[Aquestive Therapeutics Q2 2025 Business Update and Financial Results](index=1&type=section&id=Aquestive%20Therapeutics%20Reports%20Second%20Quarter%202025%20Financial%20Results%20and%20Provides%20Business%20Update) Aquestive Therapeutics provides a comprehensive update on its Q2 2025 business performance, strategic advancements, and financial results, highlighting key pipeline progress and future outlook [Business and Strategic Highlights](index=1&type=section&id=Business%20and%20Strategic%20Highlights) Aquestive Therapeutics advanced Anaphylm™ with FDA NDA acceptance, preparing for a 2026 U.S. launch and initiating global expansion efforts - The FDA has accepted the New Drug Application (NDA) for **Anaphylm™**, the company's oral, sublingual film epinephrine product, and has set a PDUFA target action date of **January 31, 2026**[3](index=3&type=chunk)[4](index=4&type=chunk)[7](index=7&type=chunk) - The company is advancing preparations for a potential **U.S. launch of Anaphylm™ in the first quarter of 2026**, contingent on FDA approval[3](index=3&type=chunk)[5](index=5&type=chunk)[7](index=7&type=chunk) - Aquestive is accelerating its **global expansion strategy** for Anaphylm™, with initial regulatory meetings planned in Canada and the European Union[3](index=3&type=chunk)[5](index=5&type=chunk)[7](index=7&type=chunk) [Pipeline and Commercial Update](index=1&type=section&id=Pipeline%20and%20Commercial%20Update) Updates on Anaphylm™ commercial readiness, AQST-108 IND submission, Libervant® relaunch, and stable manufacturing collaborations highlight pipeline and commercial progress [Anaphylm™ (epinephrine) Sublingual Film](index=1&type=section&id=Anaphylm%E2%84%A2%20(epinephrine)%20Sublingual%20Film) The Anaphylm™ program is advancing with FDA NDA acceptance, ongoing review, and preparations for a potential Advisory Committee meeting - The **FDA accepted the NDA for Anaphylm™** and is initiating its review, with preparations ongoing for a possible Advisory Committee meeting ahead of the **January 31, 2026 PDUFA date**[4](index=4&type=chunk) - The clinical program for Anaphylm™ includes **10 completed studies** with approximately **935 total administrations** across **379 subjects**[4](index=4&type=chunk) - Anaphylm™ is positioned as an **orally administered, non-device product** with a **pharmacokinetic profile comparable to leading injectables**, aiming to address barriers like fear of needles and device complexity[6](index=6&type=chunk) [AQST-108 (epinephrine) Topical Gel](index=2&type=section&id=AQST-108%20(epinephrine)%20Topical%20Gel) AQST-108 is progressing towards an IND submission in late 2025 as a potential topical treatment for alopecia areata - Aquestive anticipates submitting an **Investigational New Drug (IND) Application for AQST-108** for the treatment of alopecia areata (AA) to the FDA in the **fourth quarter of 2025**[8](index=8&type=chunk) - AQST-108 is being developed as a **potential topical treatment for AA**, which could offer an alternative to systemic JAK inhibitors that have known side effects and "black box" warnings[8](index=8&type=chunk) [Libervant® (diazepam) Buccal Film](index=2&type=section&id=Libervant%C2%AE%20(diazepam)%20Buccal%20Film) Libervant® faces a temporary regulatory hurdle due to orphan drug exclusivity, with a relaunch targeted for 2027 or sooner upon full approval - Libervant's regulatory status was revised from full to **tentative approval** due to a court decision related to another drug's **orphan drug exclusivity**, a change not related to the product's safety or efficacy[9](index=9&type=chunk) - The company remains committed to **relaunching Libervant in 2027 or sooner**, should it receive full marketing approval from the FDA[9](index=9&type=chunk) [Commercial Collaborations](index=2&type=section&id=Commercial%20Collaborations) Manufacturing collaborations provide steady revenue, offsetting Suboxone's decline with growth from newer products, and the U.S. supply chain remains stable - The company's **manufacturing business remains steady**, with the **gradual decline of Suboxone** being offset by **growth from newer collaborations** for products like Sympazan, Ondif, and Emylif[10](index=10&type=chunk) - The company's **U.S.-based supply chain** is confirmed to be **largely unaffected by both implemented and proposed tariffs**, ensuring production stability[10](index=10&type=chunk) [Second Quarter 2025 Financial Performance](index=2&type=section&id=Second%20Quarter%202025%20Financials) Aquestive reported **$10.0 million** in Q2 2025 revenues, a **3% increase** excluding a prior-year one-time item, with a net loss of **$13.5 million** and **$60.5 million** in cash Q2 2025 Financial Summary | Financial Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Revenues | $10.0 | $20.1 | -50.2% | | Revenue (ex. one-time item) | $10.0 | $9.7 | +3% | | Net Loss | ($13.5) | ($2.7) | Increased Loss | | Loss Per Share (Basic & Diluted) | ($0.14) | ($0.03) | Increased Loss | | Non-GAAP Adjusted EBITDA | ($9.3) | $1.8 | Decreased | | Cash and Cash Equivalents | $60.5 | N/A | N/A | - The significant **year-over-year decrease in total revenues** was primarily due to a **one-time recognition of deferred revenue** in Q2 2024 from terminated agreements, with revenues **grew by $0.3 million** excluding this impact[11](index=11&type=chunk) - Selling, general and administrative (SG&A) expenses **increased to $12.7 million from $11.4 million** in Q2 