Market Newsdesk

HOUSTON, Nov. 13, 2026 (GLOBE NEWSWIRE) — Cerenome, Inc. (Nasdaq: CNSY) (“Cerenome” or the “Company”), a CNS oncology company advancing an integrated platform that combines precision diagnostics, targeted radiopharmaceuticals, and artificial intelligence, announces financial results for the third quarter ended September 30, 2026, and provides an overview of recent business progress.

“Recognition of our first quarter of CNSide^® diagnostic revenue and commercial payments beginning in October is a tremendous landmark,” said Marc H. Hedrick, M.D., Cerenome’s President and Chief Executive Officer. “Furthermore, our payer universe continues to expand with now about 80% of U.S. private payers representing approximately 190 million covered lives. Most recently, with Aetna coverage, it gives physicians an in-network option for both tumor cell enumeration and molecular profiling. In parallel, our growing commercial team is focused on helping more cancer centers use our test in patient care. In therapeutics, we materially advanced our two key programs by completing enrollment in our Phase 2 trial in adults with recurrent glioblastoma, opening up higher dose cohorts in the repeat dosing of REYOBIQ™ in patients with leptomeningeal metastases and reporting interim data in that trial.”

Q3 2026 AND RECENT HIGHLIGHTS

Corporate

• During the quarter, Plus Therapeutics rebranded as Cerenome, and on August 3 its common stock began trading on Nasdaq under the symbol CNSY. The new name and brand reflect the Company’s focus on integrating CNS diagnostics, therapeutics, and data.
• In November, Ron Andrews was appointed as Chief Business Officer to advance CNSide commercial adoption and strategic partnerships. Mr. Andrews continues to serve on the Company’s Board of Directors.

CNSide^® CSF Assay Platform

• The company submitted billing claims for approximately $1.55 million in gross billings at list prices and recognized $0.7 million in net diagnostic revenue in the quarter after estimated payer adjustments and price concessions.
• Contracted coverage was expanded through agreements with Medical Mutual, Health Care Service Corporation and Blue Cross Blue Shield of Michigan.
• Secured in-network agreements were also made with Florida Blue and Aetna. The Aetna agreement, effective November 1, is the first national CNSide payer agreement to include both tumor cell enumeration and molecular profiling. The Company’s aggregate contracted footprint now represents approximately 190 million covered lives.
• The company entered into a collaboration with Genomic Testing Cooperative to add DNA and RNA profiling to CNSide. In July, the Company also highlighted updated NCCN CNS Cancers Guidelines recognizing a role for CSF analysis in the assessment of LM.
• XiFin was selected for revenue cycle management and clearinghouse services, and Samantha Fowlkes was appointed as Vice President and Head of Commercial Sales for CNSide Diagnostics.
• The Company is on track for Medicare reimbursement in 1st half of 2027 and is separately pursuing a coverage determination from Novitas Solutions.
• CNSide CSF Molecular Profile tests were launched for solid tumors and hematologic malignancies. The test was available to order beginning October 12, providing DNA and RNA profiling from cerebrospinal fluid (CSF). CNSide can be ordered independently or alongside tumor cell enumeration.

REYOBIQ™ Development

• The company presented interim Phase 1 ReSPECT-LM (multi-dose) findings at the Society of Neuro Oncology Annual meeting in November. The first 10 patients have been treated with repeated intraventricular doses of REYOBIQ, with no dose-limiting toxicities or treatment discontinuations due to adverse events reported. This highlights the potential for REYOBIQ to safely administer higher dose of tumor-destroying radiation (compared to single-dose study). Dose escalation is ongoing to identify a recommended multiple-dose regimen for a follow-on randomized study.
• Also, enrollment was completed in the Phase 2 ReSPECT-GBM study in recurrent glioblastoma in October. Cerenome expects topline data in mid-2027 following additional patient follow-up, and plans to hold an End-of-Phase 2 meeting with the FDA thereafter.
• Investigators reported preclinical data at the Rivkin Ovarian Cancer Research Symposium in October showing the active agent in REYOBIQ was associated with a new mechanism of action, namely positively impacting the tumor environment. The net effect described by investigators was administering REYOBIQ along with anti-PD-1 checkpoint blockade enhanced antitumor activity in these preclinical studies, opening up the possibility of novel combination therapies.
• Investigators presented pharmacokinetic, dosimetry, and safety observations from the ReSPECT-LM program at the SNO/ASCO CNS Metastases Conference in August. A separate presentation examined the potential health economic impact of earlier detection of leptomeningeal metastases (LM) using CNSide.

THIRD QUARTER 2026 FINANCIAL RESULTS

• Cash, cash equivalents and investments totaled $4.9 million as of September 30, 2026, compared with $8.6 million as of June 30, 2026. In September, the Company announced closing a senior secured financing facility up to $20 million with royalty-based repayments. In addition, the Company raised $3.8M under the Equity Distribution Agreement subsequent to the end of the quarter.
• Total revenue was $0.7 million, consisting entirely of net diagnostic revenue.
• Cost of revenue was $0.9 million. Research and development expense was $2.1 million, compared with $2.4 million a year earlier. Selling, general and administrative expense was $5.2 million, compared with $3.4 million a year earlier.
• Operating loss was $7.5 million, compared with $4.5 million a year earlier. Net loss was $8.7 million, or $1.14 per share, compared with $4.4 million, or $1.03 per share, a year earlier.

ANTICIPATED MILESTONES AND OUTLOOK FOR 2027

CNSide Commercial Rollout

• Expand CNSide adoption across cancer centers, build-out the field sales team, enhance the testing menu and build on existing payer collection experience across the CNSide test menu.

REYOBIQ Clinical Program

• Continue dose escalation in LM Multi-dose study and follow patients in ReSPECT-GBM for the anticipated mid-2027 topline readouts from both trials.

Conference Call and Webcast

Cerenome will host a conference call and webcast Monday, November 16, 2026, at 8:30 a.m. Eastern Time to discuss third quarter results and provide a business update.

Webcast and Conference Call
Date/Time:		Monday, November 16, 2026 at 8:30 AM ET
Webcast:		https://event.choruscall.com/mediaframe/webcast.html?webcastid=vTAb1pUs
Dial-in:		U.S.: 833-862-0853 International: 412-317-6789
		Please dial in 15 minutes before the start time.

Following the live call, a replay will be available on the Company’s website under the ‘For Investors’ section. The webcast will be available on the Company’s website for 90 days following the live call.

About Leptomeningeal metastases (LM)

Leptomeningeal metastases (LM) are a rare but severe complication of advanced cancer, affecting the fluid-lined structures of the central nervous system. LM occurs in approximately 5% of patients with metastatic cancer, with breast cancer, lung cancer, and melanoma being the most common sources. Median survival is typically 2-6 months, and effective treatment options are limited, highlighting the urgent need for novel therapies.

About REYOBIQ™ (rhenium Re186 obisbemeda)

REYOBIQ (rhenium Re186 obisbemeda) is a novel injectable radiotherapy specifically formulated to deliver direct targeted high-dose radiation in CNS tumors in a safe, effective, and convenient manner to optimize patient outcomes. REYOBIQ has the potential to reduce off-target risks and improve outcomes for CNS cancer patients versus currently approved therapies, with a more targeted and potent radiation dose. Rhenium-186 is an ideal radioisotope for CNS therapeutic applications due to its short half-life, beta energy for destroying cancerous tissue, and gamma energy for real-time imaging. REYOBIQ is being evaluated for the treatment of recurrent glioblastoma, leptomeningeal metastases, and pediatric brain cancer in the ReSPECT-GBM, ReSPECT-LM, and ReSPECT-PBC clinical trials, respectively. ReSPECT-GBM is supported by an award from the National Cancer Institute (NCI), part of the U.S. National Institutes of Health (NIH), and ReSPECT-LM is funded by a three-year $17.6 million grant from the Cancer Prevention & Research Institute of Texas (CPRIT). The Company’s ReSPECT-PBC clinical trial for pediatric brain cancer is supported by a $3 million grant from the U.S. Department of Defense’s Peer Reviewed Cancer Research Program.

