Market Newsdesk

April 1, 2025 4:13 pm

Calamos Investments Closed-End Funds (NASDAQ: CHI, CHY, CSQ, CGO, CHW, CCD and CPZ) Announce Monthly Distributions and Required Notifications of Sources of Distribution

PR Newswire

METRO CHICAGO, Ill., April 1, 2025 /PRNewswire/ — Calamos Investments^®*has announced monthly distributions and sources of distributions paid in April 2025 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds’ respective distribution plans.

Fund	Distribution	Payable date	Record date	Ex-dividend date

CHI (inception 06/26/2002)
Calamos Convertible Opportunities and Income Fund	$0.0950	4/21/25	4/11/25	4/11/25


CHY (inception 05/28/2003)
Calamos Convertible and High Income Fund	$0.1000	4/21/25	4/11/25	4/11/25


CSQ (inception 03/26/2004)
Calamos Strategic Total Return Fund	$0.1025	4/21/25	4/11/25	4/11/25


CGO (inception 10/27/2005)
Calamos Global Total Return Fund	$0.0800	4/21/25	4/11/25	4/11/25


CHW (inception 06/27/2007)
Calamos Global Dynamic Income Fund	$0.0500	4/21/25	4/11/25	4/11/25


CCD (inception 03/27/2015)
Calamos Dynamic Convertible and Income Fund	$0.1950	4/21/25	4/11/25	4/11/25


CPZ (inception 11/29/2019)
Calamos Long/Short Equity & Dynamic Income Trust	$0.1400	4/21/25	4/11/25	4/11/25

The following table provides estimates of Calamos Global Total Return Fund’s, Calamos Global Dynamic Income

Fund’s, Calamos Dynamic Convertible and Income Fund’s, Calamos Convertible Opportunities and Income Fund’s, and Calamos Convertible and High Income Fund’s distribution sources, reflecting YTD cumulative experience. The Funds attribute these estimates equally to each regular distribution throughout the year.

Distribution Components for April 2025’s Payable Date	CGO	CHW	CCD	CHI	CHY
Ordinary Income	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000
Short-Term Capital Gains	$0.0800	$0.0500	$0.0000	$0.0000	$0.0000
Long-Term Capital Gains	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000
Return of Capital	$0.0000	$0.0000	$0.1950	$0.0950	$0.1000
Total Distribution (Level Rate)	$0.0800	$0.0500	$0.1950	$0.0950	$0.1000

2025 Fiscal YTD Data	CGO	CHW	CCD	CHI	CHY
Ordinary Income	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000
Short-Term Capital Gains	$0.4800	$0.3000	$0.1950	$0.0950	$0.1000
Long-Term Capital Gains	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000
Return of Capital	$0.0000	$0.0000	$0.9750	$0.4750	$0.5000
Total Fiscal YTD Distribution (Level Rate)	$0.4800	$0.3000	$1.1700	$0.5700	$0.6000

Regarding Calamos’ remaining two closed-end funds, which operate under a managed distribution policy: The information below is required by an exemptive order granted to the Funds by the US Securities and Exchange Commission and includes the information sent to shareholders regarding the sources of the Funds’ distributions.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Funds estimate the following percentages, of their respective total distribution amount per common share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized longterm capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal YTD cumulative distribution amount per common share for the Funds. The following table provides estimates of each Fund’s distribution sources, reflecting YTD cumulative experience. The Funds attribute these estimates equally to each regular distribution throughout the year.

			Estimated Per Share Sources of Distribution				Estimated Percentage of Distribution

		Per Share	Net	Short-Term	Long-Term	Return of	Net	Short-Term	Long-Term	Return of
Fund		Distribution	Income	Gains	Gains	Capital	Income	Gains	Gains	Capital
CSQ	Current Month	0.1025	–	–	0.0437	0.0588	0.0 %	0.0 %	42.6 %	57.4 %
	Fiscal YTD	0.6150	–	0.1025	0.0937	0.4188	0.0 %	16.7 %	15.2 %	68.1 %
	Net Asset Value	16.61
CPZ	Current Month	0.1400	0.0897	0.0503	–	–	64.1 %	35.9 %	0.0 %	0.0 %
	Fiscal YTD	1.0359	0.1815	0.8544	–	–	17.5 %	82.5 %	0.0 %	0.0 %
	Net Asset Value	16.85

Note: NAV returns are as of March 31, 2025 and Distribution Returns include the distribution announced today.

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s plan.

If the Fund(s) estimate(s) that it has distributed more than its income and capital gains, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.

The amounts and sources of distributions reported in this 19(a) notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099 DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Return figures provided below are based on the change in the Fund’s Net Asset Value per share (“NAV”), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.

	Annualized


Fund	5-Year	Fiscal YTD	Fiscal YTD	Fiscal YTD
	NAV Return	NAV Dist Rate	NAV Return	NAV Dist Rate
CSQ	19.48 %	7.41 %	-2.56 %	3.70 %
CPZ	11.73 %	12.30 %	1.80 %	6.15 %
Note: NAV returns are as of March 31, 2025, and Distribution Returns include the distribution announced today.

While the NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market. Past performance does not guarantee future results.

Monthly distributions offer shareholders the opportunity to accumulate more shares in a fund via the automatic dividend reinvestment plan. For example, if a fund’s shares are trading at a premium, distributions will be automatically reinvested through the plan at NAV or 95% of the market price, whichever is greater; if shares are trading at a discount, distributions will be reinvested at the market price through an open market purchase program. Thus, the plan offers current shareholders an efficient method of accumulating additional shares with a potential for cost savings. Please see the dividend reinvestment plan for more information.

Important Notes about Performance and Risk
Past performance is no guarantee of future results. As with other investments, market price will fluctuate with the market and upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Returns at NAV reflect the deduction of the Fund’s management fee, debt leverage costs and other expenses. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a discount which is a market price that is below their net asset value.

About Calamos
Calamos Investments is a diversified global investment firm offering innovative investment strategies including alternatives, multi-asset, convertible, fixed income, equity, and sustainable equity. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, an interval fund, ETFs, and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals, as well as the financial advisors and consultants who serve them. Headquartered in the Chicago metropolitan area, the firm also has offices in New York City, San Francisco, Milwaukee, Portland (Oregon), and the Miami area. For more information, please visit us on LinkedIn, on Twitter @Calamos, Instagram @calamos_investments, or at www.calamos.com.

*Calamos Investments LLC, referred to herein as Calamos Investments^®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP and Calamos Financial Services LLC.

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SOURCE Calamos Investments

April 1, 2025 4:13 pm

Polyrizon Ltd. Announces Closing of $17.0 Million Private Placement

RAANANA, ISRAEL, April 01, 2025 (GLOBE NEWSWIRE) — Polyrizon Ltd. (NASDAQ: PLRZ) (the “Company”), a biotech company specializing in innovative intranasal hydrogels, today announced the closing of its previously announce private placement of approximately $17.0 million of Ordinary Shares and/or pre-funded and investor warrants at a price of $0.48 per Ordinary Unit.

