Market Newsdesk

Second quarter total revenue of $166 million,

Crysvita^® revenue of $120 million and Dojolvi^® revenue of $23 million

Reaffirm 2025 Revenue Guidance: Total revenue between $640 million to $670 million, Crysvita revenue of $460 million to $480 million, and Dojolvi revenue of $90 million to $100 million

UX143 for osteogenesis imperfecta
Phase 3 data from Orbit and Cosmic studies expected around the end of the year

GTX-102 for Angelman syndrome received Breakthrough Therapy Designation from FDA;

Phase 3 Aspire study fully enrolled

NOVATO, Calif., Aug. 05, 2025 (GLOBE NEWSWIRE) — Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company focused on the development and commercialization of novel therapies for serious rare and ultra-rare genetic diseases, today reported its financial results for the quarter ended June 30, 2025.

“In the first half of the year, we delivered 20% revenue growth from our commercial therapies versus the prior year. We are continuing along our path to profitability in 2027, as we drive our top line growth and maintain our fiscal discipline,” said Emil D. Kakkis, M.D., Ph.D., chief executive officer and president of Ultragenyx. “We are excited for the potential of UX143 in osteogenesis imperfecta to reduce fractures and meaningfully improve patients’ bone health and for GTX-102 in Angelman syndrome to transform the lives of patients and their families affected by this neurodevelopment disease.”

Second Quarter 2025 Selected Financial Data Tables and Financial Results

Revenues (dollars in thousands), (unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
			2025				2024				2025				2024
Crysvita
Product sales – Latin America and Türkiye		$	34,727			$	40,449			$	89,807			$	76,690
Royalty revenue – U.S. and Canada			79,083				67,045				119,936				107,447
Royalty revenue – Europe			6,596				6,176				13,528				12,118
Total Crysvita Revenue			120,406				113,670				223,271				196,255
Dojolvi			23,207				19,355				40,216				35,717
Evkeeza			14,573				7,856				25,604				11,131
Mepsevii			8,310				6,145				16,697				12,756
Total revenues		$	166,496			$	147,026			$	305,788			$	255,859

Total Revenues

Ultragenyx reported $166 million in total revenue for the second quarter of 2025, which represents 13% growth compared to the same period in 2024. Second quarter 2025 Crysvita revenue was $120 million, which includes product sales of $35 million from Latin America and Türkiye. Dojolvi revenue in the second quarter 2025 was $23 million. Evkeeza revenue in the second quarter 2025 was $15 million as we continue to launch in the Ultragenyx territories outside of the United States.

Selected Financial Data (dollars in thousands, except per share amounts), (unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
			2025				2024				2025				2024
Total revenues		$	166,496			$	147,026			$	305,788			$	255,859
Operating expenses:
Cost of sales			23,002				21,280				51,664				38,813
Research and development			164,736				161,503				330,508				339,990
Selling, general and administrative			86,646				80,604				174,443				158,764
Total operating expenses			274,384				263,387				556,615				537,567
Net loss		$	(114,951	)		$	(131,598	)		$	(266,031	)		$	(302,282	)
Net loss per share, basic and diluted		$	(1.17	)		$	(1.52	)		$	(2.73	)		$	(3.54	)

Operating Expenses

Total operating expenses for the second quarter of 2025 were $274 million, including non-cash stock-based compensation of $39 million.

Net Loss

For the second quarter of 2025, Ultragenyx reported net loss of $115 million, or $1.17 per share basic and diluted, compared with a net loss for the second quarter of 2024 of $132 million, or $1.52 per share basic and diluted.

Cash Balance and Net Cash Used in Operations

Cash, cash equivalents, and marketable debt securities were $539 million as of June 30, 2025, which includes $80 million of net proceeds raised through the At-The-Market (ATM) facility. For the three months ended June 30, 2025, net cash used in operations was $108 million and for the six months ended June 30, 2025 was $275 million.

2025 Financial Guidance

Ultragenyx reaffirmed its revenue guidance for 2025. Total revenues are expected to grow approximately 14-20% compared to 2024. Net cash used in operations is now expected to modestly increase compared to 2024, related to timing delays and changes for UX111, DTX401, and UX143 impacting receipts and payments. The company reaffirms its path to GAAP profitability in 2027 and plans to continue to focus on growing revenues and prioritizing its spend, including stopping and delaying certain expenses prior to upcoming potential commercial launches.

Reaffirm for the full year 2025:

• Total revenue to be in the range of $640 million to $670 million
• Crysvita revenue to be in the range of $460 million to $480 million
• Dojolvi revenue to be in the range of $90 million to $100 million

Recent Updates and Clinical Milestones

UX143 (setrusumab) monoclonal antibody for osteogenesis imperfecta (OI): Final analysis for Phase 3 Orbit and Cosmic studies around the end of 2025

The Phase 3 Orbit and Cosmic studies, which evaluate setrusumab in pediatric and young adult patients with OI, are progressing towards their final analyses around the end of 2025. The randomized, placebo-controlled Phase 3 portion of the Orbit study was evaluated by the Data Monitoring Committee at an interim analysis in July 2025 and they informed the company that UX143 demonstrated an acceptable safety profile and that the study should continue to the final analysis. Conduct of the study is going well and patient safety in the Phase 3 is consistent with the Phase 2.

Data from the Cosmic study were not analyzed at the interim timepoint, consistent with the statistical analysis plan. Study conduct is going well and safety in this younger patient population is consistent with the safety profile in the other studies.

Patients will continue dosing in the ongoing Phase 3 Orbit and Cosmic clinical studies with the final analyses to be conducted after patients have been on therapy for at least 18-months. The threshold for the Phase 3 Orbit final analysis is p<0.04 and for the Phase 3 Cosmic final analysis is p<0.05.

GTX-102 an antisense oligonucleotide for Angelman syndrome: Phase 3 study fully enrolled; Phase 3 data expected in the second half of 2026

In June 2025, Breakthrough Therapy Designation (BTD) was granted by the FDA for GTX-102 as a treatment for Angelman syndrome. The FDA’s decision was based on preliminary clinical evidence including positive data from the Phase 1/2 study in 74 patients (4-17 years of age) with a full maternal UBE3A gene deletion, that showed participants have made consistent developmental gains with rapid, sustained and continuing improvements across multiple symptom domains when treated for up to 3 years. BTD aims to expedite the development and review of drugs that are intended to treat serious or life-threatening diseases and whose preliminary clinical evidence indicates that the drug may demonstrate substantial improvement on one or more clinically significant endpoints over existing therapies.

In July 2025, enrollment of the global Phase 3 Aspire study was completed, ahead of plan due to patient and investigator interest, with 129 patients screened and randomized across 28 global sites. Participants are randomized 1:1 to receive GTX-102 by intrathecal injection via lumbar puncture or to the sham comparator group during the 48-week primary efficacy analysis period. The primary endpoint is improvement in cognition assessed by Bayley-4 cognitive raw score, and the key secondary endpoint (with a 10% allocation of alpha) is the Multi-domain Responder Index (MDRI) across the five domains of cognition, receptive communication, behavior, gross motor function, and sleep. Data from this study are expected in the second half of 2026.

