future waivers or additional financing are crucial to avoid default[132](index=132&type=chunk) - A November 2024 offering generated **$39.6 million** in net proceeds from common stock and warrant sales[133](index=133&type=chunk) - As of June 30, 2025, cash and cash equivalents were **$15.4 million**, and the company has an accumulated deficit of **$316.6 million**, raising substantial doubt about its ability to continue as a going concern[134](index=134&type=chunk) - Future expenses are expected to increase due to commercialization infrastructure, manufacturing scale-up, ongoing clinical programs (YCANTH for common warts, VP-315 for BCC), regulatory compliance, intellectual property, and public company operating costs[136](index=136&type=chunk)[144](index=144&type=chunk) [Reverse Stock Split](index=33&type=section&id=Reverse%20Stock%20Split) - A **one-for-ten (1-for-10)** reverse stock split was effective on July 25, 2025, retroactively adjusting all share and per share amounts in the report[137](index=137&type=chunk)[138](index=138&type=chunk) - The reverse stock split proportionately adjusted exercise prices and shares issuable under outstanding options and warrants, and reduced shares authorized for equity incentive plans[137](index=137&type=chunk) [Critical Accounting Estimates](index=33&type=section&id=Critical%20Accounting%20Estimates) - The preparation of financial statements requires management to make estimates, judgments, and assumptions that affect reported amounts[139](index=139&type=chunk) - Key accounting policies are detailed in Note 2 to the financial statements, which are important for understanding financial results[140](index=140&type=chunk) [Components of Results of Operations](index=33&type=section&id=Components%20of%20Results%20of%20Operations) - Product revenue, net, is recognized from YCANTH (VP-102) sales upon physical delivery to pharmaceutical wholesalers/distributors, reduced by gross-to-net (GTN) estimates[141](index=141&type=chunk)[142](index=142&type=chunk) - License and collaboration revenue stems from the Torii Agreement, granting an exclusive license for cantharidin-based product candidates in Japan[143](index=143&type=chunk) - Cost of product revenue includes direct manufacturing and supply chain costs for YCANTH (VP-102) and inventory write-downs[146](index=146&type=chunk) - Cost of collaboration revenue covers payments for manufacturing supply and development/testing services under the Torii Clinical Supply Agreement[147](index=147&type=chunk) - Selling, general and administrative expenses include personnel costs (salaries, stock-based compensation), travel, recruiting, marketing, insurance, and professional fees[148](index=148&type=chunk) - Research and development expenses are expensed as incurred and include costs for clinical trials, manufacturing, scientific services, personnel, regulatory activities, and laboratory supplies[149](index=149&type=chunk)[151](index=151&type=chunk) - R&D expenses are expected to increase with advancing clinical development stages, but the successful development of product candidates remains highly uncertain[149](index=149&type=chunk)[150](index=150&type=chunk) [Results of Operations for the Three Months Ended June 30, 2025 and 2024](index=37&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20June%2030,%202025%20and%202024) | Metric (in thousands) | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (Q2 2025 vs Q2 2024) (in thousands) | | :-------------------------------- | :------ | :------ | :-------------------------- | | Product revenue, net | $4,534 | $4,892 | $(358) | | License and collaboration revenue | $8,168 | $285 | $7,883 | | Total revenue | $12,702 | $5,177 | $7,525 | | Total operating expenses | $11,192 | $20,383 | $(9,191) | | Income (loss) from operations | $1,510 | $(15,206) | $16,716 | | Net income (loss) | $204 | $(17,186) | $17,390 | - Product revenue, net, decreased by **$0.4 million**, with Q2 2024 including a one-time stock-in related to distribution network expansion (**54%** of Q2 2024 product revenue)[155](index=155&type=chunk) - License and collaboration revenue increased significantly by **$7.9 million**, primarily due to an **$8.0 million** milestone payment from Torii[156](index=156&type=chunk) - Selling, general and administrative expenses decreased by **$7.7 million**, driven by reduced commercial activities, sales force, marketing, and legal costs[159](index=159&type=chunk)[160](index=160&type=chunk) - Research and development expenses decreased by **$1.5 million**, mainly due to lower CMC, medical affairs, and clinical operations costs, particularly for VP-315[161](index=161&type=chunk)[162](index=162&type=chunk) - Interest income decreased by **$0.2 million** due to a lower cash balance[163](index=163&type=chunk) - Interest expense decreased by **$0.2 million** due to a lower outstanding principal balance on the OrbiMed Credit Agreement[164](index=164&type=chunk) - A **$0.6 million** change in fair value of derivative liability was recognized in Q2 2025, compared to $0 in Q2 2024, due to principal payments starting in January 2025[165](index=165&type=chunk) [Results of Operations for the Six Months Ended June 30, 2025 and 2024](index=40&type=section&id=Results%20of%20Operations%20for%20the%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) | Metric (in thousands) | H1 2025 (in thousands) | H1 2024 (in thousands) | Change (H1 2025 vs H1 2024) (in thousands) | | :-------------------------------- | :------ | :------ | :-------------------------- | | Product revenue, net | $7,956 | $8,124 | $(168) | | License and collaboration revenue | $8,185 | $879 | $7,306 | | Total revenue | $16,141 | $9,003 | $7,138 | | Total operating expenses | $22,761 | $42,808 | $(20,047) | | Loss from operations | $(6,620) | $(33,805) | $27,185 | | Net loss | $(9,538) | $(37,517) | $27,979 | - Product revenue, net, remained relatively stable, decreasing slightly by **$0.2 million**, with H1 2024 including a one-time stock-in (**32%** of H1 2024 product revenue)[168](index=168&type=chunk) - License and collaboration revenue increased by **$7.3 million**, primarily due to an **$8.0 million** milestone payment from Torii[169](index=169&type=chunk) - Cost of collaboration revenue decreased by **$0.6 million** due to reduced manufacturing supply for Torii development and testing services[171](index=171&type=chunk) - Selling, general and administrative expenses decreased by **$15.2 million**, mainly from lower commercial activities, sales force, marketing, and legal/G&A costs[172](index=172&type=chunk) - Research and development expenses decreased by **$4.1 million**, primarily due to reduced clinical trial costs for VP-315 and lower regulatory/medical affairs costs[173](index=173&type=chunk)[174](index=174&type=chunk) - Interest income decreased by **$0.4 million** due to a lower cash balance[175](index=175&type=chunk) - Interest expense decreased by **$0.4 million** due to a lower outstanding principal balance on the OrbiMed Credit Agreement[176](index=176&type=chunk) - A **$0.9 million** change in fair value of derivative liability was recognized in