Market Newsdesk

March 3, 2025 7:37 am

SPHERE ENTERTAINMENT CO. REPORTS RESULTS FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2024

PR Newswire

NEW YORK
, March 3, 2025 /PRNewswire/ — Sphere Entertainment Co. (NYSE: SPHR) (“Sphere Entertainment” or the “Company”) today reported financial results for the three and six months ended December 31, 2024.⁽¹⁾

Recent Sphere operating highlights include:

The Sphere Experience featuring Postcard from Earth passed its 1,000^th showing in early January;
Afterlife presents Anyma ‘The End Of Genesys’ – the venue’s first electronic music act – successfully completed a twelve-show run between December and the beginning of March;
The Eagles are in the midst of a 32-show residency, which has been extended multiple times due to demand, while Dead & Company, Kenny Chesney and the Backstreet Boys each announced residencies at Sphere for this Spring and Summer;
Formula 1’s Las Vegas Grand Prix returned to Sphere in November as part of its multi-year deal with the Company; and
Sphere hosted Delta Air Lines for a multi-day takeover, including a keynote presentation, during the Consumer Electronics Show in January.

For the three months ended December 31, 2024, the Company reported revenues of $308.3 million, a decrease of $5.9 million as compared to the prior year quarter. In addition, the Company reported an operating loss of $142.9 million, an improvement of $16.7 million, and adjusted operating income of $32.9 million, a decrease of $18.6 million, both as compared to the prior year quarter.⁽²⁾

For the six months ended December 31, 2024, the Company reported revenues of $536.2 million, an increase of $104.0 million as compared to the prior year period. In addition, the Company reported an operating loss of $260.6 million, an increase of $31.1 million, and adjusted operating income of $22.7 million, an increase of $29.1 million, both as compared to the prior year period.⁽²⁾

Executive Chairman and CEO James L. Dolan said, “As we enter a new fiscal year, we see significant opportunities to drive our Sphere business forward in Las Vegas and beyond. We believe we are on a path toward realizing our vision for this next-generation medium and generating long-term shareholder value.”

Segment Results for the Three and Six Months Ended December 31, 2024 and 2023:

(In millions)

Three Months Ended

Six Months Ended

December 31,

Change

December 31,

Change

2024

2023

2024

2023

Revenues:

Sphere

$ 169.0

$ 167.8

$ 1.2

1 %

$ 296.1

$ 175.6

$ 120.5

69 %

MSG Networks

139.3

146.4

(7.1)

(5) %

240.1

256.6

(16.5)

(6) %

Total Revenues

$ 308.3

$ 314.2

$ (5.9)

(2) %

$ 536.2

$ 432.2

$ 104.0

24 %

Operating Income (Loss):

Sphere

$ (107.9)

$ (193.9)

$ 86.0

44 %

$ (233.0)

$ (292.4)

$ 59.4

20 %

MSG Networks

(35.0)

34.2

(69.3)

(27.6)

62.9

(90.5)

Total Operating Loss

$ (142.9)

$ (159.7)

$ 16.7

10 %

$ (260.6)

$ (229.5)

$ (31.1)

(14) %

Adjusted Operating Income (Loss):⁽²⁾

Sphere

$ (0.8)

$ 14.1

$ (14.9)

$ (27.1)

$ (69.0)

$ 41.9

61 %

MSG Networks

33.7

37.3

(3.7)

(10) %

49.8

62.5

(12.8)

(20) %

Total Adjusted Operating Income (Loss)

$ 32.9

$ 51.4

$ (18.6)

(36) %

$ 22.7

$ (6.4)

$ 29.1


Note: Does not foot due to rounding. NM — Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are considered not meaningful.
(1)	As previously announced, the Company has changed its fiscal year end from June 30 to December 31, effective December 31, 2024. As a result, the six months ended December 31, 2024 represent a transition period, with the next fiscal year covering the period from January 1, 2025 through December 31, 2025.
(2)	See page 4 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures.

Sphere

For the three months ended December 31, 2024, the Sphere segment reported revenues of $169.0 million, an increase of $1.2 million, or 1%, as compared to the prior year quarter.

Revenues related to The Sphere Experience of $86.5 million decreased $6.4 million as compared to the prior year quarter, primarily due to lower average per-show revenues across 190 performances of Postcard from Earth and V-U2 An Immersive Concert Film in the current year quarter as compared to 192 performances of Postcard from Earth in the prior year quarter.

Event-related revenues of $54.4 million decreased $0.8 million as compared to the prior year quarter, which reflected 6 fewer concerts held at Sphere in Las Vegas as compared to the prior year quarter, partially offset by the impact of a multi-day corporate event takeover during the current year quarter and, to a lesser extent, higher average per-event revenues as compared to the prior year quarter.

Revenues from sponsorship, signage, Exosphere advertising and suite license fees of $20.3 million increased $2.7 million as compared to the prior year quarter, primarily reflecting an increase in sponsorship revenues and revenues from advertising campaigns on the venue’s Exosphere, as well as higher suite license fee revenues.

Other revenues of $7.8 million increased $5.6 million as compared to the prior year quarter, which reflects the impact of consolidating Holoplot’s results following its acquisition by the Company in April 2024 and, to a lesser extent, the impact of revenues related to the Company’s plans to bring the world’s second Sphere to Abu Dhabi, United Arab Emirates.

For the three months ended December 31, 2024, the Sphere segment had direct operating expenses of $72.7 million, an increase of $5.3 million, or 8%, as compared to the prior year quarter. Direct operating expenses primarily reflect (i) expenses associated with The Sphere Experience of $30.7 million, which increased $3.1 million as compared to the prior year quarter, primarily due to higher average per-show expenses; (ii) venue operating costs of $18.0 million, which increased $3.0 million as compared to the prior year quarter; and (iii) event-related expenses of $14.8 million, which decreased $5.6 million as compared to the prior year quarter, primarily due to fewer concerts.

For the three months ended December 31, 2024, selling, general and administrative expenses of $119.0 million increased $21.2 million, or 22%, as compared to the prior year quarter, primarily due to (i) higher employee compensation and related benefits, primarily due to the impact of executive management transition costs of $8.3 million recorded in the current year quarter as compared to executive management transition costs of $1.2 million recorded in the prior year quarter, and (ii) higher professional fees, including $4.2 million of costs associated with MSG Networks’ pursuit of a work-out of its credit facilities and litigation-related expenses associated with the merger of a subsidiary of the Company with MSG Networks Inc. recorded in the current year quarter.

For the three months ended December 31, 2024, operating loss of $107.9 million improved by $86.0 million as compared to the prior year quarter, primarily reflecting the absence of an impairment charge recorded in the prior year quarter, partially offset by higher selling, general and administrative expenses. Adjusted operating income decreased by $14.9 million to an adjusted operating loss of $0.8 million as compared to the prior year quarter, primarily reflecting higher selling, general and administrative expenses. Excluding the impact of $8.3 million and $1.2 million of executive management transition costs (or $4.6 million and $0.2 million excluding share-based compensation) recorded in the current and prior year quarters, respectively, operating loss would have been $99.6 million and $192.7 million, respectively, and adjusted operating income would have been $3.8 million and $14.3 million, respectively.

MSG Networks

For the three months ended December 31, 2024, the MSG Networks segment reported total revenues of $139.3 million, a decrease of $7.1 million, or 5%, as compared to the prior year quarter.

Distribution revenue decreased $8.7 million, primarily due to a decrease in total subscribers of approximately 11.5%, partially offset by the impact of higher affiliation rates.

Advertising revenue increased $1.8 million as compared to the prior year quarter, primarily due to higher average per-game advertising sales, a greater number of live professional sports telecasts and higher advertising revenue related to MSG+ (which is now included in the Gotham Sports streaming product launched as part of MSG Networks’ joint venture with YES Network). This increase was partially offset by lower sales related to MSG Networks’ other non-ratings based advertising initiatives.

