Financial Performance - Total revenues for 2025 were $102 million, with product revenues at $31 million (3% increase) and service revenues at $71 million (14% increase) compared to 2024[241][242]. - Gross profit margin improved from 69.1% in 2024 to 71.1% in 2025, driven by a decrease in total cost of revenues[245]. - Non-GAAP net income improved to $10.9 million in 2025 from a loss of $53.3 million in 2023, reflecting better operational performance[256]. Expenses - Research and development expenses decreased by $1.6 million, or 6%, to $24.5 million in 2025, representing 25.4% of total revenues[246]. - Sales and marketing expenses slightly decreased to $30.8 million in 2025 from $30.9 million in 2024[247]. - General and administrative expenses increased by $0.9 million, or 7%, to $13.6 million in 2025, but as a percentage of revenues, it decreased to 13.4%[248]. - Operating expenses decreased to $69 million in 2025 from $70 million in 2024, with over 75% attributed to salary expenses[270]. - Inventory net write-off expenses totaled $(0.3) million in 2025, a significant decrease from $3 million in 2024[287]. Cash Flow and Working Capital - As of December 31, 2025, the company had $17.1 million in cash and cash equivalents and $48.7 million in available-for-sale marketable securities, with total working capital of $77.8 million[258]. - Net cash provided by operating activities in 2025 was $17.8 million, consisting of a net income of $3.7 million and an increase of $6.4 million in deferred revenues[260]. - Net cash used in investing activities in 2025 was $28.5 million, primarily due to an investment in available-for-sale marketable securities of $113.7 million[262]. - Net cash provided by financing activities in 2025 was $11.1 million, mainly from the issuance of ordinary shares amounting to $42.3 million[264]. - The company plans to utilize existing cash balances to meet anticipated cash needs for at least the next twelve months, with potential for additional equity or debt financing for future opportunities[259]. Growth and Development - SECaaS revenues reached $26.8 million in 2025, up from $16.5 million in 2024, indicating strong growth in recurring revenue streams[251]. - Capital expenditures were $2.3 million in 2025, with ongoing investments expected to support business growth[267]. - The company had 28 issued U.S. patents as of December 31, 2025, with ongoing evaluations for patent protection[274]. - The company received non-royalty bearing grants from the Israel Innovation Authority and the Spain Tax Authority during 2023, 2024, and 2025, contributing to R&D initiatives[276][277]. Other Financial Information - Financial income increased to $2.6 million in 2025 from $1.9 million in 2024, attributed to higher interest income[249]. - As of December 31, 2025, the company had fixed future minimum lease payments of $5.7 million related to office and car leases[269]. - No impairment losses were recorded during the years 2025 and 2024, with the carrying value of the reporting unit determined to be lower than its fair value[289].

Financial Performance - REX reported full fiscal year 2025 net sales and revenue of $650.5 million, a 1.6% increase from $642.5 million in fiscal year 2024[3] - Gross profit for fiscal year 2025 was $93.7 million, with a gross profit margin of 14%, consistent with fiscal year 2024[3] - Net income attributable to REX shareholders for fiscal year 2025 was $83.0 million, up 42.5% from $58.2 million in fiscal year 2024[4] - Diluted net income per share for fiscal year 2025 was $2.50, compared to $1.65 per share in fiscal year 2024[4] - In Q4 2025, net sales and revenue were $158.0 million, slightly down from $158.2 million in Q4 2024[5] - Q4 2025 gross profit increased to $28.9 million from $17.6 million in Q4 2024, driven by improved ethanol pricing and lower corn costs[5] Tax and Credits - REX recognized approximately $28.1 million in 45Z tax credits during Q4 2025, reducing income tax expense[6] Capital Expenditures and Investments - Total capital expenditures for the One Earth Energy carbon capture and sequestration project and related expansion reached $166 million, with a budget of $220-$230 million[11] - Capital expenditures for the year were $68,439, a decrease from $71,318 in the prior year[24] - Net cash used in investing activities was $87,691, compared to $72,860 in the previous year, indicating increased investment activity[24] - Treasury stock acquired amounted to $33,383, significantly higher than $14,741 in the previous year, reflecting a strategic buyback initiative[24] Cash and Liquidity - As of January 31, 2026, REX had $375.8 million in cash, cash equivalents, and short-term investments, with no bank debt[13] - Cash and cash equivalents at the end of the period were $188,734, down from $196,255 at the beginning of the period[24] Operational Metrics - Net income for the year ended January 31, 2026, was $95,074, an increase of 33.1% compared to $71,486 for the year ended January 31, 2025[24] - Net cash provided by operating activities increased to $117,829, up 83.5% from $64,192 in the previous year[24] - Accounts receivable increased by $6,829, compared to an increase of $1,674 in the previous year, indicating higher sales or credit terms[24] - Inventory changes showed an increase of $3,254, contrasting with a decrease of $4,692 in the previous year, suggesting inventory buildup[24] - The company received dividends from equity method investments totaling $10,526, up from $8,521 in the previous year, indicating improved performance from these investments[24] - The company reported a loss on disposal of real estate and property and equipment of $192, compared to $50 in the previous year, reflecting potential asset management challenges[24] Future Outlook - The company is nearing completion of the expansion of ethanol production at the One Earth facility, expected to be fully operational in fiscal 2026[9]

