Technology and Efficiency - AirJoule technology can produce pure distilled water at an energy requirement of less than 160 Wh/L, making it up to 4x more efficient than refrigerant-based systems and up to 8x more efficient than desiccant-based systems[41]. - The AirJoule Core system is capable of producing up to 250 liters of pure distilled water per day, delivering up to 80% energy savings and 60% lower total cost of ownership compared to traditional desiccant-based systems[42]. - The AirJoule Prime system is designed for industrial-scale production, expected to generate 2,000 liters of pure water per day using low-grade waste heat[42]. - AirJoule's process incorporates three purification steps, producing PFAS-free distilled water that meets FDA bottled water standards[24]. - AirJoule technology can reduce energy use in HVAC systems by up to 50%, depending on environmental conditions and integration methods[34]. - The AirJoule technology is projected to produce dehumidified air at a fraction of the energy required by conventional systems, leading to significant operating expense savings for customers[77]. Market Potential and Growth - The total addressable market for AirJoule's technology is estimated to be approximately $450 billion, targeting water, dehumidified air, and cooling demands in various industries[37]. - The global HVAC system market is projected to grow from approximately $214 billion in 2022 to $358 billion by 2032, with a compound annual growth rate of 5.27%[33]. - The company anticipates significant growth opportunities in data centers and advanced manufacturing, where consistent humidity and ultra-pure water are critical[38]. - The data center industry is projected to grow at a compound annual growth rate of 11.7% from 2024 to 2034, with significant water consumption concerns[56]. - The company expects to commence commercial sales of AirJoule systems in 2026, supported by partnerships including a joint venture with GE Vernova[71]. - AirJoule's growth strategy focuses on fast-growing, water and energy-intensive industries, including data centers, advanced manufacturing, military, and HVAC applications[211]. Partnerships and Collaborations - The company has established a binding commercialization agreement with Carrier to integrate AirJoule technology into air conditioning systems, leveraging existing supply chains[44]. - The company entered into a joint venture with GE Vernova, forming AirJoule, LLC, with each party holding a 50% interest to develop water capture technology[46]. - The company signed a memorandum of understanding with Nexus Data Centers in June 2025 to integrate AirJoule technology into data center designs[58]. - The company is actively engaged in commercial discussions for multi-unit AirJoule deployments across various sectors, including data centers and advanced manufacturing[54]. - The company is focusing on strategic partnerships to accelerate market penetration and scale manufacturing capabilities, leveraging industry-specific R&D expertise and established sales channels[214]. Financial Performance and Projections - The company incurred a net loss of $9.0 million and $215.7 million for the years ended December 31, 2025 and 2024, respectively[87]. - The company contributed $10 million to the AirJoule JV at closing and an additional $17.8 million in 2025 to support productization and commercialization activities[48][49]. - The remaining commitment for capital contributions to the AirJoule JV is $77.3 million as of December 31, 2025[49]. - The company expects to incur significant research and development costs related to the commercialization of AirJoule systems, which could reduce profitability if these initiatives do not result in revenue[102]. - The company may require additional financing to support its operations and growth initiatives, as its ability to continue as a going concern depends on financial support from shareholders and raising capital through external financing[97]. Regulatory and Compliance Risks - The company is subject to regulatory risks, including the need for various permits and compliance with environmental laws, which could adversely affect operations[137]. - The company may face potential significant penalties or operational restrictions if it fails to comply with various environmental laws and regulations, which could lead to costly modifications or even cessation of operations[142]. - The regulatory environment for environmental health and safety (EHS) is becoming increasingly stringent, with potential new standards that could impact operational costs and compliance requirements[143]. - The company may require National Pollutant Discharge Elimination System (NPDES) permits for discharging pollutants, and failure to comply could result in significant fines or operational restrictions[143]. Intellectual Property and Competitive Position - The company relies on third-party licenses for certain intellectual property, and