Market Newsdesk

Improved Business Momentum with Acceleration in Revenue Growth Led by Stronger Reserve Performance and Continued Growth in Other Revenue.

Return to Subscriber Growth in Q3 2024.

Record Low Cash Consumption for 9 Months Ending Oct 31, 2024.

Reiterates Expectation for Free Cash Flow Breakeven in FY 2024.

NEW YORK, Dec. 09, 2024 (GLOBE NEWSWIRE) — Rent the Runway, Inc. (“Rent the Runway” or “RTR”) (NASDAQ: RENT), transforming the way women get dressed by pioneering the world’s first Closet in the Cloud, today reported financial results for the fiscal quarter ended October 31, 2024.

Fiscal Third Quarter and Recent Business Highlights

• Improved free cash flow consumption of $9M for the nine months ending October 31, 2024, which is $38M lower than the nine months ending October 31, 2023 and $61M lower than the nine months ending October 31, 2022.
• Fastest Y-o-Y Growth in Reserve orders since Q1 22, which we believe is a result of focus and operational improvements that resulted in increased availability of our highest demanded styles.
• Launched New 1-Shipment Subscription Plan offering customers access to the full RTR Subscription closet of marquee designer brands for $119 per month.
• Significantly improved SEO resulting in new YTD highs in our keyword rankings, which resulted in a sequential quarter over quarter increase in non-branded traffic.
• Launched “
  
  Own Nothing, Have Everything
  
  ” brand campaign in conjunction with RTR’s 15 year anniversary in November, which features the authentic stories of real customers.
• Hired Chief Product Officer to transform product strategy and execute on a customer centric product vision to drive growth.
• Launched Two Season Partnership with Dallas Cowboy Cheerleaders, aimed at showcasing the diverse and multifaceted lives of the cheerleaders, demonstrating the key role that RTR plays in helping women look and feel their best, and driving brand awareness in key markets.

“Rent the Runway has realigned our company talent and ways of working this year to be laser focused on achieving free cash flow breakeven, significantly increase agility of experimentation and launch cadence, and reaccelerate growth,” said Jennifer Hyman, Co-Founder, President, and CEO of Rent the Runway. “Thus far this year, we’ve driven significant growth in our Reserve and Resale offerings; reduced our costs of customer acquisition and diversified marketing spend towards brand building; and implemented successful inventory and merchandising strategies that we believe have increased customer satisfaction and loyalty rates. We are proud to have achieved this while also significantly improving free cash flow. We believe our business is set up for acceleration across all revenue lines in 2025.”

“Rent the Runway’s underlying business trends have continued to improve in Q3 2024,” said Sid Thacker, Chief Financial Officer, Rent the Runway. “Revenue growth improved for the fourth consecutive quarter and ending Active Subscribers returned to year over year growth. Our Reserve and Resale offerings continued to show improved momentum in Q3. We have also demonstrated, through the first nine months of this fiscal year, an ability to significantly improve free cash flow and drive progress towards our goal to be free cash flow breakeven for FY24. We are now squarely focused on accelerating growth in our Subscription business by listening to customers and making decisions that lay the foundation for stronger growth in FY25 and beyond.”

Third Quarter 2024 Key Metrics and Financial Highlights

• Revenue was $75.9 million, a 4.7% increase year-over-year from $72.5 million in the third quarter of fiscal year 2023.
• 132,518 ending Active Subscribers, representing a change of 1% from 131,725 at the end of the third quarter of fiscal year 2023.
• 130,796 Average Active Subscribers, representing a change of (3)% from 134,646 at the end of the third quarter of fiscal year 2023.
• 174,511 ending Total Subscribers, representing a change of (1)% from 175,901 at the end of the third quarter of fiscal year 2023.
• Gross Profit was $26.3 million, representing a change of 4.4% from $25.2 million in the third quarter of fiscal year 2023. Gross Margin was 34.7%, as compared to 34.8% in the third quarter of fiscal year 2023.
• Net Loss was $(18.9) million, as compared to $(31.5) million in the third quarter of fiscal year 2023. Net Loss as a percentage of revenue was (24.9)%, as compared to (43.4)% in the third quarter of fiscal year 2023.
• Adjusted EBITDA was $9.3 million, as compared to $3.5 million in the third quarter of fiscal year 2023. Adjusted EBITDA Margin was 12.3%, as compared to 4.8% in the third quarter of fiscal year 2023.