2024, mainly due to higher commercial spending, regulatory fees, and personnel costs, partially offset by lower legal fees[13](index=13&type=chunk)[14](index=14&type=chunk) [2025 Financial Outlook](index=3&type=section&id=2025%20Outlook) Aquestive has provided its financial guidance for the full year of 2025, anticipating total revenues between **$44 million and $50 million** and a non-GAAP adjusted EBITDA loss of **$47 million to $51 million** 2025 Full-Year Financial Guidance | Guidance Metric | 2025 Full-Year Outlook (in millions) | | :--- | :--- | | Total Revenue | $44 to $50 | | Non-GAAP Adjusted EBITDA Loss | $47 to $51 | [About Our Products](index=3&type=section&id=About%20Our%20Products) This section describes the company's key product candidates: Anaphylm™ for epinephrine delivery, Libervant® for acute seizures, and AQST-108 for dermatological conditions - **Anaphylm™ (epinephrine) Sublingual Film** is a polymer matrix-based epinephrine prodrug candidate, similar in size to a postage stamp, that dissolves on contact without water[23](index=23&type=chunk) - **Libervant® (diazepam) Buccal Film** is administered inside the cheek for the acute treatment of seizure clusters in epilepsy patients[24](index=24&type=chunk) - **AQST-108 (epinephrine) Topical Gel** is a topically delivered adrenergic agonist prodrug gel product candidate based on the company's AdrenaVerse™ platform[26](index=26&type=chunk) [Disclosures and Financial Statements](index=4&type=section&id=Disclosures%20and%20Financial%20Statements) This section provides essential disclosures, including product safety information, company overview, non-GAAP financial explanations, forward-looking statements, and detailed unaudited financial statements [Important Safety Information](index=4&type=section&id=Important%20Safety%20Information) This section outlines critical safety warnings for Libervant®, including risks with opioids, potential for abuse, dependence, and common side effects like sleepiness - A key warning states that taking benzodiazepines like Libervant with opioids, alcohol, or other CNS depressants can cause **severe drowsiness, respiratory depression, coma, and death**[30](index=30&type=chunk) - The information outlines the **risk of abuse, misuse, and addiction**, as well as **physical dependence and withdrawal reactions**, emphasizing that Libervant is not intended for daily use[30](index=30&type=chunk) - The most common side effects of Libervant are listed as **sleepiness and headache**[35](index=35&type=chunk) [About Aquestive Therapeutics, Inc.](index=5&type=section&id=About%20Aquestive%20Therapeutics%2C%20Inc.) Aquestive Therapeutics develops orally administered products, has four licensed commercialized products, and is advancing late-stage Anaphylm™ and early-stage AQST-108 candidates - Aquestive develops **orally administered products** to provide novel alternatives to invasive and inconvenient standard of care therapies[34](index=34&type=chunk) - The company has **four licensed commercialized products** marketed by licensees and serves as the exclusive manufacturer for them[34](index=34&type=chunk) [Non-GAAP Financial Information](index=7&type=section&id=Non-GAAP%20Financial%20Information) This section explains the company's use of non-GAAP financial measures, such as adjusted EBITDA loss and other adjusted expenses, to analyze operating performance by excluding certain non-cash or non-recurring items - The company uses non-GAAP measures like **adjusted EBITDA loss**, which exclude items such as **share-based compensation, interest expense, depreciation, amortization, and income taxes**[37](index=37&type=chunk) - Management believes these non-GAAP measures provide **added transparency** into the company's operating performance and the effectiveness of its strategies[39](index=39&type=chunk) [Forward-Looking Statement](index=8&type=section&id=Forward-Looking%20Statement) This section contains the company's safe harbor statement, cautioning that forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially - Forward-looking statements include those regarding the advancement and timing of **Anaphylm™ and AQST-108** through clinical development and FDA approval[41](index=41&type=chunk) - The company outlines significant risks, such as **delays in the FDA approval process**, the ability to generate **sufficient clinical data**, **competition**, and the need for **sufficient capital resources**[42](index=42&type=chunk) [Financial Statements (Unaudited)](index=10&type=section&id=Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed financial statements for the period ended June 30, 2025, including balance sheets, statements of operations, and non-GAAP reconciliations [Condensed Balance Sheets](index=10&type=section&id=Condensed%20Balance%20Sheets) This table presents the company's condensed balance sheets as of June 30, 2025, and December 31, 2024, detailing assets, liabilities, and stockholders' deficit | Balance Sheet Item (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $60,536 | $71,546 | | Total current assets | $81,721 | $88,220 | | Total assets | $93,698 | $101,424 | | Total current liabilities | $23,155 | $18,865 | | Total liabilities | $166,288 | $161,580 | | Total stockholders' deficit | ($72,590) | ($60,156) | [Condensed Statements of Operations and Comprehensive Loss](index=11&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) This table presents the condensed statements of