For the three months ended December 31, 2024, direct operating expenses of $94.5 million increased $2.1 million, or 2%, as compared to the prior year quarter. Other programming and production costs increased $2.5 million as compared to the prior year quarter, primarily due to higher costs related to MSG+ as well as other net cost increases. In addition, rights fees expenses decreased $0.4 million as compared to the prior year quarter.

For the three months ended December 31, 2024, selling, general and administrative expenses of $16.3 million decreased $1.4 million, or 8%, as compared to the prior year quarter. This decrease was primarily due to lower advertising and marketing costs of $2.4 million as well as other net cost decreases, partially offset by higher professional fees of $2.8 million, mainly reflecting costs associated with pursuing a work-out of MSG Networks’ credit facilities with its syndicate of lenders recorded in the current year period.

In addition, results for the three months ended December 31, 2024 included a non-cash goodwill impairment charge of $61.2 million as compared to no impairment and other losses, net, in the prior year quarter.

For the three months ended December 31, 2024, operating income decreased by $69.3 million to an operating loss of $35.0 million as compared to the prior year quarter, primarily due to the impact of impairment and other losses, net, recorded in the current year quarter and, to a lesser extent, the decrease in revenues and higher direct operating expenses, partially offset by lower selling, general and administrative expenses. Adjusted operating income of $33.7 million decreased $3.7 million, or 10%, as compared to the prior year quarter, primarily due to the decrease in revenues and higher direct operating expenses, partially offset by lower selling, general and administrative expenses.

Other Matters

MSG Networks continues to pursue a refinancing of its credit facilities, which matured on October 11, 2024, through a work-out with its syndicate of lenders. As previously announced, on October 11, 2024, MSG Networks entered into a forbearance agreement with certain of its existing lenders pursuant to which the supporting lenders agreed not to exercise certain of their remedies under the MSG Networks credit facilities with respect to nonpayment of the debt on the maturity date until the end of the forbearance period. The forbearance period has been extended multiple times, with a current expiration date of March 26, 2025. As of today, MSG Networks has approximately $804.1 million of principal amount outstanding under its credit facilities, following a principal repayment of $25 million on February 4, 2025 using MSG Networks’ cash on hand. If MSG Networks is not successful in negotiating a refinancing or work-out of its indebtedness, the Company believes it is probable that MSG Networks and/or its subsidiaries would seek bankruptcy protection or the lenders would foreclose on the MSG Networks collateral securing the credit facilities.

About Sphere Entertainment Co.
Sphere Entertainment Co. is a premier live entertainment and media company. The Company includes Sphere, a next-generation entertainment medium powered by cutting-edge technologies to redefine the future of entertainment. The first Sphere venue opened in Las Vegas in September 2023. In addition, the Company includes MSG Networks, which operates two regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as a direct-to-consumer and authenticated streaming product, MSG+, delivering a wide range of live sports content and other programming. More information is available at www.sphereentertainmentco.com.

Non-GAAP Financial Measures

We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) before (i) depreciation, amortization and impairments of property and equipment, goodwill and intangible assets, (ii) amortization for capitalized cloud computing arrangement costs, (iii) share-based compensation expense, (iv) restructuring charges or credits, (v) merger, debt work-out and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries, (vi) gains or losses on sales or dispositions of businesses and associated settlements, (vii) the impact of purchase accounting adjustments related to business acquisitions, and (viii) gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, debt work-out and acquisition-related costs, including merger related litigation expenses, net of insurance recoveries, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan, provides investors with a clearer picture of the Company’s operating performance given that, in accordance with U.S. generally accepted accounting principles (“GAAP”), gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan are recognized in Operating income (loss) whereas gains and losses related to the remeasurement of the assets under the Company’s Executive Deferred Compensation Plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Other income (expense), net, which is not reflected in Operating income (loss).

We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of our business segments and the Company on a consolidated basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 6 of this release.

Forward-Looking Statements

This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Contacts:

Ari Danes, CFA

Investor Relations and Financial Communications

(212) 465-6072

Justin Blaber

Financial Communications

(212) 465-6109

Grace Kaminer

Investor Relations

(212) 631-5076

Sarah Rothschild

Investor Relations

(212) 631-5345

Conference Call Information:

The conference call will be Webcast live today at 10:00 a.m. ET at investor.sphereentertainmentco.com

Conference call dial-in number is 800-715-9871 / Conference ID Number 8089430

Conference call replay number is 800-770-2030 / Conference ID Number 8089430 until March 10, 2025

SPHERE ENTERTAINMENT CO. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)

	Three Months Ended		Six Months Ended
	December 31,		December 31,
	2024	2023	2024	2023
Revenues	$ 308,290	$ 314,157	$ 536,203	$ 432,164
Direct operating expenses	(167,175)	(159,766)	(306,871)	(244,265)
Selling, general and administrative expenses	(135,286)	(115,520)	(254,263)	(202,664)
Depreciation and amortization	(83,319)	(80,031)	(165,232)	(94,290)
Impairment and other losses, net	(61,200)	(117,235)	(65,233)	(115,738)
Restructuring charges	(4,251)	(1,287)	(5,164)	(4,678)
Operating loss	(142,941)	(159,682)	(260,560)	(229,471)
Other income (expense):
Interest income	4,374	5,926	11,413	10,304
Interest expense	(30,414)	(25,828)	(57,388)	(25,828)
Other income (expense), net	651	(1,130)	(44)	41,066
Loss from continuing operations before income taxes	(168,330)	(180,714)	(306,579)	(203,929)
Income tax benefit	42,380	7,466	75,346	97,753
Loss from continuing operations	(125,950)	(173,248)	(231,233)	(106,176)
Loss from discontinued operations, net of taxes	—	—	—	(647)
Net loss	(125,950)	(173,248)	(231,233)	(106,823)

Basic loss per common share
Continuing operations	$ (3.49)	$ (4.91)	$ (6.45)	$ (3.02)
Discontinued operations	$ —	$ —	$ —	$ (0.02)
Basic loss per common share attributable to Sphere Entertainment Co.’s stockholders	$ (3.49)	$ (4.91)	$ (6.45)	$ (3.04)

Diluted loss per common share
Continuing operations	$ (3.49)	$ (4.91)	$ (6.45)	$ (3.02)
Discontinued operations	$ —	$ —	$ —	$ (0.02)
Diluted loss per common share attributable to Sphere Entertainment Co.’s stockholders	$ (3.49)	$ (4.91)	$ (6.45)	$ (3.04)

Weighted-average number of common shares outstanding:
Basic	36,054	35,309	35,859	35,110
Diluted	36,054	35,309	35,859	35,110

SPHERE ENTERTAINMENT CO.

ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO

ADJUSTED OPERATING INCOME (LOSS)

(In thousands)

(Unaudited)

The following is a description of the adjustments to operating loss in arriving at adjusted operating income (loss) as described in this earnings release:

Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units, performance stock units and stock options granted under the Sphere Entertainment Employee Stock Plan, MSG Sports Employee Stock Plan, MSG Networks Employee Stock Plan, as amended and assumed by Sphere Entertainment, and Sphere Entertainment Non-Employee Director Plan.
Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets.
Restructuring charges. This adjustment eliminates costs related to termination benefits provided to employees as part of the Company’s full-time workforce reductions.
Impairment and other losses (gains), net. This adjustment eliminates non-cash impairment charges and the impact of gains or losses from the disposition of assets or businesses.
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries. This adjustment eliminates costs related to mergers, debt work-outs and acquisitions, including litigation expenses.
Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs.
Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the Company’s executive deferred compensation plan.