Financial Performance - The company incurred a total comprehensive loss of $11.5 million for the year ended December 31, 2025, and a total comprehensive loss of $16.6 million for the year ended December 31, 2024, with an accumulated deficit of $124.8 million as of December 31, 2025[55]. - The company anticipates continuing to incur significant expenses and operating losses in the foreseeable future, with expenses expected to increase substantially due to ongoing research and development activities[57]. - Management has expressed substantial doubt about the company's ability to continue as a going concern, which may hinder its ability to obtain new financing on reasonable terms[65]. - The company has relied on revenues from product sales, licensing, and milestone payments for financing, but future revenues will depend on market acceptance and regulatory approvals[56]. Cash and Funding - As of December 31, 2025, the company's cash and cash equivalents were $5.6 million, and it has received payments under the AbbVie Development Agreement totaling $26 million in the past[60]. - The company plans to continue advancing its product candidates through preclinical and clinical development, which will require additional funding that may not be available on acceptable terms[59]. - The company has implemented a cost-cutting and workforce reduction plan to manage its financial position[60]. Product Development and Commercialization Risks - The company faces risks related to the commercialization of its products, including limited clinical data and competition from more advanced therapies[46]. - The commercial success of products will depend on market acceptance by physicians, patients, and third-party payors, which is uncertain[71]. - Limited clinical data for products may hinder acceptance by the medical community, affecting sales potential[75]. - Manufacturing capabilities for rhCollagen need improvement to meet market demand, requiring significant investment[76]. - The company has limited experience in selling and marketing its products, which may impact revenue generation[83]. - The availability of reimbursement from payors is essential for product commercialization, and lack of it could limit market success[89]. - The company operates in a competitive environment with rapid technological changes, posing risks to product commercialization[85]. Regulatory Compliance and Challenges - Regulatory compliance is critical, as failure could lead to sanctions or revocation of product approvals[80]. - The regulatory approval process for the company's novel products may be more expensive and time-consuming compared to traditional products, potentially impacting timelines[95]. - The company must navigate a complex regulatory environment, increasing the risk of potential violations[112]. - The company is subject to stringent regulations by the FDA and European regulatory authorities, which could impose penalties or restrictions if compliance is not met[118]. - The FDA has increased scrutiny of the medical device industry, which may lead to enforcement actions that could restrict manufacturing and marketing capabilities[123]. Intellectual Property and Legal Risks - The company has an extensive patent portfolio, but maintaining it is costly and non-compliance could lead to loss of patent rights, affecting competitive position[184]. - The strength of the company's intellectual property rights is uncertain, and failure to protect these rights could impair its ability to commercialize products[186]. - The company may face litigation related to intellectual property, which could be expensive and time-consuming, potentially affecting its financial resources[196]. - Third-party claims of intellectual property infringement could delay product development and commercialization efforts, leading to significant financial implications[191]. Market and Economic Conditions - Economic conditions, including inflation and geopolitical events, may negatively impact the company's operating results and growth rates, leading to delayed sales cycles and increased price competition[177]. - The company faces potential product liability claims that could result in substantial costs and negatively impact its business reputation and ability to commercialize products[166]. - Future healthcare reforms may impact reimbursement rates, affecting demand for the company's products and overall financial performance[130]. Corporate Governance and Compliance - The company is a foreign private issuer and is subject to reduced reporting requirements, which may affect the attractiveness of its ordinary shares to investors[226]. - The company may need to improve its accounting systems and controls to comply with SEC reporting requirements, which could incur significant costs[220]. - The company’s reliance on home country corporate governance practices may provide less protection to shareholders compared to U.S. domestic issuers[235]. - A loss of foreign private issuer status would result in significantly higher regulatory and compliance costs under U.S. securities laws[237].

