Revenue: As of FY2025 Q3, the actual value is USD 11.57 M.

EPS: As of FY2025 Q3, the actual value is USD -0.96.

EBIT: As of FY2025 Q3, the actual value is USD -7.724 M.

Segment Revenue

• Revenue: For the three months ended September 30, 2025, revenue was $11,566,000, an increase of 57.4% compared to $7,349,000 for the same period in 2024. For the nine months ended September 30, 2025, revenue was $31,946,000, an increase of 50.9% compared to $21,170,000 for the same period in 2024.

Operational Metrics

• Gross Profit: For the three months ended September 30, 2025, gross profit was $9,660,000, an increase of 52.2% compared to $6,345,000 for the same period in 2024. For the nine months ended September 30, 2025, gross profit was $26,743,000, an increase of 46.3% compared to $18,283,000 for the same period in 2024.
• Loss from Operations: For the three months ended September 30, 2025, loss from operations was - $9,014,000, compared to - $8,739,000 for the same period in 2024. For the nine months ended September 30, 2025, loss from operations was - $23,675,000, compared to - $28,585,000 for the same period in 2024.
• Net Loss: For the three months ended September 30, 2025, net loss was - $10,811,000, compared to - $2,399,000 for the same period in 2024. For the nine months ended September 30, 2025, net loss was - $29,474,000, compared to - $19,937,000 for the same period in 2024.

Cash Flow

• Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was - $15,528,000, compared to - $35,136,000 for the same period in 2024.
• Net Cash Used in Investing Activities: For the nine months ended September 30, 2025, net cash used in investing activities was - $797,000, compared to - $295,000 for the same period in 2024.
• Net Cash Provided by Financing Activities: For the nine months ended September 30, 2025, net cash provided by financing activities was $30,487,000, compared to $34,942,000 for the same period in 2024.

Unique Metrics

• Change in Fair Value of SEPA, Warrant, and Revenue Base Redemption Liabilities: For the three months ended September 30, 2025, there was a loss of - $2,932,000, compared to a gain of $4,974,000 for the same period in 2024. For the nine months ended September 30, 2025, there was a loss of - $4,097,000, compared to a loss of - $1,521,000 for the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: The company aims to transform outcomes for patients with solid tumors by integrating innovative delivery technology with standard-of-care therapies and investigational immunotherapeutic nelitolimod. The company plans to pursue a pharmaceutical partner for future development once final data is assembled.
• Non-Core Business: The company is supporting two Investigator Initiated Trials of nelitolimod and is looking for potential partners to advance the indication. The company does not intend to proceed to Phase II trials for nelitolimod on its own due to the excessive cost of capital.