	Three Months Ended		Six Months Ended
	December 31,		December 31,
	2024	2023	2024	2023
Operating loss	$ (142,941)	$ (159,682)	$ (260,560)	$ (229,471)
Share-based compensation	17,827	11,916	33,394	16,799
Depreciation and amortization	83,319	80,031	165,232	94,290
Restructuring charges	4,251	1,287	5,164	4,678
Impairment and other losses, net	61,200	117,235	65,233	115,738
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	7,557	380	12,377	(8,663)
Amortization for capitalized cloud computing costs	1,709	22	1,731	44
Remeasurement of deferred compensation plan liabilities	(66)	245	91	138
Adjusted operating income (loss)	$ 32,856	$ 51,434	$ 22,662	$ (6,447)

SPHERE ENTERTAINMENT CO. SEGMENT RESULTS (In thousands) (Unaudited)
BUSINESS SEGMENT RESULTS

	Three Months Ended December 31, 2024
	Sphere	MSG Networks	Total
Revenues	$ 169,020	$ 139,270	$ 308,290
Direct operating expenses	(72,665)	(94,510)	(167,175)
Selling, general and administrative expenses	(119,003)	(16,283)	(135,286)
Depreciation and amortization	(81,002)	(2,317)	(83,319)
Impairment and other losses, net	—	(61,200)	(61,200)
Restructuring charges	(4,251)	—	(4,251)
Operating loss	$ (107,901)	$ (35,040)	$ (142,941)
Reconciliation to adjusted operating (loss) income:
Share-based compensation	16,183	1,644	17,827
Depreciation and amortization	81,002	2,317	83,319
Restructuring charges	4,251	—	4,251
Impairment and other losses, net	—	61,200	61,200
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	4,151	3,406	7,557
Amortization for capitalized cloud computing costs	1,579	130	1,709
Remeasurement of deferred compensation plan liabilities	(66)	—	(66)
Adjusted operating (loss) income	$ (801)	$ 33,657	$ 32,856

	Three Months Ended December 31, 2023
	Sphere	MSG Networks	Total
Revenues	$ 167,799	$ 146,358	$ 314,157
Direct operating expenses	(67,338)	(92,428)	(159,766)
Selling, general and administrative expenses	(97,804)	(17,716)	(115,520)
Depreciation and amortization	(78,044)	(1,987)	(80,031)
Impairment and other losses, net	(117,235)	—	(117,235)
Restructuring charges	(1,287)	—	(1,287)
Operating (loss) income	$ (193,909)	$ 34,227	$ (159,682)
Reconciliation to adjusted operating income:
Share-based compensation	10,985	931	11,916
Depreciation and amortization	78,044	1,987	80,031
Restructuring charges	1,287	—	1,287
Impairment and other losses, net	117,235	—	117,235
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	200	180	380
Amortization for capitalized cloud computing costs	—	22	22
Remeasurement of deferred compensation plan liabilities	245	—	245
Adjusted operating income	$ 14,087	$ 37,347	$ 51,434

SPHERE ENTERTAINMENT CO. SEGMENT RESULTS (Continued) (In thousands) (Unaudited)

	Six Months Ended December 31, 2024
	Sphere	MSG Networks	Total
Revenues	$ 296,092	$ 240,111	$ 536,203
Direct operating expenses	(135,114)	(171,757)	(306,871)
Selling, general and administrative expenses	(223,953)	(30,310)	(254,263)
Depreciation and amortization	(160,840)	(4,392)	(165,232)
Impairment and other losses, net	(4,033)	(61,200)	(65,233)
Restructuring charges	(5,134)	(30)	(5,164)
Operating loss	$ (232,982)	$ (27,578)	$ (260,560)
Reconciliation to adjusted operating (loss) income:
Share-based compensation	29,363	4,031	33,394
Depreciation and amortization	160,840	4,392	165,232
Restructuring charges	5,134	30	5,164
Impairment and other losses, net	4,033	61,200	65,233
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	4,843	7,534	12,377
Amortization for capitalized cloud computing costs	1,579	152	1,731
Remeasurement of deferred compensation plan liabilities	91	—	91
Adjusted operating (loss) income	$ (27,099)	$ 49,761	$ 22,662

	Six Months Ended December 31, 2023
	Sphere	MSG Networks	Total
Revenues	$ 175,578	$ 256,586	$ 432,164
Direct operating expenses	(75,143)	(169,122)	(244,265)
Selling, general and administrative expenses	(181,954)	(20,710)	(202,664)
Depreciation and amortization	(90,421)	(3,869)	(94,290)
Impairment and other losses, net	(115,738)	—	(115,738)
Restructuring charges	(4,678)	—	(4,678)
Operating (loss) income	$ (292,356)	$ 62,885	$ (229,471)
Reconciliation to adjusted operating (loss) income:
Share-based compensation	14,904	1,895	16,799
Depreciation and amortization	90,421	3,869	94,290
Restructuring charges	4,678	—	4,678
Impairment and other losses, net	115,738	—	115,738
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	(2,502)	(6,161)	(8,663)
Amortization for capitalized cloud computing costs	—	44	44
Remeasurement of deferred compensation plan liabilities	138	—	138
Adjusted operating (loss) income	$ (68,979)	$ 62,532	$ (6,447)

SPHERE ENTERTAINMENT CO. CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited)

	December 31,	June 30,
	2024	2024
ASSETS
Current Assets:
Cash, cash equivalents and restricted cash	$ 515,633	$ 573,233
Accounts receivable, net	154,624	228,230
Related party receivables, current	25,729	9,377
Prepaid expenses and other current assets	65,007	54,855
Total current assets	760,993	865,695
Non-Current Assets:
Investments	40,396	30,728
Property and equipment, net	3,035,730	3,158,420
Right-of-use lease assets	93,920	106,468
Goodwill	410,172	470,152
Intangible assets, net	28,383	31,940
Other non-current assets	145,706	124,489
Total assets	$ 4,515,300	$ 4,787,892
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued and other current liabilities	$ 421,976	$ 417,087
Related party payables, current	9,504	8,200
Current portion of long-term debt, net	829,125	849,437
Operating lease liabilities, current	19,268	18,548
Deferred revenue	91,794	80,404
Total current liabilities	1,371,667	1,373,676
Non-Current Liabilities:
Long-term debt, net	524,010	522,735
Operating lease liabilities, non-current	116,668	128,022
Deferred tax liabilities, net	148,870	225,169
Other non-current liabilities	152,666	122,738
Total liabilities	2,313,881	2,372,340
Commitments and contingencies
Equity:
Class A Common Stock ⁽¹⁾	290	285
Class B Common Stock ⁽²⁾	69	69
Additional paid-in capital	2,428,414	2,410,378
(Accumulated deficit) retained earnings	(219,846)	11,387
Accumulated other comprehensive loss	(7,508)	(6,567)
Total stockholders’ equity	2,201,419	2,415,552
Total liabilities and equity	$ 4,515,300	$ 4,787,892

_________________

⁽¹⁾ Class A Common Stock, 0.01 par value per share, 120,000 shares authorized; 28,960 and 28,493 shares outstanding as of December 31, 2024 and June 30, 2024, respectively.

⁽²⁾ Class B Common Stock, 0.01 par value per share, 30,000 shares authorized; 6,867 shares outstanding as of December 31, 2024 and June 30, 2024.

SPHERE ENTERTAINMENT CO. SELECTED CASH FLOW INFORMATION (In thousands) (Unaudited)

	Six Months Ended
	December 31,
	2024	2023
Net cash provided by (used in) operating activities	40,827	(48,238)
Net cash (used in) provided by investing activities	(60,156)	973
Net cash (used in) provided by financing activities	(37,926)	245,973
Effect of exchange rates on cash, cash equivalents and restricted cash	(345)	5
Net (decrease) increase in cash, cash equivalents and restricted cash	(57,600)	198,713
Cash, cash equivalents and restricted cash beginning of period	573,233	429,114
Cash, cash equivalents and restricted cash at end of period	$ 515,633	$ 627,827

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SOURCE Sphere Entertainment Co.

March 3, 2025 7:37 am

FLOWERS FOODS TO PARTICIPATE AT THE RAYMOND JAMES 46TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE

PR Newswire

THOMASVILLE, Ga.
, March 3, 2025 /PRNewswire/ — Members of Flowers Foods, Inc. (NYSE: FLO) management team will be presenting at the Raymond James 46^th Annual Institutional Investors Conference today, Monday, March 3, 2025, at 2:50 p.m. Eastern Time.