Financial Condition - As of December 31, 2025, the company reported a net loss of $13.0 million and an accumulated deficit of $148.8 million, raising substantial doubt about its ability to continue as a going concern [225]. - The company has not generated any revenue to date and does not anticipate doing so until it obtains marketing approval for its product candidates [227]. - The company expects to incur increasing losses from operating activities, particularly due to rising R&D expenses associated with planned clinical trials [226]. - The company believes its existing cash, along with proceeds from a public offering in January 2026, will fund operations into Q4 2026 [229]. - The company may need to raise additional capital through equity or debt financing, which could dilute existing shareholders and restrict operations [229]. - The company has outstanding warrants to purchase 722,644 shares of common stock, which could lead to dilution for existing shareholders [232]. - The company filed multiple registration statements for the resale of shares, which could impact the market price of its common stock [231]. - Adverse global economic conditions, including inflation and rising interest rates, could negatively affect the company's ability to raise capital [236]. Product Development and Regulatory Risks - The company is focused on developing vanoglipel (DA-1241) for MASH, facing competition from other companies in clinical trials for similar therapies [240]. - The regulatory approval process for novel product candidates may be more expensive and time-consuming, impacting anticipated development costs [240]. - Successful completion of several clinical trials demonstrating efficacy and safety is required before submitting a New Drug Application (NDA) to the FDA for vanoglipel (DA-1241) and DA-1726 [245]. - The company must meet critical developmental milestones, including developing well-tolerated dosages and establishing commercial manufacturing capabilities [245]. - Regulatory approval for vanoglipel (DA-1241) and DA-1726 may be delayed or denied due to various factors, including disagreement with clinical trial designs or insufficient safety and efficacy data [246]. - Preliminary and interim data from clinical trials may change as more patient data become available, impacting the final results [249]. - The company may face significant setbacks in advanced clinical trials, even after promising results in earlier studies [251]. - Undesirable side effects from product candidates could lead to delays in marketing approval or result in more restrictive labels [254]. - Delays in clinical trials could jeopardize the submission of marketing approval applications and the ability to generate revenues [259]. - Regulatory authorities may impose additional requirements or withdraw approvals, impacting the commercial prospects of the product candidates [260]. - Delays in clinical trials may increase costs and jeopardize product sales and revenue generation [261]. - The company plans to develop vanoglipel (DA-1241) and DA-1726 in combination with other therapies, which introduces additional risks [262]. - Enrollment and retention of patients in clinical trials is critical, with potential delays due to difficulties in identifying suitable patients [267]. - The company faces significant competition from larger pharmaceutical companies with greater resources and experience in clinical testing and regulatory approvals [270]. Market and Competitive Landscape - Market acceptance of product candidates depends on factors such as clinical indications, safety, efficacy, and reimbursement availability [276]. - The company may encounter challenges in obtaining adequate reimbursement from third-party payors, which is critical for commercial success [278]. - There is only one approved treatment for MASH, indicating a competitive landscape with multiple companies developing alternative therapies [272]. - The obesity treatment market is crowded, with significant competition from existing and developing products [273]. - The success of product candidates will depend on their ability to demonstrate advantages over existing treatments in terms of efficacy and safety [269]. - The company may face significant delays in obtaining reimbursement for newly approved drugs, with coverage potentially being more limited than the approved purposes by regulatory authorities [279]. - The inability to obtain profitable payment rates from payors could adversely affect the company's operating results and overall financial condition [280]. - The company may face challenges in establishing successful collaboration arrangements for drug development and commercialization [264]. Intellectual Property and Legal Risks - The company relies on its ability to protect proprietary technology through patents, trade secrets, and other agreements, which may not provide sufficient protection [324]. - The patent positions of pharmaceutical and biotechnology companies are highly uncertain, and litigation may affect the validity and enforceability of patents [325]. - Collaborations may be terminated, necessitating additional capital for further development or commercialization of product candidates [326]. - The company may face challenges in protecting intellectual property rights in jurisdictions with less robust legal protections, potentially diminishing the value of these rights [330]. - Intellectual property litigation could divert significant resources from core business activities and increase operating losses [338]. - The company may not have sufficient financial resources to conduct litigation effectively, which could hinder its ability to protect intellectual property rights [340]. - Competitors may infringe on the company's intellectual property, leading to costly litigation and potential disruptions in