About CNSide Diagnostics, LLC

CNSide Diagnostics, LLC is a wholly owned subsidiary of Cerenome, Inc. that develops and commercializes proprietary laboratory-developed tests, such as CNSide^®, designed to identify tumor cells that have metastasized to the central nervous system in patients with carcinomas and melanomas. The CNSide^® CSF Assay Platform enables quantitative analysis of the cerebrospinal fluid that informs and improves the management of patients with leptomeningeal metastases.

About Cerenome

Cerenome (Nasdaq: CNSY) is a CNS oncology company advancing an integrated platform that combines precision diagnostics, targeted therapeutics, and artificial intelligence to improve outcomes for patients with central nervous system cancers. The CNSide^® CSF diagnostics platform combines cellular and molecular testing to support the detection, characterization, and longitudinal assessment of cancers involving the CNS.

Its lead therapeutic platform, REYOBIQ™ (rhenium Re186 obisbemeda), is being evaluated in clinical trials for leptomeningeal metastases, recurrent glioblastoma, and pediatric brain cancers. The data & artificial intelligence platform is designed to integrate diagnostic, molecular, imaging, and clinical data into actionable insights that support precision oncology and therapeutic innovation.

By integrating commercial diagnostics, targeted therapeutics, proprietary longitudinal data, and artificial intelligence within a single organization, Cerenome is building a differentiated CNS oncology platform designed to improve patient care while creating long-term shareholder value. For more information, visit https://www.cerenome.com.

Forward-Looking Statements

This press release contains statements that may be deemed “forward-looking statements” within the meaning of U.S. securities laws, including statements regarding clinical trials, expected operations and upcoming developments. All statements in this press release other than statements of historical fact are forward-looking statements. Such statements are based upon certain assumptions and assessments made by management in light of their experience and their perception of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate. The forward-looking statements included in this press release could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: the Company’s ability to maintain the listing of its common stock on Nasdaq; expectations pertaining to 2027 milestones, its platform and its data strategy; the results of the Company’s research and development activities, including uncertainties relating to the continued clinical trials of its product candidates and therapies, and the timing and outcome of the ReSPECT-LM, ReSPECT-GBM, and ReSPECT-PBC trials; the Company’s liquidity position and capital resources and its ability to raise additional cash; the outcome of the Company’s partnering/licensing efforts; risks associated with laws or regulatory requirements applicable to the Company; market conditions and product performance; challenges associated with radiotherapeutic manufacturing, production, and distribution capabilities necessary to support the Company’s clinical trials and any commercial level product demand; and the continued success of CNSide CSF Assay, revenue and corporate profitability expectations including support reimbursements and payments for the CNSide CSF Assay, the development and utility of the CNSide CSF Assay, and expectations as to the Company’s future performance, including the next steps in developing the Company’s product candidates. This list of risks, uncertainties, and other factors is not complete. Any or all forward-looking statements the Company makes may turn out to be wrong and can be affected by inaccurate assumptions the Company might make or by known or unknown risks, uncertainties, and other factors, including those identified in this press release. Cerenome discusses some of these matters more fully, as well as certain risk factors that could affect its business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Quarterly Reports on Form 10-Q for the three months ended March 31, 2026 and six-months ended June 30, 2026, and Current Reports on Form 8-K. These filings are available for review through the SEC’s website at www.sec.gov. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. There may be events in the future that the Company is unable to predict, or over which it has no control, and its business, financial condition, results of operations, and prospects may change in the future. The Company assumes no responsibility to update or revise any forward-looking statements to reflect events, trends, or circumstances after the date they are made unless the Company has an obligation under U.S. federal securities laws to do so.

Investor Contact
CORE IR
[email protected]

(Financial Tables follow)

CERENOME, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and par value data)
		September 30, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents		$	879			$	4,256
Restricted cash and cash equivalents			—				4,502
Accounts receivable, net			722				—
Investments			3,992				4,356
Inventory			235				—
Other current assets			2,239				1,734
Total current assets			8,067				14,848
Property and equipment, net			1,349				257
Grant receivable			1,761				322
Operating lease right-of-use assets			29				70
Goodwill			372				372
Intangible assets, net			231				333
Other assets			391				123
Total assets		$	12,200			$	16,325
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses		$	8,210			$	5,920
Investor liability pursuant to Letter Agreement			—				4,502
Convertible note			3,851				—
Operating lease liability			30				56
Deferred grant liability			927				927
Line of credit			—				750
Other current liabilities			105				159
Total current liabilities			13,123				12,314
Noncurrent operating lease liability			—				15
Total liabilities			13,123				12,329
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 1,952 shares issued and outstanding as of September 30, 2026 and December 31, 2025			—				—
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 7,890,305 and 5,557,371 shares issued as of September 30, 2026 and December 31, 2025, respectively; 7,879,968 and 5,547,034 shares outstanding as of September 30, 2026 and December 31, 2025, respectively			8				6
Treasury stock (at cost), 10,337 shares as of September 30, 2026 and December 31, 2025			(500	)			(500	)
Additional paid-in capital			540,043				520,355
Accumulated deficit			(540,474	)			(515,865	)
Total stockholders’ (deficit) equity			(923	)			3,996
Total liabilities and stockholders’ equity (deficit)		$	12,200			$	16,325

CERENOME, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except share and per share data)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Grant revenue		$	–			$	1,397			$	1,439			$	3,846
Diagnostic revenue, net			722				—				722				—
Total revenue			722				1,397				2,161				3,846
Operating expenses:
Cost of revenue			912				—				912				—
Research and development			2,107				2,436				9,237				5,438
Selling, general and administrative			5,158				3,443				15,643				7,964
Total operating expenses			8,177				5,879				25,792				13,402
Operating loss			(7,455	)			(4,482	)			(23,631	)			(9,556	)
Other income (expense):
Interest income			119				59				365				87
Interest expense			(14	)			—				(36	)			(548	)
Financing expenses			(1,618	)			—				(1,618	)			(3,061	)
Warrant issuance costs			—				—				—				(964	)
Change in fair value of financial instruments			490				—				490				—
Change in fair value of derivative instruments			—				—				—				(2,631	)
Other expense			(179	)			—				(179	)			—
Total other income (expense)			(1,202	)			59				(978	)			(7,117	)
Net loss		$	(8,657	)		$	(4,423	)		$	(24,609	)		$	(16,673	)
Per share information
Net loss per share of common stock – basic and diluted		$	(1.14	)		$	(1.03	)		$	(3.50	)		$	(7.21	)
Weighted average number of shares of common stock outstanding – basic and diluted			7,566,819				4,297,158				7,040,597				2,313,816