operations and comprehensive loss for the three months ended June 30, 2025 and 2024 | Statement of Operations (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenues | $10,003 | $20,099 | | Total costs and expenses | $21,371 | $20,044 | | Loss from operations | ($11,368) | $55 | | Net loss | ($13,548) | ($2,745) | | Loss per share (basic and diluted) | ($0.14) | ($0.03) | [Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA](index=12&type=section&id=Reconciliation%20of%20Non-GAAP%20Adjustments%20-%20Net%20Loss%20to%20Non-GAAP%20Adjusted%20EBITDA) This table reconciles GAAP net loss to non-GAAP adjusted EBITDA for the three months ended June 30, 2025 and 2024 | Reconciliation to Adj. EBITDA (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | GAAP net loss | ($13,548) | ($2,745) | | Total non-GAAP adjustments | $4,204 | $4,544 | | Non-GAAP adjusted EBITDA | ($9,344) | $1,799 | [Reconciliation of GAAP Expenses to Non-GAAP Adjusted Expenses](index=13&type=section&id=Reconciliation%20of%20Non-GAAP%20Adjustments%20-%20GAAP%20Expenses%20to%20Non-GAAP%20Adjusted%20Expenses) This table reconciles GAAP expenses to non-GAAP adjusted expenses for the three months ended June 30, 2025 and 2024 | Expense Reconciliation (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | GAAP Total costs and expenses | $21,371 | $20,044 | | Non-GAAP adjusted costs and expenses | $19,347 | $18,300 | | GAAP R&D Expense | $4,105 | $4,162 | | Non-GAAP adjusted R&D expense | $3,681 | $3,836 | | GAAP SG&A Expenses | $12,705 | $11,356 | | Non-GAAP adjusted SG&A expenses | $11,345 | $10,213 |

[Letter to Stockholders](index=1&type=section&id=Letter%20to%20Stockholders) This section provides an overview of Harrow's strong Q2 2025 financial performance, strategic corporate developments, and detailed product portfolio achievements, including significant growth in VEVYE and IHEEZO [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) Harrow reported strong Q2 2025 growth with $63.7 million revenue, $5.0 million net income, and $17.0 million Adjusted EBITDA, supported by strategic acquisitions Q2 2025 Key Financial Metrics | Metric | Q2 2025 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Revenues | $63.7 million | +30% | +33% | | Net Income | $5.0 million | - | - | | Adjusted EBITDA | $17.0 million | - | - | - Harrow solidified its market position through two strategic acquisitions: the Samsung Bioepis ophthalmic biosimilars portfolio (**BYOOVIZ®** and **OPUVIZ™**) and U.S. commercial rights to **BYQLOVI™** from Formosa Pharmaceuticals[3](index=3&type=chunk)[5](index=5&type=chunk) [Corporate and Strategic Developments](index=2&type=section&id=Corporate%20and%20Strategic%20Developments) Harrow is refinancing its $222.75 million debt for financial flexibility, strengthening its leadership, and preparing for its inaugural Investor & Analyst Day - Harrow is in active discussions to refinance its **$222.75 million** in outstanding debt with the objectives of lowering capital costs, increasing financial flexibility, and improving its ability to pursue growth opportunities[9](index=9&type=chunk)[13](index=13&type=chunk) - The company has made several key leadership appointments, including a Chief Scientific Officer and SVP of Commercial Operations, to bolster its expertise and drive future success[6](index=6&type=chunk) - Harrow will host its first annual Investor & Analyst Day on September 26 in New York City to provide deeper insights into its leadership, products, and development pipeline[12](index=12&type=chunk) [Product Portfolio Performance](index=3&type=section&id=Product%20Portfolio%20Performance) Harrow's product portfolio showed strong performance, with VEVYE, IHEEZO, and TRIESENCE achieving significant growth, complemented by strategic acquisitions and ImprimisRx's recovery [VEVYE](index=3&type=section&id=VEVYE) VEVYE, Harrow's flagship dry eye product, achieved exceptional Q2 2025 growth with 66% sequential prescription volume increase and 7.8% market share, on track for over $100 million revenue VEVYE Q2 2025 Performance Metrics | Metric | Value | Note | | :--- | :--- | :--- | | Total Prescriptions (TRx) | 119,526 units | +66% sequentially from Q1 2025 | | New Prescriptions (NRx) | ~50,000 units | Part of the total TRx volume | | National DED Market Share | 7.8% | +2.6% gain quarter-over-quarter | - The company reiterates its guidance for VEVYE to surpass **$100 million** in annual revenue in 2025, expecting to generate over **$60 million** in the second half of the year[24](index=24&type=chunk) - Supply chain is being scaled up to meet surging demand, including adding a second manufacturing site expected to be online next year[22](index=22&type=chunk) [Buy and Bill Products](index=4&type=section&id=Buy%20and%20Bill%20Products) Harrow's 'Buy and Bill' portfolio, including IHEEZO and TRIESENCE, achieved robust growth, with IHEEZO revenue up 251% sequentially, further strengthened by BYOOVIZ and OPUVIZ acquisitions IHEEZO Q2 2025 Performance | Metric | Value | YoY / QoQ Change | | :--- | :--- | :--- | | Revenue | $18.3 million | +62% YoY / +251% QoQ | | Unit Demand | 48,765 units | +63% YoY / +25% QoQ | - TRIESENCE achieved **32%** quarter-over-quarter unit growth in Q2 and added **870 new accounts** year-to-date in 2025. The company is preparing to market it more aggressively to the larger ocular inflammation market[31](index=31&type=chunk)[35](index=35&type=chunk) - Harrow acquired exclusive