H1 2025, compared to $0 in H1 2024, due to principal payments starting in January 2025[177](index=177&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, cash and cash equivalents were **$15.4 million**, with an additional **$8.0 million** milestone payment received from Torii in July 2025[178](index=178&type=chunk)[189](index=189&type=chunk) - The company has incurred substantial operating losses since inception, with an accumulated deficit of **$316.6 million** as of June 30, 2025[189](index=189&type=chunk) - Substantial doubt exists regarding the company's ability to continue as a going concern within one year, given current capital resources and debt obligations[189](index=189&type=chunk)[190](index=190&type=chunk) - The company plans to secure additional funding through equity/debt financings, collaborations, and licensing arrangements to address liquidity and fund operations[190](index=190&type=chunk)[193](index=193&type=chunk) - Potential additional liquidity in 2025 includes a **$10.0 million** milestone payment for YCANTH (TO-208) approval in Japan and up to **$25.0 million** from Series A Warrants exercise[190](index=190&type=chunk) - The company is subject to 'baby shelf rules,' limiting primary public offerings to one-third of its public float until it exceeds **$75.0 million**[188](index=188&type=chunk) - Future capital requirements depend on factors such as YCANTH sales, regulatory review, clinical trial costs, R&D programs, intellectual property, and manufacturing scale-up[192](index=192&type=chunk) | Cash Flow Category (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(22,721) | $(36,305) | | Net cash used in investing activities | $0 | $(11) | | Net cash used in financing activities | $(8,212) | $(1,301) | | Net decrease in cash and cash equivalents | $(30,933) | $(37,617) | - Operating activities used **$22.7 million** in H1 2025, an improvement from **$36.3 million** in H1 2024, primarily due to reduced net loss and changes in receivables[184](index=184&type=chunk)[185](index=185&type=chunk) - Financing activities used **$8.2 million** in H1 2025, mainly for debt repayment, compared to **$1.3 million** used in H1 2024 for debt amendment costs[187](index=187&type=chunk) [Contractual Obligations and Commitments](index=47&type=section&id=Contractual%20Obligations%20and%20Commitments) - There have been no material changes to contractual obligations and commitments as of June 30, 2025, compared to those disclosed in the Annual Report on Form 10-K for December 31, 2024[195](index=195&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risks](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) Reports no material changes to market risk disclosures since the December 31, 2024, Annual Report on Form 10-K - No material changes to quantitative and qualitative disclosures about market risk have occurred since the December 31, 2024, Annual Report on Form 10-K[196](index=196&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Details evaluation of disclosure controls, concluding effectiveness with no material changes to internal control over financial reporting [Evaluation of Disclosure Controls and Procedures](index=47&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - Management, including the CEO and Interim CFO, concluded that disclosure controls and procedures were effective as of June 30, 2025[197](index=197&type=chunk) [Changes in Internal Control over Financial Reporting](index=47&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) - No changes in internal control over financial reporting materially affected, or are reasonably likely to materially affect, internal control over financial reporting during the quarter ended June 30, 2025[198](index=198&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=47&type=section&id=Item.%201%20Legal%20Proceedings) Updates on ongoing legal proceedings, including class action and derivative lawsuits, with no material financial impact expected - The company is involved in a putative class action lawsuit (Gorlamari v. Verrica Pharmaceuticals Inc., et al.) alleging federal securities law violations related to manufacturing deficiencies of YCANTH (VP-102)[199](index=199&type=chunk) - Multiple stockholder derivative lawsuits (Cohen, Cannon, Bonaccorso) were filed with similar factual allegations; the Cohen and Cannon actions have been consolidated and stayed, while the Bonaccorso action was voluntarily dismissed[201](index=201&type=chunk) - Management believes that the ultimate liabilities from these legal proceedings will not materially affect the company's financial position, results of operations, or cash flows[202](index=202&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) Refers to risk factors from the Annual Report on Form 10-K and highlights a new risk from the reverse stock split - Readers should consider risk factors from the Annual Report on Form 10-K for December 31, 2024[203](index=203&type=chunk) - A new risk factor is the potential for reduced market trading liquidity and an anti-takeover effect due to the **1-for-10** reverse stock split, which may not achieve the intended increase in per-share market price[204](index=204&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) Reports on Rule 10b5-1 and non-Rule 10b5-1 trading arrangements by directors and officers - No directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2025[205](index=205&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Quarterly Report on Form 10-Q, including corporate documents, amendments, and certifications - The exhibit index includes corporate documents (Amended and Restated Certificate of Incorporation, Bylaws), amendments to the Credit Agreement and Collaboration and License Agreement, and certifications from the CEO and Interim CFO[208](index=208&type=chunk) [Signatures](index=51&type=section&id=Signatures) Contains required signatures for the Quarterly Report on Form 10-Q, confirming submission on behalf of Verrica Pharmaceuticals Inc. - The report is signed by Jayson Rieger, Chief Executive Officer and President, and John J. Kirby, Interim Chief Financial Officer, on August 12, 2025[214](index=214&type=chunk) ```

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) 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: 001-40315 ONKURE THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware 47-2309515 (State or other juris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) 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: 001-40315 ONKURE THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware 47-2309515 (State or other juris ...

-- Cash position of $83.4M expected to provide cash runway into Q4 2026 BOULDER, CO, August 12, 2025 -- OnKure Therapeutics, Inc. (Nasdaq: OKUR), a clinical-stage biopharmaceutical company focused on developing novel precision medicines in oncology, today reported financial results for the second quarter ended June 30, 2025 and provided a business update. "We are encouraged by the continued progress in the development of our lead asset, OKI-219, as we have completed the enrollment of the single agent and th ...