The Phase 2/3 Aurora study, which will evaluate GTX-102 in other Angelman syndrome genotypes and ages, is expected to initiate in the second half of 2025.

UX111 AAV gene therapy for Sanfilippo syndrome type A (MPS IIIA): Working with FDA to resolve observations from Complete Response Letter (CRL)

In July 2025, the FDA issued a CRL for the Biologics License Application (BLA) for UX111 requesting additional information and improvements related to specific aspects of chemistry, manufacturing and controls (CMC) procedures and validation as well as observations from the recently completed manufacturing facility inspections. The company believes the observations are readily addressable and many have been addressed. The company will work with the FDA through a Type A meeting to agree on the planned resolution of the observations. Once agreement on the contents of a filing have been reached, the company expects to resubmit the BLA and anticipates up to a 6-month review period to follow the resubmission.

Clinical review had been ongoing and the FDA has acknowledged that the neurodevelopmental outcome data provided to date are robust and the biomarker data provide additional supportive evidence. The CRL did not note any review issues related to the clinical data package nor clinical inspections and specified that updated clinical data for particular endpoints from the current patients be included in the resubmission.

DTX401 AAV gene therapy for Glycogen Storage Disease Type Ia (GSDIa): BLA submission expected in the fourth quarter of 2025

A BLA for DTX401 for the treatment of GSDIa is planned to be submitted in the fourth quarter of 2025. The BLA will include data from the randomized, placebo controlled Phase 3 study and the previously disclosed 96-week data that demonstrated patients had even greater reductions in total daily cornstarch at their last visit compared to baseline in both the ongoing DTX401 group (-60%) and the Crossover Placebo to DTX401 group (-64%) when compared to the 48-week data. It will also include updates to proactively respond to related FDA observations identified in the UX111 CRL in the CMC section and at the company’s gene therapy manufacturing facilities.

UX701 AAV gene therapy for Wilson Disease: Phase 1/2/3 study ongoing; Cohort 4 enrollment ongoing, completion expected in second half of 2025

Enrollment is ongoing in the fourth cohort evaluating a 4.0e13 GC/kg dose in the ongoing, dose-finding, stage of the pivotal Cyprus2+ study of UX701 for the treatment of Wilson disease. The company is on track to enroll five patients in Cohort 4 who will receive immunomodulation therapy with rituximab and tacrolimus, in addition to the prophylactic oral corticosteroid regimen patients in Cohorts 1 through 3 received, prior to being dosed with UX701. Enrollment in Cohort 4 is expected to complete in the second half of 2025.

Conference Call and Webcast Information

Ultragenyx will host a conference call today, Tuesday, August 5, 2025, at 2 p.m. PT/5 p.m. ET to discuss the second quarter 2025 financial results and provide a corporate update. The live and replayed webcast of the call will be available through the company’s website at https://ir.ultragenyx.com/events-presentations. The replay of the call will be available for three months.

About Ultragenyx

Ultragenyx is a biopharmaceutical company committed to bringing novel therapies to patients for the treatment of serious rare and ultra-rare genetic diseases. The company has built a diverse portfolio of approved medicines and treatment candidates aimed at addressing diseases with high unmet medical need and clear biology, for which there are typically no approved therapies treating the underlying disease.

The company is led by a management team experienced in the development and commercialization of rare disease therapeutics. Ultragenyx’s strategy is predicated upon time- and cost-efficient drug development, with the goal of delivering safe and effective therapies to patients with the utmost urgency.

For more information on Ultragenyx, please visit the company’s website at: www.ultragenyx.com.

Forward-Looking Statements and Use of Digital Media

Except for the historical information contained herein, the matters set forth in this press release, including statements related to Ultragenyx’s expectations and projections regarding its future operating results and financial performance, anticipated cost or expense reductions, the timing, progress and plans for its clinical programs and clinical studies, future regulatory interactions, the components and timing of regulatory submissions, the company’s ability to provide the requested documentation and address the comments in the CRL to the satisfaction of the FDA, the timing of resubmission of the BLA and the timing of FDA review of any such resubmission, the timing and outcome of any FDA inspections related to UX111, the timing of future regulatory interactions related to UX111 are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties that could cause the company’s clinical development programs, commercial success of its products and product candidates, continued collaboration with third parties, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainty of clinical drug development and unpredictability and lengthy process for obtaining regulatory approvals, risks related to serious or undesirable side effects of our product candidates, the company’s ability to achieve its projected development goals in its expected timeframes, risks related to reliance on third party partners to conduct certain activities on the company’s behalf, our limited experience in generating revenue from product sales, risks related to product liability lawsuits, our dependence on Kyowa Kirin for the commercialization of Crysvita in certain major markets, including the U.S. and Canada, and for our commercial supply of Crysvita in those markets, fluctuations in buying or distribution patterns from distributors and specialty pharmacies, smaller than anticipated market opportunities for the company’s products and product candidates, manufacturing risks, our ability to successfully manage the expansion of our company, competition from other therapies or products, regulatory scrutiny of the company’s products and product candidates, the company’s limited experience as a company in operating its own manufacturing facility, market acceptance of our products, uncertainty related to insurance coverage and reimbursement, and other matters that could affect sufficiency of existing cash, cash equivalents and short-term investments to fund operations, the company’s future operating results and financial performance, the timing of clinical trial activities and reporting results from same, and the availability or commercial potential of Ultragenyx’s products and drug candidate. Ultragenyx undertakes no obligation to update or revise any forward-looking statements.

For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Ultragenyx in general, see Ultragenyx’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 7, 2025, and its subsequent periodic reports filed with the SEC.

In addition to its SEC filings, press releases and public conference calls, Ultragenyx uses its investor relations website and social media outlets to publish important information about the company, including information that may be deemed material to investors, and to comply with its disclosure obligations under Regulation FD. Financial and other information about Ultragenyx is routinely posted and is accessible on Ultragenyx’s Investor Relations website (https://ir.ultragenyx.com/
) and LinkedIn website (https://www.linkedin.com/company/ultragenyx-pharmaceutical-inc-/).

Ultragenyx Pharmaceutical Inc.
Selected Statement of Operations Financial Data
(in thousands, except share and per share amounts)
(unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
			2025				2024				2025				2024
Statement of Operations Data:
Revenues:
Product sales		$	80,817			$	73,805			$	172,324			$	136,294
Royalty revenue			85,679				73,221				133,464				119,565
Total revenues			166,496				147,026				305,788				255,859
Operating expenses:
Cost of sales			23,002				21,280				51,664				38,813
Research and development			164,736				161,503				330,508				339,990
Selling, general and administrative			86,646				80,604				174,443				158,764
Total operating expenses			274,384				263,387				556,615				537,567
Loss from operations			(107,888	)			(116,361	)			(250,827	)			(281,708	)
Change in fair value of equity investments			(9	)			(3,991	)			(166	)			(245	)
Non-cash interest expense on liabilities for sales of future royalties			(14,041	)			(15,960	)			(28,383	)			(31,807	)
Other income, net			7,934				5,572				15,602				12,791
Loss before income taxes			(114,004	)			(130,740	)			(263,774	)			(300,969	)
Provision for income taxes			(947	)			(858	)			(2,257	)			(1,313	)
Net loss		$	(114,951	)		$	(131,598	)		$	(266,031	)		$	(302,282	)
Net loss per share, basic and diluted		$	(1.17	)		$	(1.52	)		$	(2.73	)		$	(3.54	)
Shares used in computing net loss per share, basic and diluted			98,460,445				86,580,516				97,381,745				85,433,443

Ultragenyx Pharmaceutical Inc. Selected Activity included in Operating Expenses (in thousands) (unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
			2025				2024				2025				2024
Non-cash stock-based compensation		$	38,615			$	39,363			$	78,525			$	76,297

Ultragenyx Pharmaceutical Inc.
Selected Balance Sheet Financial Data
(in thousands)
(unaudited)
		June 30,				December 31,
			2025				2024
Balance Sheet Data:
Cash, cash equivalents, and marketable debt securities		$	539,039			$	745,029
Working capital			426,544				472,970
Total assets			1,306,265				1,503,456
Total stockholders’ equity			151,286				255,297

Contacts Ultragenyx Pharmaceutical Inc.