business operations [332]. - The company may be compelled to seek licenses from third parties to avoid infringement claims, which could limit its ability to commercialize products [337]. Operational and Management Risks - The company had eight full-time employees as of December 31, 2025, indicating a need for additional managerial and operational resources as development and commercialization plans evolve [349]. - The company is highly dependent on retaining qualified personnel, particularly in scientific and managerial roles, which is critical for future success [347]. - The company faces significant risks related to the protection of trade secrets and intellectual property, which could adversely affect its competitive position if compromised [342]. - The company may experience difficulties in managing growth due to its current limited management systems, which may not support future expansion effectively [348]. - The company incurs increased costs due to compliance with public company regulations, which may impact operational efficiency [374]. - The company must comply with Section 404 of the Sarbanes-Oxley Act, which requires documentation and evaluation of internal controls, potentially leading to increased costs and challenges [376]. Market and Economic Conditions - The company faces risks from changes in economic conditions, including military conflicts, inflation, and interest rate increases [361]. - Significant inflationary pressures could adversely affect the company's business, financial condition, and operating results [463]. - Currency transaction risks affect the company's operating results as some financial transactions are denominated in currencies other than U.S. dollars, with no hedging agreements in place [461]. - Interest rate risk may impact the fair value or future cash flows of financial instruments due to changes in market interest rates [462]. Stockholder and Governance Risks - The company’s two largest stockholders, Dong-A ST and Dong-A Holdings, own 18% and 17% of voting rights respectively, allowing them significant influence over corporate actions [358]. - The company’s ability to maintain patent protection is contingent on compliance with various procedural requirements, with non-compliance potentially leading to loss of patent rights [344]. - The trading price of the company’s common stock has been highly volatile, influenced by various factors including clinical trial results and regulatory decisions [356]. - The company is at risk of losing visibility in the market if analysts downgrade evaluations or cease coverage, which could negatively affect stock price [373]. - The company designates the Court of Chancery of the State of Delaware as the exclusive forum for certain stockholder actions, which may limit stockholders' ability to obtain a favorable judicial forum [380]. - Nasdaq has proposed a new continued listing requirement that would necessitate maintaining a minimum market value of listed securities of $5 million, which could lead to delisting if not met [364]. - As a smaller reporting company, the company benefits from reduced reporting requirements, but this may make its stock less attractive to some investors [365]. - The company may face difficulties maintaining an active trading market for its common stock, impacting liquidity for shareholders [372].

Revenue Performance - Revenue decreased by $2.7 million, or 6%, to $45.4 million for the year ended December 31, 2025, compared to $48.1 million for 2024, primarily due to lower call volumes and customer contract consolidations [139]. - The majority of the company's revenues are generated from conversational intelligence product offerings, with revenue derived from variable contracts based on the number of transactions [156]. - Revenue is recognized over time as services are performed, with most customers invoiced monthly following service delivery [157]. Expenses - Cost of revenue decreased by $0.5 million, or 3%, to $16.7 million for the year ended December 31, 2025, representing 37% of revenue, compared to 36% in 2024 [140]. - Sales and marketing expenses increased by $0.4 million, or 3%, to $12.5 million for the year ended December 31, 2025, accounting for 28% of revenue, up from 25% in 2024 [141]. - Product development expenses decreased by $2.7 million, or 22%, to $9.7 million for the year ended December 31, 2025, representing 21% of revenue, down from 26% in 2024 [142]. - General and administrative expenses increased by $0.6 million, or 6%, to $10.8 million for the year ended December 31, 2025, which was 24% of revenue, compared to 21% in 2024 [143]. - Acquisition settlement expense was $1.4 million for the year ended December 31, 2025, related to a historical acquisition matter [144]. - Income tax expense was $0.1 million for the year ended December 31, 2025, down from $0.4 million in 2024, primarily due to deferred tax expenses [146]. Cash Flow - Cash and cash equivalents decreased to $9.9 million as of December 31, 2025, from $12.8 million in 2024 [148]. - Cash used in operating activities was $1.4 million for the year ended December 31, 2025, compared to $1.1 million in 2024, driven by a net loss of $5.2 million [149]. - Cash used in investing activities increased to $1.3 million for the year ended December 31, 2025, primarily for capitalized software development projects [150]. Goodwill and Impairment - Goodwill is tested annually for impairment, with assessments based on qualitative factors and market conditions [164]. - Impairment losses may be recognized if the carrying amount of goodwill exceeds its fair value, which could materially affect financial results [164]. Stock-Based Compensation - Stock-based compensation is measured at grant date based on fair value and recognized as expense over the vesting period using the straight-line method [160].