any disputes could lead to additional costs or limitations on operations[170]. - The company faces challenges in protecting its intellectual property rights, particularly in foreign jurisdictions where enforcement may be weaker[166]. - The company may incur substantial costs defending against claims of intellectual property infringement, which could adversely affect its business[168]. - The company’s patent applications may not result in issued patents, which could adversely affect its competitive position[160]. - The company’s ability to protect trade secrets and proprietary information is limited, which could harm its competitive position[164]. Operational Challenges and Risks - The company may face challenges in scaling production and delivering products on time, which could hinder commercialization efforts[128]. - The company faces risks associated with changing technology and evolving customer preferences, which necessitate timely adaptation to maintain competitiveness[101]. - The company may experience reputational damage if it fails to meet increasing ESG standards and stakeholder expectations, which could adversely affect its financial condition and stock price[113]. - The company is subject to Delaware law provisions that may limit stockholder opportunities for premium share sales[179]. - The company holds approximately 52% of its outstanding common stock among executive officers and directors, allowing them significant control over corporate decisions[171]. Corporate Governance and Financial Management - The company has a staggered board structure and other anti-takeover provisions that could make acquisitions more difficult and limit shareholder influence[176]. - There is a material weakness in the company's internal control over financial reporting, specifically regarding complex accounting issues, which could impact investor confidence and stock price[175]. - The company does not intend to pay dividends on its common stock for the foreseeable future, focusing instead on funding business development and growth[174]. - The company is classified as an "emerging growth company," allowing it to rely on reduced public company reporting requirements[182]. Environmental and Geopolitical Risks - Trade wars and tariffs implemented by the U.S. government since early 2025 have created uncertainty in international trade relations, potentially increasing costs for U.S. exports[146]. - Exchange rate fluctuations could materially affect the company's financial condition, especially if the U.S. dollar strengthens, increasing costs for international customers[148]. - Force majeure events, including geopolitical conflicts and natural disasters, could disrupt operations and adversely affect the company's business[158]. - The company experienced significant risks related to supply chain disruptions due to events such as labor instability and geopolitical tensions, which could adversely affect operations and costs[159].

Financial Position - As of December 31, 2025, the company had cash and bank balances of S$2.10 million, down from S$4.97 million in 2024[757]. - As of December 31, 2025, the company had total contractual obligations of S$494,010 for bank borrowings and S$79,821 for lease liabilities[773]. Cash Flow - For the year ended December 31, 2025, net cash used in operating activities was S$3.70 million, primarily due to a loss of S$4.00 million[761]. - The company generated net cash from financing activities of S$208,648 in 2025, mainly from the issuance of ordinary shares[767]. - Total net cash used in investing activities for the year ended December 31, 2025, was S$929,283, primarily from proceeds of S$700,000 from dilution of interest in a subsidiary[764]. Revenue and Operations - The company has not generated any revenue from approved commercial sales and expects this to continue for the foreseeable future[756]. - The company plans to fund its operations through various sources, including net proceeds from its ATM offering and other equity and debt financings[757]. Research and Development - The company incurred R&D expenses that include employees' benefits and laboratory supplies, with estimates made for accrued expenses[777][778]. - The company anticipates increased costs associated with operating as a public listed company and ongoing R&D activities[768]. Compliance and Growth Status - The company is classified as an "emerging growth company" and has elected to delay the adoption of certain accounting standards[783]. - The Company will maintain its emerging growth status until it exceeds U.S.$1.235 billion in annual revenue or meets other specified criteria[784]. - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay compliance with certain accounting standards until they apply to private companies[783]. Share Issuance - On January 14, 2026, the Company issued 4,400 ordinary shares under its ATM offering program, generating gross proceeds of approximately U.S.$6,000[786].