Investors

Joshua Higa
[email protected]

M
dxh
ealth Reports
Preliminary
Second Quarter
202
5
Results
,
Reaches Positive
Adjusted EBITDA
, and
A
nnounces Acquisition of
Exo
some
D
iagnostics
B
usiness
from
Bio
–
Techne

Year-over-year
Q
2
revenues
increased
by
20
% to $
2
6
.
6
million

A
djusted EBITDA profitability
of $1.
4
million
for Q2

Agree
ment
to acquire ExoDx Business
from
Bio-Techne for $
15
million
in
cash and stock
over 5 years
; acquisition
expected
to accelerate revenue growth and be accretive to adjusted EBITDA

Conference call with Q&A today at
4
:30
P
M ET
/ 22:30 CET

IRVINE, CA, and HERSTAL, BELGIUM – August 5, 2025 (GlobeNewswire) – MDxHealth SA (NASDAQ: MDXH) (the “Company” or “mdxhealth”), a leading precision diagnostics company, today announced preliminary financial results for the second quarter and half year ended June 30, 2025. The Company also announced that it has entered a definitive agreement to acquire the ExoDx business from Bio-Techne Corporation, which includes the ExoDx Prostate test.

Michael
K.
McGarrity, CEO of
md
x
h
ealth,
commented
: “We are pleased to report our 17^th consecutive quarter of 20% or greater revenue growth, driven by our continued execution and strong demand for our leading tissue-based tests, GPS and Confirm mdx. This quarter also marks a key milestone for mdxhealth, as we reached adjusted EBITDA profitability of $1.4 million for Q2, in line with our guidance since the beginning of 2024.

We are also excited to announce that we have entered into a transformative agreement with Bio-Techne to acquire its Exosome Diagnostics business, enabling us to significantly expand our liquid-based diagnostic capabilities in prostate cancer. The ExoDx Prostate test is a leading, non-invasive, urine-based diagnostic that assesses risk of having clinically significant or high-grade prostate cancer. The addition of the ExoDx Prostate test to our portfolio of products will accelerate our revenue growth and is expected to be accretive to our adjusted EBITDA. Additionally, we are reaffirming our 2025 revenue guidance of $108-110 million.”

Kim Kelderman, President and CEO of
B
io-Techne commented, “Mdxhealth is the ideal acquirer of our ExoDx Prostate test and CLIA-certified laboratory. Mdxhealth has made several strategic moves over the past few years to position the company as a leader in urology and prostate cancer diagnostics. The addition of ExoDx Prostate to their portfolio accelerates their leadership in this high growth market.”

Preliminary
Key
H
ighlights
for the
second
quarter:

• Revenue of $26.6 million, an increase of 20% over prior year period, marking the 17th consecutive quarter of 20% or greater revenue growth
• Operating loss of $1.9 million, a 74% improvement over prior year period
• Net loss of $7.4 million, a 36% improvement over prior year period
• Positive adjusted EBITDA of $1.4 million, a $6.2 million improvement over prior year period
• Tissue-based (Confirm mdx and GPS) test volume of 12,623, an increase of 26% over prior year period
• Liquid-based (Select mdx, Resolve mdx, Germline) test volume of 13,012, an increase of 18% over prior year period

Acquisition of Exo
D
x
Business

On August 5, 2025 mdxhealth signed a definitive agreement to acquire the Exosome Diagnostics, Inc. business from Bio-Techne, including the ExoDx Prostate (EPI) test, CLIA-certified clinical laboratory and related assets. Total consideration for the acquisition is $15 million, with $5 million in stock to be paid at closing and $2.5 million annually over the following 4 years with 50% payable in cash and 50% payable in cash or stock at mdxhealth’s discretion. The transaction is subject to customary closing conditions and is expected to close in September. Mdxhealth anticipates that in 2026 the ExoDx business will contribute more than $20 million in revenue and accelerate the Company’s revenue growth rate to approximately 30%. Additionally, mdxhealth expects the contribution of the acquired business to be accretive to Adjusted EBITDA beginning in Q4 of 2025.

XMS Capital Partners acted as sole financial advisor and K&L Gates acted as lead legal counsel to the Company for this acquisition; Baker McKenzie served as lead legal counsel for Belgian corporate matters.

Preliminary
Financial review for the
three and six months
ended
June 30
,
202
5

USD in ‘000 (except per share data) Unaudited		Three months ended June 30				Six months ended June 30
		2025	2024	% Change		2025	2024	% Change
Revenue		26,605	22,159	20%		50,897	41,993	21%
Cost of sales (exclusive of amortization of intangible assets)		(9,038)	(8,873)	2%		(17,826)	(16,644)	7%
Gross Profit		17,567	13,286	32%		33,071	25,349	30%
Operating expenses		(19,483)	(20,704)	(6%)		(39,575)	(39,371)	1%
Operating loss		(1,916)	(7,418)	(74%)		(6,504)	(14,022)	(54%)
Net loss		(7,372)	(11,528)	(36%)		(16,581)	(20,039)	(17%)
Adjusted EBITDA*		1,360	(4,888)	n/a		29	(9,425)	n/a
Basic and diluted loss per share		(0.15)	(0.42)	(64%)		(0.33)	(0.73)	(55%)

* A reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-IFRS Disclosure“

Preliminary
Results for the three months ended June 30, 202
5

Revenue increased 20% to $26.6 million compared to $22.2 million for the prior year. The revenue in the second quarter of 2025 was comprised of 84% from tissue-based tests.

Gross profit increased 32% to $17.6 million compared to $13.3 million for the prior year. Gross margins were 66.0% as compared to 60.0% for the prior year, an improvement of 6.0 percentage points, primarily attributed to test mix.

Operating loss decreased 74% to $1.9 million compared to $7.4 million for the prior year, driven by higher revenues and gross profit, as well as a 6% reduction in our operating expenses.

Net loss decreased 36% to $7.4 million compared to $11.5 million for the prior year, primarily driven by the $5.5 million improvement in operating loss, partially offset by net non-cash fair-value adjustments of $3.1 million. Excluding these non-cash fair value adjustments, our net loss would have decreased 65% to $4.3 million.