Financial Performance - MetaVia reported a net loss of $13.0 million, or $7.35 per share, for the year ended December 31, 2025, compared to a net loss of $27.6 million, or $39.13 per share, for the year ended December 31, 2024[9]. - Net loss improved from $27,592,000 in 2024 to $12,973,000 in 2025, a decrease of approximately 53.0%[16]. - Loss per share improved from $(39.13) in 2024 to $(7.35) in 2025, indicating a significant reduction in losses per share[16]. Operating Expenses - Total operating expenses were approximately $13.7 million for the year ended December 31, 2025, down from approximately $28.8 million in 2024, a decrease of about $15.1 million[9]. - Total operating expenses decreased significantly from $28,809,000 in 2024 to $13,708,000 in 2025, a reduction of about 52.4%[16]. - Research and Development (R&D) expenses decreased to approximately $6.8 million for the year ended December 31, 2025, down from approximately $21.6 million in 2024, a reduction of about $14.8 million[9]. - Research and development expenses decreased from $21,553,000 in 2024 to $6,802,000 in 2025, a decline of approximately 68.4%[16]. - General and Administrative (G&A) expenses were approximately $6.9 million for the year ended December 31, 2025, compared to approximately $7.3 million in 2024, reflecting a decrease of about $0.4 million[9]. - General and administrative expenses slightly decreased from $7,256,000 in 2024 to $6,906,000 in 2025, a reduction of about 4.8%[16]. Assets and Liabilities - Cash and cash equivalents were $10.3 million as of December 31, 2025, compared to $16.0 million as of December 31, 2024, with expectations to fund operations into the fourth quarter of 2026[9]. - Total assets decreased from $16,260,000 in 2024 to $11,123,000 in 2025, a decline of approximately 31.5%[15]. - Total liabilities decreased from $8,329,000 in 2024 to $5,790,000 in 2025, a reduction of about 30.7%[15]. - Total stockholders' equity fell from $7,931,000 in 2024 to $5,333,000 in 2025, representing a decrease of approximately 32.8%[15]. Research and Development - MetaVia's lead asset DA-1726 demonstrated a weight loss of 9.1%, improved glucose control, and direct liver benefits in Phase 1 trials[2]. - The company plans to initiate a Phase 1 Part 3 16-week titration study for DA-1726 in April 2026, with data anticipated in the fourth quarter of 2026[3]. - Vanoglipel (DA-1241) showed clinically meaningful improvements in glucose control and liver health in a Phase 2a trial, with ongoing development supported by AI modeling results[3]. - MetaVia has a growing intellectual property estate with 39 granted and pending patents for DA-1726, providing protection through at least 2041[7]. Funding - The company raised approximately $9.3 million in gross proceeds from a public offering in January 2026 to support the DA-1726 program[7]. Other Income - Other income decreased from $1,217,000 in 2024 to $735,000 in 2025, a decline of approximately 39.6%[16]. Shares Outstanding - Weighted average shares of common stock increased from 705,193 in 2024 to 1,766,026 in 2025, indicating a significant increase in shares outstanding[16].