Product Development and Regulatory Approval - The company is highly dependent on the success of its lead product candidate, tinlarebant (a/k/a LBS-008), which is currently in clinical development[39]. - The initial indication for tinlarebant is for the treatment of autosomal recessive Stargardt disease (STGD1), and failure to obtain approval could adversely affect the company's financial condition[40]. - All product candidates are in clinical or preclinical development, and significant delays in obtaining regulatory approval could harm the business[30]. - The regulatory approval processes for product candidates are time-consuming and may evolve, impacting the company's ability to commercialize its products[30]. - The company has no products approved for commercial sale, making it riskier compared to companies with multiple late-stage product candidates[39]. - The success of tinlarebant will depend on the completion of ongoing clinical trials and satisfactory safety and efficacy profiles for regulatory approval[41]. - The company relies on third parties for conducting clinical trials and manufacturing, and any issues with these relationships could impact product development[30]. - The company must maintain a continued acceptable safety profile for its product candidates following regulatory approval to ensure commercial success[54]. - The company may experience increased costs and delays if clinical trials do not produce positive results or if regulatory authorities require additional studies[58]. - The company is conducting clinical trials in multiple jurisdictions, including the US, UK, Germany, and Japan, which may lead to delays and increased expenses[60]. - The company has never obtained marketing approval for any product candidate, and the process may take years and require additional clinical trials, potentially delaying commercialization[72][74]. - The company expects to submit a New Drug Application (NDA) for its product candidate tinlarebant in Q2 2026, but there are risks associated with obtaining timely marketing approval[75]. - The manufacturing of biopharmaceutical products is complex and relies on third-party contractors, which could lead to significant delays if issues arise[70][71]. - The company faces risks related to patient enrollment in clinical trials, which could delay regulatory approvals and commercialization[55]. - The overall timeline for clinical trials remains uncertain due to various uncontrollable factors, which could impact the company's development plans[69]. - The company may not be able to obtain orphan drug exclusivity even if orphan drug designation is granted, as exclusivity is contingent on being the first to market[129]. - The FDA may require additional data to support approval, which could delay commercialization plans[120]. - Clinical trials conducted in one country may not be accepted by regulatory authorities in other countries, complicating the approval process[124]. - Regulatory approvals may come with limitations on marketing uses and conditions, potentially requiring costly post-marketing studies[134]. - Discovery of unknown issues post-approval could result in marketing restrictions, drug recalls, or fines[137]. Financial Condition and Funding - The company has recorded net cash outflow from operating activities since inception and will need additional financing to fund operations[30]. - The company recorded net cash outflows from operating activities of approximately US$29.8 million, US$29.2 million, and US$40.7 million for the years ended December 31, 2023, 2024, and 2025, respectively[104]. - The company anticipates significant annual net operating losses, projected at approximately US$31.6 million, US$36.1 million, and US$77.6 million for the years ended December 31, 2023, 2024, and 2025, respectively, leading to an accumulated deficit of approximately US$185.3 million by the end of 2025[112]. - The company has no products approved for commercial sale and has not generated any revenue from product sales[108]. - The company expects expenses to increase substantially as it continues to develop clinical trials and seeks regulatory approvals for its product candidates[113]. - The company will need to obtain substantial additional funding to support ongoing operations and may face challenges in raising capital due to market conditions[105]. - The company has incurred significant costs related to operating as a public company and expects these costs to continue to rise[105]. - The company may need to enter into collaborations or licensing arrangements to raise capital, which could result in unfavorable terms and dilution of ownership[116]. - Disruptions in financial markets could significantly impact the company's ability to raise capital on acceptable terms[210]. Competition and Market Dynamics - The company faces substantial competition from various biopharmaceutical companies, including major and specialty pharmaceutical companies, which may have greater resources and experience in drug development and commercialization[83]. - The NMPA has recently accelerated market approval for drugs addressing high unmet medical needs, potentially increasing competition for the company's product candidates[83]. - The company anticipates that the market opportunities for its product candidates may be smaller than initially estimated, particularly for the treatment of STGD1[95]. - The ability to compete with other therapies and obtain healthcare coverage and adequate reimbursement is critical for the commercial acceptance of approved products[54]. - The ultimate market opportunity for the company's product candidates will depend on regulatory approvals, acceptance by the medical community, and competition[96]. - The approval