Adjusted EBITDA was $1.4 million, an improvement of $6.2 million compared to ($4.9) million for the same period last year.

A reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-IFRS Disclosure.”

Preliminary
Results for the
six
months ended
June
30, 202
5

Revenue increased 21% to $50.9 million compared to $42.0 million for the prior year. The revenue in the first six months of 2025 was comprised of 85% from tissue-based tests.

Gross profit increased 30% to $33.1 million compared to $25.3 million for the prior year. Gross margins were 65.0% as compared to 60.4% for the prior year, an improvement of 4.6 percentage points.

Operating loss decreased 54% to $6.5 million compared to $14.0 million for the prior year, driven by higher revenues and gross profit.

Net loss decreased 17% to $16.6 million compared to $20.0 million for the prior year, primarily driven by the decrease in operating loss, partially offset by non-cash fair value adjustments of $5.6 million. Excluding these non-cash fair value adjustments, our net loss would have decreased 46% to $10.9 million.

Adjusted EBITDA was neutral, an improvement of $9.4 million compared to ($9.4) million for the same period last year.

A reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-IFRS Disclosure.”

Cash and cash equivalents as of June 30, 2025, were $32.8 million.

Preliminary
Financial
I
nformation

The preliminary unaudited financial data for the second quarter and half year ended June 30, 2025, set forth in this press release is derived from preliminary internal financial reports. The Company has not yet finalized its complete results of operations for the second quarter and half year ended June 30, 2025. The Company may identify items that would require it to make adjustments, some of which could be material, to the preliminary unaudited financial data set forth in this press release.

Conference Call

Michael K. McGarrity, Chief Executive Officer will host a conference call and Q&A session today at 4:30 PM ET / 22:30 CET.

To participate in the conference call, please select your phone number below:

United States: 1-877-407-9716 or 1-201-493-6779

Belgium: 0800 73 904

The Netherlands: 0800 023 4340

United Kingdom: 0800 756 3429

Conference ID: 13755180

Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1725528&tp_key=0ad201285b

To ensure a timely connection, it is recommended that users register at least 10 minutes prior to the scheduled start time.

About
mdxh
ealth

Mdxhealth is a leading precision diagnostics company that provides actionable molecular information to personalize patient diagnosis and treatment. The Company’s tests are based on proprietary genomic, epigenetic (methylation) and other molecular technologies and assist physicians with the diagnosis and prognosis of urologic cancers and other urologic diseases. The Company’s U.S. headquarters and laboratory operations are in Irvine, California, with additional laboratory operations in Plano, Texas. European headquarters are in Herstal, Belgium. For more information, visit mdxhealth.com and follow us on social media at: twitter.com/mdxhealth, facebook.com/mdxhealth and linkedin.com/company/mdxhealth.

Non-IFRS Disclosure

In addition to the Company’s financial results determined in accordance with IFRS, the Company provides adjusted EBITDA, a non-IFRS measure that the Company determines to be useful in evaluating its operating performance. The Company defines adjusted EBITDA as net loss less interest expense, depreciation and amortization of intangible assets, share-based compensation, fair-value adjustments, debt extinguishment costs, amendments related to the Exact Sciences earnout, income tax benefit (expense), severance costs related to reduction in force, provision for inventory obsolesce, and other financial and non-cash expenses. Management believes that presentation of non-IFRS financial measures provides useful supplemental information to investors and facilitates the analysis of the Company’s core operating results and comparison of operating results across reporting periods. The Company uses this non-IFRS financial information to establish budgets, manage the Company’s business, and set incentive and compensation arrangements. However, non-IFRS financial information is presented for supplemental information purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. For example, non-IFRS adjusted EBITDA excludes a number of expense items that are included in net loss. As a result, positive adjusted EBITDA may be achieved while a significant net loss persists. The Company’s presentation of expected non-IFRS adjusted EBITDA is a forward-looking statement about the Company’s future financial performance. This non-IFRS measure includes adjustments like share-based compensation, debt extinguishment costs, fair-value adjustments related to contingent considerations that are difficult to predict for future periods because the nature of the adjustments pertain to events that have not yet occurred. Additionally, management does not forecast many of the excluded items for internal use. Information reconciling forward-looking non-IFRS measures to IFRS measures is therefore not available without unreasonable effort and is not provided. The occurrence, timing, and amount of any of the items excluded from IFRS to calculate non-IFRS could significantly impact the Company’s IFRS results.

Forward-Looking Statement:

This press release contains forward-looking statements and estimates with respect to the anticipated future performance of MDxHealth and the market in which it operates, all of which involve certain risks and uncertainties. These statements are often, but are not always, made through the use of words or phrases such as “potential,” “expect,” “will,” “goal,” “next,” “potential,” “aim,” “explore,” “forward,” “future,” and “believes” as well as similar expressions. Forward-looking statements contained in this release include, but are not limited to, statements regarding expected future operating results; our strategies, positioning, resources, capabilities and expectations for future events or performance; and the anticipated timing and benefits of our acquisitions, including estimated synergies and other financial impacts. Such statements and estimates are based on assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable but may not prove to be correct. Actual events are difficult to predict, may depend upon factors that are beyond the company’s control, and may turn out to be materially different. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, product development efforts, our strategies, positioning, resources, capabilities and expectations for future events or performance. Important factors that could cause actual results, conditions and events to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully and profitably market our products; the acceptance of our products and services by healthcare providers; our ability to achieve and maintain adequate levels of coverage or reimbursement for our current and future solutions we commercialize or may seek to commercialize; the willingness of health insurance companies and other payers to cover our products and services and adequately reimburse us for such products and services; our ability to obtain and maintain regulatory approvals and comply with applicable regulations; timing, progress and results of our research and development programs; the period over which we estimate our existing cash will be sufficient to fund our future operating expenses and capital expenditure requirements; our ability to remain in compliance with financial covenants made to and make scheduled payments to our creditors; our ability to consummate the ExoDx acquisition; the possibility that the anticipated benefits from our business acquisitions like our acquisition of the ExoDx business and Oncotype DX® GPS prostate cancer business will not be realized in full or at all or may take longer to realize than expected; and the amount and nature of competition for our products and services. Other important risks and uncertainties are described in the Risk Factors sections of our most recent Annual Report on Form 20-F and in our other reports filed with the Securities and Exchange Commission. MDxHealth expressly disclaims any obligation to update any such forward-looking statements in this release to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based unless required by law or regulation. This press release does not constitute an offer or invitation for the sale or purchase of securities or assets of MDxHealth in any jurisdiction. No securities of MDxHealth may be offered or sold within the United States without registration under the U.S. Securities Act of 1933, as amended, or in compliance with an exemption therefrom, and in accordance with any applicable U.S. securities laws
.

NOTE:

The mdxhealth logo, mdxhealth, Confirm mdx, Select mdx, Resolve mdx, Genomic Prostate Score, GPS and Monitor mdx are trademarks or registered trademarks of MDxHealth SA. The GPS test was formerly known as and is frequently referenced in guidelines, coverage policies, reimbursement decisions, manuscripts and other literature as Oncotype DX Prostate, Oncotype DX GPS, Oncotype DX Genomic Prostate Score, and Oncotype Dx Prostate Cancer Assay, among others. The Oncotype DX trademark, and all other trademarks and service marks, are the property of their respective owners
.