The live audio webcast may be accessed at investors.flowersfoods.com/events-and-presentations. Following the conference, the webcast will be available for replay.

About Flowers Foods

Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of packaged bakery foods in the United States with 2024 sales of $5.1 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company’s top brands are Nature’s Own, Dave’s Killer Bread, Canyon Bakehouse, Simple Mills, Wonder, and Tastykake. Learn more at www.flowersfoods.com.

FLO-IR

Forward-Looking Statements

Statements contained in this press release and certain other written or oral statements made from time to time by Flowers Foods, Inc. (the “company”, “Flowers Foods”, “Flowers”, “us”, “we”, or “our”) and its representatives that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to current expectations regarding our business and our future financial condition and results of operations and are often identified by the use of words and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” “would,” “is likely to,” “is expected to” or “will continue,” or the negative of these terms or other comparable terminology. These forward-looking statements are based upon assumptions we believe are reasonable. Forward-looking statements are based on current information and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. Certain factors that may cause actual results, performance, liquidity, and achievements to differ materially from those projected are discussed in our Annual Report on Form 10-K for the year ended December 28, 2024 (the “Form 10-K”) and may include, but are not limited to, (a) unexpected changes in any of the following: (1) general economic and business conditions; (2) the competitive setting in which we operate, including advertising or promotional strategies by us or our competitors, as well as changes in consumer demand; (3) interest rates and other terms available to us on our borrowings; (4) supply chain conditions and any related impact on energy and raw materials costs and availability and hedging counter-party risks; (5) relationships with or increased costs related to our employees and third-party service providers; (6) laws and regulations (including environmental and health-related issues and the impacts of tariffs); and (7) accounting standards or tax rates in the markets in which we operate, (b) the loss or financial instability of any significant customer(s), including as a result of product recalls or safety concerns related to our products, (c) changes in consumer behavior, trends and preferences, including health and whole grain trends, and the movement toward less expensive store branded products, (d) the level of success we achieve in developing and introducing new products and entering new markets, (e) our ability to implement new technology and customer requirements as required, (f) our ability to operate existing, and any new, manufacturing lines according to schedule, (g) our ability to implement and achieve our corporate responsibility goals in accordance with regulatory requirements and expectations of stakeholders, suppliers, and customers; (h) our ability to execute our business strategies which may involve, among other things, (1) the ability to realize the intended benefits of completed, planned or contemplated acquisitions, dispositions or joint ventures, such as the acquisition of Simple Mills, (2) the deployment of new systems (e.g., our enterprise resource planning (“ERP”) system), distribution channels and technology, and (3) an enhanced organizational structure (e.g., our sales and supply chain reorganization), (i) consolidation within the baking industry and related industries, (j) changes in pricing, customer and consumer reaction to pricing actions (including decreased volumes), and the pricing environment among competitors within the industry, (k) our ability to adjust pricing to offset, or partially offset, inflationary pressure on the cost of our products, including ingredient and packaging costs; (l) disruptions in our direct-store-delivery distribution model, including litigation or an adverse ruling by a court or regulatory or governmental body that could affect the independent contractor classifications of the independent distributor partners, and changes to our direct-store-delivery distribution model in California, (m) increasing legal complexity and legal proceedings that we are or may become subject to, (n) labor shortages and turnover or increases in employee and employee-related costs, (o) the credit, business, and legal risks associated with independent distributor partners and customers, which operate in the highly competitive retail food and foodservice industries, (p) any business disruptions due to political instability, pandemics, armed hostilities, incidents of terrorism, natural disasters, labor strikes or work stoppages, technological breakdowns, product contamination, product recalls or safety concerns related to our products, or the responses to or repercussions from any of these or similar events or conditions and our ability to insure against such events, (q) the failure of our information technology systems to perform adequately, including any interruptions, intrusions, cyber-attacks or security breaches of such systems or risks associated with the implementation of the upgrade of our ERP system; and (r) the potential impact of climate change on the company, including physical and transition risks, availability or restriction of resources, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms. The foregoing list of important factors does not include all such factors, nor does it necessarily present them in order of importance. In addition, you should consult other disclosures made by the company (such as in our other filings with the Securities and Exchange Commission (“SEC”) or in company press releases) for other factors that may cause actual results to differ materially from those projected by the company. Refer to Part I, Item 1A., Risk Factors, of the Form 10-K and our subsequent filings with the SEC for additional information regarding factors that could affect the company’s results of operations, financial condition and liquidity. We caution you not to place undue reliance on forward-looking statements, as they speak only as of the date made and are inherently uncertain. The company undertakes no obligation to publicly revise or update such statements, except as required by law. You are advised, however, to consult any further public disclosures by the company (such as in our filings with the SEC or in company press releases) on related subjects.

View original content:https://www.prnewswire.com/news-releases/flowers-foods-to-participate-at-the-raymond-james-46th-annual-institutional-investors-conference-302389504.html

SOURCE Flowers Foods, Inc.

March 3, 2025 7:37 am

Trinity Capital Inc. Expands Life Sciences Presence to East Coast with John Orlando as Managing Director

PR Newswire

PHOENIX
, March 3, 2025 /PRNewswire/ — Trinity Capital Inc. (NASDAQ: TRIN) (the “Company”), a leading alternative asset manager, today announced the appointment of John Orlando as Managing Director of Life Sciences, based in Boston. Mr. Orlando, an established leader with over a decade of experience in venture lending, has built a strong reputation as a trusted partner within the Life Sciences industry.

“We are thrilled to welcome John to our team,” said Rob Lake, Senior Managing Director, Life Sciences at Trinity Capital. “We believe his industry experience and deep relationships will help Trinity grow our portfolio and expand our presence in the Northeast region.”

Mr. Orlando joins Trinity from Flagship Pioneering, where he led a centralized debt advisory function, instructing portfolio companies on strategic debt financing alternatives. Prior to Flagship, Mr. Orlando provided debt and banking services to venture-backed companies at J.P. Morgan and Pacific Western Bank.

“I am delighted to join Trinity Capital and their fantastic team in the Life Sciences sector,” said Mr. Orlando. “Trinity has been incredibly active lending to high-growth companies, and I am excited to help further bolster their efforts.”

About Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager, aiming to provide investors with stable and consistent returns through access to the private credit market. We source, vet, and invest in dynamic privately funded growth-oriented companies, giving our investors access to a strong and diversified portfolio. With distinct business verticals, Trinity Capital stands as a trusted partner for innovative companies seeking tailored growth capital solutions. Headquartered in Phoenix, Arizona, the firm has an international footprint, supported by a dedicated team of strategically located investment professionals. For more information, visit the company’s website at trinitycapital.com and stay connected by following us on LinkedIn and X (formerly Twitter).

View original content to download multimedia:https://www.prnewswire.com/news-releases/trinity-capital-inc-expands-life-sciences-presence-to-east-coast-with-john-orlando-as-managing-director-302389054.html

SOURCE Trinity Capital Inc.

March 3, 2025 7:37 am

Top Health Economics Expert Professor Jonathan Kolstad Affiliates with Compass Lexecon

WASHINGTON, March 03, 2025 (GLOBE NEWSWIRE) — FTI Consulting, Inc. (NYSE: FCN) today announced that leading health economist Jonathan Kolstad has affiliated with its subsidiary Compass Lexecon.

Mr. Kolstad is a professor at the Berkeley Haas School of Business, where he holds the Henry J. Kaiser Chair, and in the Economics Department at the University of California, Berkeley.

Professor Kolstad’s expertise lies at the intersection of health economics, industrial organization and public economics. Much of his work applies tools from behavioral economics, machine learning and AI to better understand behavior and market outcomes and to design policy and technology interventions to improve welfare.

Compass Lexecon Chairman Daniel R. Fischel commented, “We are excited to have Professor Kolstad join our roster of affiliates. His extensive machine learning and AI knowledge as applied to healthcare will greatly serve our clients and staff.”