The offering consisted of the sale of 35,416,667 Ordinary Units (or Pre-Funded Units), each consisting of (i) one (1) Ordinary Share or Pre-Funded Warrant, and (ii) one (1) Series A Warrant to purchase one (1) Ordinary Share per warrant. The offering price per Ordinary Unit was $0.48 (or $0.47999 for each Pre-Funded Unit, which is equal to the offering price per Ordinary Unit sold in the offering minus an exercise price of $0.00001 per Pre-Funded Warrant). The Pre-Funded Warrants will be exercisable following shareholder approval and may be exercised at any time until exercised in full The initial exercise price of each Series A Warrant is $1.20 per Ordinary Share or pursuant to an alternative cashless exercise option. The Series A Warrants are exercisable following shareholder approval and will have a term of 30 months. The number of securities issuable under the Series A Warrants is subject to adjustment as described in more detail in the report on Form 6-K to be filed in connection with the offering.

Aggregate gross proceeds to the Company were approximately $17.0 million. The transaction closed on April 1, 2025. The Company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital.

Aegis Capital Corp. acted as exclusive placement agent for the private placement. Greenberg Traurig, P.A. acted as counsel to the Company. Kaufman & Canoles, P.C. acted as counsel to Aegis Capital Corp.

The securities described above were sold in a private placement transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold 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. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the Ordinary Shares and the Shares issuable upon exercise of the pre-funded warrants and warrants.

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 Polyrizon Ltd.

Polyrizon is a development stage biotech company specializing in the development of innovative medical device hydrogels delivered in the form of nasal sprays, which form a thin hydrogel-based shield containment barrier in the nasal cavity that can provide a barrier against viruses and allergens from contacting the nasal epithelial tissue. Polyrizon’s proprietary Capture and Contain TM, or C&C, hydrogel technology, comprised of a mixture of naturally occurring building blocks, is delivered in the form of nasal sprays, and potentially functions as a “biological mask” with a thin shield containment barrier in the nasal cavity. Polyrizon are further developing certain aspects of our C&C hydrogel technology such as the bioadhesion and prolonged retention at the nasal deposition site for intranasal delivery of drugs. Polyrizon refers to its additional technology, which is in an earlier stage of pre-clinical development, that is focused on nasal delivery of active pharmaceutical ingredients, or APIs, as Trap and Target ™, or T&T. For more information, please visit https://polyrizon-biotech.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses the intended use of proceeds from the offering. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on March 11, 2025 and subsequent filings with the SEC. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Polyrizon is not responsible for the contents of third-party websites.

Michal Efraty
Investor Relations
[email protected]

April 1, 2025 4:13 pm

Brookfield Renewable Announces Dividend Rates On Its Series 1 and Series 2 Preference Shares

All amounts in Canadian dollars unless otherwise stated

BROOKFIELD, News, April 01, 2025 (GLOBE NEWSWIRE) — Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN) (“Brookfield Renewable”) today announced that Brookfield Renewable Power Preferred Equity Inc. (“BRP Equity”) has determined the fixed dividend rate on its Class A Preference Shares, Series 1 (“Series 1 Shares”) (TSX:BRF.PR.A) for the five years commencing May 1, 2025 and ending April 30, 2030 and the floating dividend rate on its Class A Preference Shares, Series 2 (“Series 2 Shares”) (TSX: BRF.PR.B) for the quarterly dividend payable on July 31, 2025.

Series 1 Shares

If declared, the fixed quarterly dividends on the Series 1 Shares during that period will be paid at an annual rate of 5.203% ($0.3251875 per share per quarter).

Holders of Series 1 Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on April 15, 2025, to convert all or part of their Series 1 Shares, on a one-for-one basis, into Series 2 Shares, effective April 30, 2025. Holders of Series 1 Shares are not required to elect to convert all or any part of their Series 1 Shares into Series 2 Shares.

As provided in the share conditions of the Series 1 Shares, (i) if BRP Equity determines that there would be fewer than 1,000,000 Series 1 Shares outstanding after April 30, 2025, all remaining Series 1 Shares will be automatically converted into Series 2 Shares on a one-for-one basis effective April 30, 2025; and (ii) if BRP Equity determines that there would be fewer than 1,000,000 Series 2 Shares outstanding after April 30, 2025, no Series 1 Shares will be permitted to be converted into Series 2 Shares. There are currently 6,849,533 Series 1 Shares outstanding.

Series 2 Shares

The quarterly floating rate dividends on the Series 2 Shares is paid at an annual rate, calculated for each quarter, of 2.62% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend in respect of the May 1, 2025 to July 31, 2025 dividend period for the Series 2 Shares, if declared, will be $0.3317675 per share, payable on July 31, 2025.

Holders of Series 2 Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on April 15, 2025, to convert all or part of their Series 2 Shares, on a one-for-one basis, into Series 1 Shares, effective April 30, 2025. Holders of Series 2 Shares are not required to elect to convert all or any part of their Series 2 Shares into Series 1 Shares.

As provided in the share conditions of the Series 2 Shares, (i) if BRP Equity determines that there would be fewer than 1,000,000 Series 2 Shares outstanding after April 30, 2025, all remaining Series 2 Shares will be automatically converted into Series 1 Shares on a one-for-one basis effective April 30, 2025; and (ii) if BRP Equity determines that there would be fewer than 1,000,000 Series 1 Shares outstanding after April 30, 2025, no Series 2 Shares will be permitted to be converted into Series 1 Shares. There are currently 3,110,531 Series 2 Shares outstanding.

Brookfield Renewable

Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities and our sustainable solutions assets include our investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.

Investors can access the portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation.

Brookfield Renewable is the flagship listed renewable power and transition company of Brookfield Asset Management, a leading global alternative asset manager headquartered in New York, with over $1 trillion of assets under management.

Contact information:

Media:

Simon Maine

+44 7398 909 278

[email protected]

Investors:

Alex Jackson

+1 (416) 649-8196

[email protected]

Cautionary Statement Regarding Forward-looking Statements

Note: This news release contains forward-looking statements and information within the meaning of Canadian securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements can be identified by the use of words such as “will”, “expected”, “intend”, or variations of such words and phrases. Forward-looking statements in this news release include statements with regards to potential future dividend declarations on the Series 1 Shares and Series 2 Shares. Although Brookfield Renewable believes that such forward-looking statements and information are based upon reasonable assumptions and expectations, no assurance is given that such expectations will prove to have been correct. The reader should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Brookfield Renewable to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Except as required by law, Brookfield Renewable does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether written or oral, whether as a result of new information, future events or otherwise.

April 1, 2025 4:13 pm

STAG INDUSTRIAL TO REPORT FIRST QUARTER 2025 RESULTS APRIL 29, 2025

PR Newswire

BOSTON
, April 1, 2025 /PRNewswire/ — STAG Industrial, Inc. (the “Company”) (NYSE:STAG) today announced that the Company will release its first quarter 2025 operating and financial results after market close on Tuesday, April 29, 2025. The Company will host its quarterly earnings conference call on Wednesday, April 30, 2025, at 10:00 a.m. Eastern Time.

The call can be accessed live over the phone toll-free by dialing (877) 407-4018, or for international callers, (201) 689-8471. A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the replay is 13752720.

Interested parties also may listen to a simultaneous webcast of the conference call by visiting the Investor Relations section of the Company’s website at www.stagindustrial.com, or by clicking on the following link:

http://ir.stagindustrial.com/CorporateProfile

About STAG Industrial, Inc.

STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership, and operation of industrial properties throughout the United States. As of December 31, 2024, the Company’s portfolio consists of 591 buildings in 41 states with approximately 116.6 million rentable square feet.

For additional information, please visit the Company’s website at www.stagindustrial.com.