PRELIMINARY
UNAUDITED RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES

	Three Months Ended June 30,				Six Months Ended June 30,
Thousands of $ (except per share data)	2025		2024		2025		2024
IFRS net loss	( 7,372 )		(11,528)		(16, 581 )		(20,039)
Amortization of intangible assets	1,320		1,123		2,642		2,248
Depreciation expense	946		675		1,871		1,450
Share-based compensation expense	680		526		1,071		694
Interest expense, net	2,655		1,711		4,514		2,929
Income tax benefit	(416)		–		(279)		–
Debt extinguishment cost	–		3,130		–		3,130
Provision for inventory obsolescence	528		–		528		–
Reduction in force severance costs	351		–		351		–
Fair value adjustments (1)	3,088		(702)		5,635		(183)
Other adjustments (2)	(420)		177		277		346
Adjusted EBITDA	1, 360		(4,888)		29		(9,425)

1)   Primarily related to GPS contingent consideration and Exact Sciences 5-year warrants
2)   Bank fees and other non-cash expenses

For more information:

[email protected]

LifeSci Advisors (IR & PR)

John Fraunces

Managing Director

Tel: +1 917 355 2395
[email protected] 
[email protected]

Attachment

• MDXH

Second
quarter net income of
$0.87
per diluted share 
and adjusted operating income of
$0.90
per diluted share

Second quarter 2025 highlights compared to second quarter 2024, unless otherwise noted:⁽¹⁾

• Net income increased $25.7 million to $22.9 million.
• Net investment income increased 20% to $21.7 million.
• Combined ratio improved 9.2 points to 96.4%; composed of an underlying loss ratio of 57.6%, catastrophe loss ratio of 5.5%, favorable prior year reserve development of 1.6%, and underwriting expense ratio of 34.9%.
• Underlying combined ratio improved 1.9 points to 92.5%.
• Net written premium⁽²⁾ increased 14% to $372.9 million.
• Book value per share increased $2.38 to $33.18 as of June 30, 2025, compared to December 31, 2024.
• Adjusted book value per share increased $1.29 to $34.93 as of June 30, 2025, compared to December 31, 2024.

CEDAR RAPIDS, Iowa, Aug. 05, 2025 (GLOBE NEWSWIRE) — United Fire Group, Inc. (UFG) (Nasdaq: UFCS) today reported financial results for the three-month period ended June 30, 2025, with net income increasing $25.7 million over the prior year to $22.9 million ($0.87 per diluted share) and adjusted operating income increasing $25.5 million over the prior year to $23.7 million ($0.90 per diluted share).

In the second quarter, net written premium grew 14% to $372.9 million led by continued strong production in core commercial lines. Rates increased 7.6% and continued to exceed loss cost trends with retention and new business volume strongly above prior year levels.

The second quarter combined ratio improved 9.2 points to 96.4%. The underlying loss ratio improved 1.3 points to 57.6% reflecting the ongoing benefits of strong earned rate achievement and moderating loss trends from continued underwriting discipline. The catastrophe loss ratio improved 5.7 points to 5.5%, significantly outperforming the company’s five- and 10-year historical averages as well as the quarterly plan of 8.9%. Catastrophe management actions have improved modeled expectations relative to historical results and are reflected in the annual catastrophe loss ratio plan of 5.7%.

Prior year reserve development was favorable by 1.6% following our annual review of loss adjustment expenses. The underwriting expense ratio improved 0.6 points to 34.9%. Net investment income increased 20% to $21.7 million with a strong increase in fixed maturity income with positive limited partnership returns that were below prior year.

“UFG delivered its best second quarter profit in more than 10 years while growing net written premium to a record $373 million,” said President and CEO Kevin Leidwinger. “The strategic steps we have taken to deepen our underwriting expertise, evolve our capabilities, better align with our distribution partners and improve our investment returns continue to materialize in our results. Our strong second quarter results contributed to achieving 10% return on equity through the first six months of 2025, another significant milestone in the company’s transformation. While pleased with our results, our work is not done and we remain committed to executing our strategic business plan to achieve superior financial and operational performance.”

(1) Underlying loss ratio, underlying combined ratio and adjusted book value per share are non-GAAP financial measures. See Definitions of non-GAAP information and reconciliations to comparable GAAP measures for additional information.
(2) Net written premium is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See Certain performance measures for additional information.

Consolidated financial highlights:

Consolidated financial highlights (1)
(Unaudited)	Three months ended June 30,								Six months ended June 30,
(In thousands, except ratios and per share data)		2025				2024				2025				2024
Net earned premium	$	314,802			$	287,569			$	623,213			$	568,428
Net written premium		372,884				326,119				708,260				647,390
Combined ratio:
Net loss ratio		61.5	%			70.1	%			61.5	%			67.0	%
Underwriting expense ratio		34.9	%			35.5	%			36.4	%			35.2	%
Combined ratio		96.4	%			105.6	%			97.9	%			102.2	%
Additional ratios:
Net loss ratio		61.5	%			70.1	%			61.5	%			67.0	%
Catastrophes		5.5	%			11.2	%			5.3	%			7.9	%
Reserve development	(1.6		)%			—	%		(0.8		)%			—	%
Underlying loss ratio (non-GAAP)		57.6	%			58.9	%			57.0	%			59.1	%
Underwriting expense ratio		34.9	%			35.5	%			36.4	%			35.2	%
Underlying combined ratio (non-GAAP)		92.5	%			94.4	%			93.4	%			94.3	%
Net investment income	$	21,673			$	18,029			$	45,131			$	34,371
Net investment gains (losses)		(1,002	)			(1,229	)			(1,756	)			(2,431	)
Net income (loss)		22,947				(2,735	)			40,647				10,767
Adjusted operating income (loss)		23,739				(1,764	)			42,034				12,688
Net income (loss) per diluted share	$	0.87			$	(0.11	)		$	1.54			$	0.42
Adjusted operating income (loss) per diluted share		0.90				(0.07	)			1.60				0.49
Return on equity(2)										10.0	%			2.9	%

(1) Underlying loss ratio, underlying combined ratio and adjusted operating income (loss) are non-GAAP financial measures. See Definitions of non-GAAP information and reconciliations to comparable GAAP measures for additional information.
(2) Return on equity is calculated by dividing annualized net income by average stockholders’ equity, which is calculated using a simple average of the beginning and ending balances for the period.

Second quarter 2025 results:


(All comparisons vs.
second
quarter 2024, unless noted otherwise)

Net written premium and net earned premium increased by 14% and 9%, respectively. Core commercial lines net written premium increased 20% supported by increased pricing, improved retention, and higher new business. Overall, average renewal premiums increased 9.4% with rates increasing 7.6% and exposure changes of 1.7%. Excluding the workers compensation line of business, the overall average increase in renewal premiums was 10.3%, with 8.5% from rate increases and 1.6% from exposure changes.