Professor Kolstad is a recipient of the American Society of Health Economists Medal, which is awarded biennially to the economist age 40 or under who has made the most significant contributions to the field of health economics. He has also received awards for his research and writing and has been published in leading academic journals.

Professor Kolstad is also an entrepreneur and founder in healthcare and technology and an advisor to governments, corporations and startups. Additionally, he is a core faculty member in the Computational Precision Health Graduate Group at UC Berkeley and the University of California San Francisco, the founding director of the Center for Health Care Marketplace Innovation and a Research Associate at the National Bureau of Economic Research.

Commenting on his affiliation, Professor Kolstad added, “I look forward to a fantastic collaboration with the deep bench of experts at Compass Lexecon and am excited to expand their expertise in health economics.”

About FTI Consulting

FTI Consulting, Inc. is a leading global expert firm for organizations facing crisis and transformation, with more than 8,300 employees in 34 countries and territories as of December 31, 2024. The Company generated $3.69 billion in revenues during fiscal year 2024. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalized and independently managed. More information can be found at www.fticonsulting.com.

FTI Consulting, Inc.

555 12^th Street NW
Washington, DC 20004
+1.202.312.9100

Investor Contact:

Mollie Hawkes
+1.617.747.1791
[email protected]

Media Contact:

Matthew Bashalany
+1.617.897.1545
[email protected]

March 3, 2025 7:36 am

Pyxis Oncology to Participate at the Leerink Partners Global Healthcare Conference

BOSTON, March 03, 2025 (GLOBE NEWSWIRE) — Pyxis Oncology, Inc. (Nasdaq: PYXS), a clinical-stage company developing next-generation therapeutics for difficult-to-treat cancers, today announced that Lara S. Sullivan, M.D., President and Chief Executive Officer, will participate in a fireside chat on Monday, March 10, 2025 at 2:20 PM EST at the Leerink Partners Global Healthcare Conference in Miami, Florida.

A live webcast and replay of the fireside chat will be available on the Events & Presentations page in the Investor Relations section of Pyxis Oncology’s website, ir.pyxisoncology.com.

About Pyxis Oncology, Inc.

Pyxis Oncology, Inc. is a clinical stage company focused on defeating difficult-to-treat cancers. The company is efficiently building next generation therapeutics that hold the potential for monotherapy and combination indications. PYX-201, an antibody-drug conjugate (ADC) that uniquely targets EDB+FN, a non-cellular structural component of the tumor extracellular matrix, is being evaluated in ongoing Phase 1 clinical studies in multiple types of solid tumors. PYX-201 is designed to directly kill cancer cells and to address factors in the microenvironment that enable the uncontrolled proliferation and immune evasion of malignant tumors.

To learn more, visit www.pyxisoncology.com or follow us on X (formerly known as Twitter) and LinkedIn.

Pyxis Oncology Contact

Pamela Connealy
CFO and COO
[email protected]

March 3, 2025 7:36 am

Digihost Provides February 2025 Production Update, Including Record Energy Revenue and 38% Increase in Total Monthly Revenue, and Announces Appointment of New Director

MIAMI, March 03, 2025 (GLOBE NEWSWIRE) — Digihost Technology Inc. (“Digihost” or the “Company”) (Nasdaq / TSXV: DGHI), an innovative energy infrastructure company that develops cutting-edge data centers, is pleased to provide unaudited comparative Bitcoin (“BTC”) production results for the month ended February 28, 2025, combined with an operations update. All monetary references are expressed in USD unless otherwise indicated.

Monthly
Production
Highlights for
February
2025

The Company recognized a record amount of gross energy and power revenue of approximately $2.2 million in February 2025 through the provision of capacity to market customers, representing a 633% increase in gross energy and power revenue over January 2025. The net profit from energy and power sales of approximately $690,000 achieved in February 2025 will be utilized by Digihost to fund operations.
Miners at the Company’s facilities produced approximately 30 BTC during the month between self-mining and hosting agreements, which was in line with the monthly production of January 2025.
The split of revenues for the month of February 2025, being approximately 53% from mining and 47% from energy sales, demonstrates Digihost’s continued dedication to diversifying its revenue verticals when appropriate.
The Company’s February 2025 revenue of approximately $2.7 million from mining (based on a BTC price of $84,373 as of February 28, 2025, per CoinMarketCap) and approximately $2.2 million from energy sales, for aggregate total revenue of $4.7 million, represents an increase in monthly revenue of approximately 38% from January 2025.
On a year over year basis, the Company’s cash, BTC and cash deposits of approximately $10.1 million as of February 28, 2025, as compared to $3.9 million on February 29, 2024 (based on a BTC price of $84,373 as of February 28, 2025 and $61,198 as of February 29, 2024, per CoinMarketCap), represents a 159% increase in its total holdings position balance.
The Company held cash, BTC and cash deposits of approximately $10.1 million as of February 28, 2025, as compared to $12.3 million on January 31, 2025 (based on a BTC price of $84,373 as of February 28, 2025, and $102,405 as of January 31, 2025, per CoinMarketCap). The decrease in the holdings on a month-over-month basis was due in part to the approximate 20% decline in the price of BTC along with the investment outlays described below.
The Company apportioned approximately $2.5 million in February 2025 on capital expenditures, mining infrastructure support equipment, deposits and required payments to ensure carbon compliance. This continued significant investment underscores Digihost’s commitment to long-term growth while maintaining a disciplined approach to capital allocation, prioritizing self-funding to minimize equity dilution for shareholders when possible, while still retaining a clean balance sheet with zero long-term debt to bolster the Company’s flexible capital deployment strategies.

Operations Update

Digihost currently operates with approximately 100MW of available power across its three sites and is working towards expansion to 200MW and beyond. The Company plans to fuel this growth using its existing asset portfolio, combined with strategic inorganic expansion through targeted power acquisitions.

Tier III HPC Data Center Update

Earlier this month, the Company announced the formation of US Data Centers, Inc. (“US Data Centers”), a wholly-owned subsidiary of the Company which will be dedicated to the development of high-performance computing (“HPC”) and artificial intelligence (“AI”)-focused data centers.

With the launch of US Data Centers, Digihost is creating a dedicated platform focused entirely on delivering AI and HPC solutions, ensuring purpose-built infrastructure for the next generation of computing. As its first major initiative, US Data Centers plans to lead the transformation of the Company’s existing site in Columbiana, Alabama into a state-of-the-art Tier 3 data center designed to support next-generation AI and HPC workloads. The Company plans to break ground on this strategy in Q2 2025.

Director Appointment

The Company is also pleased to announce the appointment of Dennis Elsenbeck to the board of directors of the Company (the “Board”), effective February 27, 2025. Mr. Elsenbeck fills a vacancy created by the resignation of Zhichao Li from the Board on February 10, 2025. The Company wishes to express its appreciation to Ms. Li for her contributions to the Company over the years as a member of the Board and the audit committee of the Board. Mr. Elsenbeck will replace Ms. Li as a member of the audit committee.

Mr. Elsenbeck is the principal owner of ElsEnergy LLC and brings over 30 years of experience and expertise in energy-related industries. He also holds the position as Head of Energy and Sustainability in an upstate New York law firm and was a former Director at National Grid’s US Operations, an electric and natural gas transmission and distribution utility.

Michel Amar, CEO of Digihost, announced, “We are very pleased to have Mr. Elsenbeck join Digihost’s board of directors. Dennis’ extensive energy industry expertise will be a great benefit to Digihost and its strategic efforts.”

The Company also advises that it has granted Mr. Elsenbeck 10,000 restricted stock units (“RSUs”), with each RSU entitling the holder to acquire one subordinate voting share of the Company on vesting. The RSUs are scheduled to vest in three equal tranches, on February 27, 2026, 2027 and 2028, subject to the terms and conditions of the Company’s Restricted Stock Unit Plan. The grant of the RSUs is subject to the approval of the TSX Venture Exchange.

About
Digihost

Digihost is an innovative energy infrastructure company that develops cutting-edge data centers to drive the expansion of sustainable energy assets.