Forward-Looking Statements

This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements 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. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “should,” “project” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company’s annual report on Form 10-K for the year ended December 31, 2024, as updated by the Company’s quarterly reports on Form 10-Q. Accordingly, there is no assurance that the Company’s expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.

View original content to download multimedia:https://www.prnewswire.com/news-releases/stag-industrial-to-report-first-quarter-2025-results-april-29-2025-302417314.html

SOURCE STAG Industrial, Inc.

April 1, 2025 4:13 pm

nCino Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Q4 Total Revenues of
$141.4
M, up
14%
year-over-year

Fiscal Year
2025
Total Revenues of
$540.7
M, up
13%
year-over-year

Q4 Subscription Revenues of
$125.0
M, up
16%
year-over-year

Fiscal Year
2025
Subscription Revenues of
$469.2
M, up
15%
year-over-year

WILMINGTON, N.C., April 01, 2025 (GLOBE NEWSWIRE) — nCino, Inc. (NASDAQ: NCNO), the leading provider of intelligent, best-in-class banking solutions, today announced financial results for the fourth quarter and fiscal year 2025, ended January 31, 2025.

“We ended the year strong, with meaningful year-over-year subscription revenues and ACV growth, while continuing to realize efficiencies across our operations,” said Sean Desmond, Chief Executive Officer at nCino. “With AI embedded across our onboarding, account opening, lending and portfolio management offerings that span commercial, consumer, small business and mortgage lines of business globally, nCino is uniquely positioned to seize the vertical AI market opportunity as we continue the journey of delivering long-term value to our stakeholders.”

“Reflecting confidence in our strategy and commitment to allocating capital where it can generate stockholder value, we are pleased to announce our Board of Directors has authorized a Stock Repurchase Program whereby nCino may repurchase up to $100,000,000 of nCino’s outstanding common stock,” said Greg Orenstein, Chief Financial Officer at nCino.

Fourth Quarter Fiscal
2025
Financial Highlights

Revenues: Total revenues for the fourth quarter of fiscal 2025 were $141.4 million, a 14% increase from $123.7 million in the fourth quarter of fiscal 2024. Subscription revenues for the fourth quarter were $125.0 million, up from $107.5 million one year ago, an increase of 16%.
Income (Loss) from Operations: GAAP loss from operations in the fourth quarter of fiscal 2025 was $(5.7) million compared to $(3.2) million in the same quarter of fiscal 2024. Non-GAAP operating income in the fourth quarter was $24.4 million compared to $19.3 million in the fourth quarter of fiscal 2024, an increase of 26%.
Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino in the fourth quarter of fiscal 2025 was $(18.6) million compared to GAAP net income attributable to nCino of $1.2 million in the fourth quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the fourth quarter was $13.9 million compared to $23.8 million in the fourth quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the fourth quarter was impacted by approximately $(10.3) million due to non-operating, predominantly non-cash foreign currency fluctuations on intercompany loans.
Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino in the fourth quarter of fiscal 2025 was $(0.16) per basic and diluted share compared to GAAP net income attributable to nCino per diluted share of $0.01 in the fourth quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the fourth quarter was $0.12 per diluted share compared to $0.21 per diluted share in the fourth quarter of fiscal 2024. Non-GAAP net income attributable to nCino per diluted share in the fourth quarter was impacted by $(0.09) due to non-operating, predominantly non-cash foreign currency fluctuations on intercompany loans.
Cash: As of of January 31, 2025, cash, cash equivalents, and restricted cash were $121.3 million and $166.0 million was outstanding under nCino’s revolving credit facility.

Full Year Fiscal
2025
Financial Highlights

Revenues: Total revenues for fiscal 2025 were $540.7 million, a 13% increase from $476.5 million in fiscal 2024. Subscription revenues for fiscal 2025 were $469.2 million, up from $409.5 million in fiscal 2024, an increase of 15%.
Income (Loss) from Operations: GAAP loss from operations for fiscal year 2025 was $(18.1) million compared to $(39.5) million in fiscal 2024. Non-GAAP operating income for fiscal 2025 was $96.2 million compared to $61.8 million in fiscal 2024, an increase of 56%.
Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino for fiscal 2025 was $(37.9) million compared to $(42.3) million in fiscal 2024. Non-GAAP net income attributable to nCino for fiscal 2025 was $76.1 million compared to $58.0 million in fiscal 2024. Non-GAAP net income attributable to nCino was impacted by approximately $(10.5) million in fiscal 2025 due to non-operating, predominantly non-cash foreign currency fluctuations on intercompany loans.
Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino for fiscal 2025 was $(0.33) per basic and diluted share compared to $(0.38) per basic and diluted share in fiscal 2024. Non-GAAP net income attributable to nCino for fiscal 2025 was $0.65 per diluted share compared to a $0.50 per diluted share in fiscal 2024. Non-GAAP net income attributable to nCino per diluted share was impacted by $(0.09) in fiscal 2025 due to non-operating, predominantly non-cash foreign currency fluctuations on intercompany loans.
Annual Contract Value (ACV): On a reported basis, ACV as of January 31, 2025, was $516.4 million, an increase of 13% year over year, or 8% on an organic basis. On a constant currency basis, ACV increased 14% year over year, or 9% on an organic basis. nCino defines ACV as the highest annualized subscription fee obligation under customer contracts in effect at the end of the reporting period, converted to USD with foreign exchange rates in effect as of the end of the applicable period.

Stock Repurchase Program

nCino’s Board of Directors authorized a Stock Repurchase Program under which the Company may repurchase up to $100,000,000 (One-Hundred Million Dollars) of the Company’s outstanding common stock.

Recent Business Highlights

Announced Appointment of Sean Desmond as President and CEO: Sean Desmond announced as President & CEO and member of the Company’s Board of Directors. Desmond succeeds Pierre Naudé, who becomes Executive Chairman.
Acquired Sandbox Banking: The acquisition strengthens nCino’s ability to enhance data connectivity and streamline operations for banks and credit unions through an industry-leading Integration Platform as a Service (iPaaS) solution for a more intelligent and harmonious technology platform.
Selected by a Top-50 Bank in the U.S. for Consumer Lending: A top-50 U.S. bank by assets expanded their use of nCino to include Consumer Lending, Automated Spreading, and Banking Advisor.
Expanded Relationship with Top-4 Bank in the U.S. with Banking Advisor: A top-4 U.S. bank by assets adopted Banking Advisor to build on automation and efficiencies already achieved with nCino.
Signed first customer in the Czech Republic: Československá obchodní banka (CSOB) selected the nCino Platform to digitize and streamline its Commercial & SME Lending operations.

Financial Outlook

nCino is providing guidance for its first quarter ending
April
30, 2025, as follows:

Total revenues between $138.75 million and $140.75 million.
Subscription revenues between $121.75 million and $123.75 million.
Non-GAAP operating income between $22.5 million and $24.5 million.
Non-GAAP net income attributable to nCino per diluted share of $0.15 to $0.16.

nCino is providing guidance for its fiscal year
2026
ending January 31, 2026, as follows:

Total revenues between $574.5 million and $578.5 million.
Subscription revenues between $503.0 million and $507.0 million.
Non-GAAP operating income between $107.0 million and $111.0 million.
Non-GAAP net income attributable to nCino per diluted share of $0.66 to $0.69.
Annual Contract Value (ACV) between $564 million and $567 million.

Conference Call

nCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of nCino’s website: https://investor.ncino.com/news-events/events-and-presentations.