CERENOME, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
		Nine Months Ended September 30,
		2026				2025
Cash flows from operating activities:
Net loss		$	(24,609	)		$	(16,673	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			378				300
Stock-based compensation expense			2,561				827
Noncash financing expenses			1,618				3,061
Noncash interest expense			22				—
Loss on investments (Note 5)			179				—
Change in fair value of financial instruments			(490	)			—
Change in fair value of derivative instruments			—				2,631
Accretion of discount on short-term investments			(18	)			(19	)
Operating lease right-of-use asset amortization			41				53
Gain on sale of assets			—				(16	)
Increases (decreases) in cash caused by changes in operating assets and liabilities:
Grant receivable			(1,439	)			571
Accounts receivable			(722	)			—
Other assets			(864	)			64
Accounts payable and accrued expenses			2,491				(6,308	)
Change in operating lease liabilities			(41	)			(54	)
Other liabilities			(151	)			1,045
Net cash used in operating activities			(21,044	)			(14,518	)
Cash flows from investing activities:
Purchases of property and equipment			(1,368	)			(37	)
Proceeds from sale of property and equipment			—				30
Purchase of intangible assets			—				(7	)
Purchase of short-term investments			(15,085	)			(11,068	)
Sales of short-term investments			10,691				—
Redemption of short-term investments			4,597				11,305
Net cash (used in) provided by investing activities			(1,165	)			223
Cash flows from financing activities:
Proceeds from convertible note and royalty obligation			3,000				—
Payments for convertible note and royalty obligation transaction costs			(180	)			—
Proceeds from credit facility			1,000				—
Repayment of credit facility			(1,772	)			(3,292	)
Proceeds from issuance of notes payable and warrants			—				3,738
Repayment of notes payable			—				(3,703	)
Proceeds from sale of common stock, pre-funded warrants and warrants			—				15,927
Payment of financing costs			—				(2,250	)
Proceeds from sale of common stock under Lincoln Park Purchase Agreement			—				19,612
Payment to investors pursuant to Letter Agreement			(4,502	)			(2,293	)
Proceeds from underwritten public offering			15,000				—
Offering costs for sale of common stock			(1,362	)			(231	)
Proceeds from Distribution Agreement			3,337				—
Payments for commissions and offering costs from Distribution Agreement			(191	)			—
Net cash provided by financing activities			14,330				27,508
Net change in cash, restricted cash and cash equivalents			(7,879	)			13,213
Cash, restricted cash and cash equivalents at beginning of period			8,758				76
Cash, restricted cash and cash equivalents at end of period		$	879			$	13,289
Supplemental disclosure of cash flows information:
Cash paid for interest		$	—			$	539
Supplemental schedule of non-cash investing and financing activities:
Unpaid liability to investors pursuant to Letter Agreement (Note 13)		$	—			$	6,391
Exchange of warrants for notes payable		$	—			$	3,694
Redemption of notes by issuance of common stock, pre-funded warrants and warrants		$	—			$	3,512
Unpaid offering cost		$	51			$	252

FDA Fast Track Designation for Plinabulin plus docetaxel marks key regulatory milestone in DUBLIN-4 study population of Post-ICI Non-Squamous NSCLC with no actionable genomic alteration (AGA)

Strategic transaction with Biolin provides data from approximately half of DUBLIN-4’s 442 patients and supports the planned interim analysis at 221 PFS events

FLORHAM PARK, N.J., Nov. 13, 2026 (GLOBE NEWSWIRE) — BeyondSpring Inc. (NASDAQ: BYSI) (“BeyondSpring” or the “Company”), a clinical-stage company developing innovative therapies for the treatment of cancer and other diseases, today announced its financial results for the quarter ended September 30, 2026, and provided a corporate update highlighting regulatory and strategic progress for Plinabulin and its global Phase 3 DUBLIN-4 trial.

“The third quarter marked an important regulatory and strategic step forward for Plinabulin,” said Min Qiu, Chief Executive Officer of BeyondSpring. “The FDA’s Fast Track designation underscores the significant unmet need for new treatment options for NSCLC patients without AGA and progressing after immune checkpoint inhibitor therapy, where docetaxel is still the standard of care.  Plinabulin has been shown to improve the tolerability and dose intensity of docetaxel and demonstrated a long-term survival benefit in the previous successful DUBLIN-3 study in second- and third-line EGFR wild-type NSCLC, published in The Lancet Respiratory Medicine in 2024.”

Mr. Qiu continued, “With an FDA-aligned Phase 3 design and a strategic transaction with Biolin to support approximately half of DUBLIN-4’s planned 442-patient enrollment, generating quality data from China, we remain focused on advancing the study toward its prespecified interim analysis at 221 progression-free survival events. We believe positive interim results could represent a significant value inflection point for BeyondSpring, as we continue to pursue financing and strategic opportunities to support global execution.”

Recent Regulatory, Clinical and Corporate Highlights

FDA Fast Track designation for Plinabulin plus docetaxel in post-ICI non-squamous NSCLC

• The Company announced that the U.S. Food and Drug Administration granted Fast Track designation to Plinabulin plus docetaxel for advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) without actionable genomic alterations (AGA), following prior anti-PD-(L)1 therapy and platinum-based chemotherapy.
• The designated population corresponds to the second- or third-line patient population targeted in the global DUBLIN-4 trial. Fast Track designation may facilitate more frequent FDA interactions and, if applicable criteria are met, rolling review of a future application.

Strategic transaction to fund half of DUBLIN-4’s planned patient enrollment

• The Company completed the sale of BeyondSpring Ltd., its wholly owned subsidiary that indirectly held the majority equity interest in Dalian Wanchunbulin Pharmaceuticals Ltd. (“Bulin”), to Biolin Investment Limited (“Biolin”) on September 30, 2026, pursuant to a definitive agreement among the parties.
• As non-cash consideration, Biolin will support the funding of DUBLIN-4 clinical development activities conducted by Bulin at participating sites in China, which are expected to include enrollment of approximately 221 patients, or approximately half of the planned 442-patient global enrollment. BeyondSpring will receive access to clinical data generated from the China portion of the trial.

Third Quarter Financial Results

Continuing operations:

• Research and development (R&D) expenses were $1.1 million for the quarter ended September 30, 2026, compared to $1.0 million for the quarter ended September 30, 2025. The increase of $0.1 million was primarily due to a $0.3 million increase in preclinical expenses related to Plinabulin treatment combination research in support of strategic business development and partnership initiatives, partially offset by lower patent-related legal services and drug manufacturing costs.
• General and administrative (G&A) expenses were $1.0 million for the quarter ended September 30, 2026, compared to $0.7 million for the quarter ended September 30, 2025. The increase of $0.3 million was primarily due to an increase in legal fees related to financing activities and higher consulting expenses related to accounting advisory and audit services, partially offset by lower personnel-related and travel expenses.
• Net loss was $2.1 million for the quarter ended September 30, 2026, compared to $1.6 million for the quarter ended September 30, 2025.
• Cash, cash equivalents, and short-term investments were $0.6 million as of September 30, 2026, compared to $4.0 million as of December 31, 2025.

Year-to-Date Financial Results

Continuing operations:

• Research and development (R&D) expenses were $3.1 million for the nine months ended September 30, 2026, compared to $2.7 million for the nine months ended September 30, 2025. The increase of $0.4 million was primarily due to expanded drug manufacturing activities and increased preclinical Plinabulin treatment combination research, partially offset by lower patent-related legal services and personnel-related expenses.
• General and administrative (G&A) expenses were $2.7 million for the nine months ended September 30, 2026, compared to $3.2 million for the nine months ended September 30, 2025. The decrease of $0.5 million was primarily due to lower personnel-related expenses, mainly from lower incentive compensation and share-based compensation, as well as lower professional service expenses in legal advisory and lower travel and entertainment expenses.
• Net loss was $5.7 million for the nine months ended September 30, 2026, compared to $5.8 million for the nine months ended September 30, 2025.

About BeyondSpring

BeyondSpring (NASDAQ: BYSI) is a clinical-stage biopharmaceutical company developing first-in-class therapies for cancers with high unmet needs. Its lead asset, Plinabulin, has been studied in more than 700 cancer patients and is in late-stage development across multiple cancer indications. Plinabulin’s novel mechanism as a GEF-H1 agonist with dendritic cell maturation benefit supports both anticancer activity and immune modulation, offering a unique approach to resensitizing tumors that have progressed on checkpoint inhibitors. In addition, it has the potential to synergize with chemotherapy, antibody-drug conjugates (ADCs), radiation, and checkpoint inhibitors. BeyondSpring is also an early incubator of and maintains an equity interest in SEED Therapeutics, a clinical-stage targeted protein degradation molecular glue company with investments from Eli Lilly and Eisai. Learn more at beyondspringpharma.com.

About Plinabulin and the Clinical Rationale for the DUBLIN-4 Trial

Plinabulin is a late-stage, first-in-class investigational GEF-H1 agonist with a differentiated mechanism of action that includes dendritic cell maturation, anti-angiogenic activity and mitigation of chemotherapy-induced neutropenia. To date, more than 700 cancer patients have been treated with Plinabulin across multiple clinical programs in various cancer types, demonstrating an extensive clinical safety database.