For further information, please contact:

Michel Amar, Chief Executive Officer
Digihost Technology Inc.
www.digihostpower.com
Digihost Investor Relations
T: 888-474-9222
Email: [email protected]

Cautionary
Statement

Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other
regulatory
authority
has
approved
or
disapproved
the
information
contained
herein.
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 release.

Forward-Looking
Statements

Except for the statements of historical fact, this news release contains “forward-looking information” and “forward-looking statements”
(collectively,
“forward-looking
information”)
that
are
based
on
expectations,
estimates
and
projections
as
at
the
date of this news release and are covered by safe harbors under Canadian and United States securities laws. Forward-looking information in this news release includes information about potential further improvements to profitability and efficiency across mining operations, including, as a result of the Company’s expansion efforts, potential for the Company’s long-term growth and clean energy strategy, and the
business
goals
and
objectives
of
the
Company.
Factors
that
could
cause
actual
results
to
differ
materially
from
those
described in such forward-looking information include, but are not limited to: future capital needs and uncertainty of additional financing; share dilution resulting from equity issuances; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the
impact
of
depreciating
Bitcoin
prices
on
working
capital;
effects
on
Bitcoin
prices
as
a
result
of
the
most
recent
Bitcoin
halving; development of
additional facilities and
installation of
infrastructure to
expand operations may
not
be completed on the
timelines anticipated
by
the Company,
or
at
all;
ability
to access
additional
power
from
the
local
power
grid and realize the potential of the clean energy strategy on terms which are economic or at all;
a
decrease
in
cryptocurrency pricing,
volume
of
transaction
activity
or
generally,
the
profitability
of
cryptocurrency
mining;
further
improvements
to
profitability and
efficiency
may
not
be
realized;
development
of
additional
facilities
to
expand
operations
may
not
be
completed
on
the
timelines anticipated by the Company; ability to access additional power from the local power grid; an increase in natural gas prices may negatively
affect
the
profitability
of
the
Company’s
power
plant;
the
digital
currency
market;
the
Company’s
ability
to
successfully mine digital
currency on
the cloud; the Company
may not
be able
to profitably liquidate its
current
digital
currency
inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; and other related risks as more fully set out in the Annual Information Form of the Company and other documents disclosed under the Company’s filings at

www.sedarplus.ca

and

www.SEC.gov/EDGAR.

The forward-looking information
in
this
news
release
reflects
the
current
expectations,
assumptions
and/or
beliefs
of
the
Company
based
on
information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company
has
made
assumptions
about:
the
current
profitability
in
mining
cryptocurrency
(including
pricing
and
volume
of
current transaction
activity);
profitable
use
of
the
Company’s
assets
going
forward;
the
Company’s
ability
to
profitably
liquidate
its
digital currency
inventory
as
required;
historical
prices
of
digital
currencies
and
the
ability
of
the
Company
to
mine
digital
currencies
on the cloud will be consistent with historical prices; the ability to maintain reliable and economical sources of power to run its cryptocurrency
mining
assets;
the
negative
impact
of
regulatory
changes
in
the
energy
regimes
in
the
jurisdictions
in
which
the
Company operates; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainties therein. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

March 3, 2025 7:35 am

SL Green Signs 144,000 Square Foot Renewal and Expansion Lease with Newmark at 125 Park Avenue

NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced it has signed a fifteen-year, 144,418 square foot renewal and expansion lease with Newmark & Company Real Estate, Inc. at 125 Park Avenue, increasing Newmark’s current footprint to 184,239 square feet. To date in 2025, SL Green has signed Manhattan office leases totaling 455,008 square feet, while maintaining a current pipeline of approximately 975,000 square feet.

“We are pleased to extend our valued relationship with Newmark,” said Steven Durels, Executive Vice President, Director of Leasing and Real Property at SL Green, who added “this is another example of the continued strength of the midtown Manhattan office market, which is showing significant tenant demand for high quality space near Grand Central Terminal.”

125 Park Avenue is over 99% leased as SL Green finalizes the design of a stunning new lobby and restoration of the building’s entrance to its original design. The building is designated a New York City landmark for its “significant contribution to the variety and richness of Midtown East,” and is located directly across from Grand Central Terminal.

The tenant was represented by Jason Perla, Brian Waterman, David Waterman and Matthew Schreiner of Newmark.

About SL Green Realty Corp.

SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of December 31, 2024, SL Green held interests in 54 buildings totaling 30.6 million square feet. This included ownership interests in 27.0 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.

SLG – GEN

PRESS CONTACT
[email protected]

March 3, 2025 7:35 am

Cassava Sciences Reports 2024 Financial Results and Provides Business Update

Top-line data for REFOCUS-ALZ, the second Phase 3 study of simufilam in Alzheimer’s disease, expected late first-quarter/early second-quarter 2025
License agreement brings potential in a new therapeutic application for simufilam for seizures related to
tuberous sclerosis complex (TSC)
$128.6 Million in Cash and Cash Equivalents at December 31, 2024

AUSTIN, Texas, March 03, 2025 (GLOBE NEWSWIRE) — Cassava Sciences, Inc. (NASDAQ: SAVA, “Cassava”, the “Company”), a clinical-stage biotechnology company focused on developing novel, investigational treatments for central nervous system (CNS) disorders, including Alzheimer’s disease and tuberous sclerosis complex (TSC)-related seizures, today reported financial results for the year ended December 31, 2024 and provided a business update.

“Cassava is preparing to report the topline results of the now-discontinued REFOCUS-ALZ, the second Phase 3 study of simufilam in Alzheimer’s disease, in late first-quarter/early second-quarter 2025. We intend to evaluate the next steps for simufilam in Alzheimer’s disease after reviewing the REFOCUS-ALZ results in conjunction with the results of the RETHINK-ALZ study, reported in November 2024, which did not meet the prespecified co-primary endpoints,” said Rick Barry, President and Chief Executive Officer at Cassava. “We are pleased to have entered a licensing agreement with Yale University which allows us to build on the promising research of Angélique Bordey, PhD, Professor of Neurosurgery and Vice Chair of Research, Neurosurgery at Yale, to explore simufilam’s potential as a treatment for TSC-related seizures. We look forward to updating investors on our progress in the coming months.”

Financial Results for the year ended December 31, 2024

At December 31, 2024, cash and cash equivalents were $128.6 million, with no debt. The Company continues its strategic expense management efforts.
Net loss was $24.3 million, or $0.53 per share (basic) in 2024. This compares to a net loss of $97.2 million, or $2.32, in 2023. Net loss decreased due primarily to a gain from change in fair value of warrant liabilities.
Net cash used in operations was $116.9 million in 2024.
Net cash use in operations for first half 2025 is expected to be $16 to $20 million, including significant costs for the conclusion of the two Phase 3 trials in Alzheimer’s disease which will not recur in second half 2025.
Research and development (R&D) expenses were $69.6 million in 2024. This compared to $89.4 million for 2023. R&D expenses decreased due primarily to the completion of enrollment for our Phase 3 Alzheimer’s disease clinical program for simufilam in the fall of 2023. R&D expenses in 2024 primarily related to support for the two Phase 3 studies and open label extension studies. Discontinuation of all Alzheimer’s disease clinical studies was initiated following the November 25, 2024 announcement that the RETHINK-ALZ study did not achieve the prespecified co-primary endpoints. Decreases in R&D expenses in 2024 were partially offset by a $4.4 million increase in stock-based compensation expense due to new grant awards in 2024.
General and administrative (G&A) expenses were $71.8 million in 2024. This compared to $16.5 million for 2023. G&A expenses increased due primarily to payment of the $40 million settlement with the Securities and Exchange Commission (SEC) as well as a $7.3 million increase in stock-based compensation expense due to new grant awards in late 2023 and 2024, increased compensation costs and higher legal related expenses.
Total common shares outstanding as of February 27, 2025 were 48.3 million.
Going forward, rather than conducting quarterly earnings conference calls, the Company plans on hosting investor calls that focus on corporate or clinical updates.