About nCino

nCino (NASDAQ: NCNO) is powering a new era in financial services. The Company was founded to help financial institutions digitize and reengineer business processes to boost efficiencies and create better banking experiences. With over 2,700 customers worldwide – including community banks, credit unions, independent mortgage banks, and the largest financial entities globally – nCino offers a trusted platform of best-in-class, intelligent solutions. By integrating artificial intelligence and actionable insights into its platform, nCino is helping financial institutions consolidate legacy systems to enhance strategic decision-making, improve risk management, and elevate customer satisfaction by cohesively bringing together people, AI and data. For more information, visit www.ncino.com.

Forward-Looking Statements:

This press release contains forward-looking statements about nCino’s financial and operating results, which include statements regarding nCino’s future performance, outlook, guidance, the benefits from the use of nCino’s solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino’s historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to risks associated with (i) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (ii) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (iii) risks associated with acquisitions we undertake, (iv) breaches in our security measures or unauthorized access to our customers’ or their clients’ data; (v) the accuracy of management’s assumptions and estimates; (vi) our ability to attract new customers and succeed in having current customers expand their use of our solution, including in connection with our migration to an asset-based pricing model; (vii) competitive factors, including pricing pressures and migration to asset-based pricing, consolidation among competitors, entry of new competitors, the launch of new products and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (viii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (ix) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (x) our ability to manage our growth effectively including expanding outside of the United States; (xi) adverse changes in our relationship with Salesforce; (xii) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xiii) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xiv) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xv) our ability to maintain our corporate culture and attract and retain highly skilled employees; and (xvi) the outcome and impact of legal proceedings and related fees and expenses.

Additional risks and uncertainties that could affect nCino’s business and financial results are included in our reports filed with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC’s web site at www.sec.gov). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time.

nCino, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)

	January 31, 2024			January 31, 2025
Assets
Current assets
Cash and cash equivalents	$	112,085		$	120,928
Accounts receivable, net		112,975			146,787
Costs capitalized to obtain revenue contracts, current portion, net		10,544			13,462
Prepaid expenses and other current assets		15,171			21,072
Total current assets		250,775			302,249
Property and equipment, net		79,145			74,953
Operating lease right-of-use assets, net		19,261			16,026
Costs capitalized to obtain revenue contracts, noncurrent, net		17,425			23,735
Goodwill		838,869			1,019,375
Intangible assets, net		115,572			154,571
Investments		9,294			9,294
Long-term prepaid expenses and other assets		10,089			10,178
Total assets	$	1,340,430		$	1,610,381
Liabilities, redeemable non-controlling interest, and stockholders’ equity
Current liabilities
Accounts payable	$	11,842		$	13,640
Accrued compensation and benefits		16,283			23,626
Accrued expenses and other current liabilities		10,847			16,239
Deferred revenue		170,941			191,174
Financing obligations, current portion		1,474			1,680
Operating lease liabilities, current portion		3,649			5,153
Total current liabilities		215,036			251,512
Operating lease liabilities, noncurrent		16,423			12,819
Deferred income taxes, noncurrent		3,687			13,851
Deferred revenue, noncurrent		—			269
Revolving credit facility, noncurrent		—			166,000
Financing obligations, noncurrent		52,680			51,172
Other long-term liabilities		—			17,160
Total liabilities		287,826			512,783
Commitments and contingencies
Redeemable non-controlling interest		3,428			8,286
Stockholders’ equity
Common stock		57			58
Additional paid-in capital		1,400,881			1,474,413
Accumulated other comprehensive income		996			176
Accumulated deficit		(352,758	)		(385,335	)
Total stockholders’ equity		1,049,176			1,089,312
Total liabilities, redeemable non-controlling interest, and stockholders’ equity	$	1,340,430		$	1,610,381

nCino, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) (Unaudited)

	Three Months Ended January 31,						Fiscal Year Ended January 31,
		2024			2025			2024			2025
Revenues
Subscription	$	107,483		$	124,957		$	409,479		$	469,168
Professional services and other		16,210			16,413			67,064			71,489
Total revenues		123,693			141,370			476,543			540,657
Cost of revenues
Subscription		31,380			36,016			120,861			134,932
Professional services and other		17,830			20,997			70,609			80,937
Total cost of revenues		49,210			57,013			191,470			215,869
Gross profit		74,483			84,357			285,073			324,788
Gross margin %		60	%		60	%		60	%		60	%
Operating expenses
Sales and marketing		29,996			33,744			130,547			123,231
Research and development		30,184			32,131			117,311			129,422
General and administrative		17,488			24,220			76,727			90,266
Total operating expenses		77,668			90,095			324,585			342,919
Loss from operations		(3,185	)		(5,738	)		(39,512	)		(18,131	)
Non-operating income (expense)
Interest income		510			353			2,567			1,761
Interest expense		(858	)		(3,798	)		(4,135	)		(8,763	)
Other income (expense), net		1,777			(10,265	)		(856	)		(10,427	)
Loss before income taxes		(1,756	)		(19,448	)		(41,936	)		(35,560	)
Income tax provision (benefit)		(3,130	)		(3,871	)		1,590			(2,511	)
Net income (loss)		1,374			(15,577	)		(43,526	)		(33,049	)
Net loss attributable to redeemable non-controlling interest		(241	)		(63	)		(1,109	)		(472	)
Adjustment attributable to redeemable non-controlling interest		455			3,096			(71	)		5,301
Net income (loss) attributable to nCino, Inc.	$	1,160		$	(18,610	)	$	(42,346	)	$	(37,878	)
Net income (loss) per share attributable to nCino, Inc.:
Basic	$	0.01		$	(0.16	)	$	(0.38	)	$	(0.33	)
Diluted	$	0.01		$	(0.16	)	$	(0.38	)	$	(0.33	)
Weighted average number of common shares outstanding:
Basic		113,263,176			115,826,652			112,672,397			115,162,175
Diluted		115,782,532			115,826,652			112,672,397			115,162,175

nCino, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)

	Fiscal Year Ended January 31,
		2024			2025
Cash flows from operating activities
Net loss attributable to nCino, Inc.	$	(42,346	)	$	(37,878	)
Net loss and adjustment attributable to redeemable non-controlling interest		(1,180	)		4,829
Net loss		(43,526	)		(33,049	)
Adjustments to reconcile net loss to net cash provided by activities:
Depreciation and amortization		45,264			36,345
Non-cash operating lease costs		4,534			4,960
Amortization of costs capitalized to obtain revenue contracts		9,934			12,003
Amortization of debt issuance costs		184			131
Stock-based compensation		58,035			71,592
Deferred income taxes		(2,340	)		(7,118	)
Provision for bad debt		1,081			85
Net foreign currency losses		670			8,675
Unrealized gain on investment		(263	)		—
Loss on disposal of long-lived assets		150			35
Change in operating assets and liabilities:
Accounts receivable		(14,325	)		(31,389	)
Costs capitalized to obtain revenue contracts		(10,348	)		(21,453	)
Prepaid expenses and other assets		1,872			(7,060	)
Accounts payable		525			(190	)
Accrued expenses and other current liabilities		(5,981	)		10,165
Deferred revenue		15,902			13,807
Operating lease liabilities		(4,083	)		(3,785	)
Other long-term liabilities		—			1,445
Net cash provided by operating activities		57,285			55,199
Cash flows from investing activities
Acquisition of business, net of cash acquired		—			(216,911	)
Acquisition of assets		(356	)		(450	)
Purchases of property and equipment		(3,515	)		(1,816	)
Proceeds from sale of property and equipment		43			—
Purchase of investments		(2,500	)		—
Net cash used in investing activities		(6,328	)		(219,177	)
Cash flows from financing activities
Investment from redeemable non-controlling interest		983			—
Proceeds from borrowings on revolving credit facility		—			241,000
Payments on revolving credit facility		(30,000	)		(75,000	)
Payments of debt issuance costs		—			(1,484	)
Exercise of stock options		4,469			2,796
Stock issuance under the employee stock purchase plan		4,661			4,468
Principal payments on financing obligations		(1,226	)		(1,302	)
Net cash provided by (used in) financing activities		(21,113	)		170,478
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash		182			(2,677	)
Net increase in cash, cash equivalents, and restricted cash		30,026			3,823
Cash, cash equivalents, and restricted cash, beginning of period		87,418			117,444
Cash, cash equivalents, and restricted cash, end of period	$	117,444		$	121,267