Outlook

For the fiscal fourth quarter of 2024, Rent the Runway expects:

• Revenue of between $74.4 million and $80.3 million
• Adjusted EBITDA of between $16.1 million and $20.1 million

For fiscal year 2024, Rent the Runway expects:

• Revenue growth of between 2% to 4% versus fiscal year 2023
• Adjusted EBITDA Margin of 15% to 16%
• Free Cash Flow Breakeven on a full year basis

Please see our third quarter 2024 earnings presentation at https://investors.renttherunway.com/ under the “Presentations” section for supplemental guidance.

A reconciliation of Adjusted EBITDA Margin and free cash flow expectations for Q4 2024 and fiscal year 2024 (as applicable) to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from these non-GAAP measures, in particular, share-based compensation expense, and non-recurring expenses, which can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot reasonably be predicted.

Earnings Presentation, Conference Call and Webcast

The third quarter 2024 Earnings Presentation is now accessible through the Investor Relations section of Rent the Runway’s website at https://investors.renttherunway.com/ under the “Presentations” section.

Rent the Runway will host a conference call and webcast to discuss its third quarter 2024 financial results and provide a business update today, December 9, 2024, at 8:30 am ET.

The financial results and live webcast will be accessible through the Investor Relations section of Rent the Runway’s website at https://investors.renttherunway.com/ under the “Events” section. To access the call through a conference line, dial 1-877-407-3982 (in the U.S.) or 1-201-493-6780 (international callers).

A replay of the conference call will be posted shortly after the call and will be available for at least fourteen days. To access the replay, dial 1-844-512-2921 (in the U.S.) or 1-412-317-6671 (international callers). The access code for the replay is 13750012.

About Rent the Runway, Inc.

Founded in 2009, Rent the Runway is disrupting the trillion-dollar fashion industry and changing the way women get dressed through the Closet in the Cloud. RTR’s mission has remained the same since its founding: powering women to feel their best every day. Through RTR, customers can subscribe, rent items a-la-carte and shop resale from hundreds of designer brands. The Closet in the Cloud offers a wide assortment of millions of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear and ski wear. RTR has built a two-sided discovery engine, which connects deeply engaged customers and differentiated brand partners on a powerful platform built around its brand, data, logistics and technology. Under CEO and Co-Founder Jennifer Hyman’s leadership, RTR has been named to CNBC’s “Disruptor 50” five times in ten years, and has been placed on Fast Company’s Most Innovative Companies list four times, while Hyman herself has been named to the “TIME 100: Most Influential People in the World” and as one of People Magazine’s “Women Changing the World.”

Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. These statements include, but are not limited to, guidance and underlying assumptions for the fourth fiscal quarter of 2024 and the fiscal year 2024, and statements regarding our business objectives and strategic initiatives, including with respect to our Reserve offering, marketing initiatives and customer engagement. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements because they contain words such as “aim,” “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “will,” or “would,” or the negative of these words or other similar terms or expressions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control, that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These risks and uncertainties include our ability to drive future growth or manage our growth effectively; the highly competitive and rapidly changing nature of the global fashion industry; risks related to the macroeconomic environment; our ability to cost-effectively grow our customer base; any failure to attract or retain customers; our ability to accurately forecast customer demand, acquire and manage our offerings effectively and plan for future expenses; risks arising from the restructuring of our operations; our reliance on the effective operation of proprietary technology systems and software as well as those of third-party vendors and service providers; risks related to shipping, logistics and our supply chain; our ability to remediate our material weaknesses in our internal control over financial reporting; laws and regulations applicable to our business; our reliance on the experience and expertise of our senior management and other key personnel; our ability to adequately obtain, maintain, protect and enforce our intellectual property and proprietary rights; compliance with data privacy, data security, data protection and consumer protection laws and industry standards; risks associated with our brand and manufacturing partners; our reliance on third parties to provide payment processing infrastructure underlying our business; our dependence on online sources to attract consumers and promote our business which may be affected by third-party interference or cause our customer acquisition costs to rise; failure by us, our brand partners, or third party manufacturers to comply with our vendor code of conduct or other laws; risks related to the Company’s debt, including the Company’s ability to comply with covenants in the Company’s credit facility; risks related to our Class A capital stock and ownership structure; and risks related to future pandemics or public health crises.