About Simufilam

Simufilam is a proprietary, investigational oral small molecule that targets the filamin A protein.

About REFOCUS-ALZ

REFOCUS-ALZ (NCT05026177) is a Phase 3 trial designed as a multi-center, double-blinded, placebo-controlled, randomized parallel group study to evaluate the safety and efficacy of two doses of simufilam compared to a placebo in a study involving over 75 clinical trial sites in the U.S., Canada, Puerto Rico and South Korea. The clinical trial sites that conducted REFOCUS-ALZ were completely distinct from the clinical trial sites that conducted RETHINK-ALZ. REFOCUS-ALZ randomized approximately 1,125 people utilizing the same eligibility criteria as RETHINK-ALZ. Subjects were randomized 1:1:1 to receive simufilam, dosed in 50 mg or 100 mg tablets, or a matched placebo, dosed orally twice daily (BID) for 76 weeks. On November 25, 2024, the Company announced plans to discontinue the REFOCUS-ALZ study and its intention to report topline data from that trial, including the complete 52-week dataset and a large portion of 76-week data. Topline data for the study are anticipated in late first-quarter/early second-quarter 2025.

The prespecified co-primary endpoints for this study included the change in cognition and function from baseline to the end of the double-blind treatment period at week 76, assessed by the ADAS-COG12 and ADCS-ADL scales, comparing each dose of simufilam to placebo. Secondary endpoints included several well validated measures of neuropsychiatric symptoms and caregiver burden. Safety was evaluated by adverse event monitoring, as well as standard laboratory and ECG assessments. The study also included an evaluation of changes in plasma and cerebrospinal fluid biomarkers from baseline to week 76, including P-tau181, P-tau217 and neurofilament light chain, as well as an evaluation of various brain volumes using magnetic resonance imaging (MRI) and amyloid and tau deposition using positron emission tomography (PET) scans from baseline to week 76.

About RETHINK-ALZ

RETHINK-ALZ (NCT04994483) is a Phase 3 trial designed to evaluate the safety and efficacy of simufilam in a multi-center, double-blinded, placebo-controlled, randomized parallel group study involving over 75 clinical trial sites in the U.S., Canada and Australia. The trial randomized 804 people with confirmed mild or moderate Alzheimer’s disease, as defined by several well validated parameters including a mini-mental state exam (MMSE) of >16 and <27, stratified as mild or moderate. Subjects were randomized 1:1 to receive a 100 mg tablet of simufilam (n=403) or a matched placebo (n=401), dosed orally twice daily (BID) for 52 weeks.

The prespecified co-primary endpoints for this study included the change in cognition and function from baseline to the end of the double-blind treatment period at week 52, assessed by the ADAS-COG12 and ADCS-ADL scales, comparing simufilam to placebo. Secondary endpoints included several well validated measures of neuropsychiatric symptoms and caregiver burden. Safety was evaluated by adverse event monitoring, as well as standard laboratory and ECG assessments. The study also included a pharmacokinetic and plasma biomarker sub-study comprised of approximately 100 subjects, evaluated at three timepoints.

On November 25, 2024, the Company reported that the RETHINK-ALZ study did not meet the prespecified co-primary endpoints. The Company also indicated that it planned to continue to review the data and evaluate next steps and that it intended to share the data at a future medical meeting.

About Tuberous Sclerosis Complex (TSC)

Tuberous sclerosis complex (TSC) and focal cortical dysplasia (FCD) type II are neurodevelopmental disorders caused by mutations in mechanistic target of rapamycin (mTOR) pathway genes. These mutations lead to focal malformations of the developing cortex and seizures in 80% to 90% of patients.

Nearly two-thirds of TSC patients do not respond to antiepileptic drugs and experience lifelong seizures, leading to a spectrum of neurocognitive and psychological disabilities and poor quality of life. Current treatments, including antiepileptic drugs, mTOR analogs and surgery, are not fully effective, are associated with serious adverse events and/or are invasive.¹

Initially, Cassava will focus on TSC-related seizures. According to the TSC Alliance, the disorder affects an estimated 1 in 6,000 live births. Approximately 50,000 people in the United States and more than one million worldwide live with TSC².

Resources:

1. Science Translational Medicine. 2020 Feb 19: https://pubmed.ncbi.nlm.nih.gov/32075941/

2. https://www.tscalliance.org/understanding-tsc/what-is-tsc/

About Cassava Sciences, Inc.

Cassava Sciences, Inc. (NASDAQ: SAVA), a clinical-stage biotechnology company focused on developing novel, investigational treatments for central nervous system disorders, including Alzheimer’s disease and tuberous sclerosis complex (TSC)-related seizures. Simufilam is a proprietary, investigational oral small molecule that targets the filamin A protein. The Company is based in Austin, Texas.

For more information, please visit: https://www.CassavaSciences.com

For More Information Contact:

Investors

Sandya von der Weid
[email protected]

Media

[email protected]

Company

Eric Schoen, Chief Financial Officer
(512) 501-2450
[email protected]
[email protected]

Cautionary Note Regarding Forward-Looking Statements:

This news release contains forward-looking statements that include but are not limited to statements regarding: our intention to share topline data from REFOCUS-ALZ, the timing of data from the REFOCUS-ALZ study, the timing to evaluate the data from REFOCUS-ALZ and RETHINK-ALZ, our plans to share the data from one or both studies, REFOCUS-ALZ and RETHINK-ALZ, at a future medical meeting, our plans to conduct preclinical studies of simufilam relating to seizures in TSC and other neurodevelopmental disorders, the potential for simufilam as a treatment for TSC-related seizures, cash use in future periods, and the timing of anticipated milestones. These statements may be identified by words such as “anticipate”, “before,” “believe”, “could”, “expect”, “forecast”, “intend”, “may”, “pending,” “plan”, “possible”, “potential”, “prepares for,” “will”, and other words and terms of similar meaning.

Such statements are based on our current expectations and projections about future events. Such statements speak only as of the date of this news release and are subject to a number of risks, uncertainties and assumptions, including, but not limited to, those risks relating to the ability to conduct or complete clinical studies on expected timelines; the clinical results related to studies of simufilam in Alzheimer’s disease, results of the RETHINK-ALZ study reported on November 25, 2024, our current expectations regarding timing of analysis of clinical data for our Phase 3 studies, the timing to advance preclinical studies related to TSC-related seizures, and other risks inherent in drug discovery and development or specific to Cassava Sciences, Inc., as described in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the period ended September 30, 2024, and future reports to be filed with the SEC. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from expectations in any forward-looking statement. In light of these risks, uncertainties and assumptions, the forward-looking statements and events discussed in this news release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Except as required by law, we disclaim any intention or responsibility for updating or revising any forward-looking statements. For further information regarding these and other risks related to our business, investors should consult our filings with the SEC, which are available on the SEC’s website at

www.sec.gov

.

All of our pharmaceutical assets under development are investigational product candidates. These have not been approved for use in any medical indication by any regulatory authority in any jurisdiction and their safety, efficacy or other desirable attributes, if any, have not been established in any patient population. Consequently, none of our product candidates is approved or available for sale anywhere in the world.

Our clinical results from earlier-stage clinical trials may not be indicative of future results from later-stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements or any scientific data we present or publish.

We are in the business of new drug discovery, development and commercialization. Our research and development activities are long, complex, costly and involve a high degree of risk. Holders of our common stock should carefully read our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q in their entirety, including the risk factors therein. Because risk is fundamental to the process of drug discovery, development and commercialization, you are cautioned to not invest in our publicly traded securities unless you are prepared to sustain a total loss of the money you have invested.