[Executive Summary & Business Update](index=1&type=section&id=OnKure%20Therapeutics%20Reports%20Second%20Quarter%202025%20Financial%20Results%20and%20Provides%20a%20Business%20Update) [Second Quarter 2025 Highlights](index=1&type=section&id=Highlights) OnKure Therapeutics reported its Q2 2025 financial results, highlighting a cash position of $83.4 million, expected to fund operations into Q4 2026, and continued progress in its lead asset, OKI-219 - Cash position of **$83.4 million** expected to provide cash runway into **Q4 2026**[2](index=2&type=chunk) - Continued progress in the development of lead asset, **OKI-219**, with **enrollment completed** for single agent and fulvestrant combination arms, and **initiation of two new triplet arms**[3](index=3&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) President and CEO, Nick Saccomano, expressed encouragement regarding OKI-219's clinical performance and its potential in HR+ and HER2+ breast cancer, announcing new triplet arm initiations and plans to expand the PI3Kα franchise - **OKI-219** has the potential to become an important medicine in the first-line hormone receptor positive setting[4](index=4&type=chunk) - Initiated an arm to evaluate **OKI-219** in combination with fulvestrant and ribociclib in PI3KαH1047R mutated, metastatic HR+ breast cancer[4](index=4&type=chunk) - Initiated an arm to evaluate **OKI-219** in combination with trastuzumab and tucatinib in HER2+ breast cancer[4](index=4&type=chunk) [PI3Kα Portfolio Progress](index=1&type=section&id=PI3KaPortfolio%20Progress) [PIKture-01 Clinical Trial Updates](index=1&type=section&id=PIKture-01%20Clinical%20Trial%20Updates) The Phase 1 PIKture-01 clinical trial assessing OKI-219 in patients with advanced solid tumors is on track, with enrollment completed for monotherapy and fulvestrant combination arms, and new triplet combination arms initiated for HR+ and HER2+ metastatic breast cancer - **PIKture-01**, a phase 1 clinical trial assessing **OKI-219**, is on track for single agent and fulvestrant combination data in **Q4 2025**[6](index=6&type=chunk) [Monotherapy and Fulvestrant Combination](index=1&type=section&id=PIKture-01%20Monotherapy%20and%20Fulvestrant%20Combination) Enrollment for both monotherapy and fulvestrant combination dose escalation arms in the PIKture-01 trial has been completed and closed, with data expected in Q4 2025 - **Enrollment completed and closed** in both the monotherapy and fulvestrant combination dose escalation arms in the **PIKture-01** trial[7](index=7&type=chunk) **PIKture-01 Enrollment (as of August 5, 2025):** | Arm | Patients Dosed | | :--- | :--- | | Monotherapy | 36 | | Combination with Fulvestrant | 34 | | **Total** | **70** | - OnKure expects to report data from both arms in the **fourth quarter of 2025**[7](index=7&type=chunk) [Ribociclib Triplet Combination](index=1&type=section&id=PIKture-01%20Ribociclib%20Triplet%20Combination) A new arm of PIKture-01 has been initiated to evaluate OKI-219 in combination with fulvestrant and ribociclib for PI3KαH1047R mutated, HR+ metastatic breast cancer, with an initial focus on safety - Initiated a new expansion arm of **PIKture-01** to evaluate **OKI-219** in combination with fulvestrant and ribociclib in HR+ metastatic breast cancer[6](index=6&type=chunk)[7](index=7&type=chunk) - The initial phase of this arm will evaluate the safety of escalating doses of **OKI-219** as part of a triplet combination[7](index=7&type=chunk) [Tucatinib Triplet Combination](index=2&type=section&id=PIKture-01%20Tucatinib%20Triplet%20Combination) A new arm of PIKture-01 has been initiated to evaluate OKI-219 in combination with trastuzumab and tucatinib for PI3KαH1047R mutated, HER2+ breast cancer, with an initial focus on safety - Initiated a new expansion arm of **PIKture-01** to evaluate **OKI-219** in combination with trastuzumab and tucatinib in HER2+ metastatic breast cancer[6](index=6&type=chunk)[11](index=11&type=chunk) - The initial phase of this arm will evaluate the safety of escalating doses of **OKI-219** as part of a triplet combination[11](index=11&type=chunk) [Pan-mutant Selective Program](index=2&type=section&id=Pan-mutant%20Selective%20Program) OnKure is developing a third-generation PI3Kα compound targeting high selectivity against common PI3Kα mutations, aiming for a best-in-class pan-mutant inhibitor - Targeting approximately **10-fold selectivity** over PI3Kα wild type against each of the most common mutations (**PI3KαH1047X**, **PI3KαE542K**, and **PI3KαE545K**)[11](index=11&type=chunk) - OnKure plans to announce the nomination of a **development candidate** by the **end of 2025**[11](index=11&type=chunk) [Upcoming Investor Conferences](index=2&type=section&id=Upcoming%20Investor%20Conferences) [Cantor Global Healthcare Investor Conference](index=2&type=section&id=Cantor%20Global%20Healthcare%20Investor%20Conference) OnKure's President and CEO, Nicholas Saccomano, will participate in a fireside chat at the upcoming Cantor Global Healthcare investor conference on September 3, 2025, with a live audio webcast available - OnKure's President and CEO, **Nicholas Saccomano, Ph.D.**, will participate in a fireside chat at the **Cantor Global Healthcare investor conference** on **September 3, 2025**, at **3:20 P.M. ET**[9](index=9&type=chunk) - A live audio webcast can be accessed under 'News & Events' on the Investor section of OnKure's website, with a replay available for at least **90 days**[9](index=9&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results_Summary) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) OnKure reported key financial figures for Q2 2025, including a cash position of $83.4 million, increased R&D and G&A expenses, and a net loss of $15.4 million, with a significantly lower net loss per share due to increased shares outstanding **Key Financial Highlights (Q2 2025 vs. Q2 2024):** | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (YoY) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents (as of June 30) | $83.4 | N/A (Dec 31, 2024: $110.8) | Decrease | | Research and development (R&D) expenses | $12.6 | $10.8 | +$1.8 (+16.7%) | | General and Administrative (G&A) expenses | $3.7 | $3.6 | +$0.1 (+2.8%) | | Net loss | $(15.4) | $(14.1) | +$1.3 (+9.2%) | | Net loss per share | $(1.14) | $(44.82) | Significant decrease in loss per share due to increased shares outstanding | - Increase in **R&D expenses** primarily due to increased clinical trial, outsourced manufacturing, and research expenses[12](index=12&type=chunk) - Increase in **G&A expenses** primarily due to increased personnel-related costs, including share-based compensation charges, and increases in director compensation, consulting, filing fees, and other