U.S. commercial rights to **BYOOVIZ** (biosimilar to LUCENTIS) and **OPUVIZ** (biosimilar to EYLEA) from Samsung Bioepis to compete in the wet AMD market[40](index=40&type=chunk) [Specialty Branded Products](index=6&type=section&id=Specialty%20Branded%20Products) Harrow expanded its Specialty Branded Product portfolio with the acquisition of **BYQLOVI**, a novel steroid for post-operative ocular inflammation and pain, targeting over 7 million annual U.S. ophthalmic surgeries - The portfolio was expanded with the acquisition of **BYQLOVI**, an FDA-approved steroid for treating inflammation and pain after ocular surgery[45](index=45&type=chunk) - **BYQLOVI** is positioned to address a significant market, with over **7 million** ophthalmic surgeries performed annually in the U.S. The commercial launch is planned within the next few quarters[46](index=46&type=chunk) [ImprimisRx](index=7&type=section&id=ImprimisRx) ImprimisRx, Harrow's compounding business, recovered in Q2 2025 with **$21.5 million** revenue, a **7%** sequential increase, and awaits a final ruling on a **$34.9 million** jury verdict ImprimisRx Q2 2025 Revenue | Metric | Q2 2025 | QoQ Change | | :--- | :--- | :--- | | Revenue | $21.5 million | +7% | - The business demonstrated sequential recovery after Q1 seasonal softness, with April marking a record revenue month[48](index=48&type=chunk) - A final legal ruling is expected shortly in the case where ImprimisRx was awarded a **$34.9 million** jury verdict against OSRX, Inc[50](index=50&type=chunk) [Closing and Outlook](index=7&type=section&id=Closing%20and%20Outlook) Harrow reaffirms its full-year 2025 revenue guidance of **more than $280 million**, anticipating stronger second-half performance driven by key products VEVYE, IHEEZO, and TRIESENCE - Harrow is confident in its 2025 revenue guidance of '**more than $280 million**,' expecting stronger performance in the second half of the year[52](index=52&type=chunk) - Key growth drivers for the second half of 2025 are expected to be **VEVYE**, **IHEEZO**, and **TRIESENCE**[52](index=52&type=chunk) [Financials](index=8&type=section&id=Financials) This section details Harrow's Q2 2025 financial performance, highlighting significant revenue growth, a shift to net income, and increased Adjusted EBITDA, along with comprehensive non-GAAP reconciliations [Commentary on Second Quarter 2025 Financials](index=8&type=section&id=Commentary%20on%20Second%20Quarter%202025%20Financials) Harrow's Q2 2025 revenues grew **30%** YoY to **$63.7 million**, achieving **$5.0 million** net income and **$17.0 million** Adjusted EBITDA, with IHEEZO and VEVYE as key revenue drivers Q2 2025 Financial Performance vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $63.7 million | $48.9 million | | GAAP Net Income (Loss) | $5.0 million | $(6.5) million | | Adjusted EBITDA | $17.0 million | $8.8 million | | GAAP Gross Margin | 75% | 74% | Revenue Breakdown for the Three Months Ended June 30, 2025 | Product/Segment | Revenue (Millions) | % of Total | | :--- | :--- | :--- | | IHEEZO | $18.3 | 29% | | VEVYE | $18.6 | 29% | | Other branded products | $5.2 | 8% | | ImprimisRx revenue, net | $21.5 | 34% | | **Total revenues, net** | **$63.7** | **100%** | - As of June 30, 2025, the company held **$53.0 million** in cash and cash equivalents and had accounts receivable of **$78.8 million**[60](index=60&type=chunk) [Second Quarter 2025 Financial Overview](index=9&type=section&id=Second%20Quarter%202025%20Financial%20Overview) This section details Q2 2025 GAAP results, showing **$5.0 million** net income and **$0.13** diluted EPS, alongside non-GAAP Core net income of **$9.2 million** and Adjusted EBITDA of **$17.0 million** GAAP Operating Results (Three Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total revenues | $63,742,000 | $48,939,000 | | Gross profit | $47,512,000 | $36,400,000 | | Income (loss) from operations | $11,409,000 | $1,530,000 | | Net income (loss) | $4,995,000 | $(6,473,000) | | Diluted EPS | $0.13 | $(0.18) | Core Results (Non-GAAP) (Three Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Core gross margin | 80% | 79% | | Core net income (loss) | $9,227,000 | $(2,047,000) | | Adjusted EBITDA | $17,006,000 | $8,803,000 | | Core diluted EPS | $0.24 | $(0.06) | [Non-GAAP Financial Measures and Reconciliations](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section explains and reconciles non-GAAP financial measures, including Adjusted EBITDA and Core Results, to GAAP figures, providing a clearer view of Harrow's core operating performance - Management utilizes non-GAAP measures like **Adjusted EBITDA** and **Core Results** to evaluate financial performance, believing they provide a clearer view of core operations by excluding non-cash or non-recurring items[76](index=76&type=chunk) Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (Three Months Ended June 30) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | **GAAP net income (loss)** | **$4,995,000** | **$(6,473,000)** | | Stock-based compensation | $875,000 | $4,271,000 | | Interest expense, net | $6,408,000 | $5,471,000 | | Depreciation & Amortization | $4,722,000 | $3,002,000 | | Other adjustments | $6,000 | $1,877,000 | | **Adjusted EBITDA** | **$17,006,000** | **$8,803,000** | Reconciliation of GAAP Results to Core Results (Three Months Ended June 30, 2025) | Metric | GAAP Results | Adjustments | Core Results | | :--- | :--- | :--- | :--- | | Gross Profit | $47,512,000 | $3,780,000 | $51,292,000 | | Net Income | $4,995,000 | $4,232,000 | $9,227,000 | | Diluted EPS | $0.13 | - | $0.24 |