The post-ICI setting remains difficult to treat: 12 Phase 3 trials evaluating different treatment approaches against docetaxel, including four involving ADCs, have failed to demonstrate an overall survival benefit over docetaxel.

In the Phase 3 DUBLIN-3 trial, published in The Lancet Respiratory Medicine in 2024, Plinabulin combined with docetaxel demonstrated a statistically significant improvement in OS in second- and third-line EGFR wild-type NSCLC vs. docetaxel alone (n=559), showing superior OS benefit in non-squamous patients (n=332, OS HR 0.72, p=0.0078). The combination also demonstrated statistically significant improvements compared to docetaxel alone, including doubling the 2-year and 3-year survival rates and improvements in PFS and ORR, while also significantly reducing grade 4 neutropenia (p<0.0001).

Importantly, a post hoc analysis of the DUBLIN-3 post-ICI subgroup showed a median OS of 15.8 months with Plinabulin plus docetaxel versus 11.7 months with docetaxel alone (HR 0.55), with ORR of 18.2% versus 8.0%, respectively. These findings support the clinical rationale for Plinabulin’s differentiated dendritic cell maturation mechanism and its further evaluation in DUBLIN-4.

This rationale was further supported by prospective data from the Phase 2 Study 303 (n=47), presented at ASCO 2026. In patients with NSCLC whose disease had progressed following PD-1 inhibitor treatment, the combination of Plinabulin, docetaxel and a PD-1 inhibitor demonstrated encouraging anticancer activity. With a median follow-up of 28.8 months, the Plinabulin combination showed a median PFS of 7.0 months, a disease control rate of 79.5%, and a confirmed ORR of 18.2%, with a 2-year OS rate of 58%, nearly double the historical rate reported with docetaxel in a similar patient population.

Investor Contact:
[email protected]

Media Contact:
[email protected]

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements that are not historical facts. Words such as “will,” “expect,” “anticipate,” “plan,” “believe,” “design,” “may,” “future,” “estimate,” “predict,” “objective,” “goal,” or variations thereof and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are based on BeyondSpring’s current knowledge, beliefs, and expectations regarding possible future events and are subject to risks, uncertainties, and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including, but not limited to, the inability of Biolin and Bulin to perform their respective funding, clinical development, data generation and other obligations; delays or challenges in enrollment or execution of the China portion of DUBLIN-4; regulatory, data-transfer or human-genetic-resources requirements that may affect the transfer or use of China-generated clinical data; the inability of such data to support regulatory submissions outside Greater China; the possibility that the transaction may not achieve the anticipated benefits; the possibility that Fast Track designation may not result in a faster development or regulatory review process, and the fact that such designation does not increase the likelihood of regulatory approval; difficulties raising the anticipated amount needed to finance the Company’s future operations on terms acceptable to the Company, if at all; unexpected results from preclinical studies or clinical trials; the risk that preclinical results may not be predictive of clinical results; delays in, or failure to obtain, regulatory approvals; results that do not meet the Company’s expectations regarding the safety, efficacy, clinical utility, or regulatory pathway of the Company’s product candidates; increased competition in the market; the Company’s ability to meet Nasdaq’s continued listing requirements; and other risks described in BeyondSpring’s most recent Form 10-K and subsequent filings with the U.S. Securities and Exchange Commission. All forward-looking statements made herein speak only as of the date of this release, and BeyondSpring undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.

Financial Tables to Follow

BEYONDSPRING INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
	As of
	December 31, 2025				September 30, 2026
		$				$
					(Unaudited)
Assets
Current assets:
Cash and cash equivalents		2,967				580
Short term investments		1,000				–
Advances to suppliers		105				112
Prepaid expenses and other current assets		68				592
Current assets of discontinued operations		16,742				–
Total current assets		20,882				1,284
Noncurrent assets:
Property and equipment, net		155				117
Operating right-of-use assets		278				88
Long-term equity investment		–				18,373
Other noncurrent assets		98				–
Noncurrent assets of discontinued operations		4,520				–
Total noncurrent assets		5,051				18,578
Total assets		25,933				19,862
Liabilities and equity
Current liabilities:
Accounts payable		256				743
Accrued expenses		865				2,381
Current portion of operating lease liabilities		307				79
Other current liabilities		770				1,414
Current liabilities of discontinued operations		11,378				–
Total current liabilities		13,576				4,617
Noncurrent liabilities:
Other noncurrent liabilities		90				–
Noncurrent liabilities of discontinued operations		36,257				–
Total noncurrent liabilities		36,347				–
Total liabilities		49,923				4,617
Shareholders’ equity (deficit)
Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 41,122,320 and 41,409,059 shares issued and outstanding as of December 31, 2025 and September 30, 2026, respectively)		4				4
Additional paid-in capital		375,664				375,924
Accumulated deficit		(408,431	)			(360,647	)
Accumulated other comprehensive income (loss)		602				(36	)
Total BeyondSpring Inc.’s shareholders’ (deficit) equity		(32,161	)			15,245
Noncontrolling interests		8,171				–
Total shareholders’ (deficit) equity		(23,990	)			15,245
Total liabilities and shareholders’ (deficit) equity		25,933				19,862

BEYONDSPRING INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
(Unaudited)
	Three months ended September 30,								Nine months ended September 30,
	2025				2026				2025				2026
		$				$				$				$
Revenue		–				–				–				–
Operating expenses
Research and development		(968	)			(1,107	)			(2,667	)			(3,071	)
General and administrative		(672	)			(956	)			(3,188	)			(2,674	)
Loss from operations		(1,640	)			(2,063	)			(5,855	)			(5,745	)
Foreign exchange gain (loss), net		1				(1	)			8				(2	)
Interest income		19				–				63				11
Loss before income tax		(1,620	)			(2,064	)			(5,784	)			(5,736	)
Income tax expenses		(2	)			–				(2	)			–
Net loss from continuing operations		(1,622	)			(2,064	)			(5,786	)			(5,736	)
Discontinued operations
Loss from discontinued operations		(3,298	)			(1,015	)			(9,557	)			(9,425	)
Gain on sale of subsidiary interests		–				53,674				6,986				53,674
Income tax expenses		(24	)			(103	)			(66	)			(395	)
Net income (loss) from discontinued operations		(3,322	)			52,556				(2,637	)			43,854
Net income (loss)		(4,944	)			50,492				(8,423	)			38,118
Less: Net loss attributable to noncontrolling interests from discontinued operations		(3,404	)			(300	)			(9,554	)			(9,666	)
Net income (loss) attributable to BeyondSpring Inc.		(1,540	)			50,792				1,131				47,784
Earnings (loss) per share, basic and diluted
Continuing operations		(0.04	)			(0.05	)			(0.14	)			(0.14	)
Discontinued operations		0.00				1.29				0.17				1.30
Basic and diluted earnings (loss) per share		(0.04	)			1.24				0.03				1.16
Weighted-average shares outstanding
Basic and diluted		40,317,266				41,119,820				40,316,639				41,119,820
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustment loss from continuing operations		–				–				–				–
Foreign currency translation adjustment loss from discontinued operations		(183	)			(281	)			(711	)			(1,248	)
Comprehensive income (loss)		(5,127	)			50,211				(9,134	)			36,870
Less: Comprehensive loss attributable to noncontrolling interests from continuing operations		–				–				–				–
Less: Comprehensive loss attributable to noncontrolling interests from discontinued operations		(3,481	)			(490	)			(9,842	)			(10,276	)
Comprehensive income (loss) attributable to BeyondSpring Inc.		(1,646	)			50,701				708				47,146

IRVINE, Calif., Nov. 13, 2026 (GLOBE NEWSWIRE) — Cheetah Net Supply Chain Service Inc. (“Cheetah” or the “Company”) (Nasdaq CM: CTNT), a provider of logistics and warehousing services and international trading services, today reported results for the quarter ended September 30, 2026 and provided a corporate update.