Additional information regarding these and other risks and uncertainties that could cause actual results to differ materially from the Company’s expectations is included in our Quarterly Report on Form 10-Q for the quarter ended July 31, 2024, as will be updated in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2024. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Key Business and Financial Metrics

Active Subscribers is defined as the number of subscribers with an active membership as of the last day of any given period and excludes paused subscribers.

Average Active Subscribers is defined as the mean of the beginning of quarter and end of quarter Active Subscribers for a quarterly period; and for other periods, represents the mean of the Average Active Subscribers of every quarter within that period.

Gross Profit is defined as total revenue less costs related to activities to fulfill customer orders and rental product acquisition costs, presented as fulfillment and rental product depreciation and revenue share, respectively, on the consolidated statement of operations. We depreciate owned apparel assets over three years and owned accessory assets over two years, net of 20% and 30% salvage values, respectively, and recognize the depreciation on a straight line basis and remaining cost of items when sold or retired on our consolidated statement of operations. Rental product depreciation expense is time-based and reflects all rental product items we own. We use Gross Profit and Gross Profit as a percentage of revenue, or Gross Margin, to measure the continued efficiency of our business after the cost of our products and fulfillment costs are included.

Non-GAAP Financial Measures

This press release and the accompanying tables contain the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin, free cash flow, and free cash flow margin. In addition to our results determined in accordance with GAAP, we believe that Adjusted EBITDA and Adjusted EBITDA margin are useful in evaluating our performance and free cash flow and free cash flow margin are useful in evaluating our performance and liquidity. Adjusted EBITDA is a key performance measure used by management to assess our operating performance and the operating leverage of our business prior to capital expenditures. These non-GAAP financial metrics are not meant to be considered as indicators of our financial performance in isolation from or as a substitute for our financial information prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis. There are limitations to the use of the non-GAAP financial metrics presented in this press release. For example, our non-GAAP financial metrics may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial metrics differently than we do, limiting the usefulness of those measures for comparative purposes.

We define Adjusted EBITDA as net loss, adjusted to exclude interest expense, rental product depreciation, other depreciation and amortization, share-based compensation expense, write-off of liquidated assets, non-recurring adjustments, non-ordinary course legal fees, restructuring charges, income tax (benefit) expense, other income and expense, and other gains / losses. Adjusted EBITDA margin is defined as Adjusted EBITDA calculated as a percentage of total revenue, net for a period.

We define free cash flow as net cash used in operating activities and net cash used in investing activities on a combined basis. Free cash flow margin is defined as free cash flow as a percentage of revenue.

The reconciliation of presented non-GAAP financial metrics to the most directly comparable GAAP financial measure is presented below. We encourage reviewing the reconciliation in conjunction with the presentation of the non-GAAP financial metrics for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items, and may include other expenses, costs and non-recurring items. Reconciliation of Adjusted EBITDA, Adjusted EBITDA margin and free cash flow expectations for Q4 2024 and fiscal year 2024 (as applicable) to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from these non-GAAP measures, in particular, share-based compensation expense, and non-recurring expenses, which can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot reasonably be predicted.

Investor Contact

Investor Relations
[email protected]

Media Contact

Press
[email protected]

Rent the Runway, Inc.
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
		October 31,				January 31,
			2024				2024
Assets
Current assets:
Cash and cash equivalents		$	74.1			$	84.0
Restricted cash, current			4.6				5.2
Prepaid expenses and other current assets			9.6				13.0
Total current assets			88.3				102.2
Restricted cash			4.4				4.8
Rental product, net			89.1				94.0
Fixed assets, net			29.5				35.7
Intangible assets, net			2.8				3.4
Operating lease right-of-use assets			31.9				33.9
Other assets			5.6				4.5
Total assets		$	251.6			$	278.5
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable		$	10.7			$	5.8
Accrued expenses and other current liabilities			20.7				21.7
Deferred revenue			11.9				10.9
Customer credit liabilities			6.0				6.3
Operating lease liabilities			4.2				3.4
Total current liabilities			53.5				48.1
Long-term debt, net			326.7				306.7
Operating lease liabilities			42.1				45.3
Other liabilities			0.5				0.7
Total liabilities			422.8				400.8
Stockholders’ equity (deficit)
Class A common stock			—				—
Class B common stock			—				—
Preferred stock			—				—
Additional paid-in capital			938.4				930.8
Accumulated deficit			(1,109.6	)			(1,053.1	)
Total stockholders’ equity (deficit)			(171.2	)			(122.3	)
Total liabilities and stockholders’ equity (deficit)		$	251.6			$	278.5