of generic versions of the company's products by regulatory authorities could adversely affect sales, as generic products are typically offered at lower prices[167]. - Competition from generic versions of products could negatively impact future revenue, profitability, and cash flows, limiting returns on investments in product candidates[169]. Intellectual Property and Legal Risks - The company holds a portfolio of 27 issued U.S. patents and 25 issued foreign patents, but the patent landscape remains uncertain and competitive[148]. - Patent applications may not result in effective protection, and challenges could narrow or invalidate patent rights[149]. - Competitors may develop similar technologies that circumvent existing patents, impacting the company's competitive advantage[151]. - The company is dependent on intellectual property licensed from third parties, including an exclusive license agreement with Columbia University, which imposes various obligations such as timely achievement of development milestones and payment of royalties[153]. - Failure to comply with obligations under the patent license could result in the conversion of the exclusive license to a nonexclusive license, significantly impacting the company's ability to develop or market products[157]. - The company may face challenges in maintaining and prosecuting in-licensed patents, which could affect the commercialization of product candidates[158]. - The company may encounter difficulties in enforcing intellectual property rights in jurisdictions with less favorable legal systems, potentially leading to increased competition[161]. - The company may face significant costs and time associated with defending against claims of patent infringement, which could adversely affect its financial condition and results of operations[187]. - Future intellectual property litigation may result in additional expenses and distractions, potentially exposing the company to significant liabilities or loss of proprietary position[182]. Management and Operational Challenges - The company must attract and retain qualified management and employees to ensure future success[30]. - The largest shareholder, Lin Bioscience International Ltd., has significant influence over corporate matters, which may lead to conflicts of interest[30]. - The company is in the process of building an in-house commercialization team and sales force to effectively market its product candidates, which requires significant capital expenditures and management resources[85]. - The company may face challenges in recruiting and retaining qualified personnel due to intense global competition in the biotechnology industry[201]. - The company currently does not have "key-man" insurance for any of its executive officers or key personnel, which could pose risks[199]. - The company may need to increase its workforce significantly to execute its business plans, particularly in research and development and regulatory affairs[206]. - The company may face difficulties in managing growth effectively, which could disrupt operations and adversely affect business performance[206]. - The company is exposed to risks associated with potential acquisitions or strategic collaborations, including increased capital requirements and operational challenges[213]. Compliance and Regulatory Obligations - Regulatory compliance requires substantial time and financial resources, with potential sanctions for non-compliance including withdrawal of approvals and fines[122]. - The company is subject to ongoing regulatory obligations and reviews, which may lead to significant additional expenses and potential penalties for non-compliance[133]. - Legislative changes may increase the difficulty and costs associated with obtaining marketing approvals and affect pricing strategies[141]. - The implementation of the "most favored nation" drug pricing policy could constrain global market entry strategies and affect sales[144]. - The company has limited experience in obtaining regulatory approval in international markets, which could hinder market potential[125].

Revenue Performance - Total revenues for the year ended December 31, 2025, decreased by approximately $2.2 million to approximately $8.8 million from approximately $11.0 million in 2024[286]. - Bitcoin mining revenues decreased to approximately $8.3 million for the year ended December 31, 2025, down from $10.4 million in 2024[287]. - Specialty finance revenues increased by 2.0% to approximately $452 thousand in 2025 compared to approximately $444 thousand in 2024[289]. Bitcoin Mining Operations - The company held approximately 211 Bitcoin as of December 31, 2025, compared to 150 Bitcoin as of December 31, 2024[274]. - The average revenue per Bitcoin mined increased to $100,649 in 2025 from $61,152 in 2024[279]. - The direct costs to mine one Bitcoin, including miner-related depreciation, were $156,522 in 2025, compared to $86,290 in 2024[279]. - Bitcoin mining revenues decreased to 82.3 Bitcoin with an average price of approximately $102 thousand in 2025, down from 170.6 Bitcoin at approximately $61 thousand in 2024, primarily due to the halving in April 2024 and 4,000 mining machines being offline[288]. - The company owned approximately 7,200 machines with a total hashing capacity of approximately 0.75 EH/s as of December 31, 2025, up from 5,840 machines with 0.63 EH/s in 2024[275]. - The company’s Bitcoin treasury strategy involves retaining a majority of its Bitcoin and acquiring new Bitcoin through mining operations[269]. - The company’s mining operations are subject to significant risks, including volatility in Bitcoin prices and changes in energy costs[270]. Financial Losses - The operating loss for the year ended