Reconciliation of cash, cash equivalents, and restricted cash, end of period:
Cash and cash equivalents	$	112,085		$	120,928
Restricted cash included in long-term prepaid expenses and other assets		5,359			339
Total cash, cash equivalents, and restricted cash, end of period	$	117,444		$	121,267

Non-GAAP Financial Measures

In nCino’s public disclosures, nCino has provided non-GAAP measures, which are measurements of financial performance that have not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, nCino uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. For the reasons set forth below, nCino believes that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures.

Amortization of Purchased Intangibles. nCino incurs amortization expense for purchased intangible assets in connection with certain mergers and acquisitions. Because these costs have already been incurred, cannot be recovered, are non-cash, and are affected by the inherent subjective nature of purchase price allocations, nCino excludes these expenses for our internal management reporting processes. nCino’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Although nCino excludes amortization expense for purchased intangibles from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Stock-Based Compensation Expenses. nCino excludes stock-based compensation expenses primarily because they are non-cash expenses that nCino excludes from our internal management reporting processes. nCino’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, nCino believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.

Acquisition-Related Expenses. nCino excludes expenses related to acquisitions as they limit comparability of operating results with prior periods. Acquisition-related expenses include but are not limited to: costs incurred from third-party professional services firms in connection with business combination and one-time integration activities. We believe these costs are non-recurring in nature and outside the ordinary course of business.

Litigation Expenses. nCino excludes fees and expenses related to litigation expenses incurred from legal matters outside the ordinary course of our business as we believe their exclusion from non-GAAP operating expenses will facilitate a more meaningful explanation of operating results and comparisons with prior period results.

Restructuring Costs. nCino excludes costs incurred related to bespoke restructuring plans and other one-time costs that are fundamentally different in strategic nature and frequency from ongoing initiatives. We believe excluding these costs facilitates a more consistent comparison of operating performance over time. Adjustments to stock-based compensation in connection with restructuring events are presented in Stock-Based Compensation Expenses.

Tax (Benefit) Provision Related to Acquisitions. Upon certain acquisitions, nCino reduced the valuation allowance against U.S. deferred tax assets, resulting in a one-time tax benefit recorded in Income tax (benefit) provision. We believe that the exclusion of this benefit from our non-GAAP net loss attributable to nCino and non-GAAP net loss attributable to nCino per share provides a more direct comparison to all periods presented.

Income Tax Effect on Non-GAAP Adjustments. The income tax effects are related to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses.

Adjustment to Redeemable Non-Controlling Interest. nCino adjusts the value of redeemable non-controlling interest of its joint venture nCino K.K. in accordance with the operating agreement for that entity. nCino believes investors benefit from an understanding of the company’s operating results absent the effect of this adjustment, and for comparability, has reconciled this adjustment for previously reported non-GAAP results.

Intercompany Foreign Currency Exchange Gain/Loss. Beginning with the first quarter of fiscal 2026, nCino adjusts for foreign currency exchange gains and losses due to intercompany loans that are denominated in currencies other than the underlying functional currency of the applicable entity.

There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by nCino’s management about which items are adjusted to calculate its non-GAAP financial measures. nCino compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. nCino encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.

nCino, Inc. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In thousands, except share and per share data) (Unaudited)

	Three Months Ended January 31,						Fiscal Year Ended January 31,
		2024			2025			2024			2025
GAAP total revenues	$	123,693		$	141,370		$	476,543		$	540,657

GAAP cost of subscription revenues	$	31,380		$	36,016		$	120,861		$	134,932
Amortization expense – developed technology		(3,875	)		(4,858	)		(16,306	)		(17,784	)
Stock-based compensation		(533	)		(803	)		(1,847	)		(2,891	)
Restructuring charges¹		—			—			(51	)		—
Non-GAAP cost of subscription revenues	$	26,972		$	30,355		$	102,657		$	114,257

GAAP cost of professional services and other revenues	$	17,830		$	20,997		$	70,609		$	80,937
Amortization expense – other		(83	)		(83	)		(330	)		(330	)
Stock-based compensation		(2,709	)		(3,278	)		(9,369	)		(11,977	)
Restructuring charges¹		—			—			(118	)		—
Non-GAAP cost of professional services and other revenues	$	15,038		$	17,636		$	60,792		$	68,630

GAAP gross profit	$	74,483		$	84,357		$	285,073		$	324,788
Amortization expense – developed technology		3,875			4,858			16,306			17,784
Amortization expense – other		83			83			330			330
Stock-based compensation		3,242			4,081			11,216			14,868
Restructuring charges¹		—			—			169			—
Non-GAAP gross profit	$	81,683		$	93,379		$	313,094		$	357,770

The following table sets forth reconciling items as a percentage of total revenue for the periods presented.²
GAAP gross margin %		60	%		60	%		60	%		60	%
Amortization expense – developed technology		3			3			3			3
Amortization expense – other		—			—			—			—
Stock-based compensation		3			3			2			3
Restructuring charges¹		—			—			—			—
Non-GAAP gross margin %		66	%		66	%		66	%		66	%

GAAP sales & marketing expense	$	29,996		$	33,744		$	130,547		$	123,231
Amortization expense – customer relationships		(2,167	)		(3,367	)		(8,669	)		(11,256	)
Amortization expense – trade name		—			(369	)		(11,921	)		(623	)
Amortization expense – other		—			(28	)		—			(100	)
Acquisition-related expenses		—			(46	)		—			(46	)
Stock-based compensation		(4,223	)		(4,482	)		(15,417	)		(17,016	)
Restructuring charges¹		—			—			(100	)		—
Non-GAAP sales & marketing expense	$	23,606		$	25,452		$	94,440		$	94,190

GAAP research & development expense	$	30,184		$	32,131		$	117,311		$	129,422
Stock-based compensation		(4,277	)		(3,696	)		(15,942	)		(17,416	)
Acquisition-related expenses		—			(896	)		—			(896	)
Restructuring charges¹		—			—			(352	)		—
Non-GAAP research & development expense	$	25,907		$	27,539		$	101,017		$	111,110


GAAP general & administrative expense	$	17,488		$	24,220		$	76,727		$	90,266
Stock-based compensation		(4,324	)		(6,318	)		(15,460	)		(22,292	)
Acquisition-related expenses		(244	)		(1,893	)		(878	)		(11,303	)
Litigation expenses		(23	)		(1	)		(4,525	)		(366	)
Restructuring charges¹		—			—			(6	)		—
Non-GAAP general & administrative expense	$	12,897		$	16,008		$	55,858		$	56,305