professional service fees, partially offset by a decrease in legal expenses[12](index=12&type=chunk) [About OnKure Therapeutics](index=2&type=section&id=About%20OnKure%20Therapeutics) [Company Overview and Strategy](index=2&type=section&id=Company%20Overview%20and%20Strategy) OnKure Therapeutics is a clinical-stage biopharmaceutical company focused on developing best-in-class precision medicines that target biologically validated drivers of underserved cancers, utilizing a structure-based drug design platform with OKI-219 as its lead program - OnKure Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the discovery and development of **best-in-class precision medicines** that target biologically validated drivers of cancers that are underserved by available therapies[11](index=11&type=chunk)[13](index=13&type=chunk) - The company uses a **structure-based drug design platform** to build a pipeline of tumor-agnostic candidates[11](index=11&type=chunk) - OnKure is currently developing **OKI-219**, a selective PI3KαH1047R inhibitor, as its lead program, aiming to become a leader in targeting oncogenic PI3Kα[13](index=13&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) [Forward-Looking Statements and Risks](index=3&type=section&id=Forward-Looking%20Statements%20and%20Risks) This section warns that the press release contains forward-looking statements that involve substantial risks and uncertainties, and actual results may differ materially from expectations. Investors should not rely on these statements as predictions of future events, and the company undertakes no obligation to update them - This press release contains **forward-looking statements** that involve substantial risks and uncertainties, including statements regarding future financial condition, results of operations, business strategy, and product candidates[14](index=14&type=chunk) - Key risks include OnKure's limited operating history, significant net losses, ability to raise additional capital, clinical development and regulatory approval risks, competition, intellectual property protection, and reliance on third parties[15](index=15&type=chunk) - Readers should not rely upon forward-looking statements as predictions of future events, and the company undertakes no obligation to update them publicly for any reason after the date of the press release, except as required by law[16](index=16&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements_Detailed) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The condensed consolidated balance sheets provide a snapshot of OnKure's financial position, showing total assets of $86.07 million and total liabilities of $7.90 million as of June 30, 2025, compared to December 31, 2024 **Condensed Consolidated Balance Sheets (in thousands, unaudited):** | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $83,374 | $110,761 | | Prepaid expenses and other current assets | 1,178 | 2,242 | | Total current assets | 84,552 | 113,003 | | Property and equipment, net | 821 | 1,025 | | Operating lease, right-of-use asset | 581 | 770 | | Other assets | 116 | 109 | | **Total assets** | **$86,070** | **$114,907** | | **Liabilities and Stockholders' Equity** | | | | Accounts payable, accrued expenses, and other liabilities | $7,041 | $9,994 | | Operating lease liabilities, current portion | 556 | 536 | | Total current liabilities | 7,597 | 10,530 | | Long-term liabilities | 307 | 549 | | **Total liabilities** | **7,904** | **11,079** | | Stockholders' equity | 78,166 | 103,828 | | **Total liabilities and stockholders' equity** | **$86,070** | **$114,907** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The condensed consolidated statements of operations detail the company's financial performance for the three and six months ended June 30, 2025, showing increased operating expenses and net losses compared to the prior year, alongside a significant change in net loss per share due to increased weighted average shares outstanding **Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts, unaudited):** | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Operating expenses: | | | | | | Research and development | $12,613 | $10,752 | $25,625 | $19,318 | | General and administrative | 3,711 | 3,591 | 7,699 | 4,857 | | Total operating expenses | 16,324 | 14,343 | 33,324 | 24,175 | | Loss from operations | (16,324) | (14,343) | (33,324) | (24,175) | | Total other income and (expense), net | 934 | 204 | 2,009 | 500 | | **Net loss and comprehensive loss** | **$(15,390)** | **$(14,139)** | **$(31,315)** | **$(23,675)** | | Net loss per share, basic and diluted | $(1.14) | $(44.82) | $(2.33) | $(75.22) | | Weighted average shares outstanding, basic and diluted | 13,509,080 | 315,478 | 13,466,942 | 314,747 |

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the company's unaudited financial statements, management's analysis, and market risk disclosures [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Provides the unaudited balance sheets, statements of operations, stockholders' equity, and cash flows for the reporting period [Balance Sheets](index=6&type=section&id=Balance%20Sheets) Details the company's assets, liabilities, and stockholders' equity at the end of the reporting period Balance Sheet Summary | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change (2025 vs 2024) | Percentage Change | | :-------------------- | :------------ | :---------------- | :-------------------- | :------------------ | | Cash and cash equivalents | $75,864 | $59,406 | +$16,458 | +27.7% | | Short-term investments | $206,649 | $196,554 | +$10,095 | +5.1% | | Total current assets | $291,124 | $262,250 | +$28,874 | +11.0% | | Total assets | $346,857 | $274,142 | +$72,715 | +26.5% | | Total current liabilities | $18,050 | $24,846 | -$6,796 | -27.4% | | Total liabilities | $22,862 | $31,020 | -$8,158 | -26.3% | | Total stockholders' equity | $323,995 | $243,122 | +$80,873 | +33.3% | [Statements of Operations and Comprehensive Loss](index=7&type=section&id=Statements%20of%20Operations%20and%20Comprehensive%20Loss) Summarizes revenues, expenses, and the resulting net loss over the reporting periods Operating Results Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $30,549 | $28,940 | $55,189 | $50,900 | | General and administrative | $8,515 | $7,077 | $16,593 | $14,107 | | Total operating expenses | $39,064 | $36,017 | $71,782 | $65,007 | | Loss from operations | $(39,064) | $(36,017) | $(71,782) | $(65,007) | | Other income, net | $2,709 | $4,054 | $5,406 | $8,033 | | Net loss | $(36,355) | $(31,963) | $(66,376) | $(56,974) | | Net loss per share, basic and diluted | $(0.47) | $(0.45) | $(0.89) | $(0.83) | - **Net loss increased by $4.392 million (13.7%)** for the