EX-99.1 2 prso_ex991.htm PRESS RELEASE EXHIBIT 99.1 Peraso Announces Second Quarter 2025 Results mmWave product revenue increased 45% sequentially and over 200% year-over-year SAN JOSE, Calif., August 11, 2025 – Peraso Inc. (NASDAQ: PRSO) ("Peraso" or the "Company"), a pioneer in mmWave wireless technology solutions, today announced financial results for the second quarter ended June 30, 2025. Management Commentary Second Quarter 2025 Financial Results Total net revenue for the second quarter of 2025 was $2 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 For the transition period from ________ to ________ (855) 508-3568 Registrant's telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: | Trading Symbol(s) | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended June 30, 2025 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 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 535 W 24th St. 5th Floor New York, NY 10011 (Address of principal executive offices) (Zip Code) (855) 508-3568 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

Exhibit 99.1 Earnings Results & Supplemental Information For the Three and Six Months Ended June 30, 2025 Table of Contents All information included in this supplemental financial package is unaudited, unless otherwise indicated. | | Page No. | | --- | --- | | Executive Summary & Financial Highlights | 1 | | Executive Summary | 1 | | Financial Highlights | 4 | | Capital Information | 8 | | Capital Information and Market Capitalization | 8 | | Changes in Total Common and Equivalent Shares/Units | 9 | | Finan ...

Exhibit 99.1 Quince Therapeutics Provides Business Update and Reports Second Quarter 2025 Financial Results Marks major milestone with completion of enrollment in pivotal Phase 3 NEAT clinical trial evaluating lead asset, eDSP, for the treatment of A-T; topline results expected in first quarter of 2026 Closed financing priced at a premium bringing existing cash position to approximately $35 million; expected to provide runway through Phase 3 topline results and into at least second quarter of 2026 Entered i ...

[Financial Results and Highlights](index=1&type=section&id=Financial%20Results%20and%20Highlights) [Third Quarter 2025 Financial Highlights](index=1&type=section&id=Third%20Quarter%202025%20Financial%20Highlights) PFLT reported a Q3 2025 NAV per share of **$10.96**, a 1.0% decrease, with net investment income at **$0.25 per share** and a **$2.4 billion** investment portfolio Q3 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | **Assets and Liabilities** | | | Investment Portfolio | $2,403.5 million | | Net Assets | $1,087.5 million | | Net Asset Value (NAV) per Share | $10.96 | | Quarterly Change in NAV per Share | (1.0)% | | Regulatory Debt to Equity | 1.29x | | **Operating Results** | | | Net Investment Income per Share | $0.25 | | Core Net Investment Income per Share | $0.27 | | Distributions Declared per Share | $0.31 | | **Portfolio Activity** | | | Purchases of Investments | $208.1 million | | Sales and Repayments | $145.8 million | - Core Net Investment Income (Core NII) is a non-GAAP measure that excludes **$2.9 million** of credit facility amendment costs and a **$1.2 million** incentive fee expense offset for the quarter[2](index=2&type=chunk) [Portfolio and Investment Activity](index=2&type=section&id=Portfolio%20and%20Investment%20Activity) [Overall Portfolio Review](index=2&type=section&id=Overall%20Portfolio%20Review) The portfolio grew to **$2.4 billion** as of June 30, 2025, with 99% first lien secured debt and a 10.4% weighted average yield - Management anticipates continued net investment income growth driven by recent capital raises and the formation of a new joint venture with Hamilton Lane to invest in middle-market senior secured loans[5](index=5&type=chunk) Portfolio Composition Comparison | Metric | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | | Total Portfolio | $2,403.5 M | $1,983.5 M | | First Lien Secured Debt | $2,150.6 M | $1,746.7 M | | Number of Companies | 155 | 158 | | Avg. Investment Size | $15.5 M | $12.6 M | | Weighted Avg. Yield on Debt | 10.4% | 11.5% | | Non-Accruals (at fair value) | 0.5% | 0.2% | [Investment Activity Details](index=2&type=section&id=Investment%20Activity%20Details) Q3 2025 investments totaled **$208.1 million**, a decrease from prior year, with nine-month investments reaching **$1.1 billion** Investment Activity (Three Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Investments | $208.1 M | $320.9 M | | Weighted Avg. Yield on New Debt | 10.1% | 11.5% | | Sales and Repayments | $145.8 M | $137.6 M | Investment Activity (Nine Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Investments | $1,108.3 M | $961.8 M | | Weighted Avg. Yield on New Debt | 10.2% | 11.7% | | Sales and Repayments | $669.5 M | $386.3 M | [PennantPark Senior Secured Loan Fund I LLC (PSSL)](index=2&type=section&id=PennantPark%20Senior%20Secured%20Loan%20Fund%20I%20LLC%20(PSSL)) PSSL's portfolio grew to **$1.06 billion** as of June 30, 2025, with a 10.4% weighted average yield on debt investments PSSL Portfolio Overview | Metric | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | | Total Portfolio | $1,055.6 M | $913.3 M | | Number of Companies | 117 | 109 | | Avg. Investment Size | $9.0 M | $8.4 M | | Weighted Avg. Yield on Debt | 