Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-36020 Traws Pharma, Inc. (Exact name of registrant as specified in its charter) Delaware 22-3627252 (State or other jurisdiction of (I.R.S. Employ ...

Exhibit 99.1 Protalix BioTherapeutics Reports Second Quarter 2025 Financial and Business Results Company to host conference call and webcast today at 8:30 a.m. EDT CARMIEL, Israel, August 14, 2025 /PRNewswire/ -- Protalix BioTherapeutics, Inc. (NYSE American: PLX), a biopharmaceutical company focused on the development, production and commercialization of recombinant therapeutic proteins produced by its proprietary ProCellEx® plant cell-based protein expression system, today reported financial results for t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ____________________________________ FORM 10-Q ____________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ 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: 001-40034 __________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ____________________________________ FORM 10-Q ____________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ 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: 001-40034 __________________ ...

Exhibit 99.1 NEWS RELEASE TSX: LAC ● NYSE: LAC www.lithiumamericas.com Lithium Americas Reports Second Quarter 2025 Results (All amounts in US$ unless otherwise indicated) August 14, 2025 – Vancouver, Canada: Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) ("Lithium Americas" or the "Company") announced that it has filed its Quarterly Report on Form 10-Q, which includes the Company's consolidated interim financial statements ("Financials") for the three and six months ended June 30, 2025 ("Q2 2025"), and prov ...

Exhibit 99 AIRO REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS ALBUQUERQUE, N.M. & MONTREAL & STØVRING, Denmark & WASHINGTON – August 14, 2025 – AIRO Group Holdings, Inc. (NASDAQ: AIRO) ("AIRO" or the "Company"), a global leader in advanced aerospace and defense technologies, today announced financial results for the second quarter ended June 30, 2025. The Company successfully completed its initial public offering ("IPO") of 6,900,000 shares of common stock, including the full exercise of the underwriters' o ...

Part I [Business](index=5&type=section&id=Item%201.%20Business) Tapestry, Inc. is a global house of brands, primarily comprising Coach and kate spade new york, following the divestiture of Stuart Weitzman, operating mainly through Direct-to-Consumer channels with a 'futurespeed' growth strategy focused on customer relationships, product innovation, omni-channel experience, and global growth - Tapestry operates through three reportable segments: Coach, Kate Spade, and Stuart Weitzman Coach is the largest, representing **79.9% of total net sales in fiscal 2025**, followed by Kate Spade at **17.1%** and Stuart Weitzman at **3.0%**[24](index=24&type=chunk) - On February 16, 2025, the Company entered into an agreement to sell the Stuart Weitzman business to Caleres, Inc The sale was completed subsequent to the fiscal year-end on August 4, 2025[21](index=21&type=chunk) - The company's 'futurespeed' growth strategy, introduced in fiscal 2023, is built on four pillars: building lasting customer relationships, fueling fashion innovation, delivering compelling omni-channel experiences, and powering global growth[23](index=23&type=chunk)[28](index=28&type=chunk) Net Sales by Product Category (Fiscal 2025) | Category | Amount (millions) | % of Total Net Sales | | :--- | :--- | :--- | | Handbags | $3,846.3 | 54.9% | | Accessories | $1,809.3 | 25.8% | | Footwear | $612.8 | 8.7% | | Other | $742.3 | 10.6% | | **Total Tapestry** | **$7,010.7** | **100.0%** | Total Store Count by Brand (2023-2025) | Brand | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Total Coach | 931 | 930 | 939 | | Total Kate Spade | 360 | 378 | 397 | | Total Stuart Weitzman | 80 | 94 | 93 | | **Total Tapestry** | **1,371** | **1,402** | **1,429** | [Risk Factors](index=17&type=section&id=Item%201A.