three months ended June 30, 2025, and by **$9.402 million (16.5%)** for the six months, primarily due to higher operating expenses and lower other income[19](index=19&type=chunk)[92](index=92&type=chunk) [Statements of Stockholders' Equity](index=8&type=section&id=Statements%20of%20Stockholders'%20Equity) Outlines the changes in the company's equity accounts over the reporting period Stockholders' Equity Summary | Metric (in thousands, except shares) | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :----------------------------------- | :---------------- | :------------- | :------------ | | Common Stock Shares | 71,021,855 | 71,078,511 | 86,187,328 | | Common Stock Amount | $7 | $7 | $9 | | Additional Paid-in Capital | $805,510 | $812,317 | $952,949 | | Accumulated Deficit | $(562,774) | $(592,795) | $(629,150) | | Total Stockholders' Equity | $243,122 | $219,738 | $323,995 | - **Total stockholders' equity increased to $323.995 million** at June 30, 2025, primarily driven by the issuance of common stock and pre-funded warrants totaling **$133.267 million**[22](index=22&type=chunk) [Statements of Cash Flows](index=9&type=section&id=Statements%20of%20Cash%20Flows) Details the sources and uses of cash from operating, investing, and financing activities Cash Flow Summary | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(63,375) | $(55,811) | | Net cash used in investing activities | $(54,480) | $(43,588) | | Net cash provided by financing activities | $134,313 | $125,846 | | Net increase in cash, cash equivalents and restricted cash | $16,458 | $26,447 | - **Net cash used in operating activities increased by $7.564 million YoY**, while net cash from financing activities increased by **$8.467 million YoY** from private placements and ATM offerings[25](index=25&type=chunk)[107](index=107&type=chunk)[111](index=111&type=chunk) [Notes to Unaudited Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Financial%20Statements) Provides supplementary information and disclosures related to the company's financial statements [1. Description of the Business](index=10&type=section&id=1.%20Description%20of%20the%20Business) ORIC Pharmaceuticals is a clinical-stage biopharmaceutical company focused on overcoming cancer resistance - ORIC Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on overcoming resistance in cancer, operating as a single segment[28](index=28&type=chunk) - The company has an **accumulated deficit of $629.2 million** as of June 30, 2025, and has historically funded operations through stock issuances[30](index=30&type=chunk) - Management believes it has **sufficient working capital to fund operations for at least the next twelve months** from the financial statement issuance date[31](index=31&type=chunk) [2. Basis of Presentation and Summary of Significant Accounting Policies](index=11&type=section&id=2.%20Basis%20of%20Presentation%20and%20Summary%20of%20Significant%20Accounting%20Policies) The financial statements are prepared in accordance with GAAP for interim reporting - The unaudited financial statements are prepared in accordance with GAAP for interim financial information and SEC Form 10-Q instructions[35](index=35&type=chunk) - The company operates as one segment, focusing on cancer research and development[38](index=38&type=chunk)[39](index=39&type=chunk) - The company is currently evaluating the impact of ASU 2024-03, which requires enhanced expense disclosures effective after December 15, 2026[40](index=40&type=chunk) [3. License Agreements and Clinical Development Collaborations](index=11&type=section&id=3.%20License%20Agreements%20and%20Clinical%20Development%20Collaborations) The company has entered into several key collaborations for its clinical programs - ORIC entered into clinical supply agreements with Johnson & Johnson to evaluate ORIC-114 and ORIC-944 in combination with their respective drugs[41](index=41&type=chunk)[42](index=42&type=chunk) - A collaboration with Bayer was established to evaluate ORIC-944 in combination with Nubeqa® (darolutamide)[43](index=43&type=chunk) - The Voronoi License Agreement grants ORIC exclusive rights for ORIC-114 with potential **milestone payments up to $336.0 million** and royalties[44](index=44&type=chunk)[46](index=46&type=chunk) - The Mirati License Agreement grants ORIC worldwide exclusive rights to ORIC-944 for an upfront payment of **588,235 shares of common stock**[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) [4. Property and Equipment, net](index=15&type=section&id=4.%20Property%20and%20Equipment%2C%20net) Details the composition and value of the company's property and equipment Property and Equipment Breakdown | Category (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Lab equipment | $7,709 | $7,386 | | Leasehold improvements | $2,065 | $2,043 | | Computer hardware and software | $287 | $274 | | Furniture and fixtures | $697 | $697 | | Total property and equipment, gross | $10,758 | $10,400 | | Less accumulated depreciation | $(7,996) | $(7,476) | | Total property and equipment, net | $2,762 | $2,924 | - **Net property and equipment decreased by $162 thousand** from December 31, 2024, to June 30, 2025, due to depreciation offsetting new acquisitions[54](index=54&type=chunk) [5. Accrued Liabilities](index=15&type=section&id=5.%20Accrued%20Liabilities) Provides a breakdown of the company's short-term financial obligations Accrued Liabilities Breakdown | Category (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Accrued clinical and manufacturing costs | $5,365 | $11,808 | | Accrued compensation | $5,175 | $7,648 | | Operating lease liabilities - short-term | $3,273 | $3,183 | | Other accruals | $1,107 | $659 | | Total accrued liabilities | $14,920 | $23,298 | - **Total accrued liabilities decreased by $8.378 million (36.0%)** from December 31, 2024, mainly due to lower clinical, manufacturing, and compensation costs[55](index=55&type=chunk) [6. Investments](index=15&type=section&id=6.%20Investments) Outlines the composition and fair value of the company's investment portfolio Investment Portfolio | Investment Type (in thousands) | June 30, 2025 (Fair Value) | December 31, 2024 (Fair Value) | | :----------------------------- | :------------------------- | :----------------------------- | | Short-term U.S. treasury securities | $206,649 | $196,554 | | Long-term U.S. treasury securities | $45,216 | — | | Total Investments | $251,865 | $196,554 | - The company's investments consist primarily of U.S. treasury securities, with no material declines in fair value due to credit-related factors[56](index=56&type=chunk)[57](index=57&type=chunk) [7. Fair Value Measurements](index=17&type=section&id=7.