Financial Performance - Net revenue for Q1 2026 was $771 million, a decrease of 2.3% compared to Q1 2025, with a 6.6% organic revenue decline year-on-year[5] - Adjusted EBITDA for Q1 2026 was $119 million, up 4% year-on-year, with an adjusted EBITDA margin of 15.4%, an increase of 90 basis points year-on-year[6] - Reported EPS (diluted) was $0.38, while adjusted EPS (diluted) was $0.57, reflecting a 6% increase year-on-year[9] - Gross margin for Q1 2026 was 30.6%, with an adjusted gross margin of 31.3%, up 170 basis points year-on-year due to restructuring savings and pricing actions[7] - Net income attributable to H.B. Fuller for Q1 2026 was $21 million, with adjusted net income of $32 million[9] - Revenue for the three months ended February 28, 2026, was $770,844,000, down from $788,663,000 in the same period of 2025, indicating a decline of 2.3%[31] - Adjusted EBITDA for the three months ended February 28, 2026, was $118,704,000, compared to $114,356,000 for the same period in 2025, marking an increase of 3.0%[31] - The adjusted EBITDA margin improved to 15.4% for the three months ended February 28, 2026, up from 14.5% in the prior year[31] - H.B. Fuller reported a net income attributable to the company of $21,045 thousand for the three months ended February 28, 2026, a decrease from $32,160 thousand in the same period of 2025[42] - The total revenue for H.B. Fuller was $770,844 thousand for the three months ended February 28, 2026, compared to $788,663 thousand for the same period in 2025, reflecting a decline of 2.3%[44] - Net income for the three months ended February 28, 2026, is $21,045, an increase from $13,264 in the same period last year[57] Guidance and Projections - Full-year revenue guidance is now expected to increase by mid-single digits, with organic revenue expected to rise by low-single digits[15] - Adjusted EBITDA for fiscal 2026 is projected to be in the range of $645 million to $675 million[15] Debt and Cash Flow - Net debt at the end of Q1 2026 was $1,968 million, down $106 million year-on-year, with a net debt-to-adjusted EBITDA ratio of 3.1X[11] - Cash flow from operations improved by $49 million year-on-year, primarily driven by higher income[12] - The company’s trailing twelve months adjusted EBITDA reached $625,009 thousand, demonstrating strong cumulative performance over the year[47] - Total debt as of February 28, 2026, is $2,076,062, an increase from $2,016,937 as of November 29, 2025[51] - Net debt stands at $1,968,185, compared to $1,909,724 in the previous quarter, with a net debt-to-adjusted EBITDA ratio of 3.1[51] - Cash flows from operating activities show a net cash used of $3,974, a significant improvement from $52,907 in the previous quarter[57] - Cash and cash equivalents at the end of the period are $107,877, slightly up from $107,213 at the beginning of the period[57] Segment Performance - Segment revenue for Hygiene, Health and Consumable Adhesives decreased to $346,527,000 from $368,225,000, a decline of 5.9% year-over-year[31] - Segment operating income for Engineering Adhesives increased to $31,143,000, up from $28,051,000, reflecting a growth of 11.1%[31] - Organic revenue growth for H.B. Fuller was reported at -6.6% for the three months ended February 28, 2026, indicating challenges in market demand[44] - The Hygiene, Health and Consumable Adhesives segment experienced a revenue decline of 10.1% on an organic basis for the three months ended February 28, 2026[44] - Engineering Adhesives segment revenue grew by 2.4% for the same period, indicating resilience in this segment despite overall declines[44] Costs and Investments - The company incurred acquisition project costs of $931 thousand and organizational realignment costs of $10,022 thousand during the three months ended February 28, 2026[42] - The company invested $57,701 in property, plant, and equipment during the quarter, compared to $32,984 in the previous quarter[57] - Proceeds from the issuance of long-term debt amounted to $288,100, while repayment of long-term debt was $231,441[57] Tax and Effective Rates - The adjusted effective income tax rate for the three months ended February 28, 2026, was 26.2%, slightly down from 26.9% in the prior year[35]