Rent the Runway, Inc.
Condensed Consolidated Statements of Operations
(in millions, except share and per share amounts)
(unaudited)
		Three Months Ended October 31,								Nine Months Ended October 31,
			2024				2023				2024				2023
Revenue:
Subscription and Reserve rental revenue		$	66.3			$	64.7			$	200.9			$	199.5
Other revenue			9.6				7.8				28.9				22.9
Total revenue, net			75.9				72.5				229.8				222.4
Costs and expenses:
Fulfillment			21.4				21.5				62.6				65.9
Technology			8.7				12.1				27.0				38.1
Marketing			7.1				7.1				23.9				24.6
General and administrative			21.2				24.4				66.2				76.8
Rental product depreciation and revenue share			28.2				25.8				80.1				66.7
Other depreciation and amortization			3.0				3.5				9.6				11.0
Restructuring charges			—				—				0.2				—
Total costs and expenses			89.6				94.4				269.6				283.1
Operating loss			(13.7	)			(21.9	)			(39.8	)			(60.7	)
Interest income / (expense), net			(6.1	)			(10.0	)			(17.7	)			(28.3	)
Other income / (expense), net			0.9				0.2				1.1				0.3
Net loss before income tax benefit / (expense)			(18.9	)			(31.7	)			(56.4	)			(88.7	)
Income tax benefit / (expense)			—				0.2				(0.1	)			0.3
Net loss		$	(18.9	)		$	(31.5	)		$	(56.5	)		$	(88.4	)
Net loss per share attributable to common stockholders, basic and diluted		$	(4.94	)		$	(9.09	)		$	(15.12	)		$	(26.15	)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted			3,823,542				3,464,848				3,736,161				3,380,439

Rent the Runway, Inc.
Condensed Consolidated Statements of Cash Flow
(in millions)
(unaudited)
		Nine Months Ended October 31,
			2024				2023
OPERATING ACTIVITIES
Net loss		$	(56.5	)		$	(88.4	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Rental product depreciation and write-offs			35.5				31.9
Write-off of rental product sold			12.1				8.5
Other depreciation and amortization			9.6				11.0
Loss from write-off of fixed assets			0.2				0.3
Proceeds from rental product sold			(20.1	)			(16.2	)
(Gain) / loss from liquidation of rental product			0.6				(0.9	)
Accrual of paid-in-kind interest			—				22.5
Amortization of debt discount			20.0				5.2
Share-based compensation expense			7.6				21.1
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			3.3				3.9
Operating lease right-of-use assets			2.0				(8.1	)
Other assets			(1.1	)			0.1
Accounts payable, accrued expenses and other current liabilities			0.2				(4.4	)
Deferred revenue and customer credit liabilities			0.7				(0.7	)
Operating lease liabilities			(2.4	)			6.9
Other liabilities			(0.2	)			(0.4	)
Net cash (used in) provided by operating activities			11.5				(7.7	)
INVESTING ACTIVITIES
Purchases of rental product			(41.4	)			(56.3	)
Proceeds from liquidation of rental product			3.4				3.7
Proceeds from sale of rental product			20.1				16.2
Purchases of fixed and intangible assets			(2.9	)			(3.2	)
Net cash (used in) provided by investing activities			(20.8	)			(39.6	)
FINANCING ACTIVITIES
Other financing payments			(1.6	)			(0.4	)
Net cash (used in) provided by financing activities			(1.6	)			(0.4	)
Net (decrease) increase in cash and cash equivalents and restricted cash			(10.9	)			(47.7	)
Cash and cash equivalents and restricted cash at beginning of period			94.0				163.6
Cash and cash equivalents and restricted cash at end of period		$	83.1			$	115.9

Rent the Runway, Inc.
Condensed Consolidated Statements of Cash Flow
(in millions)
(unaudited)
		Nine Months Ended October 31,
			2024				2023
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents		$	74.1			$	105.9
Restricted cash, current			4.6				4.8
Restricted cash, noncurrent			4.4				5.2
Total cash and cash equivalents and restricted cash		$	83.1			$	115.9
Supplemental Cash Flow Information:
Cash payments (receipts) for:
Fixed operating lease payments, net		$	8.2			$	8.3
Fixed assets and intangibles received in the prior period			0.3				0.1
Rental product received in the prior period			1.4				5.4
Non-cash financing and investing activities:
Financing lease right-of-use asset amortization		$	0.4			$	0.4
Adjustments to ROU assets or lease liabilities due to modification or other reassessment events to operating and finance leases			—				10.6
Purchases of fixed assets and intangibles not yet settled			0.1				0.2
Purchases of rental product not yet settled			6.7				17.3