%20Fair%20Value%20Measurements) Details the methodology for measuring the fair value of financial assets Assets Measured at Fair Value | Asset Category (in thousands) | June 30, 2025 (Fair Value) | December 31, 2024 (Fair Value) | | :---------------------------- | :------------------------- | :----------------------------- | | Money market funds | $75,864 | $59,406 | | U.S. treasury securities | $251,865 | $196,554 | | Total | $327,729 | $255,960 | - All major categories of assets measured at fair value are classified as **Level 1**, indicating observable inputs such as quoted prices in active markets[59](index=59&type=chunk)[63](index=63&type=chunk) [8. Stockholders' Equity and Stock-Based Compensation](index=17&type=section&id=8.%20Stockholders'%20Equity%20and%20Stock-Based%20Compensation) Discloses information on equity transactions and stock-based compensation expenses Stock-Based Compensation Expense | Stock-Based Compensation (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $2,919 | $2,131 | $5,811 | $4,276 | | General and administrative | $3,655 | $2,865 | $7,317 | $5,678 | | Total stock-based compensation expense | $6,574 | $4,996 | $13,128 | $9,954 | - **Total stock-based compensation expense increased by 31.6%** for the three months and **31.9%** for the six months ended June 30, 2025, compared to 2024[62](index=62&type=chunk) - As of June 30, 2025, **14,249,525 stock options were outstanding** with a weighted-average exercise price of $6.37[64](index=64&type=chunk)[65](index=65&type=chunk) - In May 2025, the company completed a private placement, selling **14,130,313 shares of common stock** and pre-funded warrants for 5,100,532 shares[67](index=67&type=chunk)[68](index=68&type=chunk) [9. Subsequent Events](index=20&type=section&id=9.%20Subsequent%20Events) Describes significant events that occurred after the balance sheet date - From July 1 to August 12, 2025, the company raised approximately **$108.7 million in net proceeds** through an At-the-Market (ATM) sales agreement[70](index=70&type=chunk) - On August 12, 2025, ORIC announced a strategic pipeline prioritization to focus on ORIC-944 and ORIC-114, resulting in an **approximately 20% workforce reduction**[71](index=71&type=chunk) - The workforce reduction is expected to incur a **one-time cost of approximately $1.9 million**, primarily for termination benefits in Q3 2025[71](index=71&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on the company's financial condition, operational results, and future outlook [Overview](index=21&type=section&id=Overview) The company is a clinical-stage biopharmaceutical firm focused on overcoming cancer resistance - ORIC Pharmaceuticals is a clinical-stage biopharmaceutical company focused on overcoming resistance in cancer through its specialized pipeline[74](index=74&type=chunk) - ORIC-944 showed a **59% PSA50 response rate** in mCRPC patients, with updated data expected in H2 2025 and Phase 3 initiation in H1 2026[75](index=75&type=chunk) - ORIC-114 demonstrated systemic and intracranial activity in advanced solid tumors, with comprehensive data updates expected in H2 2025[75](index=75&type=chunk)[76](index=76&type=chunk) - A strategic pipeline prioritization was announced on August 12, 2025, to focus resources on ORIC-944 and ORIC-114, leading to a **20% workforce reduction**[77](index=77&type=chunk) - ORIC incurred a **net loss of $66.4 million** for the six months ended June 30, 2025, and had an accumulated deficit of **$629.2 million**[78](index=78&type=chunk) [Components of Operating Results](index=23&type=section&id=Components%20of%20Operating%20Results) This section breaks down the key drivers of the company's operating expenses [Research and Development Expenses](index=23&type=section&id=Research%20and%20Development%20Expenses) R&D expenses consist of external and internal costs related to advancing the product pipeline - R&D expenses are a significant portion of operating costs, comprising external (CROs, CMOs) and internal (personnel) expenses[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - **R&D expenses are expected to increase substantially** as ORIC-944 and ORIC-114 advance into later-stage clinical trials[83](index=83&type=chunk)[85](index=85&type=chunk) - The August 2025 strategic prioritization will decrease preclinical research and incur a **one-time cost of $1.9 million** from a 20% workforce reduction[88](index=88&type=chunk) [General and Administrative Expenses](index=25&type=section&id=General%20and%20Administrative%20Expenses) G&A expenses include costs for personnel, facilities, and professional services - G&A expenses primarily include personnel costs, allocated facilities, depreciation, and professional fees[89](index=89&type=chunk) - **G&A expenses are expected to increase** in the foreseeable future due to increased headcount supporting R&D and business growth[89](index=89&type=chunk) [Other Income, Net](index=26&type=section&id=Other%20Income%2C%20Net) Other income primarily consists of interest earned on cash and investments - Other income, net, primarily consists of interest income from interest-bearing money market accounts and investments[91](index=91&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Compares the company's operating results for the current and prior-year periods Comparison of Operating Results | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :-------------------- | :------------------------------- | :------------------------------- | :----- | :----------------------------- | :----------------------------- | :----- | | Research and development | $30,549 | $28,940 | $1,609 | $55,189 | $50,900 | $4,289 | | General and administrative | $8,515 | $7,077 | $1,438 | $16,593 | $14,107 | $2,486 | | Total operating expenses | $39,064 | $36,017 | $3,047 | $71,782 | $65,007 | $6,775 | | Other income, net | $2,709 | $4,054 | $(1,345) | $5,406 | $8,033 | $(2,627) | | Net loss | $(36,355) | $(31,963) | $(4,392) | $(66,376) | $(56,974) | $(9,402) | - **Research and development expenses increased by $4.3 million (8.4%)** for H1 2025 YoY, driven by higher personnel costs and ORIC-114 advancement[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - **General and administrative expenses increased by $2.5 million (17.6%)** for H1 2025 YoY, primarily due to higher personnel and professional services costs[96](index=96&type=chunk)[97](index=97&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses the company's financial position, cash flows, and funding sources - On May 23, 2025, ORIC completed a private placement of common stock and pre-funded warrants, generating **gross proceeds of $125.0 million**[98](index=98&type=chunk) - The company raised approximately **$8.9 million through an ATM offering** as of June 30, 2025, with an additional **$108.7 