Regulatory Approvals - FDA granted Breakthrough Therapy Designation for AAV2-hAQP1 for the treatment of Grade 2 and Grade 3 late xerostomia caused by radiotherapy for cancers of the upper aerodigestive tract [4]. Financial Performance - Service revenue decreased to $6.4 million for the year ended December 31, 2025, down from $33.3 million in 2024, a decrease of $26.9 million [19]. - License revenue for the year ended December 31, 2025, was $75.0 million due to the upfront license fee payment under the Lilly collaboration agreement, with no license revenue in 2024 [20]. - Total revenue for 2025 was $81.4 million, significantly up from $33.3 million in 2024, marking a 144.4% increase [33]. - Net loss attributable to ordinary shareholders for the year ended December 31, 2025, was $114.2 million, a decrease from a net loss of $147.8 million in 2024, representing a 22.7% improvement [28]. - The company reported a basic and diluted net loss per ordinary share of $1.42 for 2025, an improvement from $2.12 in 2024 [33]. Expenses - General and administrative expenses were $52.9 million for the year ended December 31, 2025, compared to $54.2 million in 2024, a decrease of $1.3 million [22]. - Research and development expenses increased to $129.6 million for the year ended December 31, 2025, up from $119.5 million in 2024, an increase of $10.1 million [23]. - Research and development expenses increased to $129.6 million in 2025 from $119.5 million in 2024, reflecting a 8.9% rise [33]. Cash and Assets - Cash and cash equivalents were approximately $68.2 million as of December 31, 2025, down from $105.7 million as of December 31, 2024 [18]. - Cash and cash equivalents decreased to $65.9 million as of December 31, 2025, down from $103.7 million in 2024, a decline of 36.5% [35]. - Total assets decreased to $244.4 million in 2025 from $269.8 million in 2024, a decline of 9.4% [35]. - Shareholders' equity turned to a deficit of $5.8 million in 2025 from a positive equity of $67.8 million in 2024 [35]. Liabilities - Total current liabilities increased to $122.6 million in 2025 from $60.8 million in 2024, indicating a 101.5% rise [35]. Collaborations and Innovations - The strategic collaboration with Lilly includes potential milestone payments exceeding $400 million and tiered royalties on licensed products [13]. - The company has built five global manufacturing facilities, including two licensed for GMP viral vector production, enhancing its manufacturing capabilities [29]. - MeiraGTx has developed a novel riboswitch gene regulation technology for in vivo delivery of biologic therapeutics, focusing on metabolic peptides and CAR-T therapies [29]. Other Financial Metrics - Foreign currency gain was $2.1 million for the year ended December 31, 2025, compared to a loss of $2.9 million in 2024, a change of $5.0 million [25]. - Interest income decreased to $1.8 million for the year ended December 31, 2025, down from $4.1 million in 2024, a decrease of $2.3 million [26]. - The company expects to initiate the Phase 3 study of AAV-GAD in the coming months, following positive data from previous studies [9].

Financial Performance - Second quarter net earnings were $93.0 million, or $0.83 per diluted share, compared to $25.5 million, or $0.22 per diluted share in the prior year period, on net sales of $2.1 billion[5]. - Consolidated core EBITDA for the second quarter was $297.5 million, reflecting a 114% year-over-year increase, driven by strong execution and contributions from the newly acquired precast business[4]. - Core EBITDA margin improved by 610 basis points to 14.0% compared to the prior year period[4]. - Adjusted EBITDA for the total company was $251,256,000 for the three months ended February 28, 2026, compared to $288,568,000 in the prior quarter, indicating a decline of 12.9%[26]. - Adjusted earnings for the three months ended February 28, 2026, were $130,147,000, compared to $206,176,000 in the previous quarter, indicating a decline of approximately 37%[35]. - Core EBITDA for the six months ended February 28, 2026, was $614,391,000, compared to $347,796,000 for the same period last year, showing an increase of approximately 76.7%[35]. Sales and Revenue - The Construction Solutions Group's net sales increased by 97.9% year-over-year to $314.4 million, with adjusted EBITDA up 127.1% to $53.4 million, largely due to the precast platform acquisition[12]. - North America Steel Group reported net sales of $1,608,321,000 for the three months ended February 28, 2026, compared to $1,661,058,000 for the previous quarter, reflecting a decrease of 3.2%[25]. - The Construction Solutions Group achieved net sales of $314,425,000 for the three months ended February 28, 2026, a significant increase of 58.6% compared to $198,277,000 in the previous quarter[26]. - The Europe Steel Group reported net sales of $200,014,000 for the three months ended February 28, 2026, a decrease of 19.3% from $247,650,000 in the prior quarter[26]. - Total net sales to external customers reached $2,132,018,000 for the three months ended February 28, 2026, a slight increase from $2,120,307,000 in the previous quarter[26]. - Net sales for the three months ended February 28, 2026, increased to $2,132,018, a 21.5% rise from $1,754,376 in the same period of 2025[28]. EBITDA and Margins - The precast platform generated $33.6 million of adjusted EBITDA during the quarter, or $40.3 million excluding a purchase accounting charge of $6.7 million[4]. - North America Steel Group adjusted EBITDA increased 96.9% to $269.7 million, with an adjusted EBITDA margin of 16.8%, up from 9.9% in the prior year[11]. - Adjusted EBITDA for the North America