Market Newsdesk

DUBAI, United Arab Emirates, Feb. 10, 2025 (GLOBE NEWSWIRE) — Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a leading provider of technology-driven mobility solutions for enterprises and governments, today announced that investors have exercised their right to purchase additional securities pursuant to the previously executed definitive agreement dated November 17, 2024, to purchase $2 million of pre-funded warrants to purchase ordinary shares in a private placement, at a purchase price of $4.79 per share. The purchasers have agreed to lock up the securities purchased in the offering for a period of 6 months, and also to transfer less than 20 percent of the securities purchased for each 90-day period thereafter in an amount not more than 20 percent of the trading volume on the date of sale.

Swvl believes that the execution of the lock up agreements, and selling restrictions contained therein, indicates the purchaser’s confidence in Swvl’s long-term growth strategy. The private placement closed on February 7, 2025. The Company intends to use the net proceeds from the private placement for working capital and general corporate purposes, including the expansion of its operations in the United States.

The private placement comes on the back of Swvl’s recent developments, including securing multiple million dollar contracts across Egypt, Saudi Arabia and the United Arab Emirates, obtaining financing from HSBC to fund current and new sales pipeline, and in Swvl’s announced preparation to accelerate its growth and footprint in the United States and in the GCC. This investment comes as an extension to the previously announced $4.7 million private placement in November 2024.

The offering is being made in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) and/or Regulation D thereunder. Accordingly, the securities issued in the offering may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Swvl

Swvl is a leading provider of technology-driven mobility solutions for enterprises and governments. Swvl’s technology enhances transit system efficiency to deliver safer, more reliable, and sustainable transportation solutions.

Forward-Looking Statements

This press release contains “forward-looking statements” relating to future events. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events and other statements that are not historical facts. For example, Swvl is using forward looking statements when it discusses the expected use of proceeds. These statements are based on the current expectations of Swvl’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Swvl. These statements are subject to a number of risks and uncertainties regarding Swvl’s business, and actual results may differ materially. In addition, forward-looking statements provide Swvl’s expectations, plans or forecasts of future events and views as of the date of this communication. Swvl anticipates that subsequent events and developments could cause Swvl’s assessments and projections to change. However, while Swvl may elect to update these forward-looking statements in the future, Swvl specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Swvl’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon any forward-looking statements. Except as otherwise required by law, Swvl undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”), which is available on the SEC’s website, www.sec.gov, and in subsequent SEC filings.

Contact: [email protected]

BETHESDA, Md., Feb. 10, 2025 (GLOBE NEWSWIRE) — Liquidity Services, (NASDAQ:LQDT) which operates the world’s largest B2B e-commerce marketplace platform for surplus asset sales, today announced a strategic partnership with Biocom California, the state’s premier life science association representing over 1,800 members. As the newest addition to the Core by Biocom California savings portfolio, Liquidity Services will provide member companies with unique opportunities to recapture critical capital and secure savings through a streamlined approach to buying and selling surplus equipment and inventory.

“We’re proud to partner with Liquidity Services to deliver valuable support in surplus equipment liquidation and purchases for life science members in California and beyond,” said Tim Scott, President and CEO, Biocom California. “This partnership helps accelerate innovation, unlocks capital, promotes sustainability through landfill diversion and ensures idle assets are redeployed to advance life-saving technologies—all critical to driving our industry’s growth and impact.”

Life science companies are highly dependent on specialized equipment to drive innovation. However, industry data indicates that on average, organizations carry up to a 20% surplus that they could sell to generate critical capital. Liquidity Services’ robust marketplace helps companies efficiently buy and sell quality surplus equipment while benefiting from exclusive Biocom California member savings.

“At Liquidity Services, we’re excited to partner with Core by Biocom California and its vibrant life science community,” said Elizabeth Maxted, GM & VP of Capital Assets Americas at Liquidity Services. “We look forward to delivering tailored support and excellent returns on unused or undervalued equipment to Biocom California members, allowing them to remain focused on advancing science and improving health outcomes.”

By partnering with Liquidity Services, Core by Biocom California continues to expand its portfolio of carefully vetted partners, enabling its member organizations to succeed in an increasingly competitive and resource-conscious market.

For more information on how Biocom California members can take advantage of Liquidity Services’ specialized platform and exclusive member benefits, find the program overview here.