Rent the Runway, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in millions)
(unaudited)
The following table presents a reconciliation of net loss, the most comparable GAAP financial measure, to Adjusted EBITDA for the periods presented:
		Three Months Ended October 31,								Nine Months Ended October 31,
			2024				2023				2024				2023
		(in millions)								(in millions)
Net loss		$	(18.9	)		$	(31.5	)		$	(56.5	)		$	(88.4	)
Interest (income) / expense, net (1)			6.1				10.0				17.7				28.3
Rental product depreciation			16.5				15.5				47.6				40.4
Other depreciation and amortization (2)			3.0				3.5				9.6				11.0
Share-based compensation (3)			2.2				4.9				7.6				21.1
Write-off of liquidated assets (4)			1.1				0.9				3.9				2.6
Non-recurring adjustments (5)			0.1				0.1				0.1				0.6
Non-ordinary course legal fees (6)			0.1				0.2				0.1				0.2
Restructuring charges (7)			—				—				0.2				—
Income tax (benefit) / expense			—				(0.2	)			0.1				(0.3	)
Other (income) / expense, net (8)			(0.9	)			(0.2	)			(1.1	)			(0.3	)
Other (gains) / losses (9)			—				0.3				0.2				0.5
Adjusted EBITDA		$	9.3			$	3.5			$	29.5			$	15.7
Adjusted EBITDA Margin (10)			12.3	%			4.8	%			12.8	%			7.1	%
(1) Includes debt discount amortization of $6.9 million in the three months ended October 31, 2024, $1.8 million in the three months ended October 31, 2023, $20.0 million in the nine months ended October 31, 2024 and $5.2 million in the nine months ended October 31, 2023.
(2) Reflects non-rental product depreciation and capitalized software amortization.
(3) Reflects the non-cash expense for share-based compensation.
(4) Reflects the write-off of the remaining book value of liquidated rental product that had previously been held for sale.
(5) Non-recurring adjustments for the three and nine months ended October 31, 2024 includes $0.1 million of costs related to one-time professional fees. Non-recurring adjustments for the three and nine months ended October 31, 2023 includes $0.1 million and $0.6 million, respectively, of costs primarily related to the option exchange.
(6) Non-ordinary course legal fees for the three and nine months ended October 31, 2024 includes $0.1 million of costs related to a class action lawsuit. Non-ordinary course legal fees for the three and nine months ended October 31, 2023 includes $0.2 million of costs related to a class action lawsuit.
(7) Reflects restructuring charges primarily related to severance and related costs in connection with the January 2024 restructuring plan.
(8) Includes other (income) / expense recognized in the period.
(9) Includes gains / losses recognized in relation to foreign exchange, operating lease terminations and the related surrender of fixed assets (see “Note 5 – Leases – Lessee Accounting” in the Notes to the Condensed Consolidated Financial Statements).
(10) Adjusted EBITDA Margin calculated as Adjusted EBITDA as a percentage of revenue.

Rent the Runway, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in millions)
The following table presents a reconciliation of net cash (used in) provided by operating activities, the most comparable GAAP financial measure, to Free Cash Flow and Free Cash Flow Margin for the periods presented:
		Nine Months Ended October 31,
			2024				2023
		(in millions)
Net cash (used in) provided by operating activities		$	11.5			$	(7.7	)
Purchases of rental product			(41.4	)			(56.3	)
Proceeds from liquidation of rental product			3.4				3.7
Proceeds from sale of rental product			20.1				16.2
Purchases of fixed and intangible assets			(2.9	)			(3.2	)
Free Cash Flow		$	(9.3	)		$	(47.3	)
Free Cash Flow Margin			(4.0	)%			(21.3	)%