%20Risk%20Factors) The company identifies several key risks across macroeconomic conditions, business specifics, information security, indebtedness, and corporate responsibility, including international trade disputes, economic downturns, and cybersecurity threats - The company faces significant risks from potential changes to international trade agreements and the imposition of new or increased tariffs, particularly on goods from Vietnam, Cambodia, the Philippines, and mainland China, where its products are primarily manufactured[87](index=87&type=chunk)[88](index=88&type=chunk) - Economic downturns, recessions, and inflation could adversely affect consumer purchases of discretionary items like the Company's products, which tend to decline when disposable income is lower[89](index=89&type=chunk)[90](index=90&type=chunk) - Cybersecurity threats and personal data breaches pose a serious risk, potentially damaging customer relationships, harming reputation, and exposing the company to litigation and fines under regulations like GDPR and CCPA[136](index=136&type=chunk)[138](index=138&type=chunk) - As of June 28, 2025, the company had approximately **$2.39 billion in consolidated debt** This substantial indebtedness could restrict its ability to engage in additional transactions or incur more debt and requires compliance with financial covenants, such as a maximum net leverage ratio[142](index=142&type=chunk)[144](index=144&type=chunk) - Risks associated with climate change could disrupt the supply chain, impact raw material availability and pricing, and lead to increased operational and compliance costs due to new legislation[148](index=148&type=chunk)[149](index=149&type=chunk) [Unresolved Staff Comments](index=30&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments from the Securities and Exchange Commission - None[172](index=172&type=chunk) [Cybersecurity](index=30&type=section&id=Item%201C.%20Cybersecurity) Tapestry manages cybersecurity risk through its Enterprise Risk Management (ERM) program, with Board and Audit Committee oversight, comprehensive risk assessments, and a multi-year strategy - Cybersecurity risk is managed through a formal Enterprise Risk Management (ERM) program with direct oversight from the Board of Directors and its Audit Committee[173](index=173&type=chunk)[179](index=179&type=chunk) - The Chief Information Security Officer (CISO), who has over 30 years of experience, manages the cybersecurity program and provides quarterly updates to the Audit Committee and annual updates to the full Board[180](index=180&type=chunk)[181](index=181&type=chunk) - The company utilizes independent third-party experts for cybersecurity maturity assessments based on the NIST framework and has processes for vulnerability management, security monitoring, incident response, and employee awareness training[175](index=175&type=chunk)[177](index=177&type=chunk)[184](index=184&type=chunk) - During the three fiscal years presented, the company's results of operations and financial condition have not been materially affected by cybersecurity risks and incidents[179](index=179&type=chunk) [Properties](index=32&type=section&id=Item%202.%20Properties) The company leases all of its key fulfillment, corporate, and product development facilities, including major centers in Florida and New York, with leases expiring through fiscal 2037 Key Leased Facilities | Location | Use | Approx. Square Footage | | :--- | :--- | :--- | | Jacksonville, Florida | Coach North America fulfillment | 1,050,000 | | Las Vegas, Nevada | Coach North America fulfillment | 789,000 | | Westchester, Ohio | Kate Spade & Stuart Weitzman NA fulfillment | 601,000 | | New York, New York | Corporate global headquarters | 546,000 | - All key properties, including fulfillment centers, corporate offices, and retail stores, are leased Leases expire at various times through fiscal 2036 and 2037[185](index=185&type=chunk)[186](index=186&type=chunk) [Legal Proceedings](index=32&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various routine legal proceedings, with detailed information available in Note 13, "Commitments and Contingencies," of the consolidated financial statements - Refer to Note 13, "Commitments and Contingencies," for details on legal proceedings[187](index=187&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[188](index=188&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=33&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Tapestry's common stock trades on the NYSE under "TPR", with active share repurchase programs, including a **$2.00 billion ASR program** initiated in November 2024, and its stock performance significantly outpaced market indices - On November 13, 2024, the Board authorized a **$2.00 billion share repurchase program** Subsequently, on November 21, 2024, the company entered into Accelerated Share Repurchase (ASR) agreements for this amount, receiving an initial delivery of **28,363,766 shares**[196](index=196&type=chunk) - As of June 28, 2025, the company had **$800.0 million remaining** under its 2022 Share Repurchase Program[197](index=197&type=chunk) Cumulative Total Stockholder Return (5-Year Period) | Index | Fiscal 2020 | Fiscal 2025 | | :--- | :--- | :--- | | TPR | $100.00 | $779.94 | | S&P 1500 Apparel, Accessories & Luxury Goods | $100.00 | $101.11 | | S&P 500 | $100.00 | $221.32 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal 2025, Tapestry's net sales grew **5.1% to $7.01 billion**, driven by Coach, but operating income fell sharply to **$415.0 million** due to significant one-time charges, including **$854.8 million impairment** and **$268.4 million** from the terminated Capri acquisition - The company terminated its merger agreement with Capri Holdings Limited on November 13, 2024, resulting in significant one-time costs, including a **$45.1 million expense reimbursement** to Capri and the redemption of all senior notes issued for the acquisition financing[206](index=206&type=chunk) - During the fourth quarter of fiscal 2025, the company recorded significant impairment charges related to the Kate Spade brand: **$244.1 million for goodwill** and **$610.7 million for the indefinite-lived brand intangible asset**, totaling **$854.8 million**[217](index=217&type=chunk)[227](index=227&type=chunk) Fiscal 2025 vs. Fiscal 2024 Results of Operations | Metric (in millions, except per share) | FY 2025 (GAAP) | FY 2024 (GAAP) | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $7,010.7 | $6,671.2 | 5.1% | | Gross Profit | $5,288.9 | $4,889.5 | 8.2% | | Operating Income (Loss) | $415.0 | $1,140.1 | (63.6)% | | Net Income (Loss) | $183.2 | $816.0 | (77.6)% | | Diluted EPS | $0.82 | $3.50 | (76.5)% | Net Sales by Brand (FY2025 vs. FY2024) | Brand | FY 2025 Sales (millions) | FY 2024 Sales (millions) | % Change | | :--- | :--- | :--- | :--- | | Coach | $5,598.5 | $5,095.3 | 9.9% | | Kate Spade | $1,197.1 | $1,334.4 | (10.3)% | | Stuart Weitzman | $215.1 | $241.5 | (10.9)% | [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from foreign currency exchange rates and interest rates, managed through derivative instruments, with a hypothetical **10% change in the U.S. dollar** impacting the derivative portfolio by **$294 million** - The company uses forward currency contracts and cross-currency swaps to hedge against foreign exchange rate fluctuations on inventory transactions, intercompany loans, and net investments in foreign subsidiaries[312](index=312&type=chunk)[313](index=313&type=chunk)[315](index=315&type=chunk) - A sensitivity analysis as of June 28, 2025, indicated that a **10% appreciation or depreciation of the U.S. Dollar** against hedged foreign currencies would result in a net change of approximately **$294 million** in the fair value of the derivative portfolio, which would be largely offset by changes in the underlying hedged items[316](index=316&type=chunk) - Interest rate risk is primarily attributable to borrowings under the **$2.00 billion Amended Revolving Credit Facility**, which bear variable interest rates based on benchmarks like SOFR[317](index=317&type=chunk)[318](index=318&type=chunk) [Financial Statements and Supplementary Data](index=54&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section refers to the Index to Financial Statements at the end of the Form 10-K, which includes the consolidated financial statements and supplementary data - This section directs the reader to the detailed financial statements and schedules located at the end of the report[322](index=322&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=55&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[323](index=323&type=chunk) [Controls and Procedures](index=55&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of the fiscal year-end - The principal executive and financial officers concluded that the company's disclosure controls and procedures were effective as of June 28, 2025[324](index=324&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of June 28, 2025, based on the COSO framework[325](index=325&type=chunk) [Other Information](index=55&type=section&id=Item%209B.%20Other%20Information) The company reports that there was no adoption, modification, or termination of any Rule 10b5-1 plan or other trading arrangements by its directors and officers during the fourth quarter ended June 28, 2025 - No Rule 10b5-1 plans were adopted, modified, or terminated by directors and officers in the fourth quarter of fiscal 2025[328](index=328&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=55&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - None[329](index=329&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=56&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required for this item will be incorporated by reference from the company's 2025 Proxy Statement, to be filed within 120 days of the fiscal year-end - Information is incorporated by reference from the 2025 Proxy Statement[332](index=332&type=chunk) [Executive Compensation](index=56&type=section&id=Item%2011.