December 31, 2025, was $22.9 million, compared to a loss of $6.5 million in 2024[286]. - The company recorded a net loss attributable to common shareholders of $28.5 million for the year ended December 31, 2025, compared to $14.1 million in 2024[286]. - The net loss attributable to LM Funding America, Inc. was approximately $26.9 million in 2025, compared to a net loss of approximately $7.3 million in 2024[312]. - The company reported a net loss of $26,975,191 for the year ended December 31, 2025, compared to a net loss of $7,655,432 in 2024, indicating a significant increase in losses[327]. - Core loss before interest, taxes, and depreciation for 2025 was $10,912,674, a decline from a core income of $4,076,871 in 2024, highlighting deteriorating operational performance[327]. Operating Costs and Expenses - Operating costs and expenses rose by approximately $14.2 million, or 81.1%, to approximately $31.7 million in 2025 from approximately $17.5 million in 2024, driven by increased fair market value loss on digital assets and staff costs[290]. - Bitcoin mining costs of revenues were approximately $5.8 million, or 69.9% of digital mining revenues in 2025, compared to approximately $7.0 million, or 67%, in 2024[291]. - The company incurred a $5.4 million impairment on mining equipment in 2025, up from $1.4 million in 2024, primarily related to machines to be held and used[300]. - The company incurred an impairment loss on mining equipment of $5,391,857 in 2025, compared to $1,379,375 in 2024, indicating increased challenges in asset valuation[327]. Cash and Debt Management - As of December 31, 2025, the company had $1.4 million in cash and cash equivalents and $18.5 million in digital assets, compared to $3.4 million and $14.0 million, respectively, in 2024[314]. - The company raised $27.3 million in net proceeds from equity financing transactions in 2025, compared to $6.9 million in 2024[319]. - Net cash used in operations was approximately $14.0 million in 2025, compared to $11.9 million in 2024[321]. - Total outstanding debt as of December 31, 2025, amounted to $19,860,252, up from $6,751,657 in 2024, reflecting a substantial increase in financial obligations[325]. - The company paid $734,000 in principal and financing repayments during the year ended December 31, 2025, compared to $709,000 in 2024, showing a slight increase in repayment activity[325]. - Minimum required principal payments on the company's debt for 2026 are projected to be $18,056,511, with an additional $2,000,000 due in 2027[325]. - The company reported an interest expense of $1,124,685 for 2025, up from $443,700 in 2024, indicating rising costs associated with debt[327]. - The annualized interest rates on various financing agreements range from 8.6% to 12%, reflecting the cost of borrowing for the company[325]. Financial Reporting and Accounting - The company does not have any off-balance sheet arrangements, which may simplify financial reporting and risk assessment[329]. - There are no critical accounting estimates for the years ended December 31, 2025 or 2024, suggesting stability in accounting practices[328].

Palvella Therapeutics Reports Full Year 2025 Financial Results and Provides Corporate Update New Drug Application (NDA) for QTORIN™ rapamycin for the treatment of microcystic lymphatic malformations (microcystic LMs) on track for planned submission in second half of 2026 Accelerating U.S. launch readiness for QTORIN™ rapamycin for microcystic LMs; potential to become the first FDA-approved therapy and first-line, standard-of-care treatment for serious, lifelong disease affecting an estimated more than 30,00 ...

Financial Performance - For the year ended December 31, 2025, Galectin Therapeutics reported a net loss applicable to common stockholders of $31.0 million, or ($0.48) per share, compared to a net loss of $47.2 million, or ($0.76) per share for 2024, reflecting a decrease in losses due to reduced research and development costs [9]. - Research and development expenses for 2025 were $14.3 million, a significant decrease from $36.6 million in 2024, primarily due to costs related to the NAVIGATE clinical trial [9]. - Total operating expenses for 2025 were $20.1 million, down from $42.4 million in 2024, indicating improved cost management [13]. Cash Position - As of December 31, 2025, the company had $17.7 million in unrestricted cash and cash equivalents, along with an additional $10 million available under a line of credit, providing sufficient cash to fund operations through April 2027 [7]. Clinical Trial Results - The NAVIGATE Phase 2b/3 trial showed that in the per-protocol population, belapectin 2 mg/kg reduced the incidence of varices by 49.3% compared to placebo, with a nominal p-value of 0.04 [6]. - In U.S. patients within the per-protocol population, belapectin 2 mg/kg reduced the incidence of varices by 68.1% compared to placebo, with a p-value of 0.02 [6]. Future Plans and Developments - The company plans to present new analyses from the NAVIGATE trial at the EASL Congress in May 2026, including an oral presentation on reduced varices and a poster presentation on risk reduction in portal hypertension [8]. - Galectin Therapeutics is focused on evaluating the NAVIGATE dataset and engaging with regulators and potential partners to determine the optimal path forward for the belapectin program [2]. - The company anticipates an upcoming FDA meeting in Q2 2026 to discuss the next steps for advancing the belapectin program, which targets a significant unmet medical need in MASH cirrhosis [4]. Board and Management - The company strengthened its Board with the appointment of Dr. Henry Brem, enhancing its clinical development expertise as it advances the belapectin program [3].