– Financial Tables Follow –



CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)

	Three months ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Operating expenses
Research and development	$	20,530		$	18,731		$	69,637		$	89,423
General and administrative		8,957			4,058			71,809			16,534
Total operating expenses		29,487			22,789			141,446			105,957
Operating loss		(29,487	)		(22,789	)		(141,446	)		(105,957	)
Interest income		1,800			1,579			8,510			7,833
Other income, net		90			291			411			907
Gain from change in fair value of warrant liabilities		—			—			108,183			—
Net loss	$	(27,597	)	$	(20,919	)	$	(24,342	)	$	(97,217	)

Net loss per share, basic	$	(0.57	)	$	(0.50	)	$	(0.53	)	$	(2.32	)
Net loss per share, diluted		(0.57	)		(0.50	)		(1.46	)		(2.32	)

Weighted-average shares used in computing net loss per share, basic		48,099			42,188			46,329			41,932
Weighted-average shares used in computing net loss per share, diluted		48,099			42,188			46,604			41,932


CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
							Year Ended December 31,
							2024			2023
Assets
Current assets
Cash and cash equivalents							$	128,574		$	121,136
Prepaid expenses and other current assets								7,958			8,497
Total current assets								136,532			129,633
Property and equipment, net								20,964			21,854
Intangible assets, net								37			176
Total assets							$	157,533		$	151,663
Liabilities and stockholders’ equity
Current liabilities
Accounts payable and other accrued expenses							$	7,654		$	10,573
Accrued development expense								2,440			3,037
Accrued compensation and benefits								1,357			200
Other accrued liabilities								299			385
Total current liabilities								11,750			14,195
Other non-current liabilities								79			—
Total liabilities								11,829			14,195
Stockholders’ equity
Common Stock and additional paid-in-capital								550,815			518,237
Accumulated deficit								(405,111	)		(380,769	)
Total stockholders’ equity								145,704			137,468
Total liabilities and stockholders’ equity							$	157,533		$	151,663

March 3, 2025 7:35 am

Neuphoria Therapeutics to Ring the Nasdaq Opening Bell on March 3rd, 2025

BURLINGTON, Mass., March 03, 2025 (GLOBE NEWSWIRE) — Neuphoria Therapeutics Inc. (Nasdaq: NEUP) (Neuphoria or Company), ”), a clinical-stage biotechnology developing impactful treatments for neuropsychiatric disorders, bringing new hope and tangible improvements to patients’ lives, announced today that it will ring the Opening Bell at the Nasdaq MarketSite in Times Square, New York City on Monday, March 3^rd, 2025.

Spyros Papapetropoulos MD, PhD, President and Chief Executive Officer will be joined by Neuphoria’s board of directors, members of the management team, and advisors.

“We are honored to ring the Nasdaq Opening Bell to celebrate our successful redomiciliation to the US and the launch of Neuphoria Therapeutics Inc. We also want to recognize the efforts of our dedicated team of professionals who have worked incredibly hard to position our company for long-term success,” said Spyros Papapetropoulos MD, PhD President and CEO of Neuphoria Therapeutics Inc. “We remain deeply committed to pioneering breakthrough therapies that address the complex needs of individuals affected by neuropsychiatric disorders.”

The live broadcast of the Nasdaq Opening Bell ceremony will begin at 9.15 a.m. Eastern Time and will available at: https://www.nasdaq.com/marketsite/bell-ringing-ceremony.

FOR FURTHER INFORMATION PLEASE CONTACT:

General Spyridon (Spyros) Papapetropoulos [email protected]	Investor Relations Kevin Gardner [email protected]	Investor Relations Chris Calabrese [email protected]

About Neuphoria Therapeutics Inc.

Neuphoria (Nasdaq: NEUP) is a clinical-stage biotechnology company dedicated to developing therapies that address the complex needs of individuals affected by neuropsychiatric disorders. Neuphoria is advancing its lead drug candidate, BNC210, an oral, proprietary, selective negative allosteric modulator of the α7 nicotinic acetylcholine receptor, for the acute, “as needed” treatment of social anxiety disorder (SAD) and for chronic treatment of post-traumatic stress disorder (PTSD). BNC210 is a first-of-its-kind, well-tolerated, broad spectrum anti-anxiety experimental therapeutic, designed to restore neurotransmitter balance in relevant brain areas, providing rapid relief from stress and anxiety symptoms without the common pitfalls of sedation, cognitive impairment, or addiction. In addition, Neuphoria has a strategic partnership with Merck & Co., Inc. (known as MSD outside the United States and Canada) with two drugs in early-stage clinical trials for the treatment of cognitive deficits in Alzheimer’s disease and other central nervous system conditions. Neuphoria’s pipeline also includes the α7 nicotinic acetylcholine receptor next generation and the Kv3.1/3.2 preclinical programs, both in the lead optimization development stage.

Forward -Looking Statements

Neuphoria cautions that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as “may,” “could,” “will,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “intend,” “predict,” “seek,” “contemplate,” “potential,” “continue” or “project” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements. The forward-looking statements are based on our current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Neuphoria that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company’s business and other risks described in the Company’s filings with the SEC, including the Company’s Annual Report on Form 10-K filed with the SEC, and its other reports. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Neuphoria undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. Further information regarding these and other risks, uncertainties and other factors is included in Neuphoria’s filings with the SEC, copies of which are available from the SEC’s website (www.sec.gov) and on Neuphoria’s website (www.neuphoriatx.com) under the heading “Investor Center.” All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995. Neuphoria expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this press release.

March 3, 2025 7:35 am

Abeona Therapeutics® Announces New Employee Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

CLEVELAND, March 03, 2025 (GLOBE NEWSWIRE) — Abeona Therapeutics Inc. (Nasdaq: ABEO) today announced it has granted equity awards to new non-executive employees who joined the Company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

On February 28, 2025, the Compensation Committee of Abeona’s Board of Directors granted restricted stock equity awards as a material inducement to employment to five individuals hired by Abeona, which equity awards relate to, in the aggregate, up to 16,300 restricted shares of Abeona common stock. One-third of the shares subject to such restricted stock awards will vest yearly on each anniversary of the Grant Date, such that the shares subject to such restricted stock awards granted to each employee will be fully vested on the third anniversary of the Grant Date, in each case, subject to each employee’s continued employment with Abeona on the applicable vesting dates.

About Abeona Therapeutics

Abeona Therapeutics Inc. is a clinical-stage biopharmaceutical company developing cell and gene therapies for serious diseases. Prademagene zamikeracel (pz-cel) is Abeona’s investigational autologous, COL7A1 gene-corrected epidermal sheets currently in development for recessive dystrophic epidermolysis bullosa. The Company’s fully integrated cell and gene therapy cGMP manufacturing facility served as the manufacturing site for pz-cel used in its Phase 3 VIITAL™ trial, and is capable of supporting commercial production of pz-cel upon FDA approval. The Company’s development portfolio also features AAV-based gene therapies for ophthalmic diseases with high unmet medical need. Abeona’s novel, next-generation AAV capsids are being evaluated to improve tropism profiles for a variety of devastating diseases. For more information, visit www.abeonatherapeutics.com.

Forward-Looking Statements

This press release contains certain statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and that involve risks and uncertainties. We have attempted to identify forward-looking statements by such terminology as “may,” “will,” “believe,” “anticipate,” “expect,” “intend,” “potential,” and similar words and expressions (as well as other words or expressions referencing future events, conditions or circumstances), which constitute and are intended to identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, numerous risks and uncertainties, including but not limited to, the timing and outcome of the FDA’s review of our BLA resubmission for pz-cel; the FDA’s grant of a Priority Review Voucher upon pz-cel approval; continued interest in our rare disease portfolio; our ability to enroll patients in clinical trials; the outcome of future meetings with the FDA or other regulatory agencies, including those relating to preclinical programs; the ability to achieve or obtain necessary regulatory approvals; the impact of any changes in the financial markets and global economic conditions; risks associated with data analysis and reporting; and other risks disclosed in the Company’s most recent Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise the forward-looking statements or to update them to reflect events or circumstances occurring after the date of this press release, whether as a result of new information, future developments or otherwise, except as required by the federal securities laws.

Investor and Media Contact:
Greg Gin
VP, Investor Relations and Corporate Communications
Abeona Therapeutics
[email protected]