For the quarter ended September 30, 2026, the Company reported total revenue of $3,557,805, compared to $361,935 in the same period in 2025, representing an increase of $3,195,870, or 883.0%. The Company recorded an operating loss of $821,890 for the quarter ended September 30, 2026, compared to an operating loss of $1,564,479 in the same period in 2025, representing a decrease of $742,589, or 47.5%. The decrease was primarily due to an increase of $237,229 in gross profit and the absence of an impairment loss of $731,307 recognized in the same period in 2025, partially offset by an increase of $287,851 in general and administrative expenses compared to the same period in 2025. The Company recognized other expenses, net, of $1,726,105 for the quarter ended September 30, 2026, primarily attributable to a $2,783,884 loss resulting from the change in fair value of acquisition-related contingent consideration asset, partially offset by interest income of $398,232 and other income of $666,508. After accounting for an income tax provision of nil, the Company reported a net loss from continuing operations of $2,547,995, compared to net loss from continuing operations of $1,314,650 for the same period in 2025, representing an increase in net loss of $1,233,345, or 93.8%.

Tony Liu, Cheetah’s Chairman and CEO, commented: “The third quarter of 2026 marked an important step forward in the execution of our business diversification strategy. Following the acquisition of Super International Trading Limited in May, our international trading business demonstrated encouraging momentum, generating approximately $3.56 million in revenue during the quarter. This performance reflects the progress we have made in expanding our business platform and developing new sources of revenue.”

“While our logistics and warehousing business continues to face challenges arising from evolving global trade conditions and cross-border customer demand, we remain focused on optimizing our operating structure and allocating resources toward opportunities that we believe offer greater long-term growth potential. We are encouraged by the progress of our international trading business and will continue to focus on strengthening its operations, expanding business opportunities, and improving operational efficiency.”

“Looking ahead, we remain committed to disciplined capital allocation, prudent financial management, and the pursuit of strategic opportunities that complement our existing capabilities. We believe that our continued efforts to diversify our revenue streams and strengthen our operating platform will position the Company for sustainable long-term growth.”

Third Quarter 2026 Financial Results

Continuing operations – logistics and warehousing business

For the three months ended September 30, 2026, the Company reported revenue of $nil from its logistics and warehousing services segment, compared to $361,935 for the same period in 2025. The decrease was primarily due to the disposition of Edward and the expiration of TWEW’s legacy customer service contracts during late 2025 and early 2026, which were not renewed on their original terms. As of the date of this release, TWEW is renegotiating logistics and labor services arrangements with customers that had business relationships with TWEW prior to its acquisition, and letters of intent and draft contracts with certain of these customers are in the process of being executed.

The Company also reported cost of revenue of $nil and $317,757 for the three months ended September 30, 2026 and 2025, respectively, representing a decrease of $317,757, or 100.0%, consistent with the corresponding decline in revenue from Edward and TWEW.

Gross profit for the three months ended September 30, 2026, was $nil, a decrease of $44,178, or 100.0%, from $44,178 for the three months ended September 30, 2025.

General and administrative expenses for the Company’s continuing operations-logistics and warehousing services segment decreased by $90,368, or 84.1%, to $17,068 for the three months ended September 30, 2026 from $107,436 for the three months ended September 30, 2025. The decrease was mainly due to the disposal of Edward in 2026.

Continuing operations – international trading

For the three months ended September 30, 2026, the Company reported revenue of $3,557,805 from its international trading segment, all of which was generated by Super International Trading Limited (“Super International”), which we acquired on May 27, 2026. The increase was primarily due to the expansion of the Company’s international trading business following the acquisition of Super International.

The Company also reported cost of revenue of $3,276,398 and $nil for the three months ended September 30, 2026 and 2025, respectively, representing an increase of $3,276,398, all of which was attributable to Super International, consistent with the corresponding increase in international trading revenue.

Gross profit for the three months ended September 30, 2026 was $281,407, an increase of $281,407, from $nil for the three months ended September 30, 2025.

General and administrative expenses for the Company’s continuing operations – international trading segment increased to $23,349 for the three months ended September 30, 2026 from $nil for the three months ended September 30, 2025. The increase was mainly due to the commencement of the Company’s international trading operations following the acquisition of Super International on May 27, 2026.

Continuing operations – Corporate Unallocated Operating Adjustments

General and administrative expenses for the Company’s continuing operations- corporate unallocated operating adjustments segment increased by $354,870, or 51.1%, to $1,048,697 for the three months ended September 30, 2026 from $693,827 for the three months ended September 30, 2025. The increase was mainly due to travel and entertainment expenses and legal and accounting fees and other general and administrative expenses.

Share-based compensation expenses were $14,183 and $76,087 for the three months ended September 30, 2026 and 2025, respectively, representing a decrease of $61,904, or 81.4%.

Interest income from continuing operations was $398,232 for the three months ended September 30, 2026, compared to $244,776 for the three months ended September 30, 2025, representing an increase of $153,456 or 62.7%. The increase was primarily due to an increase in average outstanding loan balances as the Company made additional loans to third parties, resulting in higher interest income.

Interest expense incurred from our continuing operations was $6,961 for the three months ended September 30, 2026, which decreased by $888, or 11.3%, from $7,849 for the three months ended September 30, 2025, mainly due to the continued amortization of our long-term borrowings and lower credit card and premium finance interest.

Net other income from continuing operations was $666,508 for the three months ended September 30, 2026, compared to $12,902 for the three months ended September 30, 2025, representing an increase of $653,606, or 5,065.9%. The increase was primarily driven by higher foreign exchange gains resulting from currency rate fluctuations.

The Company’s receivable from withdrawal of investment deposit of $41,762,995 as of September 30, 2026, represents RMB 280,000,000 contributed by Naiside to a PRC investment fund in January 2026 and repayable in full by Shanghai Kesheng on or before December 30, 2026. The receivable is denominated in Renminbi and remeasured at each reporting date. For the three months ended September 30, 2026, the Company recognized an unrealized foreign exchange gain of $652,422 on this receivable. Excluding this non-cash gain, the Company’s loss from continuing operations before income taxes of $2,547,995 for the three months ended September 30, 2026 would have been approximately $3,200,417.

Other expense from the change in fair value of acquisition-related contingent consideration asset was $2,783,884 for the three months ended September 30, 2026, compared to $nil for the three months ended September 30, 2025.

As a result of the above factors, the Company had a net loss of $2,547,995 from continuing operations for the three months ended September 30, 2026, compared to a net loss of $1,314,650 for the same period of 2025.

Nine Months 2026 Financial Results

Continuing operations – logistics and warehousing business

For the nine months ended September 30, 2026, the Company reported revenue of $92,700 from its logistics and warehousing services segment, compared to $1,195,860 for the same period in 2025. The decrease was primarily due to the disposition of Edward and the expiration of TWEW’s legacy customer service contracts, as described above.

The Company also reported cost of revenue of $72,833 and $1,060,526 for the nine months ended September 30, 2026 and 2025, respectively, primarily reflecting labor and logistics costs for TWEW and ocean freight service costs incurred by Edward.

Gross profit for the nine months ended September 30, 2026, was $19,867, a decrease of $115,467, or 85.3%, from $135,334 for the nine months ended September 30, 2025.

General and administrative expenses for the Company’s continuing operations-logistics and warehousing services segment decreased by $179,749, or 50.8%, to $173,757 for the nine months ended September 30, 2026 from $353,506 for the nine months ended September 30, 2025. The decrease was mainly due to lower operating and administrative expenses following the disposal of Edward, as well as ongoing cost control initiatives.

Continuing operations – international trading

For the nine months ended September 30, 2026, the Company reported revenue of $4,426,714 from its international trading segment, of which $208,909, or 4.7%, was attributable to Cheetah, and $4,217,805, or 95.3%, was attributable to Super International, which the Company acquired on May 27, 2026. The increase was primarily due to the expansion of the Company’s international trading business following the acquisition of Super International.