10.4% | 11.4% | - For the three months ended June 30, 2025, PSSL invested **$52.3 million** and had sales/repayments of **$53.8 million**[10](index=10&type=chunk)[11](index=11&type=chunk) [Results of Operations](index=3&type=section&id=Results%20of%20Operations) [Investment Income](index=3&type=section&id=Investment%20Income) Q3 2025 total investment income increased to **$63.5 million**, driven by the growing size of the debt portfolio Investment Income Comparison (in millions) | Period | 2025 | 2024 | Change Driver | | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $63.5 | $48.5 | Increase in size of debt portfolio | | Nine Months Ended June 30 | $192.4 | $130.8 | Increase in size of debt portfolio | [Expenses](index=3&type=section&id=Expenses) Q3 2025 expenses rose to **$38.9 million**, primarily due to higher interest, management fees, and credit facility amendment costs Expenses Comparison (in millions) | Period | 2025 | 2024 | Change Driver | | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $38.9 | $27.3 | Higher interest expense, management fees, and amendment costs | | Nine Months Ended June 30 | $112.8 | $71.1 | Higher interest expense and management fees | [Net Investment Income (NII)](index=3&type=section&id=Net%20Investment%20Income%20(NII)) Q3 2025 net investment income was **$24.6 million** or **$0.25 per share**, with per-share NII decreasing due to higher share count Net Investment Income Comparison | Period | 2025 | 2024 | | :--- | :--- | :--- | | **Three Months Ended June 30** | | | | NII (in millions) | $24.6 | $21.2 | | NII per Share | $0.25 | $0.31 | | **Nine Months Ended June 30** | | | | NII (in millions) | $79.6 | $59.7 | | NII per Share | $0.88 | $0.95 | [Realized and Unrealized Gains/Losses](index=3&type=section&id=Realized%20and%20Unrealized%20Gains%2FLosses) Q3 2025 saw a net realized loss of **$14.8 million** and a net unrealized appreciation of **$9.9 million** on investments - For the three months ended June 30, 2025, the company experienced net realized losses of **$(14.8) million**, a significant change from the **$(0.4) million** loss in the same period of 2024[17](index=17&type=chunk) - The net change in unrealized appreciation on investments was **$9.9 million** for the quarter, compared to a depreciation of **$(4.0) million** in Q3 2024, driven by portfolio performance and capital market conditions[19](index=19&type=chunk) [Net Change in Net Assets](index=4&type=section&id=Net%20Change%20in%20Net%20Assets) Q3 2025 net increase in net assets from operations was **$19.3 million**, or **$0.19 per share**, influenced by portfolio and market conditions Net Increase in Net Assets from Operations | Period | 2025 | 2024 | | :--- | :--- | :--- | | **Three Months Ended June 30** | | | | Net Increase (in millions) | $19.3 | $16.9 | | Per Share | $0.19 | $0.25 | | **Nine Months Ended June 30** | | | | Net Increase (in millions) | $48.9 | $70.5 | | Per Share | $0.54 | $1.12 | [Liquidity and Capital Resources](index=4&type=section&id=Liquidity%20and%20Capital%20Resources) [Capital Structure and Debt Facilities](index=4&type=section&id=Capital%20Structure%20and%20Debt%20Facilities) The company amended its credit facility in April 2025, reducing pricing and extending maturity, and PSSL closed a new **$301 million** CLO - The annualized weighted average cost of debt decreased to **7.0%** for the nine months ended June 30, 2025, from **7.3%** in the prior year period[23](index=23&type=chunk) - In April 2025, the credit facility was amended, reducing pricing to SOFR + **200 bps** and extending the maturity to August 2030[24](index=24&type=chunk) - PSSL closed a new **$301 million** CLO in April 2025 and refinanced its 2035 Asset-Backed Debt in May 2025, extending maturities to 2037[25](index=25&type=chunk)[26](index=26&type=chunk) [Cash Flow and Equity Issuances](index=5&type=section&id=Cash%20Flow%20and%20Equity%20Issuances) As of June 30, 2025, the company held **$102.7 million** in cash, with **$244.8 million** raised through its ATM program - The company held cash and cash equivalents of **$102.7 million** as of June 30, 2025[27](index=27&type=chunk) ATM Program Issuances (Nine Months Ended June 30) | Period | Shares Issued | Avg. Price | Net Proceeds | | :--- | :--- | :--- | :--- | | 2025 | 21,638,000 | $11.34 | $244.8 M | | 2024 | 13,263,436 | $11.39 | $150.6 M | - For the nine months ended June 30, 2025, cash used in operations was **$386.1 million**, while cash provided by financing was **$376.7 million**[29](index=29&type=chunk) [Shareholder Distributions and Recent Developments](index=5&type=section&id=Shareholder%20Distributions%20and%20Recent%20Developments) [Distributions](index=5&type=section&id=Distributions) The company declared distributions of **$0.3075 per share** for Q3 2025, totaling **$83.4 million** for the nine-month period Distributions Declared | Period | Per Share | Total (in millions) | | :--- | :--- | :--- | | **Three Months Ended June 30, 2025** | $0.3075 | $30.5 | | **Nine Months Ended June 30, 2025** | $0.9225 | $83.4 | [Recent Developments](index=5&type=section&id=Recent%20Developments) A new joint venture, PSSL II, was formed with Hamilton Lane in August 2025, targeting an initial **$500 million** portfolio - A new joint venture, PSSL II, was formed in August 2025 with Hamilton Lane (HL) to invest in middle-market loans[32](index=32&type=chunk) - PFLT and HL have committed a combined **$200 million** (**$150 million** from