About Liquidity Services

Liquidity Services (NASDAQ: LQDT) operates the world’s largest B2B e-commerce marketplace platform for surplus assets, with over $10 billion in completed transactions to more than 5 million qualified buyers worldwide and 15,000 corporate and government sellers. It supports its clients’ sustainability efforts by helping them extend the life of assets, prevent unnecessary waste and carbon emissions, and reduce the number of products headed to landfills.

About Core by Biocom California

Core by Biocom California helps life science companies secure critical products and services at reduced cost while conserving their resources and meeting corporate social responsibility goals. With a portfolio of 30+ unique savings programs and representation in over 40 states, Core by Biocom California saves members over $376 million annually. Our value-added resources and support remove barriers to business and allow industry leaders to concentrate on what matters most: scientific breakthroughs and world-changing innovation.

Contact:

Liquidity Services, Inc.
Investor Relations
[email protected]

RESEARCH TRIANGLE PARK, N.C., Feb. 10, 2025 (GLOBE NEWSWIRE) — BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) today announced that the company will present five abstracts featuring new clinical and real-world outcomes with oral, once-daily ORLADEYO^® (berotralstat) for the prophylactic treatment of hereditary angioedema (HAE) at the 2025 American Academy of Allergy, Asthma & Immunology (AAAAI) / World Allergy Organization (WAO) joint congress.

Included among these is a late-breaking abstract that highlights the first presentation of results from the APeX-P trial evaluating oral, once-daily ORLADEYO in pediatric patients with HAE who are 2 to <12 years of age. The congress will take place in San Diego from February 28-March 3, 2025.

BioCryst will present the following five abstracts on Sunday, March 2 from 9:45-10:45 a.m. PT in Hall A at the San Diego Convention Center:

• 
  HAE Attack Rates in Pediatric Patients 2 to <12 Years of Age with Prophylactic Berotralstat: Results from Interim Analysis of APeX-P
  ; Poster #L55
• 
  Real-World Attack Rates Before and After Berotralstat Initiation Among Patients with Hereditary Angioedema with C1-Inhibitor Deficiency (Type I/II) Stratified by Monthly Baseline HAE Attack Frequency
  ; Poster #603
• 
  Real-World Attack Rates Before and After Berotralstat Initiation Among Patients with Hereditary Angioedema without C1-Inhibitor Deficiency (HAE-nl-C1-INH) Stratified by Monthly Baseline HAE Attack Frequency
  ; Poster #607
• 
  Exploring the Role of Disease Burden, Treatment Effectiveness, and Administration Preference on Willingness of Patients With HAE to Change Long-Term Prophylaxis
  ; Poster #608
• 
  Patient-Reported Impact of Berotralstat as Long-Term Prophylaxis on Hereditary Angioedema Attack Frequency and Attack Severity
  ; Poster #655

The abstracts are available to view in an online supplement to The Journal of Allergy and Clinical Immunology (JACI) at jacionline.org.

About ORLADEYO

^®

 (berotralstat)

ORLADEYO^® (berotralstat) is the first and only oral therapy designed specifically to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients 12 years and older. One capsule of ORLADEYO per day works to prevent HAE attacks by decreasing the activity of plasma kallikrein.

U.S. Indication and Important Safety Information

INDICATION

ORLADEYO^® (berotralstat) is a plasma kallikrein inhibitor indicated for prophylaxis to prevent attacks of hereditary angioedema (HAE) in adults and pediatric patients 12 years and older.

Limitations of use

The safety and effectiveness of ORLADEYO for the treatment of acute HAE attacks have not been established. ORLADEYO should not be used for the treatment of acute HAE attacks. Additional doses or dosages of ORLADEYO higher than 150 mg once daily are not recommended due to the potential for QT prolongation.

IMPORTANT SAFETY INFORMATION
An increase in QT prolongation was observed at dosages higher than the recommended 150 mg once-daily dosage and was concentration dependent.

The most common adverse reactions (≥10% and higher than placebo) in patients receiving ORLADEYO were abdominal pain, vomiting, diarrhea, back pain, and gastroesophageal reflux disease.

A reduced dosage of 110 mg taken orally once daily with food is recommended in patients with moderate or severe hepatic impairment (Child-Pugh B or C).

Berotralstat is a substrate of P-glycoprotein (P-gp) and breast cancer resistance protein. P-gp inducers (eg, rifampin, St. John’s wort) may decrease berotralstat plasma concentration, leading to reduced efficacy of ORLADEYO. The use of P-gp inducers is not recommended with ORLADEYO.