Financial Performance - Research and development expenses decreased by 61% from $36,571,000 in 2024 to $14,290,000 in 2025, primarily due to winding down costs related to the NAVIGATE clinical trial [171]. - Net cash used in operations decreased by $17,892,000 to $23,875,000 in 2025, compared to $41,767,000 in 2024, mainly due to reduced research and development activities [184]. - General and administrative expenses slightly decreased by 1.1% from $5,862,000 in 2024 to $5,795,000 in 2025 [174]. - Clinical program expenses for 2025 were $29,079,000, a decrease from $8,313,000 in 2024, attributed to reduced costs related to contract manufacturing of belapectin [172]. - Other income for 2025 included $126,000 in interest income, offset by $7,329,000 in interest expense and amortization of debt discounts [175]. - The company has not generated any revenue to date and continues to rely on external financing for operations [183]. Cash and Financing - The company had $17.7 million in unrestricted cash and cash equivalents and $10 million available under a line of credit as of December 31, 2025, sufficient to fund operations through April 2027 [183]. - Net cash provided by financing activities was $26,475,000 in 2025, down from $31,227,000 in 2024, primarily due to various transactions [185]. - In 2025, the company received $21,000,000 from a convertible line of credit and $3.2 million from share issuance under the At the Market sales program [186]. - The company received $30,000,000 from a convertible line of credit in 2024, consistent with the amount received in 2023 [189]. Research and Development - The company is focused on developing therapies for fibrotic diseases and cancer, utilizing proprietary, patented complex carbohydrates [169]. - The company has completed two Phase 1 clinical studies and two Phase 2 clinical studies for its lead product candidate, belapectin [170]. - Research and development expenses are charged as incurred, with significant costs related to the NAVIGATE clinical trial and associated activities [196]. - Cash operating expenses increased due to heightened research and development activities related to clinical trials [187]. Operational Activities - The company entered into a twelve-month operating lease in March 2025 for office space at an average rate of approximately $5,400 per month [190]. - Stock-based compensation is measured at grant date fair value and recognized as an expense over the service period, including estimates for forfeitures [197]. - The company has not engaged in any off-balance sheet arrangements that could materially affect liquidity or capital resources [193]. - The company does not face significant market risks as of December 31, 2025, and 2024 [198].

Revenue Performance - Software revenue for the year ended December 31, 2025, was $22,140,000, representing a 9.3% increase from $20,255,000 in 2024[300] - Total revenue for the year ended December 31, 2025, reached $70,117,000, a 23.8% increase from $56,630,000 in 2024[300] - Total revenue increased by $13.5 million to $70.1 million for the year ended December 31, 2025, representing a 23.8% increase compared to 2024[326] - Professional services revenue rose by $10.1 million, driven by a full year of revenue from the 2024 HelloTech Merger, installation revenue, and property management revenue[328] Financial Loss and Adjustments - The net loss for the year ended December 31, 2025, was $(53,747,000), a decrease of 6.7% compared to $(57,596,000) in 2024[300] - Adjusted EBITDA for the year ended December 31, 2025, was $(27,089,000), improving by 24.7% from $(35,966,000) in 2024[300] Revenue Sources - Hardware revenue is generated primarily from the sale of smart access and smart home devices, with revenue recognized upon transfer of control to customers[308] - Professional services revenue is derived from project-based hardware installation, technology services, and property management services, recognized over time[310] Expenses Overview - Research and development expenses consist mainly of personnel costs for product design and engineering teams, including salaries and related expenses[319] - Sales and marketing expenses include personnel costs for sales and customer success teams, as well as marketing activities and professional fees[320] - General and administrative expenses encompass costs related to executive, legal, and finance functions, including salaries and legal fees[321] - Total cost of revenue increased by $11.6 million to $43.3 million, a 36.8% increase, primarily due to higher professional services costs and a