%20Executive%20Compensation) Information required for this item will be incorporated by reference from the company's 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[333](index=333&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=56&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information required for this item will be incorporated by reference from the company's 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[334](index=334&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=56&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information required for this item will be incorporated by reference from the company's 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[336](index=336&type=chunk) [Principal Accounting Fees and Services](index=56&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information required for this item will be incorporated by reference from the company's 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[337](index=337&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=57&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules (specifically Schedule II - Valuation and Qualifying Accounts), and exhibits filed as part of the Form 10-K report - Lists all financial statements, schedules, and exhibits filed with the report[339](index=339&type=chunk) [Form 10-K Summary](index=60&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that there is no Form 10-K summary - None[346](index=346&type=chunk) Financial Statements and Notes [Consolidated Financial Statements](index=66&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements present Tapestry's financial position, results of operations, and cash flows for the fiscal years ended June 28, 2025, and June 29, 2024, with **net income significantly decreasing to $183.2 million** in fiscal 2025 due to impairment and acquisition-related charges Consolidated Balance Sheet Summary (FY2025 vs FY2024) | Account (in millions) | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | Total Current Assets | $2,905.6 | $8,803.7 | | Total Assets | $6,580.5 | $13,396.3 | | Total Current Liabilities | $1,556.9 | $1,711.6 | | Total Liabilities | $5,722.7 | $10,499.4 | | Total Stockholders' Equity | $857.8 | $2,896.9 | Consolidated Statement of Operations Summary (FY2025 vs FY2024) | Account (in millions) | FY 2025 | FY 2024 | | :--- | :--- | :--- | | Net Sales | $7,010.7 | $6,671.2 | | Gross Profit | $5,288.9 | $4,889.5 | | Operating Income (Loss) | $415.0 | $1,140.1 | | Net Income (Loss) | $183.2 | $816.0 | [Notes to Consolidated Financial Statements](index=71&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed information on the Stuart Weitzman divestiture, costs from the terminated Capri acquisition, significant impairment charges for Kate Spade's goodwill and brand intangible assets, and a comprehensive breakdown of debt and lease obligations - **Stuart Weitzman Divestiture**: The company entered an agreement to sell the Stuart Weitzman business on Feb 16, 2025, which was completed on Aug 4, 2025 As of year-end, related assets of **$176.4 million** and liabilities of **$48.2 million** were classified as held for sale[471](index=471&type=chunk)[472](index=472&type=chunk)[477](index=477&type=chunk) - **Terminated Capri Acquisition**: The company incurred **$268.4 million** in pre-tax expenses in FY2025 related to the terminated Capri acquisition, including debt extinguishment costs, financing fees, and an expense reimbursement payment to Capri[479](index=479&type=chunk)[482](index=482&type=chunk) - **Goodwill and Intangible Asset Impairment**: In FY2025, the company recorded a goodwill impairment charge of **$244.1 million** and a brand intangible asset impairment charge of **$610.7 million**, both related to the Kate Spade segment[568](index=568&type=chunk)[570](index=570&type=chunk) Net Sales by Geography (Fiscal 2025) | Geography | Amount (millions) | | :--- | :--- | | North America | $4,516.5 | | Greater China | $1,059.7 | | Other Asia | $895.1 | | Other | $539.4 | | **Total** | **$7,010.7** |

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents 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 47 Thorndike St, Suite B1-1, Cambridge, MA Address of Principal Executive Offices 27-4412575 (I.R.S. Employer Identification No.) (617) 714-0360 For the transition period from ...

Exhibit 99.1 CONTACTS: Tapestry, Inc. Analysts and Investors: Christina Colone Global Head of Investor Relations 212/946-7252 ccolone@tapestry.com Media: Jennifer Leemann Global Head of Communications 212/631-2797 jleemann@tapestry.com TAPESTRY, INC. REPORTS FISCAL 2025 FOURTH QUARTER AND FULL YEAR RESULTS Link to Download Tapestry's Q4 and Fiscal Year Earnings Presentation, Including Brand Highlights New York, August 14, 2025 – Tapestry, Inc. (NYSE: TPR), a house of iconic accessories and lifestyle brands, ...