GAAP loss from operations	$	(3,185	)	$	(5,738	)	$	(39,512	)	$	(18,131	)
Amortization of intangible assets		6,125			8,705			37,226			30,093
Stock-based compensation		16,066			18,577			58,035			71,592
Acquisition-related expenses		244			2,835			878			12,245
Litigation expenses		23			1			4,525			366
Restructuring charges¹		—			—			627			—
Non-GAAP operating income	$	19,273		$	24,380		$	61,779		$	96,165

The following table sets forth reconciling items as a percentage of total revenue for the periods presented.²
GAAP operating margin %		(3	)%		(4	)%		(8	)%		(3	)%
Amortization of intangible assets		5			6			8			6
Stock-based compensation		13			13			12			13
Acquisition-related expenses		—			2			—			2
Litigation expenses		—			—			1			—
Restructuring charges¹		—			—			—			—
Non-GAAP operating margin %		16	%		17	%		13	%		18	%

GAAP net income (loss) attributable to nCino, Inc.	$	1,160		$	(18,610	)	$	(42,346	)	$	(37,878	)
Amortization of intangible assets		6,125			8,705			37,226			30,093
Stock-based compensation		16,066			18,577			58,035			71,592
Acquisition-related expenses		244			2,835			878			12,245
Litigation expenses		23			1			4,525			366
Restructuring charges¹		—			—			627			—
Tax (benefit) provision related to acquisitions		—			24			—			(3,585	)
Income tax effect on non-GAAP adjustments		(269	)		(770	)		(885	)		(2,014	)
Adjustment attributable to redeemable non-controlling interest		455			3,096			(71	)		5,301
Non-GAAP net income attributable to nCino, Inc.	$	23,804		$	13,858		$	57,989		$	76,120

Basic GAAP net income (loss) attributable to nCino, Inc. per share	$	0.01		$	(0.16	)	$	(0.38	)	$	(0.33	)
Weighted-average shares used to compute basic GAAP net income (loss) attributable to nCino, Inc. per share		113,263,176			115,826,652			112,672,397			115,162,175
Diluted GAAP net income (loss) attributable to nCino, Inc. per share	$	0.01		$	(0.16	)	$	(0.38	)	$	(0.33	)
Weighted-average shares used to compute diluted GAAP net income (loss) attributable to nCino, Inc. per share		115,782,532			115,826,652			112,672,397			115,162,175

Basic non-GAAP net income attributable to nCino, Inc. per share	$	0.21		$	0.12		$	0.51		$	0.66
Weighted-average shares used to compute basic non-GAAP net income attributable to nCino, Inc. per share		113,263,176			115,826,652			112,672,397			115,162,175
Diluted non-GAAP net income attributable to nCino, Inc. per share	$	0.21		$	0.12		$	0.50		$	0.65
Weighted-average shares used to compute diluted non-GAAP net income attributable to nCino, Inc. per share		115,782,532			118,596,052			114,916,521			117,311,913

Free cash flow
Net cash provided by (used in) operating activities	$	8,148		$	(10,019	)	$	57,285		$	55,199
Purchases of property and equipment		(432	)		(350	)		(3,515	)		(1,816	)
Free cash flow	$	7,716		$	(10,369	)	$	53,770		$	53,383
Principal payments on financing obligations³		(338	)		(386	)		(1,226	)		(1,302	)
Free cash flow less principal payments on financing obligation	$	7,378		$	(10,755	)	$	52,544		$	52,081

¹Stock-based compensation benefit related to restructuring is included in Stock-based compensation.
²Columns may not foot due to rounding.
³These amounts represent the non-interest component of payments towards financing obligations for facilities.

CONTACTS

INVESTOR CONTACT

Harrison Masters
nCino
[email protected]

MEDIA CONTACT

Natalia Moose
nCino
[email protected]

April 1, 2025 4:13 pm

Johnson & Johnson Announces Expected Closing Date for Intra-Cellular Acquisition

Johnson & Johnson Announces Expected Closing Date for Intra-Cellular Acquisition

NEW BRUNSWICK, N.J.–(BUSINESS WIRE)–
Johnson & Johnson (NYSE: JNJ) today announced that following the approval of its pending acquisition of Intra-Cellular Therapies, Inc. by Intra-Cellular Therapies’ shareholders on March 27, 2025, Johnson & Johnson intends to complete its acquisition of Intra-Cellular Therapies on or around April 2, 2025.

The transaction is expected to accelerate 2025 sales growth for Johnson & Johnson by approximately 0.8% with approximately $0.7 billion in incremental sales. Inclusive of the impact of financing costs, Johnson & Johnson expects the transaction to dilute adjusted earnings per share (EPS) by approximately $0.25 in 2025, an improvement from the $0.30 – $0.35 originally estimated on the Company’s Q4 2024 earnings call. In 2026, Johnson & Johnson expects the earnings dilution to be reduced to approximately $0.21 per share as annualized financing costs are partially offset by operational accretion. Johnson & Johnson will include these estimates in its full-year 2025 financial outlook when it reports first quarter results on April 15, 2025.

Following the completion of the transaction, Intra-Cellular Therapies’ common stock will cease trading on the NASDAQ Global Select Market.

This release corrects a prior statement that the closing had occurred.

About Johnson & Johnson

At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow and profoundly impact health for humanity. Learn more at www.jnj.com/ or at www.innovativemedicine.jnj.com. Follow us at @JNJInnovMed.

CAUTIONS CONCERNING FORWARD-LOOKING STATEMENTS:

This press release contains “forward-looking statements” regarding the acquisition of Intra-Cellular Therapies by Johnson & Johnson and CAPLYTA^® and development programs. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson or Intra-Cellular Therapies.
Risks and uncertainties include, but are not limited to: the completion of the acquisition in the expected timeframe; challenges inherent in product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new products; manufacturing difficulties and delays; product efficacy or safety concerns resulting in product recalls or regulatory action; economic conditions, including currency exchange and interest rate fluctuations; the risks associated with global operations; competition, including technological advances, new products and patents attained by competitors; challenges to patents; changes to applicable laws and regulations, including tax laws and global health care reforms; adverse litigation or government action; changes in behavior and spending patterns or financial distress of purchasers of health care services and products; and trends toward health care cost containment.
In addition, there will be risks and uncertainties related to the ability of the Johnson & Johnson family of companies to successfully integrate the programs, products, technologies and employees/operations and clinical work of Intra-Cellular Therapies. A further list and description of these risks, uncertainties and other factors and the general risks associated with the respective businesses of Johnson & Johnson and Intra-Cellular Therapies can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended December 29, 2024, filed with the SEC on February 13, 2025, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent filings with the SEC and in Intra-Cellular Therapies’ Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025, including in the sections captioned “Cautionary Statement Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Intra-Cellular Therapies’ subsequent filings with the SEC. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov, www.jnj.com, www.intracellulartherapies.com, or on request from Johnson & Johnson or Intra-Cellular Therapies.
Neither Johnson & Johnson nor Intra-Cellular Therapies undertakes to update any forward-looking statement as a result of new information or future events or developments, except as required by law.