The Company also reported cost of revenue of $4,125,807 and $nil for the nine months ended September 30, 2026 and 2025, respectively, representing an increase of $4,125,807 including $199,409 attributable to Cheetah and $3,926,398 attributable to Super International, consistent with the corresponding increase in international trading revenue.

Gross profit for the nine months ended September 30, 2026, was $300,907, an increase of $300,907, from $nil for the nine months ended September 30, 2025.

General and administrative expenses for the Company’s continuing operations-international trading segment increased to $43,433 for the nine months ended September 30, 2026 from $nil for the nine months ended September 30, 2025. The increase was mainly due to the acquisition of Super International.

Continuing operations – Corporate Unallocated Operating Adjustments

General and administrative expenses for the Company’s continuing operations- corporate unallocated operating adjustments segment increased by $275,462, or 12.2%, to $2,529,043 for the nine months ended September 30, 2026 from $2,253,581 for the nine months ended September 30, 2025. The increase was mainly due to an increase in travel and entertainment expenses and other general and administrative expenses.

Share-based compensation expenses were $42,547 and $102,716 for the nine months ended September 30, 2026 and 2025, respectively, representing a decrease of $60,169, or 58.6%.

Interest income from continuing operations was $814,069 for the nine months ended September 30, 2026, compared to $725,094 for the nine months ended September 30, 2025, representing an increase of $88,975 or 12.3%. The increase was primarily due to an increase in average outstanding loan balances as the Company made additional loans to third parties, resulting in higher interest income.

Interest expense incurred from our continuing operations was $21,460 for the nine months ended September 30, 2026, which decreased by $3,261, or 13.2%, from $24,721 for the nine months ended September 30, 2025, mainly due to lower average outstanding balances under long-term borrowings and premium finance arrangements.

Net other income from continuing operations was $1,669,286 for the nine months ended September 30, 2026, compared to $42,658 for the nine months ended September 30, 2025, representing an increase of $1,626,628, or 3,813.2%. The increase was primarily driven by higher foreign exchange gains resulting from currency rate fluctuations.

During the nine months ended September 30, 2026, the Company recognized an unrealized foreign exchange gain of approximately $1,631,708 related to the receivable arising from the withdrawal of the investment deposit. Excluding this non-cash gain, the Company would have incurred a loss from continuing operations before income taxes of approximately $4,719,313 for the nine months ended September 30, 2026.

Other expense from the change in fair value of acquisition-related contingent consideration asset was $2,783,884 for the nine months ended September 30, 2026, compared to $nil for the nine months ended September 30, 2025.

As a result of the above factors, the Company had a net loss of $3,093,215 from continuing operations for the nine months ended September 30, 2026, compared to a net loss of $2,581,087 for the same period of 2025.

Liquidity and Going Concern Considerations

The Company reported a net loss of approximately $3.1 million for the nine months ended September 30, 2026, and net cash used in operating activities of approximately $2.5 million. As the Company continues to integrate its newly acquired international trading business and develop its logistics and warehousing service business, the Company may continue to incur operating losses and generate negative cash flow. These factors were considered in management’s evaluation of the Company’s ability to continue as a going concern, together with the mitigating factors described below.

As of September 30, 2026, the Company had cash and cash equivalents of approximately $14.5 million and a working capital balance of $87.1 million. In addition, the Company had a receivable from withdrawal of investment deposit of $41.8 million and loans receivable from third parties of approximately $29.5 million, which can be sufficient for the Company to support its ongoing business operations and meet the obligations in the future.

Management has evaluated the Company’s ability to continue as a going concern in accordance with ASC 205-40, Presentation of Financial Statements – Going Concern. This evaluation considered the Company’s current financial condition, expected cash flows, obligations due within the next 12 months, and available sources of liquidity.

The Company is working to further improve its liquidity and capital sources primarily by generating cash from operations, pursuing debt financing, and, if needed, seeking financial support from its principal stockholder. If necessary to fully implement its business plan and sustain continued growth, the Company may seek additional equity financing from outside investors. Based on the current operating plan, management believes that the aforementioned measures collectively will provide sufficient liquidity to meet the Company’s liquidity and capital requirements for at least 12 months from the issuance date of its consolidated financial statements.

Forward-Looking Statements

This press release contains certain forward-looking statements, including statements that are predictive in nature. Forward-looking statements are based on the Company’s current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 10-K, under the caption “Risk Factors.”

For more information, please contact:

Cheetah Net Supply Chain Service Inc. 

Investor Relations

(949) 418-7804
[email protected]

CHEETAH NET SUPPLY CHAIN SERVICE INC. (UNAUDITED) CONSOLIDATED BALANCE SHEETS
		September 30,				December 31,
		2026				2025*
		(UNAUDITED)				(AUDITED)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	14,464,614			$	233,217
Accounts receivable, net			419,529				6,540
Loan receivable			29,471,513				7,430,111
Other receivables, net			1,341,520				1,157,130
Prepaid expenses and other current assets			1,026,988				238,648
Receivable from withdrawal of investment deposit			41,762,995				—
TOTAL CURRENT ASSETS			88,487,159				9,065,646
NONCURRENT ASSETS:
Property, plant, and equipment, net			303,167				358,868
Operating lease right-of-use assets			414,992				1,165,517
Intangibles, net			490,000				792,571
Goodwill			2,665,654				475,862
TOTAL NONCURRENT ASSETS			3,873,813				2,792,818
TOTAL ASSETS		$	92,360,972			$	11,858,464
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	419,058			$	32,762
Current portion of long-term debt			37,750				35,902
Loans payable from premium finance			123,516				82,650
Due to a related party			10,745				5,204
Operating lease liabilities, current			428,852				594,407
Accrued liabilities and other current liabilities			343,781				594,693
TOTAL CURRENT LIABILITIES			1,363,702				1,345,618
NONCURRENT LIABILITIES:
Long-term debt, net of current portion			542,618				572,653
Operating lease liabilities, net of current portion			—				584,606
TOTAL NONCURRENT LIABILITIES			542,618				1,157,259
TOTAL LIABILITIES		$	1,906,320			$	2,502,877
COMMITMENTS AND CONTINGENCIES			—				—
STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value, 2,200,000,000 and 1,000,000,000 shares authorized; 1,333,445 and 115 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively, including: *
Class A common stock, $0.0001 par value, 2,000,000,000 shares and 891,750,000 shares authorized; 1,332,087 and 91 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			133				—
Class B common stock, $0.0001 par value, 200,000,000 shares and 108,250,000 shares authorized; 1,358 and 24 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			—				—
Additional paid-in capital			101,878,048				17,685,901
Accumulated deficit			(11,423,529	)			(8,330,314	)
TOTAL STOCKHOLDERS’ EQUITY			90,454,652				9,355,587
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	92,360,972			$	11,858,464
* Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and share reverse splits on April 20, 2026 (1-for-200) and September 21, 2026 (1-for-150).