million** raised through August 12, 2025[99](index=99&type=chunk) - As of June 30, 2025, ORIC had **$327.7 million in cash, cash equivalents, and investments**, projected to fund operations into the second half of 2028[143](index=143&type=chunk) Cash Flow Summary | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(63,375) | $(55,811) | | Net cash used in investing activities | $(54,480) | $(43,588) | | Net cash provided by financing activities | $134,313 | $125,846 | | Net increase in cash, cash equivalents and restricted cash | $16,458 | $26,447 | [Critical Accounting Policies and Significant Judgments and Estimates](index=30&type=section&id=Critical%20Accounting%20Policies%20and%20Significant%20Judgments%20and%20Estimates) Outlines the accounting policies that require significant management judgment and estimation - The company's financial statements are prepared in accordance with US GAAP, with no significant changes to critical accounting policies since December 31, 2024[113](index=113&type=chunk) [Emerging Growth Company and Smaller Reporting Company Status](index=30&type=section&id=Emerging%20Growth%20Company%20and%20Smaller%20Reporting%20Company%20Status) Describes the company's reporting status and its implications under securities laws - ORIC is an 'emerging growth company' and 'smaller reporting company,' electing not to use the extended transition period for new accounting standards[114](index=114&type=chunk)[115](index=115&type=chunk) - The company will transition to **'large accelerated filer' status on December 31, 2025**, requiring shorter filing deadlines and auditor attestation[116](index=116&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses the company's exposure to market risks, primarily interest rate and inflation risk - The company's primary investment objective is to preserve principal and liquidity, investing in high-quality marketable debt instruments[117](index=117&type=chunk) - As of June 30, 2025, cash, cash equivalents, and investments totaled **$327.7 million**; a 100 basis point change in interest rates would not have a material effect[117](index=117&type=chunk) - The company does not believe inflation, interest rate changes, or exchange rate fluctuations significantly impacted results for the periods presented[118](index=118&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Details the evaluation of the company's disclosure controls and internal financial reporting controls - As of June 30, 2025, management concluded that the company's **disclosure controls and procedures were effective** at a reasonable assurance level[119](index=119&type=chunk) - There were **no changes in internal control over financial reporting** during the quarter ended June 30, 2025, that materially affected internal controls[120](index=120&type=chunk) [PART II. OTHER INFORMATION](index=32&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part contains other required disclosures, including legal proceedings, risk factors, and exhibits [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) States the company is not currently a party to any material litigation or legal proceedings - ORIC is not currently involved in any material litigation or legal proceedings expected to have a material adverse effect on its business[123](index=123&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) Outlines various risks that could materially harm the company's business and financial condition - Key risk categories include financial position, product development, regulatory compliance, intellectual property, and dependence on third parties[125](index=125&type=chunk)[126](index=126&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - The company has a limited operating history, has incurred **significant net losses**, and expects to continue incurring losses, requiring substantial additional capital[132](index=132&type=chunk)[135](index=135&type=chunk)[140](index=140&type=chunk) - **Success is highly dependent on ORIC-944 and ORIC-114**, which are subject to significant clinical, regulatory, and commercial uncertainties[147](index=147&type=chunk)[148](index=148&type=chunk)[155](index=155&type=chunk)[188](index=188&type=chunk) - The company faces risks related to **protecting its intellectual property** and operating without infringing third-party rights[314](index=314&type=chunk)[321](index=321&type=chunk)[327](index=327&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=129&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) States there were no unregistered sales of equity securities during the reporting period - No unregistered sales of equity securities occurred during the period[440](index=440&type=chunk) - No proceeds from registered securities were used during the period[440](index=440&type=chunk) [Item 3. Defaults Upon Senior Securities](index=129&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Confirms that there were no defaults upon senior securities during the reporting period - There were no defaults upon senior securities[441](index=441&type=chunk) [Item 4. Mine Safety Disclosures](index=129&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) States that there are no mine safety disclosures to report - No mine safety disclosures are applicable or required[442](index=442&type=chunk) [Item 5. Other Information](index=129&type=section&id=Item%205.%20Other%20Information) Details Rule 10b5-1 trading arrangements adopted by certain directors and executive officers - The CEO, Jacob M. Chacko, adopted a Rule 10b5-1 trading arrangement on June 21, 2025, for the sale of up to **251,000 shares**[443](index=443&type=chunk) - The CFO, Dominic Piscitelli, adopted a Rule 10b5-1 trading arrangement on June 24, 2025, for the sale of up to **140,000 shares**[444](index=444&type=chunk) - Board member Mardi C. Dier adopted a Rule 10b5-1 trading arrangement on June 27, 2025, for the sale of up to **114,383 shares**[445](index=445&type=chunk) [Item 6. Exhibits](index=130&type=section&id=Item%206.%20Exhibits) Lists the exhibits filed as part of the Form 10-Q report - Key exhibits include the Form of Pre-Funded Warrant, Securities Purchase Agreement, and certifications of the Principal Executive and Financial Officers[447](index=447&type=chunk) [SIGNATURES](index=131&type=section&id=SIGNATURES) Contains the required signatures from the registrant's authorized officers - The report is signed by Jacob M. Chacko, M.D., President and CEO, and Dominic Piscitelli, CFO, on August 12, 2025[451](index=451&type=chunk)

MADISON SQUARE GARDEN SPORTS CORP. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year 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: 1-36900 (Exact name of registrant as specified in its charter) | Nevada | 47-33 ...