write-off of prepaid inventory deposits[329] - Operating expenses decreased by $4.8 million to $79.6 million, a 5.7% decrease, with significant reductions in general and administrative expenses[326] Cash and Liquidity - Unrestricted cash and cash equivalents were approximately $34.6 million as of December 31, 2025, down from $75.4 million in 2024[338] - The company expects to use current cash and cash equivalents to fund operational cash requirements for at least 12 months beyond the filing date[342] - The company has incurred significant professional fees related to ongoing investigations and litigation, impacting liquidity[340] - Total cash and cash equivalents decreased from $75.4 million at December 31, 2024, to $34.6 million at December 31, 2025[370] Debt and Financing - A term loan of $6.0 million was secured from Customers Bank on July 15, 2024, with a maturity date of July 15, 2029, and interest payable at a minimum of 6.0%[345] - As of December 31, 2025, the outstanding principal of the loan was $4.8 million, down from $6.0 million in 2024, with compliance to loan covenants maintained[349] - The company issued $22.0 million in unsecured promissory notes as part of the acquisition of Honest Day's Work, Inc., with a total repayment of $23.9 million including interest by April 2024[344] - Net cash used in financing activities decreased by $20.8 million in 2025, reflecting a significant repayment of $22.0 million in promissory notes in 2024[354] Goodwill and Impairment - A $16.6 million impairment of goodwill was recorded, reducing the goodwill balance to $13.6 million as of December 31, 2025[334] - The estimated business enterprise value (BEV) was approximately $28.3 million as of December 31, 2025, leading to a goodwill impairment charge of $16.6 million due to a decline in estimated fair value[369] - The company recorded a goodwill balance of $13.6 million as of December 31, 2025, after the impairment charge[370] Legal and Regulatory Matters - The company is subject to various legal proceedings and claims, with potential exposure being assessed regularly[376] - Accruals related to Derivative Actions are based on a settlement amount that requires court approval, indicating potential changes in expenses if approval is not granted[376] - As a smaller reporting company, the company is not required to disclose quantitative and qualitative market risk information[378]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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 001-42251 YHN Acquisition I Limited (Exact Name of Registrant as Specified in Its Charter) British V ...

IPO and Fundraising - The company completed its initial public offering (IPO) on September 19, 2024, selling 6,000,000 units at $10.00 per unit, generating gross proceeds of $60,000,000[118]. - A private placement of 250,000 units was also completed simultaneously, raising an additional $2,500,000[119]. - Transaction costs for the IPO amounted to $2,840,203, including $960,000 in underwriting fees[126]. - The underwriters were granted a 45-day option to purchase an additional 900,000 units, which was not exercised[136]. Financial Performance - For the year ended December 31, 2025, the company reported a net income of $1,325,117, an increase from $502,638 in 2024[123]. - For the year ended December 31, 2025, the basic and diluted net income per share was $0.27, compared to a loss of $0.15 for the year ended December 31, 2024[141]. - Total income from investments held in the Trust Account for 2025 was $2,462,016, an increase from $789,287 in 2024[141]. - Total expenses for 2025 were $873,403, up from $263,496 in 2024[141]. - The allocation to redeemable and non-redeemable ordinary shares for 2025 was $1,588,613, compared to $640,765 in 2024[141]. - The weighted-average shares outstanding increased to 5,800,691 in 2025 from 1,750,000 in 2024[141]. Cash and Assets - As of December 31, 2025, the company had cash of $140,550 and approximately $750,000 available outside the trust account for operational purposes[124][128]. - As of December 31, 2025, 2,535,821 ordinary shares were subject to possible redemption, valued at $27,050,906[139]. - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2025[133]. Business Combination Timeline - The company has 15 months from the IPO closing to complete its initial business combination, with an option to extend this period by up to 9 months[129][130]. Administrative Expenses - Monthly fees of $10,000 are payable to the sponsor for general and administrative services until the completion of the business combination[134].