Steel Group was $269,674,000, with an adjusted EBITDA margin of 16.8% for the same period, down from 17.7% in the prior quarter[25]. - The Europe Steel Group experienced an adjusted EBITDA loss of $1,428,000 for the three months ended February 28, 2026, compared to a profit of $10,929,000 in the prior quarter[26]. - Corporate and Other segment reported an adjusted EBITDA loss of $70,410,000 for the three months ended February 28, 2026, compared to a loss of $55,848,000 in the previous quarter[26]. Cash and Liquidity - Cash, cash equivalents, and restricted cash totaled $503.6 million, with available liquidity exceeding $1.7 billion as of February 28, 2026[7]. - Cash flows from operating activities for the six months ended February 28, 2026, were $370,456, up from $245,465 in the same period of 2025[31]. - Cash and cash equivalents decreased to $495,036 as of February 28, 2026, from $1,043,252 as of August 31, 2025, indicating cash outflows[30]. Debt and Capital Expenditures - Long-term debt rose to $3,309,895 as of February 28, 2026, compared to $1,310,006 as of August 31, 2025, indicating increased leverage[30]. - The company incurred capital expenditures of $248,132 during the six months ended February 28, 2026, compared to $204,454 in the prior year[31]. - The company issued $1,985,000 in long-term debt during the six months ended February 28, 2026, to support its financing needs[31]. Dividends and Shareholder Returns - The board approved a quarterly dividend of $0.20 per share, representing an 11% increase from the previous level, marking the 246th consecutive quarterly payment[8]. - The company maintained cash dividends per share at $0.36 for the six months ended February 28, 2026, consistent with the prior year[28].

Financial Performance - Sales increased by $114,510, or 12.3%, to $1,046,664 for the year ended December 31, 2025, compared to $932,154 for the year ended December 31, 2024, attributed to a shift towards newly developed products in the defense sector [378]. - Net loss decreased by $5,642,067, or 51%, to $5,412,163 for the year ended December 31, 2025, compared to a net loss of $11,054,230 for 2024 [384]. - Cash and cash equivalents as of December 31, 2025, were approximately $4.2 million, with expectations to fund operations for the next twelve months through existing purchase orders and projected revenue from new customers [386]. Expenses - Cost of sales increased by $122,840, or 14.1%, to $996,701 for the year ended December 31, 2025, primarily due to an inventory write-off of $194,344 [379]. - Research and development expenses rose by $194,868, or 9.1%, to $2,338,221 for the year ended December 31, 2025, mainly due to increased labor costs and consultant expenses [379]. - Sales and marketing expenses surged by $537,184, or 49.7%, to $1,618,187 for the year ended December 31, 2025, driven by increased labor costs and marketing services [380]. - General and administrative expenses increased by $1,240,967, or 51.7%, to $3,640,967 for the year ended December 31, 2025, largely due to non-cash expenses related to equity incentive grants [381]. Cash Flow - Net cash used in operating activities increased to $5,804,052 for the year ended December 31, 2025, compared to $4,889,222 for 2024 [392]. - Net cash used in investing activities rose by $1,891,785 to $2,040,524 for the year ended December 31, 2025, primarily due to a $2,000,000 investment in short-term bank deposits [392]. - Net cash provided by financing activities was $5,812,785 for the year ended December 31, 2025, compared to $1,820,001 for 2024, driven by funds from share issuances and warrant exercises [393]. Future Outlook - The company anticipates an increase in research and development expenses in the future to support ongoing development programs and potential product commercialization [371]. - The company expects to require additional capital to develop its next-generation flight computer and commercialize new products [388]. - Future capital requirements will depend on the ability to market products, progress in R&D, and manufacturing costs [390]. Grants and Liabilities - The company received approximately $738,000 in grants from the IIA for research and development, with contingent liabilities of approximately $572,000 related to these grants [368]. - The company has net operating loss carryforwards of approximately $27.6 million as of December 31, 2025, and does not expect to pay taxes in Israel until it generates taxable income [375]. Currency Impact - The NIS appreciated by 12.5% against the USD in 2025, impacting the U.S. dollar cost of NIS-denominated expenses [605]. Company Classification - The company is classified as an "emerging growth company," allowing for reduced reporting requirements [607]. Financial Challenges - The company has suffered recurring losses and negative cash flows since inception, relying on equity securities issuances and government grants for funding [385].