The second quarter combined ratio improved 9.2 points to 96.4% compared to 105.6% in the prior year quarter, driven by the following:

• The underlying loss ratio improved 1.3 points to 57.6%, reflecting overall continued favorable frequency trends and rate achievement.
• Catastrophe losses added 5.5 points to the combined ratio, a decrease of 5.7 points and below both the five-year and 10-year historical averages.
• Prior year reserve development, excluding catastrophe losses, was favorable by 1.6 points driven by lower loss adjustment expenses compared to prior expectations.
• The underwriting expense ratio of 34.9% improved 0.6 points mainly driven by scale benefits of growth.

Net investment income was $21.7 million for the second quarter of 2025, an increase of $3.6 million or 20.2%. Income from the fixed maturity portfolio increased by $5.4 million due to portfolio management actions taken during the year-ended December 31, 2024. This was partially offset by $0.5 million lower income on other long-term investments driven by better returns in the second quarter of 2024 and $0.8 million lower other income driven by lower interest on cash and cash equivalents due to redeployment of cash into fixed maturities.

Investment results
(Unaudited)	Three months ended June 30,								Six months ended June 30,
(In thousands, except average yields)		2025				2024				2025				2024
Investment income:
Interest on fixed maturities	$	21,302			$	15,947			$	42,426			$	31,107
Dividends on equity securities		—				—				—				341
Income (loss) on other long-term investments		136				623				1,929				381
Other		3,415				4,188				7,034				8,086
Total investment income	$	24,853			$	20,758			$	51,389			$	39,915
Less investment expenses		3,180				2,729				6,258				5,544
Net investment income	$	21,673			$	18,029			$	45,131			$	34,371
Average yields on fixed income securities pre-tax(1)		4.32	%			3.62	%			4.32	%			3.43	%

(1) Fixed income securities yield excluding net unrealized investment gains/losses and expenses.

Balance sheet

	June 30, 2025				December 31, 2024
(In thousands, except per share data)	(unaudited)
Invested assets	$	2,199,897			$	2,093,094
Cash		202,149				200,949
Total assets		3,661,130				3,488,469
Losses and loss settlement expenses		1,860,131				1,796,782
Total liabilities		2,815,462				2,706,938
Net unrealized investment gains (losses), after-tax		(44,737	)			(72,241	)
Total stockholders’ equity		845,668				781,531
Book value per share	$	33.18			$	30.80
Adjusted book value per share(1)		34.93				33.64

(1) Adjusted book value per share is a non-GAAP financial measure. See Definitions of non-GAAP information and reconciliations to comparable GAAP measures for additional information.

The company’s book value per share was $33.18, an increase of $2.38 per share, or 7.7%, from December 31, 2024. This increase is primarily related to an increase in net income and a decrease in unrealized investment losses on fixed maturity securities, partially offset with shareholder dividends during the six-month period ended June 30, 2025.

Capital management

During the second quarter of 2025, the company declared and paid a $0.16 per share cash dividend to shareholders of record as of June 6, 2025. UFG has paid a quarterly dividend every quarter since March 1968.

Earnings call access information

An earnings call will be held at 9:00 a.m. CT on Wednesday, August 6, 2025, to allow securities analysts, shareholders and other interested parties the opportunity to hear management discuss the company’s second quarter of 2025 results.

Teleconference: Dial-in information for the call is toll-free 1-844-492-3723 (international 1-412-542-4184). The event will be archived and available for digital replay through August 13, 2025. The replay access information is toll-free 1-877-344-7529 (international 1-412-317-0088); conference ID no. 5978627.

Webcast: An audio webcast of the teleconference can be accessed at the company’s investor relations page at https://ir.ufginsurance.com/events-and-presentations/ or https://event.choruscall.com/mediaframe/webcast.html?webcastid=R1wjMA18. The archived audio webcast will be available for one year.

Transcript: A transcript of the teleconference will be available on the company’s website soon after the completion of the teleconference.

About UFG

Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance. The company is licensed as a property and casualty insurer in 50 states and the District of Columbia, and is represented by approximately 1,000 independent agencies. AM Best assigns a rating of “A-” (Excellent) for members of the United Fire & Casualty Group. For more information about UFG, visit www.ufginsurance.com.

Contact:

Investor relations

Email: [email protected]

Media inquiries

Email: [email protected]

Disclosure of forward-looking statements

This release may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about the company, the industry in which we operate, and beliefs and assumptions made by management. Words such as “expect(s),” “anticipate(s),” “intend(s),” “plan(s),” “believe(s),” “continue(s),” “seek(s),” “estimate(s),” “goal(s),” “remain(s) optimistic,” “target(s),” “forecast(s),” “project(s),” “predict(s),” “should,” “could,” “may,” “will,” “might,” “hope,” “can” and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Information concerning factors that could cause actual outcomes and results to differ materially from those expressed in the forward-looking statements is contained in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Annual Report”), filed with the Securities and Exchange Commission (“SEC”) on February 26, 2025. The risks identified in our 2024 Annual Report and in our other SEC filings are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release or as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. In addition, future dividend payments are within the discretion of our Board of Directors and will depend on numerous factors, including our financial condition, our capital requirements and other factors that our Board of Directors considers relevant.

Definitions of non-GAAP information and reconciliations to comparable GAAP measures

The company prepares its financial statements in conformity with generally accepted accounting principles (GAAP) in the United States of America. Management uses certain non-GAAP financial measures to evaluate its operations and profitability. Management also believes that disclosure of certain non-GAAP financial measures enhances investor understanding of our financial performance. Non-GAAP financial measures disclosed in this report include: adjusted operating income, underlying loss ratio, underlying combined ratio, and adjusted book value per share. The company has provided the following definitions and reconciliations of the non-GAAP financial measures:

Adjusted operating income: Adjusted operating income is calculated by excluding net investment gains and losses, after applicable federal and state income taxes from net income (loss). Management believes adjusted operating income is a meaningful measure for evaluating insurance company performance and a useful supplement to GAAP information because it better represents the normal, ongoing performance of our business. Investors and equity analysts who invest in and report on the insurance industry and the company generally focus on this metric in their analyses.

Net income reconciliation
(Unaudited)	Three months ended June 30,								Six months ended June 30,
(In thousands, except per share data)		2025				2024				2025				2024
Income statement data
Net income (loss)	$	22,947			$	(2,735	)		$	40,647			$	10,767
Less: after-tax net investment gains (losses)		(792	)			(971	)			(1,387	)			(1,921	)
Adjusted operating income (loss)	$	23,739			$	(1,764	)		$	42,034			$	12,688
Diluted earnings per share data
Net income (loss)	$	0.87			$	(0.11	)		$	1.54			$	0.42
Less: after-tax net investment gains (losses)		(0.03	)			(0.04	)			(0.06	)			(0.07	)
Adjusted operating income (loss)	$	0.90			$	(0.07	)		$	1.60			$	0.49

Underlying loss ratio and underlying combined ratio: Underlying loss ratio represents the net loss ratio less the impacts of catastrophes and non-catastrophe prior year reserve development. The underlying combined ratio represents the combined ratio less the impacts of catastrophes and non-catastrophe prior year reserve development. The company believes that the underlying loss ratio and underlying combined ratio are meaningful measures to understand the underlying trends in the core business in the current accident year, removing the volatility of prior year impacts and catastrophes. Management believes separate discussions on catastrophe losses and prior year reserve development are important to understanding how the company is managing catastrophe risk and identifying developments in longer-tailed business.