ORLADEYO at a dose of 150 mg is a moderate inhibitor of CYP2D6 and CYP3A4. For concomitant medications with a narrow therapeutic index that are predominantly metabolized by CYP2D6 or CYP3A4, appropriate monitoring and dose titration is recommended. ORLADEYO at a dose of 300 mg is a P-gp inhibitor. Appropriate monitoring and dose titration is recommended for P-gp substrates (eg, digoxin) when coadministering with ORLADEYO.

The safety and effectiveness of ORLADEYO in pediatric patients <12 years of age have not been established.

There are insufficient data available to inform drug-related risks with ORLADEYO use in pregnancy. There are no data on the presence of berotralstat in human milk, its effects on the breastfed infant, or its effects on milk production.

To report SUSPECTED ADVERSE REACTIONS, contact BioCryst Pharmaceuticals, Inc. at 1-833-633-2279 or FDA at 1-800-FDA-1088 or 

www.fda.gov/medwatch

.

Please see full 

Prescribing Information

.

About BioCryst Pharmaceuticals

BioCryst Pharmaceuticals is a global biotechnology company with a deep commitment to improving the lives of people living with hereditary angioedema and other rare diseases. BioCryst leverages its expertise in structure-guided drug design to develop first-in-class or best-in-class small-molecule and protein therapeutics to target difficult-to-treat diseases. BioCryst has commercialized ORLADEYO^® (berotralstat), the first oral, once-daily plasma kallikrein inhibitor, and is advancing a pipeline of small-molecule and protein therapies. For more information, please visit www.biocryst.com or follow us on LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding future results, performance or achievements and statements relating to ORLADEYO performance. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Some of the factors that could affect the forward-looking statements contained herein include: BioCryst’s ability to successfully implement or maintain its commercialization plans for ORLADEYO, which could take longer or be more expensive than planned; the commercial viability of ORLADEYO, including its ability to achieve sustained market acceptance; the FDA or other applicable regulatory agency may require additional studies beyond the studies planned for products and product candidates, may not provide regulatory clearances which may result in delay of planned clinical trials, may impose certain restrictions, warnings, or other requirements on products and product candidates, may impose a clinical hold with respect to product candidates, or may withhold, delay, or withdraw market approval for products and product candidates; BioCryst’s ability to successfully manage its growth and compete effectively; and risks related to the international expansion of BioCryst’s business. Please refer to the documents BioCryst files periodically with the Securities and Exchange Commission, specifically BioCryst’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, which identify important factors that could cause the actual results to differ materially from those contained in BioCryst’s forward-looking statements.

BCRXW

Contact

:

John Bluth
+1 919 859 7910
[email protected]

SAN FRANCISCO, Feb. 10, 2025 (GLOBE NEWSWIRE) — The RealReal (Nasdaq: REAL)—the world’s largest online marketplace for authenticated, resale luxury goods—today provided preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2024 and announced its entry into strategic debt exchange transactions with certain holders of its 1.00% Convertible Senior Notes due 2028 (the “2028 Notes”), reducing its total indebtedness by approximately $37 million and extending a significant portion of its 2028 maturities to 2031.

Preliminary Fourth Quarter and Full Year 2024 Financial Results

“I am pleased to report strong Q4 and full year 2024 preliminary results. Our growth playbook combined with operational excellence enabled us to deliver GMV and Adjusted EBITDA above our guidance range,” said Rati Levesque, President and Chief Executive Officer of The RealReal. “2024 marked an important inflection point for our business. We achieved positive Adjusted EBITDA for the year, and we’re just getting started.”

Gross Merchandise Value (GMV) and Adjusted EBITDA for the fourth quarter and full year are expected to exceed previously issued guidance ranges, as outlined in the table below.