PART I FINANCIAL INFORMATION [Item 1. Condensed Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Financial%20Statements%20(Unaudited)) Unaudited **H1 2025** financials reflect a reduced net loss and decreased assets, primarily due to lower **R&D** expenses and the conclusion of collaboration agreements [Condensed Balance Sheets](index=5&type=section&id=Condensed%20Balance%20Sheets) Condensed Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $50,467 | $57,387 | | Total current assets | $54,675 | $79,215 | | **Total assets** | **$64,371** | **$91,049** | | **Liabilities & Equity** | | | | Total current liabilities | $5,336 | $8,917 | | **Total liabilities** | **$7,352** | **$11,423** | | **Total stockholders' equity** | **$57,019** | **$79,626** | - Total assets decreased from **$91.0 million** at the end of **2024** to **$64.4 million** as of **June 30, 2025**, primarily due to a reduction in cash, cash equivalents, and investments[18](index=18&type=chunk) [Condensed Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Collaboration revenue | $0 | $1,609 | $0 | $2,724 | | Research and development | $8,680 | $19,239 | $18,599 | $35,503 | | General and administrative | $4,352 | $5,332 | $8,822 | $10,227 | | Loss from operations | $(13,032) | $(22,962) | $(27,421) | $(43,006) | | **Net loss** | **$(12,458)** | **$(21,552)** | **$(26,160)** | **$(40,056)** | | Net loss per share | $(0.24) | $(0.42) | $(0.51) | $(0.79) | - Net loss for the second quarter of **2025** was **$12.5 million**, a significant reduction from **$21.6 million** in the same period of **2024**, mainly due to a **55%** decrease in **R&D** expenses[21](index=21&type=chunk) [Condensed Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) - Total stockholders' equity decreased from **$79.6 million** at **December 31, 2024**, to **$57.0 million** at **June 30, 2025**, primarily driven by the net loss of **$26.2 million** for the six-month period[23](index=23&type=chunk) [Condensed Statements of Cash Flows](index=8&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(22,463) | $(27,079) | | Net cash provided by (used in) investing activities | $15,600 | $(38,690) | | Net cash (used in) provided by financing activities | $(57) | $836 | | **Net decrease in cash and cash equivalents** | **$(6,920)** | **$(64,933)** | - Cash and cash equivalents decreased by **$6.9 million** during the first six months of **2025**, ending at **$50.5 million**, compared to a much larger decrease of **$64.9 million** in the same period of **2024**, which included significant purchases of investments[25](index=25&type=chunk) [Notes to the Unaudited Interim Condensed Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Financial%20Statements) - The company has incurred losses since inception, with an accumulated deficit of **$407.9 million** as of **June 30, 2025**, but management believes current cash of **$50.5 million** is sufficient to fund operations for at least the next twelve months[27](index=27&type=chunk) - All collaboration revenue in **2024** was derived from agreements with **Ono Pharmaceutical** and **ImmunoGen**, both completed by **December 31, 2024**, with no revenue recognized from these agreements in **2025**[36](index=36&type=chunk)[86](index=86&type=chunk)[91](index=91&type=chunk) - On **August 4, 2025**, the company entered into a securities purchase agreement for a private placement expected to provide upfront gross proceeds of approximately **$46 million**, including common stock, pre-funded warrants, and common stock warrants[110](index=110&type=chunk)[113](index=113&type=chunk) R&D Expenses by Program for Six Months Ended June 30 (in thousands) | Program | 2025 | 2024 | | :--- | :--- | :--- | | SL-325 | $4,833 | $363 | | SL-172154 (discontinued) | $2,625 | $16,270 | | Other research and development | $4,859 | $8,204 | | **Total R&D** | **$18,599** | **$35,503** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the strategic pivot to developing **SL-325**, reduced operating expenses, and liquidity, with a private placement extending funding into **2029** [Overview](index=25&type=section&id=Overview) - The company is now focused on developing **SL-325**, a potentially first-in-class death receptor **3** (**DR3**) antagonist antibody for treating inflammatory bowel disease (**IBD**) and other immune-mediated diseases[116](index=116&type=chunk) - **Shattuck Labs** plans to initiate a **Phase 1** clinical trial for **SL-325** in the third quarter of **2025** and expects to complete enrollment in the full **Phase 1** trial in the second quarter of **2026**[121](index=121&type=chunk) - The company is also developing a series of bispecific antibodies targeting **DR3** and other clinically validated targets, with a lead candidate nomination expected in **2025**[124](index=124&type=chunk)[125](index=125&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Comparison of Operating Results for Q2 (in thousands) | Metric | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Collaboration Revenue | $0 | $1,609 | $(1,609) | (100.0)% | | R&D Expense | $8,680 | $19,239 | $(10,559) | (54.9)% | | G&A Expense | $4,352 | $5,332 | $(980) | (18.4)% | | **Net Loss** | **$(12,458)** | **$(21,552)** | **$9,094** | **(42.2)%** | Comparison of Operating Results for H1 (in thousands) | Metric | H1 2025 | H1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Collaboration Revenue | $0 | $2,724 | $(2,724) | (100.0)% | | R&D Expense | $18,599 | $35,503 | $(16,904) | (47.6)% | | G&A Expense | $8,822 | $10,227 | $(1,405) | (13.7)% | | **Net Loss** | **$(26,160)** | **$(40,056)** | **$13,896** | **(34.7)%** | - The decrease in **R&D** expenses for **H1 2025** was primarily due to a **$13.6 million** reduction from the discontinuation of **SL-172154** and a **$4.4 million** decrease in compensation from workforce reductions, offset by a **$4.5 million** increase in spending on **SL-325**[154](index=154&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) - The company believes its cash and cash equivalents of **$50.5 million** as of **June 30, 2025**, are sufficient to fund operations into **2027**[162](index=162&type=chunk) - The anticipated proceeds from the **August 2025** Private Placement, combined with current cash, are expected to extend the company's operational funding into **2029**[162](index=162&type=chunk) - The company's Registration Statement on **Form S-3** expired on **July 29, 2025**, halting sales under its **ATM Facility**, and due to its public float, sales are limited to one-third of the market value of its common stock held by non-affiliates until its public float exceeds **$75.0 million**[158](index=158&type=chunk)[159](index=159&type=chunk) [Critical Accounting Policies](index=33&type=section&id=Critical%20Accounting%20Policies) - There have been no material changes to the company's critical accounting policies, including revenue recognition, accrual for **R&D** expenses, and valuation of stock-based awards, compared to those disclosed in the **2024** Annual Report on **Form 10-K**[171](index=171&type=chunk)[174](index=174&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is not required to provide market risk disclosures - The company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[179](index=179&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were effective as of **June 30, 2025**, with no material changes in internal control over financial reporting during **Q2 2025** - Management concluded that as of **June 30, 2025**, the company's disclosure controls and procedures were effective at the reasonable assurance level[180](index=180&type=chunk) - No changes in internal control over financial reporting occurred during the second quarter of **2025** that have materially affected, or are reasonably likely to materially affect, these controls[181](index=181&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings as of the reporting date - As of the reporting date, there were no legal proceedings to disclose[183](index=183&type=chunk) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) Key risks include the need for additional funding, potential non-completion of the private placement, and **Nasdaq** minimum bid price non-compliance - The company requires additional funding to complete development of its product candidates, and the **August 2025** Private Placement is subject to closing conditions and may not be completed as expected[185](index=185&type=chunk)[187](index=187&type=chunk) - On **August 8, 2025**, the company received a notice from **Nasdaq** for non-compliance with the minimum bid price rule (**$1.00** per share), with a deadline of **February 4, 2026**, to regain compliance[191](index=191&type=chunk)[192](index=192&type=chunk) - The company is subject to limitations on its ability to sell stock under **Form S-3**, which may restrict sales to no more than one-third of the market value of its common stock held by non-affiliates until its public float exceeds **$75.0 million**[186](index=186&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported - None reported[194](index=194&type=chunk) [Item 3. Defaults Upon Senior Securities](index=37&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - None reported[194](index=194&type=chunk) [Item 4. Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) No mine safety disclosures were reported - None reported[195](index=195&type=chunk) [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) The company received a **Nasdaq** notice for non-compliance with the **$1.00** minimum bid price rule, with a compliance deadline of **February 4, 2026** - On **August 8, 2025**, the company received a notice from **Nasdaq** for failing to meet the minimum bid price requirement of **$1.00** per share for **30** consecutive business days[196](index=196&type=chunk) - The company has a **180-day** compliance period, ending **February 4, 2026**, to regain compliance by having its closing bid price be at least **$1.00** for a minimum of **10** consecutive business days[196](index=196&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the **Form 10-Q**, including certifications and **Inline XBRL** data files - The exhibits filed with the report include certifications from the **CEO** and **CFO**, and **Inline XBRL** documents[202](index=202&type=chunk)