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Johnson & Johnson

Media Contact:

[email protected]

Investor Contact:

[email protected]

KEYWORDS: United States North America New Jersey

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health

MEDIA:

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April 1, 2025 4:13 pm

Teekay Group Announces Availability of Annual Reports on Form 20-F for the Year Ended December 31, 2024

HAMILTON, Bermuda, April 01, 2025 (GLOBE NEWSWIRE) — Teekay Corporation Ltd. (Teekay) (NYSE:TK) and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) (collectively, the Teekay Group) have released their Annual Reports on Form 20-F for the fiscal year ended December 31, 2024 (Annual Reports). Each Annual Report has been filed with the U.S. Securities and Exchange Commission and can be accessed at www.teekay.com, in the “Investors” section under “Financials and Presentations” for each respective entity.

Shareholders may also request hard copies of the Annual Reports, which include the Teekay Group’s complete 2024 audited financial statements, free of charge, by contacting Investor Relations via e-mail: [email protected].

About Teekay

Teekay is a leading provider of international crude oil marine transportation and marine services. Teekay provides these services through its controlling ownership interest in Teekay Tankers Ltd. (NYSE: TNK), a leading owner and operator of mid-sized crude tankers. Teekay Tankers manages and operates approximately 60 conventional tankers and other marine assets, including vessels operated for the Australian government. With offices in eight countries and approximately 2,300 seagoing and shore-based employees, Teekay Tankers provides a comprehensive set of marine services to the world’s leading energy companies.

Teekay’s common shares trade on the New York Stock Exchange under the symbol “TK”.

About Teekay Tankers

Teekay Tankers has a fleet of 37 double-hull tankers (including 22 Suezmax tankers and 15 Aframax / LR2 tankers), and has five time chartered-in tankers. Teekay Tankers’ vessels are typically employed through a mix of spot tanker market trading and short- or medium-term fixed-rate time charter contracts. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers manages and operates vessels for the Australian government and Australian energy companies as part of the marine services provided by the Company and owns a ship-to-ship transfer business that performs full-service lightering and lightering support operations in the U.S. Gulf and Caribbean. Teekay Tankers was formed in December 2007 by Teekay Corporation Ltd.

Teekay Tankers’ Class A common shares trade on the New York Stock Exchange under the symbol “TNK.”

For Investor Relations enquiries contact:

E-mail: [email protected]
Website: www.teekay.com

April 1, 2025 4:13 pm

QCR Holdings, Inc. to Report First Quarter 2025 Financial Results

MOLINE, Ill., April 01, 2025 (GLOBE NEWSWIRE) — QCR Holdings, Inc. (NASDAQ: QCRH) (“QCRH” or the “Company”) announced today that its first quarter ended March 31, 2025 financial results will be released after the market closes on Tuesday, April 22, 2025. The Company will host a conference call and webcast the next day, Wednesday, April 23, 2025, at 10:00 a.m. Central Time to discuss the results. Shareholders, analysts, and other interested parties are invited to join.

Teleconference:

Dial-in information for the call is 888-346-9286 (international 412-317-5253). Participants should request to join the QCR Holdings, Inc. call. The event will be archived and available for replay through April 30, 2025. The replay access information is 877-344-7529 (international 412-317-0088); access code 7198237.

Webcast:

A webcast of the teleconference can be accessed at the Company’s News and Events page at www.qcrh.com. An archived version of the webcast will be available at the same location shortly after the live event has ended.

About QCR Holdings, Inc.

QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Springfield communities through its wholly owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, Springfield First Community Bank, based in Springfield, Missouri, was acquired by the Company in 2018, and Guaranty Bank, also based in Springfield, Missouri, was acquired by the Company and merged with Springfield First Community Bank in 2022, with the combined entity operating under the Guaranty Bank name. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. The Company has 36 locations in Iowa, Missouri, Wisconsin and Illinois. As of December 31, 2024, the Company had $9.0 billion in assets, $6.8 billion in loans and $7.1 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

Contacts:

Todd A. Gipple
President
Chief Financial Officer
(309) 743-7745
[email protected]

April 1, 2025 4:12 pm

ADC Therapeutics Makes Grants to New Employees Under Inducement Plan

PR Newswire

LAUSANNE, Switzerland, April 1, 2025 /PRNewswire/ — ADC Therapeutics SA (NYSE: ADCT), a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), today announced that the Company has made grants of options to purchase an aggregate of 128,600 of the Company’s common shares to two new employees on April 1, 2025 (each, a “Grant”).

The Grants were offered as material inducement to the employees’ employment. The grants were approved by the Compensation Committee of the Company’s Board of Directors pursuant to the Company’s Inducement Plan to motivate and reward the recipients to perform at the highest levels and contribute significantly to the success of the Company. The Grants were made in reliance on the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08.

The Company is issuing this press release pursuant to Rule 303A.08. The Grants shall vest and become exercisable 25% on the first anniversary of the grant date, and 1/48th of the aggregate number of shares subject to the award on each monthly anniversary of the grant date thereafter, such that the entire award will be vested as of the fourth anniversary of the grant date, subject to continued employment with the Company.

About ADC Therapeutics

ADC Therapeutics (NYSE: ADCT) is a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs). The Company is advancing its proprietary ADC technology to transform the treatment paradigm for patients with hematologic malignancies and solid tumors.

ADC Therapeutics’ CD19-directed ADC ZYNLONTA (loncastuximab tesirine-lpyl) received accelerated approval by the FDA and conditional approval from the European Commission for the treatment of relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy. ZYNLONTA is also in development in combination with other agents and in earlier lines of therapy. In addition to ZYNLONTA, ADC Therapeutics has multiple ADCs in ongoing clinical and preclinical development.

ADC Therapeutics is based in Lausanne (Biopôle), Switzerland, and has operations in London and New Jersey. For more information, please visit https://adctherapeutics.com/ and follow the Company on LinkedIn.

ZYNLONTA® is a registered trademark of ADC Therapeutics SA.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “would”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “future”, “continue”, or “appear” or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: the expected cash runway into mid-2026 the Company’s ability to grow ZYNLONTA^®revenue in the United States; the ability of our partners to commercialize ZYNLONTA^®in foreign markets, the timing and amount of future revenue and payments to us from such partnerships and their ability to obtain regulatory approval for ZYNLONTA^®in foreign jurisdictions; the timing and results of the Company’s or its partners’ research and development projects or clinical trials including LOTIS 5 and 7, ADCT 602 as well as early research in certain solid tumors with different targets, linkers and payloads; the timing and results of investigator-initiated trials including those studying FL and MZL and the potential regulatory and/or compendia strategy and the future opportunity; the timing and outcome of regulatory submissions for the Company’s products or product candidates; actions by the FDA or foreign regulatory authorities; projected revenue and expenses; the Company’s indebtedness, including Healthcare Royalty Management and Blue Owl and Oaktree facilities, and the restrictions imposed on the Company’s activities by such indebtedness, the ability to comply with the terms of the various agreements and repay such indebtedness and the significant cash required to service such indebtedness; and the Company’s ability to obtain financial and other resources for its research, development, clinical, and commercial activities. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the “Risk Factors” section of the Company’s Annual Report on Form 10-K and in the Company’s other periodic and current reports and filings with the U.S. Securities and Exchange Commission. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document.