Prior year reserve development is the increase (unfavorable) or decrease (favorable) in incurred loss and loss adjustment expense at the valuation dates for losses which occurred in previous calendar years. This measure excludes development on catastrophe losses.

Catastrophe losses is an operational measure which utilizes the designations of the Insurance Services Office (“ISO”) and is reported with losses and loss adjustment expense amounts net of reinsurance recoverables, unless specified otherwise. In addition to ISO catastrophes, we also include as catastrophes those events, which may include U.S. or international losses, that we believe are, or will be, material to our operations, either in amount or in number of claims made. Catastrophes are not predictable and are unique in terms of timing and financial impact. While management estimates catastrophe losses as incurred, due to the inherently unique nature of catastrophe losses, the impact in a reporting period is inclusive of catastrophes that occurred in the reporting period, as well as development on catastrophes that have occurred in prior periods.

Adjusted book value per share: Adjusted book value per share is calculated by dividing shareholders’ equity, excluding net unrealized investment gains and losses, net of tax, by the number of common shares outstanding. Management believes adjusted book value per share is a meaningful measure for evaluating the company’s net worth that is primarily attributable to our business operations, because it removes the effect of changing prices on invested assets that can fluctuate from period to period. Book value per share is the most directly comparable GAAP measure.

Book value per share reconciliation
(Unaudited)
(In thousands, except per share data)	June 30, 2025				December 31, 2024
Shareholders’ equity	$	845,668			$	781,531
Less: Net unrealized investment gains (losses), net of tax		(44,737	)			(72,241	)
Shareholders’ equity, excluding net unrealized investment gains (losses), net of tax	$	890,405			$	853,772
Common shares outstanding (basic)		25,491				25,378
Book value per share	$	33.18			$	30.80
Adjusted book value per share		34.93				33.64

Certain performance measures

The company uses the following measure to evaluate its financial performance. Management believes a discussion of this measure provides financial statement users with a better understanding of the company’s results of operations. The company has provided the following definition:

Net written premium: Net written premium is frequently used by industry analysts and other recognized reporting sources to facilitate comparisons of the performance of insurance companies. Net written premium is the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. Management believes net written premium is a meaningful measure for evaluating insurance company sales performance and geographical expansion efforts. Net written premium for an insurance company consists of direct premiums written and premiums assumed, less premiums ceded. Net earned premium is calculated on a pro-rata basis over the terms of the respective policies. Unearned premium reserves are established for the portion of written premium applicable to the unexpired terms of the insurance policies in force. The difference between net earned premium and net written premium is the change in unearned premium and the change in prepaid reinsurance premiums.

Supplemental tables

Income statement
(Unaudited)	Three months ended June 30,								Six months ended June 30,
(In thousands)		2025				2024				2025				2024
Revenues
Net earned premium	$	314,802			$	287,569			$	623,213			$	568,428
Net investment income		21,673				18,029				45,131				34,371
Net investment gains (losses)		(1,002	)			(1,229	)			(1,756	)			(2,431	)
Total revenues	$	335,473			$	301,169			$	666,588			$	597,168
Benefits, losses and expenses
Losses and loss settlement expenses	$	193,732			$	201,325			$	383,428			$	380,971
Amortization of deferred policy acquisition costs		74,413				67,389				151,767				133,079
Other underwriting expenses		35,307				34,613				74,893				67,078
Interest expense		2,484				1,460				4,967				2,319
Other non-underwriting expenses		335				152				477				1,207
Total benefits, losses and expenses	$	306,271			$	304,939			$	615,532			$	584,654
Income (loss) before income taxes	$	29,202			$	(3,770	)		$	51,056			$	12,514
Federal income tax expense (benefit)		6,255				(1,035	)			10,409				1,747
Net income (loss)	$	22,947			$	(2,735	)		$	40,647			$	10,767

Net written premium by line of business
(Unaudited)	Three months ended June 30,						Six months ended June 30,
(In thousands)		2025			2024			2025			2024
Net written premium (1)
Commercial lines:
Other liability(2)	$	116,784		$	103,974		$	216,136		$	193,836
Fire and allied lines(3)		74,564			62,721			139,519			133,374
Automobile		86,707			68,366			165,637			143,207
Workers’ compensation		22,206			16,822			41,195			33,902
Surety(4)		15,815			14,246			31,926			29,104
Miscellaneous		456			2,876			3,911			5,006
Total commercial lines	$	316,532		$	269,005		$	598,324		$	538,429
Personal lines:
Fire and allied lines(5)	$	6,855		$	2,706		$	8,140		$	7,582
Automobile		1			1,084			419			1,084
Miscellaneous		—			1			—			3
Total personal lines	$	6,856		$	3,791		$	8,559		$	8,669
Assumed reinsurance(6)		49,496			53,323			101,377			100,292
Total	$	372,884		$	326,119		$	708,260		$	647,390

(1) Net written premium is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See certain performance measures for additional information.
(2) Commercial lines “Other liability” is business insurance covering bodily injury and property damage arising from general business operations, accidents on the insured’s premises and products manufactured or sold.
(3) Commercial lines “Fire and allied lines” includes fire, allied lines, commercial multiple peril and inland marine.
(4) Commercial lines “Surety” previously referred to as “Fidelity and surety.”
(5) Personal lines “Fire and allied lines” includes fire, allied lines, homeowners and inland marine.
(6) Assumed reinsurance includes Funds at Lloyd’s

Net earned premium, net losses and loss settlement expenses and net loss ratio by line of business
Three months ended June 30,		2025										2024
				Net losses										Net losses
				and loss										and loss
	Net			settlement				Net			Net			settlement				Net
(Unaudited)	earned			expenses				loss			earned			expenses				loss
(In thousands, except ratios)	premium			incurred				ratio			premium			incurred				ratio
Commercial lines
Other liability	$	93,118		$	73,305			78.7	%		$	84,926		$	70,702			83.3	%
Fire and allied lines		66,522			33,043			49.7				63,643			39,402			61.9
Automobile		69,147			40,024			57.9				57,690			44,790			77.6
Workers’ compensation		15,259			8,555			56.1				13,515			8,402			62.2
Surety		15,464			5,575			36.1				13,944			6,632			47.6
Miscellaneous		2,975			2,032			68.3				2,172			946			43.6
Total commercial lines	$	262,485		$	162,534			61.9	%		$	235,890		$	170,874			72.4	%
Personal lines
Fire and allied lines	$	3,405		$	1,134			33.3	%		$	2,748		$	1,206			43.9	%
Automobile		362			232			64.1	%			243			106			43.6	%
Miscellaneous		1			(8	)		NM				3			(15	)		NM
Total personal lines	$	3,768		$	1,358			36.0	%		$	2,994		$	1,297			43.3	%
Assumed reinsurance		48,549			29,840			61.5				48,685			29,154			59.9
Total	$	314,802		$	193,732			61.5	%		$	287,569		$	201,325			70.1	%