	Q4 2024 Preliminary Results	Prior Q4 2024 Guidance
GMV	$503.5 million	$484.0 – $500.0 million
Total Revenue	$163.1 – $164.1 million	$158.0 – $165.0 million
Adjusted EBITDA	$10.7 – $11.2 million*	$6.5 – $9.5 million

	FY 2024 Preliminary Results	Prior FY 2024 Guidance
GMV	$1.829 billion	$1.810 – $1.826 billion
Total Revenue	$599.6 – $600.6 million	$595 – $602 million
Adjusted EBITDA	$9.0 – $9.5 million*	$4.7 – $7.7 million

^{*Adjusted EBITDA is based on preliminary net loss ranges of $(68.8) million and $(68.3) million and $(134.5) million and $(134.0) million for the three and twelve months ended December 31, 2024, respectively. Net loss includes an adjustment of $(59.0) million and $(68.2) million related to the change in fair value of our warrant liability for the three and twelve months ended December 31, 2024, respectively.}

The Company’s preliminary financial results are based on the Company’s current estimate of its results for the quarter and full year ended December 31, 2024, and remain subject to change based on the completion of closing and review procedures and the execution of the Company’s internal controls over financial reporting.

First Quarter and Full Year 2025 Financial Outlook

Based on market conditions as of February 10, 2025, we are providing guidance for GMV, total revenue, and Adjusted EBITDA, which is a non-GAAP financial measure.

Ajay Gopal, Chief Financial Officer of The RealReal, said, “The RealReal has made tremendous headway on our growth and profitability goals. We look forward to continuing this momentum in 2025, expanding Adjusted EBITDA margin through the combination of our growth playbook and operational efficiencies driven by our data, technology, and AI capabilities.”

Gopal continued, “We delivered significant gross margin improvements in 2024 setting the stage for consistent and largely sustainable rates going forward. We will continue to stay focused on accelerating full year growth and delivering operating leverage. For full year 2025, we expect Adjusted EBITDA in the range of $20M to $30M, which demonstrates the power of this business model as we scale.”

	Q1 2025 Guidance
GMV	$484 – $492 million
Total Revenue	$157 – $161 million
Adjusted EBITDA	$3.0 – $4.5 million

	FY 2025 Guidance
GMV	$1.96 – $1.99 billion
Total Revenue	$645 – $660 million
Adjusted EBITDA	$20 – $30 million

^{We have not reconciled forward-looking Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, because we cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliations, including payroll tax expense on employee stock transactions, that are not within our control, or other components that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future net income (loss).}

Convertible Debt Exchange Announcement

On February 10, 2025, The RealReal consummated private, separately negotiated debt exchange transactions with holders representing in aggregate approximately 65% of its outstanding 2028 Notes, pursuant to which The RealReal will issue approximately $147 million principal amount of new 4.00% Convertible Senior Notes due 2031 (the “New Notes”) in exchange for approximately $183 million principal amount of its 2028 Notes (the “Exchange Transactions”), in transactions exempt from registration under the Securities Act of 1933, as amended, and the rules and regulations thereunder. Certain financial information included in this release was provided to holders of the 2028 Notes in conjunction with the announcement of the Exchange Transactions.

As a result of the Exchange Transactions, the Company reduced its total indebtedness by approximately $37 million and extended a significant portion of its 2028 maturities.

“We are pleased to reduce our total indebtedness by approximately $37 million, adding to the $17 million reduction made in February 2024. This represents another milestone as we rebalance our debt maturity cycle, strengthen our financial position, enhance our capital structure flexibility, and continue executing on our strategic pillars,” said Levesque.

Moelis & Company LLC is serving as financial advisor, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to The RealReal in connection with the Exchange Transactions.

The RealReal Fourth Quarter and Full Year 2024 Earnings Call

The Company will release its actual financial results for the fourth quarter and full year ended December 31, 2024, after the market closes on February 20, 2025. The RealReal will host a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to review its financial results. A live webcast of the conference call will be available online at investor.therealreal.com.   The archived webcast will be available shortly after the call at the same location. To access the conference call by phone, participants will need to register to obtain a dial-in phone number and an access code. Register for the call using this link. 

About The RealReal Inc.

The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods, with 37 million members. With a rigorous authentication process overseen by experts, The RealReal provides a safe and reliable platform for consumers to buy and sell their luxury items. We have hundreds of in-house gemologists, horologists and brand authenticators who inspect thousands of items each day. As a sustainable company, we give new life to pieces by thousands of brands across numerous categories—including women’s and men’s fashion, fine jewelry and watches, art and home—in support of the circular economy. We make selling effortless with free virtual appointments, in-home pickup, drop-off and direct shipping. We handle all of the work for consignors, including authenticating, using AI and machine learning to determine optimal pricing, photographing and listing their items, as well as shipping and customer service.