CONTACTS:

Investors

Marcy Graham

ADC Therapeutics
[email protected]
+1 650-667-6450

Media

Nicole Riley

ADC Therapeutics
[email protected]
+1 862-926-9040

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SOURCE ADC Therapeutics SA

April 1, 2025 4:12 pm

Inhibrx Biosciences Announces Departure of CSO and Appointments of New CSO and President

PR Newswire

SAN DIEGO
, April 1, 2025 /PRNewswire/ — Inhibrx Biosciences, Inc. (Nasdaq: INBX) (“Inhibrx” or the “Company”), a clinical-stage biopharmaceutical company with two programs in clinical-stage development, today announced the departure of Dr. Brendan Eckelman, co-founder and Chief Scientific Officer (CSO) and the appointments of Dr. Carlos Bais and David Matly to CSO and President, respectively.

Dr. Eckelman leaves the Company to establish a newly-formed private biotechnology company, where he will be founder and Chief Executive Officer. Inhibrx and the new company have entered into an exclusive license agreement for the rights to certain technologies no longer being pursued by Inhibrx. The agreement includes an upfront payment upon completion of the initial funding of Dr. Eckelman’s new company and other future development milestones.

“I would like to express my deep gratitude to Brendan for his extraordinary contributions to Inhibrx over the last 15 years,” said Mark Lappe, CEO of Inhibrx. “Brendan has had a profound impact on Inhibrx and we expect he will lead this next endeavor to the same success.”

“I am immensely proud of the achievements and groundbreaking innovations we have developed since co-founding Inhibrx in 2010. As I announce my departure, it is a bittersweet moment.,” says Dr. Eckelman. “I have the utmost confidence in the team and the culture of innovation I’m leaving behind and look forward to continuing to support Inhibrx in my capacity as a shareholder.”

Dr. Carlos Bais, the Company’s current Executive Vice President of Translational Sciences, will be appointed to CSO following Dr. Eckelman’s departure.

Additionally, the Company also announced the promotion of David Matly to President in addition to his existing roles as Chief Commercial and Business Development Officer. In David’s new role as President, he will continue to lead the commercial and business development functions as well as oversee clinical development and operations, R&D, technical operations and regulatory affairs. Notably, David played a key leadership role in Inhibrx, Inc.’s asset sale of INBRX-101 to Sanofi for up to $2.2B in 2024.

“We believe we are exceptionally well-positioned for continued success as Carlos steps into the role of CSO and David into the role of President,” continued Mr. Lappe. “Carlos’s strong scientific background and expertise in late-stage development make him a perfect candidate to assume the CSO role. And David’s cross-functional understanding of successfully delivering best-in-class new therapies, combined with his ambition and commitment to the Company will prove to be pivotal to our future success. Each will play a crucial role as we continue to execute on our clinical programs in an effort to deliver significant impact to patients while maximizing the value to our shareholders.”

About Dr. Bais

Dr. Bais began his career in the biopharmaceutical industry as a research lab head at Genentech and then as a Senior Director and Principal Scientist in the oncology biomarker development department. Later he served as a Director of Translational Medicine for cancer immunotherapy at Medimmune/Astrazeneca, and most recently prior to Inhibrx, as a Senior Director and Principal Scientist in the oncology biomarker development department at Genentech/Roche. Throughout his career, Dr. Bais led impactful research and translational strategies for multiple late-stage programs that resulted in high impact publications and drug approvals in diagnostic-positive patient subpopulations. Some of the drugs Dr. Bais and his team supported included Astrazeneca’s Durvalumab (anti-PD-L1) and Tremelimumab (anti-CTLA-4), and Roche’s Atezoluzimab (anti-PD-L1), Tiragolumab (anti-Tigit), and Bevacizumab (Avastin, anti-VEGF); he also oversaw biomarker support for early-stage drug candidate development, including T-cell engagers and therapies, along with individualized neoantigen cancer vaccines.

About Mr. Matly

Mr. Matly joined Inhibrx, Inc. in October 2021 from Novartis, where he most recently served as the global Vice President of the MDS/AML franchise. In this role, he was responsible for the launch preparation of their flagship program and building the MDS/AML portfolio, including the evaluation of in-licensing and M&A opportunities. Prior to this role, Mr. Matly was Novartis Oncology’s global commercial lead of the sickle cell disease therapeutic area, leading the launch of ADAKVEO, and also serving as the global commercial lead of PROMACTA/REVOLADE. Prior to Novartis, Mr. Matly was the VP of Business Development at Chrono Therapeutics, a private venture capital-backed company. Mr. Matly began his career at Eli Lilly, holding several positions of increasing responsibility in sales and marketing, most notably leading the US launch of CYRAMZA in metastatic lung cancer.

About Inhibrx Biosciences, Inc.

Inhibrx Biosciences is a clinical-stage biopharmaceutical company focused on developing a broad pipeline of novel biologic therapeutic candidates. Inhibrx Biosciences utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary protein engineering platforms. Inhibrx Biosciences was incorporated in January 2024 as a direct, wholly-owned subsidiary of Inhibrx, Inc. Prior to the sale of Inhibrx, Inc. and the INBRX-101 program to Sanofi S.A., Inhibrx Biosciences acquired certain corporate infrastructure and other assets and liabilities through a series of internal restructuring transactions effected by Inhibrx, Inc. Inhibrx, Inc. also completed a distribution to holders of its shares of common stock of 92% of the issued and outstanding shares of Inhibrx Biosciences. Following such transactions, Inhibrx Biosciences’ current clinical pipeline of therapeutic candidates includes ozekibart (INBRX-109) and INBRX-106, both of which utilize multivalent formats where the precise valency can be optimized in a target-centric way to mediate what we believe to be the most appropriate agonist function. Both programs have key data readouts expected in 2025. For more information, please visit www.inhibrx.com.

Forward-Looking Statements

Inhibrx cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Inhibrx’s current beliefs and expectations. These forward-looking statements include, but are not limited to, statements regarding: the future success of the Company, future clinical development of Inhibrx’s therapeutic candidates and which technologies it may pursue, including statements regarding the timing of future data readouts, and evaluations and judgments regarding Inhibrx’s position and success. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Inhibrx’s business, including, without limitation, risks and uncertainties regarding: the initiation, timing, progress and results of its preclinical studies and clinical trials, and its research and development programs; its ability to advance therapeutic candidates into, and successfully complete, clinical trials; its interpretation of initial, interim or preliminary data from its clinical trials, including interpretations regarding disease control and disease response; the timing or likelihood of regulatory filings and approvals; any adverse impacts from the transition in senior leadership roles; the successful commercialization of its therapeutic candidates, if approved; the pricing, coverage and reimbursement of its therapeutic candidates, if approved; its ability to utilize its technology platform to generate and advance additional therapeutic candidates; the implementation of its business model and strategic plans for its business and therapeutic candidates; its ability to successfully manufacture therapeutic candidates for clinical trials and commercial use, if approved; its ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the scope of protection it is able to establish and maintain for intellectual property rights covering its therapeutic candidates; its ability to enter into strategic partnerships and the potential benefits of these partnerships; its estimates regarding expenses, capital requirements and needs for additional financing and financial performance; its ability to raise funds needed to satisfy its capital requirements, which may depend on financial, economic and market conditions and other factors, over which it may have no or limited control; developments relating to its competitors and industry; and other risks described from time to time in the “Risk Factors” section of its filings with the U.S. Securities and Exchange Commission, including those described in its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, and supplemented from time to time by its Current Reports on Form 8-K as filed from time to time. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Inhibrx undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investor and Media Contact:
Kelly Deck, CFO
[email protected]
858-795-4260

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SOURCE Inhibrx Biosciences, Inc.