NM = Not meaningful

Net earned premium, net losses and loss settlement expenses and net loss ratio by line of business
Six months ended June 30,		2025										2024
				Net losses										Net losses
				and loss										and loss
	Net			settlement				Net			Net			settlement			Net
(Unaudited)	earned			expenses				loss			earned			expenses			loss
(In thousands, except ratios)	premiums			incurred				ratio			premiums			incurred			ratio
Commercial lines
Other liability	$	182,257		$	133,548			73.3	%		$	165,323		$	132,499		80.1	%
Fire and allied lines		128,942			65,063			50.5				126,053			75,180		59.6
Automobile		133,502			82,825			62.0				114,199			87,410		76.5
Workers’ compensation		29,416			18,312			62.3				25,942			14,661		56.5
Surety		31,195			9,950			31.9				28,848			10,193		35.3
Miscellaneous		6,395			4,092			64.0				3,739			2,012		53.8
Total commercial lines	$	511,707		$	313,790			61.3	%		$	464,104		$	321,955		69.4	%
Personal lines
Fire and allied lines	$	4,665		$	1,903			40.8	%		$	7,643		$	4,968		65.0	%
Automobile		1,158			740			63.9	%			243			110		45.3	%
Miscellaneous		2			(41	)		NM				6			23		NM
Total personal lines	$	5,825		$	2,602			44.7	%		$	7,892		$	5,101		64.6	%
Assumed reinsurance		105,681			67,036			63.4				96,432			53,915		55.9
Total	$	623,213		$	383,428			61.5	%		$	568,428		$	380,971		67.0	%

NM = Not meaningful

NEW YORK, Aug. 05, 2025 (GLOBE NEWSWIRE) — Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” or the “Company”) (NASDAQ: CGBD) today announced its financial results for its second quarter ended June 30, 2025. Justin Plouffe, CGBD’s Chief Executive Officer, said, “Despite market uncertainty, the second quarter was another record quarter of originations for both CGBD and the broader Carlyle Direct Lending platform. With CGBD net financial leverage at the mid-point of our target range, we remain well positioned to benefit from the expected pickup in deal volume in the second half of the year. Although spreads in the overall market remain historically tight, we continue to be dynamic in our origination strategies and disciplined in our underwriting approach, providing consistent credit performance and core middle market exposure.”

For the second quarter of 2025, we reported $0.39 per common share of Net Investment Income and Adjusted Net Investment Income, a non-GAAP financial measure described below.

Net asset value per common share decreased by 1.2% for the second quarter to $16.43 from $16.63 as of March 31, 2025. The total fair value of our investments increased to $2.3 billion as of June 30, 2025.

Dividends

On July 29, 2025, the Board of Directors declared a quarterly common dividend of $0.40 per share. The dividend is payable on October 17, 2025 to common stockholders of record on September 30, 2025.

Conference Call

The Company will host a conference call at 11:00 a.m. (Eastern Time) on Wednesday, August 6, 2025 to discuss these quarterly financial results. The conference call will be available via public webcast via a link on our website and will also be available on our website soon after the call’s completion.

Non-GAAP Financial Measures

On a supplemental basis, we are disclosing Adjusted Net Investment Income Per Common Share, which is calculated and presented on a basis other than in accordance with GAAP (“non-GAAP”). We use this non-GAAP financial measure internally to analyze and evaluate financial results and performance, and we believe this non-GAAP financial measures is useful to investors as an additional tool to evaluate our ongoing results and trends and to review our performance without giving effect to (i) the amortization/accretion resulting from the new cost basis of the investments acquired and accounted for under the acquisition method of accounting in accordance with ASC 805 and (ii) the one-time purchase or non-recurring investment income and expense events, including the effects on incentive fees. In addition, Company’s management uses the non-GAAP financial measure described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not had similar one-time or non-recurring events. The presentation of this non-GAAP measure is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

For the second quarter of 2025, the adjustment to net investment income per common share to determine Adjusted Net Investment Income Per Common Share represents the difference between GAAP amortization under the asset acquisition method of accounting in accordance with ASC 850 and management’s non-GAAP measure of amortization related to assets acquired in connection with the CSL III merger on March 27, 2025, and the remaining interest in Middle Market Credit Fund II on February 11, 2025. This adjustment reflects management’s view of the economic yield on the acquired assets and is consistent with our internal evaluation of performance.

There were no other one-time or non-recurring events considered as part of the non-GAAP measure for the second quarter of 2025.

Carlyle Secured Lending, Inc.

CGBD is an externally managed specialty finance company focused on lending to middle-market companies. CGBD is managed by Carlyle Global Credit Investment Management L.L.C., an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group Inc. Since it commenced investment operations in May 2013 through June 30, 2025, CGBD has invested approximately $9.9 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. CGBD’s investment objective is to generate current income and capital appreciation primarily through debt investments in U.S. middle market companies. CGBD has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

Web: carlylesecuredlending.com

About Carlyle

Carlyle (“Carlyle,” or the “Adviser”) (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 employees in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Contacts:

Investors:	Media:
Nishil Mehta	Kristen Ashton
+1-212-813-4918	+1-212-813-4763
[email protected]	[email protected]

SAN DIEGO, Aug. 05, 2025 (GLOBE NEWSWIRE) — Fate Therapeutics, Inc. (NASDAQ: FATE), a clinical-stage biopharmaceutical company dedicated to bringing a first-in-class pipeline of induced pluripotent stem cell (iPSC)-derived cellular immunotherapies to patients with cancer and autoimmune diseases, today announced that on August 4, 2025 the Company granted (i) non-qualified stock options to one newly-hired non-executive employee to purchase a total of 60,000 shares of the Company’s common stock at an exercise price per share of $1.06, which was the closing price per share of the Company’s common stock as reported by NASDAQ on August 4, 2025, the options grant date, and (ii) restricted stock units (RSUs) representing 60,800 shares of its common stock to two newly-hired non-executive employees. The grants were approved by the Compensation Committee of the Company’s Board of Directors and granted under the Company’s Amended and Restated Inducement Equity Plan as an inducement material to the new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The options will vest over four years, with 25% of the shares underlying the option vesting on the one-year anniversary of the grant date and the remaining 75% vesting in approximately equal monthly installments over the following thirty-six months, subject to the employee being continuously employed by the Company through each vesting date. The RSUs will vest over four years, with 25% of the shares underlying each RSU award vesting on each anniversary of the grant date, subject to the employees being continuously employed by the Company through each vesting date.

About Fate Therapeutics, Inc.

Fate Therapeutics is a clinical-stage biopharmaceutical company dedicated to bringing a first-in-class pipeline of induced pluripotent stem cell (iPSC)-derived cellular immunotherapies to patients with cancer and autoimmune diseases. Using its proprietary iPSC product platform, the Company has established a leadership position in creating multiplexed-engineered iPSC lines and in the manufacture and clinical development of off-the-shelf, iPSC-derived cell products. The Company’s pipeline includes iPSC-derived natural killer (NK) cell and T-cell product candidates, which are selectively designed, incorporate novel synthetic controls of cell function, and are intended to deliver multiple therapeutic mechanisms to patients. Fate Therapeutics is headquartered in San Diego, CA. For more information, please visit www.fatetherapeutics.com.

Contact:

Christina Tartaglia
Precision AQ
212.362.1200
[email protected]