PFLT, **$50 million** from HL) and intend to add a **$300 million** financing facility, targeting an initial portfolio size of **$500 million**[33](index=33&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Assets and Liabilities](index=6&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of June 30, 2025, total assets reached **$2.52 billion**, with net assets growing to **$1.09 billion**, though NAV per share decreased to **$10.96** Balance Sheet Summary (in thousands) | Account | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | | Total Investments, at fair value | $2,403,515 | $1,983,504 | | Total Assets | $2,521,602 | $2,108,845 | | Total Liabilities | $1,434,089 | $1,231,551 | | Total Net Assets | $1,087,513 | $877,294 | | Net Asset Value per Share | $10.96 | $11.31 | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2025 total investment income was **$63.5 million**, resulting in net investment income of **$24.6 million** and a net increase in net assets of **$19.3 million** Income Statement Summary (Three Months Ended June 30, in thousands) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Total Investment Income | $63,502 | $48,505 | | Total Expenses | $38,877 | $27,295 | | Net Investment Income | $24,625 | $21,210 | | Net Realized/Unrealized Loss | $(5,327) | $(4,290) | | **Net Increase in Net Assets** | **$19,298** | **$16,920** | Per Share Data (Three Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Investment Income per Share | $0.25 | $0.31 | | Net Increase in Net Assets per Share | $0.19 | $0.25 |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 14, 2025 Atara Biotherapeutics, Inc. (Exact name of Registrant as Specified in Its Charter) Delaware 001-36548 46-0920988 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 2380 Conejo Spectrum Street Suite 200 Thousand Oaks, Californi ...

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) VirTra's Q2 and H1 2025 financial performance saw revenue growth but declines in net income and gross margins [Second Quarter and Six Months 2025 Highlights](index=1&type=section&id=Second%20Quarter%20and%20Six%20Months%202025%20Highlights) Q2 2025 revenue grew 15% to $7.0 million, and H1 revenue grew 5% to $14.1 million, with an $18.8 million backlog and 95% STEP renewal rates Financial Highlights (in millions, except per share data) | | For the Three Months Ended June 30, | % Δ | For the Six Months Ended June 30, | % Δ | | :--- | :--- | :--- | :--- | :--- | | **All figures in millions, except per share data** | **2025** | **2024** | | **2025** | **2024*** | | | Total Revenue | $7.0 | $6.1 | 15% | $14.1 | $13.4 | 5% | | Gross Profit | $4.8 | $5.5 | -13% | $10.0 | $10.2 | -2% | | Gross Margin | 69% | 91% | N/A | 71% | 76% | N/A | | Net Income | $0.2 | $1.2 | N/A | $1.4 | $1.7 | N/A | | Diluted EPS | $0.02 | $0.11 | N/A | $0.13 | $0.15 | N/A | | Adjusted EBITDA | $0.7 | $1.6 | N/A | $2.4 | $2.9 | N/A | *Six months 2024 reflects restated financials - Second quarter bookings increased to **$4.6 million** from $3.6 million in Q2 2024, contributing to a total of **$32.1 million** over the last twelve months[4](index=4&type=chunk) - The company's backlog totaled **$18.8 million** as of June 30, 2025, composed of **$7.1 million** in Capital, **$5.7 million** in Service, and **$6.0 million** in STEP contracts[4](index=4&type=chunk) - The STEP® recurring revenue program maintained high renewal rates of approximately **95%**, with an increasing number of customers converting to new three-year agreements[4](index=4&type=chunk) [Management and Financial Commentary](index=2&type=section&id=Management%20and%20Financial%20Commentary) Management noted Q2 revenue and bookings growth despite federal funding timing, anticipating improved demand in late 2025 and 2026, while focusing on cost control and international expansion - CEO John Givens noted that while Q2 bookings were sequentially lighter due to the pace of federal funding, activity is expected to improve later in 2025 and into 2026[5](index=5&type=chunk) - The company is focused on operational discipline, improving product quality, and controlling costs, which allows it to maintain competitive pricing[6](index=6&type=chunk) - CFO Alanna Boudreau emphasized the solid backlog of **$18.8 million** and noted that international markets remain an attractive avenue for growth[16](index=16&type=chunk) [Detailed Financial Results](index=2&type=section&id=Detailed%20Financial%20Results) This section details VirTra's Q2 and H1 2025 financial results, covering revenue, gross profit, operating expenses, and net income [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) Q2 2025 revenue grew 15% to $7.0 million, but gross profit declined to $4.8 million (69% margin) and net income fell to $0.2 million, despite an 11% reduction in operating expenses Q2 2025 Financial Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $7.0 million | $6.1 million | +15% | | Gross Profit | $4.8 million | $5.5 million | -13% | | Gross Margin | 69% | 91% | -22 p.p. | | Net Operating Expense | $3.9 million | $4.4 million | -11% | | Operating Income | $0.9 million | $1.1 million | -18% | | Net Income | $0.2 million | $1.2 million | -83% | | Diluted EPS | $0.02 | $0.11 | -82% | - The increase in revenue was primarily driven by higher capital deliveries and stable recurring revenue from STEP and service contracts[11](index=11&type=chunk) - The significant decrease in gross margin was because the