Investor Relations Contact:

Caitlin Howe
[email protected]

Press Contact:

Mallory Johnston
[email protected]

Forward-Looking Statements

This press release contains forward-looking statements relating to, among other things, the future performance of The RealReal that are based on the company’s current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “target,” “contemplate,” “project,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. These statements include, but are not limited to, statements about future operating and financial results, including our strategies, plans, commitments, objectives and goals, in particular in the context of the impacts of recent geopolitical events, including the conflict between Russia and Ukraine and the Israel-Hamas war, and uncertainty surrounding macro-economic trends, the debt exchange, financial guidance, anticipated growth in 2025, the anticipated impact of generative AI, and long-range financial targets and projections. Actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Other factors that could cause or contribute to such differences include, but are not limited to, inflation, macroeconomic uncertainty, geopolitical instability, any failure to generate a supply of consigned goods, pricing pressure on the consignment market resulting from discounting in the market for new goods, failure to efficiently and effectively operate our merchandising and fulfillment operations, labor shortages and other reasons.

More information about factors that could affect the company’s operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting the company’s Investor Relations website at https://investor.therealreal.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.

Non-GAAP Financial Measures

To supplement our unaudited and condensed financial statements presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures, including GMV and Adjusted EBITDA. We have provided a reconciliation of adjusted EBITDA to the most directly comparable GAAP financial measure in this release.

We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that non-GAAP financial measures we use may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies, including other companies in our industry.

Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because Adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure as an overall assessment of our performance, to evaluate the effectiveness of our business strategies and for business planning purposes. Adjusted EBITDA may not be comparable to similarly titled metrics of other companies.

We calculate Adjusted EBITDA as net loss before interest income, interest expense, other (income) expense net, provision (benefit) for income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, CEO separation benefit, and transition costs, employer payroll tax expense on employee stock transactions, legal settlement charges, restructuring, warehouse fire costs (net), gain on extinguishment of debt,change in fair value of warrant liabilities and certain one-time expenses. The employer payroll tax expense related to employee stock transactions is tied to the vesting or exercise of underlying equity awards and the price of our common stock at the time of vesting, which may vary from period to period independent of the operating performance of our business. Adjusted EBITDA has certain limitations as the measure excludes the impact of certain expenses that are included in our statements of operations that are necessary to run our business and should not be considered as an alternative to net loss or any other measure of financial performance calculated and presented in accordance with GAAP.

In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis and, in the case of exclusion of the impact of stock-based compensation and the related employer payroll tax expense on employee stock transactions, excludes an item that we do not consider to be indicative of our core operating performance. Investors should, however, understand that stock-based compensation and the related employer payroll tax expense will be a significant recurring expense in our business and an important part of the compensation provided to our employees. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

	Three Months Ended December 31, 2024							Year Ended December 31, 2024
	Low Estimate			High Estimate				Low Estimate			High Estimate
	(in thousands)
Adjusted EBITDA Reconciliation:
Net loss	$	(68,762	)	$	(68,262	)		$	(134,510	)	$	(134,010	)
Add (deduct):
Depreciation and amortization		8,294			8,294				33,100			33,100
Interest income		(1,671	)		(1,671	)			(7,943	)		(7,943	)
Interest expense		5,916			5,916				21,384			21,384
Provision for income taxes		98			98				276			276
EBITDA		(56,125	)		(55,625	)			(87,693	)		(87,193	)
Stock-based compensation expense		6,502			6,502				29,082			29,082
CEO separation benefit and transition costs(1)		782			782				782			782
Payroll taxes on employee stock transactions		121			121				371			371
Legal settlement		–			–				600			600
Restructuring charges		–			–				196			196
Gain on extinguishment of debt		–			–				(4,177	)		(4,177	)
Change in fair value of warrant liability(2)		58,958			58,958				68,167			68,167
One time expenses(3)		462			462				1,672			1,672
Adjusted EBITDA	$	10,700		$	11,200			$	9,000		$	9,500

<sup>(1) The CEO separation benefits and transition costs for the year ended December 31, 2024 consist of severance and benefits payable to John Koryl pursuant to his separation agreement.

(2) The change in fair value of warrant liability for the year ended December 31, 2024 reflects the remeasurement of the warrants issued by the Company in connection with the Note Exchange in February 2024.

(3) One time expenses for the year ended December 31, 2024 consists of vendor services settlement and estimated losses, net of estimated insurance recoveries related to the fire at one of our New Jersey authentication centers.</sup>