[Marchex Second Quarter 2025 Results](index=1&type=section&id=Marchex%20Announces%20Second%20Quarter%202025%20Results) Marchex reported improved Q2 2025 profitability despite a slight revenue decrease, driven by strategic platform migration and operational efficiency [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) Marchex reported a slight revenue decrease in Q2 2025 but achieved profitability with improved net income and Adjusted EBITDA Q2 2025 Financial Performance | Financial Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP Revenue | $11.7 million | $12.1 million | | Net Income (Loss) | $0.1 million | ($0.8 million) | | Diluted EPS | $0.00 | ($0.02) | | Adjusted EBITDA | $0.6 million | $0.3 million | | Adjusted Non-GAAP EPS | $0.02 | ($0.01) | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management views 2025 as an inflection point, highlighting significant Adjusted EBITDA improvement and strategic platform migration for future growth - The company views **2025** as a potential inflection point, accelerating investment into growth initiatives[4](index=4&type=chunk) - Quarterly Adjusted EBITDA, excluding reorganization costs, improved by **nearly $1 million** compared to Q1 2025[4](index=4&type=chunk) - The migration of **over 1,000 customers** to the new Engage platform is largely complete. While this has short-term revenue impacts, it is a key foundation for the company's plan to **exceed $100 million** in annualized revenue over time[7](index=7&type=chunk)[9](index=9&type=chunk) [Business Outlook and Strategic Initiatives](index=1&type=section&id=Business%20Outlook%20and%20Strategic%20Initiatives) Marchex anticipates sequential growth in Q3 2025 and is expanding its product suite and partnerships, despite expected delays in annual run rate goals [Financial Outlook for 2025](index=1&type=section&id=Financial%20Outlook%20for%202025) Marchex forecasts sequential growth in Q3 2025 revenue and Adjusted EBITDA, but anticipates a Q4 decline and delayed annual run rate goals - Q3 2025 Outlook: Both Revenue and Adjusted EBITDA are expected to increase sequentially compared to Q2 2025, with Adjusted EBITDA potentially growing by **more than 50%**[5](index=5&type=chunk) - Q4 2025 Outlook: Revenue and Adjusted EBITDA are expected to be sequentially lower than Q3 2025[6](index=6&type=chunk) - Annual 2025 goals for Revenue and Adjusted EBITDA run rates are expected to be delayed due to customer migration issues, seasonality, and macroeconomic factors, including new federal tariffs[6](index=6&type=chunk)[9](index=9&type=chunk) [2025 Business Update and Recent Strategic Product and Operational Expansion](index=2&type=section&id=2025%20Business%20Update%20and%20Recent%20Strategic%20Product%20and%20Operational%20Expansion) Marchex is strategically expanding in 2025 through new product launches, key partnerships, and channel development to drive future gross margin expansion - Expanded a multi-year partnership with FordDirect, providing its Engage for Sales and Service product to **over 3,000** franchised dealers[10](index=10&type=chunk) - Launched new AI-powered conversational intelligence solutions specifically for the Health Care industry, designed to deliver compliant operational intelligence from patient conversations[10](index=10&type=chunk) - Initiated channel expansion by launching its first product on the Microsoft Azure Marketplace and AppSource to reach a broader enterprise audience[10](index=10&type=chunk) - Marchex Engage for Auto Sales and Service won the **"2025 AI Agent Product of the Year Award"** from TMC[14](index=14&type=chunk) [Additional New Growth Initiatives Planned for 2025](index=3&type=section&id=Additional%20New%20Growth%20Initiatives%20Planned%20for%202025) The company plans to significantly expand its AI-powered product suite in 2025 with new launches including AI Benchmarking, AgentAI Optimizer, and Marchex GPT - Upcoming product launches include: * **AI Benchmarking**: To provide industry-specific sales and marketing insights from customer conversations * **AgentAI Optimizer**: To prescriptively analyze the performance of third-party AI agents * **Marchex GPT**: A large language model enabling businesses to search their own structured data[14](index=14&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) The company's Q2 2025 financial statements show improved net income and a stable balance sheet with decreased liabilities [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Marchex's Q2 2025 consolidated statements of operations show a revenue decrease but improved loss from operations and a positive net income Consolidated Statements of Operations (In Thousands) | (In Thousands) | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $11,655 | $12,074 | $23,058 | $23,646 | | Total operating expenses | $12,191 | $12,796 | $25,464 | $25,681 | | Loss from operations | ($536) | ($722) | ($2,406) | ($2,035) | | Net income (loss) | $85 | ($756) | ($1,897) | ($2,206) | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Marchex's balance sheet shows a slight decrease in total assets and liabilities, with stable stockholders' equity Consolidated Balance Sheets (In Thousands) | (In Thousands) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $10,491 | $12,767 | | Total current assets | $21,095 | $22,278 | | Total assets | $41,984 | $43,200 | | Total current liabilities | $8,732 | $9,267 | | Total liabilities | $9,941 | $10,567 | | Total stockholders' equity | $32,043 | $32,633 | [Non-GAAP Financial Measures and Reconciliations](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) Marchex provides non-GAAP financial measures like Adjusted EBITDA and Adjusted non-GAAP EPS to offer clearer insights into core operating performance [Definition of Non-GAAP Measures](index=4&type=section&id=Definition%20of%20Non-GAAP%20Measures) Marchex defines non-GAAP measures, including Adjusted EBITDA and Adjusted non-GAAP income per share, to provide insights into core operating performance - **Adjusted EBITDA** is defined as net income (loss) before interest, income taxes, amortization of intangible assets from acquisitions, depreciation and amortization, stock-based compensation, and acquisition/disposition-related costs[19](index=19&type=chunk) - **Adjusted non-GAAP income (loss) per share** represents net income (loss) adjusted for the net of tax effects of stock-based compensation, acquisition/disposition costs, amortization of intangible assets from acquisitions, and net interest income/expense[20](index=20&type=chunk) [Reconciliation of Net Income (Loss) to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20(Loss)%20to%20Adjusted%20EBITDA) Marchex reconciled its Q2 2025 GAAP net income to Adjusted EBITDA, showing a significant increase compared to the prior year Reconciliation of Net Income (Loss) to Adjusted EBITDA (In Thousands) | (In Thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net income (loss) | $85 | ($756) | | Adjustments | $563 | $1,007 | | **Adjusted EBITDA** | **$648** | **$251** | [Reconciliation of Net Income (Loss) per Share to Adjusted Non-GAAP Income (Loss) per Share](index=9&type=section&id=Reconciliation%20of%20Net%20Income%20(Loss)%20per%20Share%20to%20Adjusted%20Non-GAAP%20Income%20(Loss)%20per%20Share) The company reconciled its Q2 2025 diluted GAAP EPS to Adjusted Non-GAAP income per share, reflecting a positive shift from the prior year Reconciliation of Net Income (Loss) per Share to Adjusted Non-GAAP Income (Loss) per Share | Per Share | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Diluted net income (loss) per share (GAAP) | $0.00 | ($0.02) | | Stock-based compensation | $0.01 | $0.01 | | Interest income (expense) and other, net | $0.01 | $0.00 | | **Adjusted non-GAAP income (loss) per share** | **$0.02** | **($0.01)** |

Exhibit 99.1 ProKidney Reports Second Quarter 2025 Financial Results and Provides Regulatory and Clinical Updates Phase 2 REGEN-007 Positive Topline Results On July 8, 2025, ProKidney announced statistically and clinically significant topline results from the Phase 2 REGEN-007 study. Of note, in Group 1 (n=24), which replicated the rilparencel dosing schedule of the ongoing Phase 3 PROACT 1 study, kidney function stabilized. The annual decline in eGFR slope improved by 78%, from -5.8 in the pre-injection pe ...