prior year's quarter benefited from unusually low cost of sales related to capitalized development work[12](index=12&type=chunk) [Six Months 2025 Financial Results](index=2&type=section&id=Six%20Months%202025%20Financial%20Results) H1 2025 revenue increased 5% to $14.1 million, with gross profit at $10.0 million (71% margin) and net income of $1.4 million, supported by a 9% decrease in operating expenses H1 2025 Financial Performance (in millions) | Metric | H1 2025 | H1 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $14.1 million | $13.4 million | +5% | | Gross Profit | $10.0 million | $10.2 million | -2% | | Gross Margin | 71% | 76% | -5 p.p. | | Net Operating Expense | $7.7 million | $8.5 million | -9% | | Operating Income | $2.3 million | $1.8 million | +28% | | Net Income | $1.4 million | $1.7 million | -18% | | Diluted EPS | $0.13 | $0.15 | -13% | - The change in gross margin reflects a higher mix of capital sales relative to service and STEP revenue compared to the prior year period[8](index=8&type=chunk) - Net operating expense decreased by **9%** due to disciplined cost management while maintaining investment in core growth initiatives[9](index=9&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents VirTra's condensed balance sheets, statements of operations, and cash flows for the reported periods [Condensed Balance Sheets](index=6&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2025, VirTra's total assets increased to $67.4 million, with cash at $20.7 million, while total liabilities remained stable and equity grew to $47.3 million Condensed Balance Sheet (in millions) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $20.7 million | $18.0 million | | Total current assets | $44.1 million | $44.5 million | | Total assets | $67.4 million | $65.5 million | | Total current liabilities | $10.0 million | $9.6 million | | Total liabilities | $20.0 million | $19.8 million | | Total stockholders' equity | $47.3 million | $45.7 million | [Condensed Statements of Operations](index=7&type=section&id=Condensed%20Statements%20of%20Operations) For H1 2025, total revenue was $14.1 million, yielding a gross profit of $10.0 million and net income of $1.4 million, or $0.13 per diluted share Condensed Statements of Operations (Six Months Ended June 30) | Income Statement (Six Months Ended June 30) | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Total revenue | $14,139,185 | $13,421,461 | | Gross profit | $10,009,357 | $10,238,779 | | Income from operations | $2,282,169 | $1,781,782 | | Net income | $1,439,375 | $1,668,923 | | Diluted EPS | $0.13 | $0.15 | [Condensed Statements of Cash Flows](index=8&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) H1 2025 saw net cash from operations at $6.0 million, leading to a $2.7 million net increase in cash, bringing the balance to $20.7 million Condensed Statements of Cash Flows (Six Months Ended June 30) | Cash Flow (Six Months Ended June 30) | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Net cash provided by operating activities | $6,047,430 | $1,268,224 | | Net cash used in investing activities | ($3,261,941) | ($1,608,798) | | Net cash used in financing activities | ($128,962) | ($97,634) | | Net increase (decrease) in cash | $2,656,527 | ($438,208) | | Cash at end of period | $20,697,354 | $18,411,634 | [Supplemental Information](index=3&type=section&id=Supplemental%20Information) This section provides additional financial details, including Adjusted EBITDA reconciliation, conference call information, and company overview [Adjusted EBITDA Reconciliation](index=4&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q2 2025 was $0.7 million and for H1 2025 was $2.4 million, a decrease from prior year periods - Adjusted EBITDA is a non-GAAP financial measure used by management to eliminate the impact of certain items not considered indicative of ongoing operational performance[21](index=21&type=chunk) Adjusted EBITDA Reconciliation | Period | Net Income | Adjusted EBITDA | | :--- | :--- | :--- | | **Three Months Ended June 30, 2025** | $175,314 | $695,632 | | **Three Months Ended June 30, 2024** | $1,200,727 | $1,612,107 | | **Six Months Ended June 30, 2025** | $1,439,375 | $2,398,946 | | **Six Months Ended June 30, 2024** | $1,668,923 | $2,904,029 | [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) VirTra will host a conference call on August 11, 2025, at 4:30 p.m. ET to discuss financial results, with replay details provided - A conference call to discuss the results is scheduled for **August 11, 2025**, at **4:30 p.m. Eastern time**[17](index=17&type=chunk) - The report provides U.S. and international dial-in numbers, a conference ID (**13754706**), and details for a broadcast replay available through **August 25, 2025**[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) [About VirTra, Inc. & Forward-Looking Statements](index=4&type=section&id=About%20VirTra%2C%20Inc.%20%26%20Forward-Looking%20Statements) VirTra is a global provider of training simulators for law enforcement and military, with the report including a standard forward-looking statements disclaimer - VirTra provides judgmental use of force and firearms training simulators for law enforcement, military, educational, and commercial markets[20](index=20&type=chunk) - The report contains forward-looking statements subject to a "safe harbor" provision, and actual results may differ materially from expectations[22](index=22&type=chunk)