CHEETAH NET SUPPLY CHAIN SERVICE INC. (UNAUDITED) CONSOLIDATED STATEMENTS OF OPERATIONS
		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025*				2026				2025*
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
REVENUE		$	3,557,805			$	361,935			$	4,519,414			$	1,195,860
COST OF REVENUE			3,276,398				317,757				4,198,640				1,060,526
GROSS PROFIT			281,407				44,178				320,774				135,334
OPERATING EXPENSES
General and administrative expenses			1,089,114				801,263				2,746,233				2,607,087
Impairment loss expenses			—				731,307				—				731,307
Share-based compensation expenses			14,183				76,087				42,547				102,716
TOTAL OPERATING EXPENSES			1,103,297				1,608,657				2,788,780				3,441,110
LOSS FROM OPERATIONS			(821,890	)			(1,564,479	)			(2,468,006	)			(3,305,776	)
OTHER INCOME (EXPENSES)
Interest income			398,232				244,776				814,069				725,094
Interest expenses			(6,961	)			(7,849	)			(21,460	)			(24,721	)
Loss on disposal of Edward			—				—				(297,610	)			—
Other income			666,508				12,900				1,669,286				78,005
Other expenses			—				2				—				(35,347	)
Other expense change in fair value of acquisition-related contingent consideration asset			(2,783,884	)			—				(2,783,884	)			—
OTHER INCOME, NET			(1,726,105	)			249,829				(619,599	)			743,031
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			(2,547,995	)			(1,314,650	)			(3,087,605	)			(2,562,745	)
Income tax			—				—				5,610				18,342
INCOME (LOSS) FROM CONTINUING OPERATIONS			(2,547,995	)			(1,314,650	)			(3,093,215	)			(2,581,087	)
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX			—				—				—				—
NET INCOME (LOSS)		$	(2,547,995	)		$	(1,314,650	)		$	(3,093,215	)		$	(2,581,087	)
Earnings (loss) from continuing operations per ordinary share – basic and diluted		$	(11.23	)		$	(12,170.24	)		$	(38.17	)		$	(23,897.33	)
Earnings (loss) from discontinued operations per ordinary share – basic and diluted		$	0.00			$	0.00			$	0.00			$	0.00
Earnings (loss) per share – basic and diluted		$	(11.23	)		$	(12,170.24	)		$	(38.17	)		$	(23,897.33	)
Weighted average shares – basic and diluted			226,988				108				81,037				108
* Certain reclassifications have been made to the financial statements for the period ended September 30, 2025, to conform to the presentation for the period ended September 30, 2026, with no effect on previously reported net income (loss).

CHEETAH NET SUPPLY CHAIN SERVICE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
		Nine Months Ended September 30,
		2026				2025
Net cash provided by (used in) operating activities		$	(2,543,247	)		$	733,780
Cash used in operations-continuing operations			(2,543,247	)			(1,806,721	)
Cash provided by operations-discontinued operations			—				2,540,501
Net cash used in investing activities			(67,239,062	)			(2,214,816	)
Cash used in investing activities-continuing operations			(67,239,062	)			(2,214,816	)
Net cash provided by (used in) financing activities			84,022,934				(16,237	)
Cash provided by (used in) financing activities-continuing operations			84,022,934				(16,237	)
Effect of exchange rate fluctuation on cash			(9,228	)			3
Net increase (decrease) in cash		$	14,231,397			$	(1,497,270	)

 –     Continued to advance the development of CLD-401 towards the clinic

–      Presented new CLD-401 data and in situ TCE platform advances at the ESMO Congress 2026

–      Received $1.2 million gross proceeds from at-the-market registered direct offering

–      Reduced general and administrative expenses by $1.0 million, or 39%, in the third quarter of 2026 versus the same period in the prior year

SAN DIEGO, Nov. 13, 2026 (GLOBE NEWSWIRE) — Calidi Biotherapeutics, Inc. (NYSE American: CLDI) (“Calidi” or the “Company”), a biotechnology company pioneering the development of targeted genetic medicines, today reported financial and operating results for the three months ended September 30, 2026, and reviewed recent business highlights.

“Throughout the third quarter, Calidi continued to advance its RedTail platform for systemic and local delivery and redefine the potential of oncolytic viruses and genetic medicine,” said Eric Poma, Ph.D., Calidi Biotherapeutics CEO. “In particular, CLD-401 demonstrated remarkable anti-tumor activity with systemic administration in syngeneic tumor models and continues to progress towards the clinic.”

Third Quarter 2026 and Recent Business Developments

• Presented two posters at the European Society for Medical Oncology (ESMO) Congress 2026 on October 24, 2026. The presentations showcased new data from the Company’s RedTail platform, a systemically delivered virotherapy platform engineered to selectively target tumors, remodel the tumor microenvironment, and enable high-level expression of therapeutic genetic payloads directly within tumors.
  • Preclinical data on Calidi’s lead program, CLD-401, showed complete tumor eradication in 80% of EMT6 breast cancer tumor-bearing mice versus 0% in the control arm. CLD-401 was engineered for systemic delivery, and new data from an MB49 bladder cancer model show it retains antitumor activity with either systemic intravenous or localized intratumoral administration, supporting flexible delivery approaches across tumor accessibility and disease settings. 
  • Presented preclinical data from Calidi’s in situ T-cell engager (“TCE”) platform, including CLD-501, its TROP-2-targeted candidate, and CLD-502, its EpCAM-targeted candidate.   Following intravenous delivery, the platform generated approximately 10 ng/mL of EpCAM-targeted TCE directly within tumors, and both targeted TCEs demonstrated antigen-dependent, does-responsive T-cell mediated cytotoxicity.
• Received $1.2 million gross proceeds from an at-the-market registered direct offering that closed on September 18, 2026.
• Reduced general and administrative expenses by $1.0 million, or 39%, in the third quarter of 2026 versus the same period in the prior year. Reduced general and administrative expenses by $3.6 million, or 42%, in the nine months ended September 30, 2026, versus the same period in the prior year. On November 6, 2026, Calidi executed a restructuring plan, predominantly through a reduction in headcount, that is expected to save $3 million on an annualized basis to extend the Company’s cash runway to reduce costs, extend the Company’s operating runway, and preserve capital while pursuing additional financing. 

Third Quarter 2026 Financial
Results

Calidi reported a $3.6 million net loss attributable to common stockholders for the third quarter of 2026, compared to a net loss attributable to common stockholders of $10.8 million for the third quarter of 2025, which included a $5.7 million non-cash charge for a deemed dividend on warrants.  There was no such charge during the third quarter of 2026.

Research and development expenses were $2.7 million for the third quarter of 2026, compared to $2.4 million for the same quarter in 2025.

General and administrative expenses were $1.6 million for the third quarter of 2026, compared to $2.7 million for the same quarter in 2025.

The Company had $3.9 million in cash and $0.2 million in restricted cash as of September 30, 2026, compared with $5.6 million in cash and $0.2 million in restricted cash as of December 31. 2025.

About Calidi Biotherapeutics

Calidi Biotherapeutics (NYSE American: CLDI) is a biotechnology company pioneering the development of targeted therapies with the potential to deliver genetic medicines to distal sites of disease. The Company’s proprietary RedTail platform features an engineered enveloped oncolytic virus designed for systemic delivery and targeting of metastatic sites. This advanced enveloped technology is intended to shield the virus from immune clearance, allowing virotherapy to effectively reach tumor sites, induce tumor lysis, and deliver potent genetic medicine(s) to metastatic locations.

CLD-401, the lead candidate from the RedTail platform, currently in IND-enabling studies, targets metastatic non-small cell lung cancer, head and neck cancer, and other tumor types with high unmet medical need. Calidi continues to advance its pipeline utilizing the RedTail platform including its novel approach to incorporate in situ T-cell engagers in solid tumors.

Calidi Biotherapeutics is headquartered in San Diego, California. For more information, please visit www.calidibio.com.

Forward-Looking Statements

This press release may contain forward-looking statements for purposes of the “safe harbor” provisions under the United States Private Securities Litigation Reform Act of 1995. Terms such as “anticipates,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predicts,” “project,” “should,” “towards,” “would” as well as similar terms, are forward-looking in nature, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, the Company’s plans strategies, priorities and key operational initiatives for fiscal year 2026 and 2027, including the Company’s plan to dose the first patient in the second half of 2027, statements concerning key milestones, including certain pre-clinical data, planned clinical trials, and statements relating to the safety and efficacy of Calidi’s therapeutic candidates in development. Any forward-looking statements contained in this discussion are based on Calidi’s current expectations and beliefs concerning future developments and their potential effects and are subject to multiple risks and uncertainties that could cause actual results to differ materially and adversely from those set forth or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that Calidi is not able to raise sufficient capital to support its current and anticipated clinical trials, the risk that early results of clinical trials do not necessarily predict final results and that one or more of the clinical outcomes may materially change following more comprehensive review of the data, and as more patient data becomes available, the risk that Calidi may not receive FDA approval for some or all of its therapeutic candidates; and, with respect to the Company’s fiscal year 2026 and 2027 initiatives, including the timing and ability to open a phase 1 clinical study in the second half of 2027, the risk that actual results may differ materially due to, among other things, the timing, cost and results of research and development activities and preclinical studies; interactions with, and the timing and substance of feedback from, regulatory authorities (including that any preliminary interactions with the FDA may not be indicative of future outcomes or regulatory success); changes in applicable laws or regulations; manufacturing and supply chain matters; the availability of capital and other resources; and changes in business, market, economic or competitive conditions. Other risks and uncertainties are set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s annual report filed with the SEC on Form 10-K on March 27, 2026, as may be amended or supplemented by other reports we file with the SEC from time to time. We disclaim any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Investors Contact:

[email protected] 

Media Contact:

[email protected] 

CALIDI BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value data)
	September 30, 2026				December 31, 2025
	(unaudited)
ASSETS
Current assets:
Cash	$	3,947			$	5,600
Restricted cash, current		219				100
Prepaid expenses and other current assets		570				556
Total current assets		4,736				6,256
Noncurrent assets:
Restricted cash, noncurrent		–				119
Machinery and equipment, net		704				781
Operating lease right-of-use assets, net		83				1,682
Other noncurrent assets		–				19
Total assets	$	5,523			$	8,857
LIABILITIES AND TOTAL EQUITY
Current liabilities:
Accounts payable	$	1,347			$	595
Related party accounts payable		–				18
Accrued expenses and other current liabilities		1,517				1,186
Related party accrued expenses and other current liabilities		–				530
Promissory note and accrued interest, current		668				90
Operating leases, current		53				1,405
Finance leases, current		141				111
Total current liabilities		3,726				3,935
Noncurrent liabilities:
Operating leases, noncurrent		30				277
Finance leases, noncurrent		132				171
Promissory note, noncurrent		–				600
Warrant liability		4				107
Related party warrant liability		–				8
Total liabilities		3,892				5,098
Total equity		1,631				3,759
Total liabilities and total equity	$	5,523			$	8,857

CALIDI BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except par value data)
	Three months ended September 30,
	2026				2025
Operating expenses:
Research and development	$	2,703			$	2,361
General and administrative		1,642				2,687
Total operating expenses		4,345				5,048
Loss from operations		(4,345	)			(5,048	)
Other income (expense), net:
Interest expense		(29	)			(31	)
Interest expense – related party		(8	)			(10	)
Change in fair value of other liabilities and derivatives		59				(93	)
Change in fair value of other liabilities and derivatives – related party		5				(7	)
Other income, net		681				18
Total other income (expense), net		708				(123	)
Loss before income taxes		(3,637	)			(5,171	)
Provision for income taxes		(9	)			(10	)
Net loss		(3,646	)			(5,181	)
Net loss attributable to noncontrolling interest		–				(32	)
Net loss attributable to controlling interest		(3,646	)			(5,149	)
Deemed dividend on warrants		–				(5,673	)
Net loss attributable to common stockholders	$	(3,646	)		$	(10,822	)
Net loss per share – basic and diluted	$	(1.47	)		$	(35.25	)
Weighted average shares outstanding – basic and diluted		2,476				307

DENVER, Nov. 13, 2026 (GLOBE NEWSWIRE) — ArrowMark Financial Corp. (Nasdaq: BANX) (“ArrowMark Financial” or the “Company”), an SEC registered closed-end management investment company, today announced that its Board of Directors has declared a monthly cash distribution of $0.15 per share for November 2026. The total distribution of $0.15 per share will be payable on November 30, 2026, to shareholders of record on November 23, 2026.

About ArrowMark Financial Corp.

ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. The Fund pursues its objective by investing primarily in regulatory capital securities of financial institutions. ArrowMark Financial is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com or contact the Fund’s secondary market service agent at 877-855-3434.

Disclaimer and Risk Factors:

There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial’s investment objective, risks, charges and expenses. Past performance does not guarantee future results.

The Annual Report, Semi-Annual Report and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on the Fund’s website at ir.arrowmarkfinancialcorp.com.

Contact:

[email protected] 

Destra Capital Advisors LLC (877) 855-3434
Destra Capital Advisors LLC provides secondary market services for the Fund by agreement.

WILMINGTON, Mass., Nov. 13, 2026 (GLOBE NEWSWIRE) — Liberty Defense Holdings Ltd. (“Liberty” or the “Company”) (NASDAQ: DETX; TSXV: SCAN), a leading provider of AI-based next-generation detection solutions for concealed weapons and threats, issues this clarifying news release requested by the TSX Venture Exchange (the “TSXV”) regarding a credit facility and term loan entered into by the Company with PFF, LLC (“Parabilis”) previously announced on August 22, 2024.

The Company’s wholly-owned subsidiary Liberty Defense Technologies Inc. (the “Subsidiary”) and Parabilis entered into a Loan and Security Agreement dated August 19, 2024, as amended March 15, 2025, July 15, 2025, August 14, 2025 and September 1, 2025, pursuant to which Parabilis provided the Subsidiary with a US$1.8 million term loan (the “Term Loan”) and a US$2.5 million revolving credit facility (the “Credit Facility”) secured by substantially all of the Subsidiary’s assets, with the obligations of the Subsidiary unconditionally guaranteed by the Company. The Credit Facility and Term Loan were established to provide the Company with additional working capital flexibility.

The Credit Facility bears interest at 14.99% per annum and the Term Loan bears interest at 17.99% per annum payable monthly in arrears. The Term Loan had a term of 104 weeks and was scheduled to mature on August 15, 2026. The Credit Facility originally had a maturity date of August 31, 2025, with an option to extend at Parabilis’ sole discretion. On September 1, 2025, the parties amended the Credit Facility by extending the maturity date to May 31, 2026, with automatic one-year renewals unless Parabilis provides 90-days’ notice and the Company agreeing to pay a 0.083% monthly commitment fee. On August 14, 2025, the Term Loan was amended to provide for additional advances which contemplated total principal advances of approximately US$2.9 million, but only US$650,000 in additional advances were funded, resulting in total funded principal advances of US$2.45 million to the Subsidiary.

The borrowing base for the Credit Facility is determined based on the following percentages: 90% of eligible billed receivables, 65% of eligible unbilled receivables, and 30% of eligible delivery orders. The aggregate of eligible billed and unbilled receivables, along with eligible delivery orders, establishes the Subsidiary’s borrowing capacity under the Credit Facility. When invoicing occurs, payments on the invoices are applied directly to the outstanding principal and interest on the Credit Facility. As of the date of this press release US$Nil is outstanding under the Credit Facility and all principal and accrued interest under the Term Loan have been fully repaid and there is no outstanding balance under the Term Loan.

About Liberty Defense

Liberty Defense (NASDAQ: DETX; TSXV: SCAN) provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools, and more. Liberty’s HEXWAVE product, for which the Company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons. Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio. Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions.

For updates and news, please visit the Company website to subscribe to email alerts or follow Liberty Defense on social channels.

FORWARD-LOOKING STATEMENTS
When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although Liberty believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this press release are reasonable, undue reliance should not be placed on them because Liberty can give no assurance that such statements will prove to be correct. Such statements and information reflect the current view of Liberty.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause Liberty’s actual results to differ materially from those indicated or implied by forward-looking statements and information, including those appearing in Liberty’s public filings. Such factors include, among others: currency fluctuations; limited business history of Liberty; disruptions or changes in the credit or security markets; results of operation activities and development of projects; project cost overruns or unanticipated costs and expenses; general development, market and industry conditions; and other factors described in Liberty’s public filings. Liberty undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of its securities or its respective financial or operating results (as applicable).

Liberty cautions that the foregoing list of material factors is not exhaustive. When relying on Liberty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Liberty has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Liberty as of the date of this press release and, accordingly, are subject to change after such date. Liberty does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Investor Relations:

For further information about Liberty Defense, please contact:

Kevin O’Dowd
Investor Relations
617-755-4602
[email protected]

For sales information, please contact:

Ian McNaughton
Senior Director Business Development, Liberty Defense
613-292-3669
[email protected]