Rent the Runway, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in millions)
The following table presents a reconciliation of net loss, the most comparable GAAP financial measure, to Free Cash Flow and Free Cash Flow Margin for the periods presented:
		Nine Months Ended October 31,
			2024				2023
		(in millions)
Net loss		$	(56.5	)		$	(88.4	)
Interest (income) / expense, net			17.7				28.3
Rental product depreciation			47.6				40.4
Other depreciation and amortization			9.6				11.0
Share-based compensation			7.6				21.1
Write-off of liquidated assets			3.9				2.6
Non-recurring adjustments			0.1				0.6
Non-ordinary course legal fees			0.1				0.2
Restructuring charges			0.2				—
Income tax (benefit) / expense			0.1				(0.3	)
Other (income) / expense, net			(1.1	)			(0.3	)
Other (gains) / losses			0.2				0.5
Adjusted EBITDA		$	29.5			$	15.7
Purchases of rental product			(41.4	)			(56.3	)
Purchases of fixed and intangible assets			(2.9	)			(3.2	)
Cash interest expense			(0.1	)			(4.8	)
Cash interest earned			2.4				4.2
Change in assets and liabilities			2.5				(2.7	)
Non-recurring adjustments			(0.1	)			(0.6	)
Non-ordinary course legal fees			(0.1	)			(0.2	)
Restructuring charges			(0.2	)			—
Other adjustments (1)			1.1				0.6
Free Cash Flow		$	(9.3	)		$	(47.3	)
Free Cash Flow Margin			(4.0	)%			(21.3	)%
(1) Other adjustments primarily includes cash tax adjustments and other cash gains (losses).

SALT LAKE CITY, Dec. 09, 2024 (GLOBE NEWSWIRE) — Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor enthusiast markets, today announced that Rhino-Rack, a leading brand in Clarus’s Adventure segment, has acquired certain assets of RockyMounts™, a Colorado-based brand specializing in bicycle transport products.

For over 30 years, RockyMounts has designed innovative roof and hitch rack solutions, attracting a dedicated following of customers thanks to the products’ distinct style and exceptional durability. Founded by Bobby Noyes in Boulder, Colorado in 1993, RockyMounts is known for making well designed and dependable premium bicycle racks and other accessories compatible with vehicles of all sizes, including SUVs, vans and trucks. Its award-winning products can be found in local and national retailers across North America.

“This acquisition underscores our continued focus on investing proactively to strengthen our Adventure portfolio,” said Warren Kanders, Clarus’ Executive Chairman. “We previously stated that we would be seeking complementary product add-ons, and we could not be more pleased to have completed the transaction with the RockyMounts team. In line with our established strategic roadmap, we’ve identified bicycle racks as a critical product category, and RockyMounts will enable us to seek to expand our addressable market to reach the broader bike rack and hitch-based products market. Importantly, we believe that adding RockyMounts will add immediate scale and help accelerate our brand penetration in the U.S., as well as provide an entry point to serve a new product category in Rhino-Rack’s home market of Australia.”

Mathew Hayward, Managing Director of Clarus’ Adventure segment, said, “With an enthusiast consumer base and innovative product offering, RockyMounts is an ideal acquisition for Rhino-Rack, and we are excited to add them to our family of brands. As we integrate the business into our facility in Colorado, we look forward to continuing to collaborate with founder Bobby Noyes, a bike rack pioneer, who will stay on as a critical member of the innovation team moving forward.”

The terms of the transaction were not disclosed, and it was funded using cash on hand.

About Clarus Corporation

Headquartered in Salt Lake City, Utah, Clarus Corporation is a global leader in the design and development of best-in-class equipment and lifestyle products for outdoor enthusiasts. Driven by our rich history of engineering and innovation, our objective is to provide safe, simple, effective and beautiful products so that our customers can maximize their outdoor pursuits and adventures. Each of our brands has a long history of continuous product innovation for core and everyday users alike. The Company’s products are principally sold globally under the Black Diamond®, Rhino-Rack®, MAXTRAX®, TRED Outdoors® brand names through outdoor specialty and online retailers, our own websites, distributors, and original equipment manufacturers.

Forward-Looking Statements

Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release, include, but are not limited to, material differences in the actual financial results of the RockyMounts acquisition as compared with expectations, including the impact of the acquisition on Clarus’ future earnings per share as well as those risks and uncertainties more fully described from time to time in the Company’s public reports filed with the Securities and Exchange Commission, including under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company’s Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.

Company Contact:

Michael J. Yates
Chief Financial Officer
[email protected]

Investor Relations:

The IGB Group
Leon Berman / Matt Berkowitz
Tel 1-212-477-8438 / 1-212-227-7098
[email protected] / [email protected]

GREENSBORO, N.C., Dec. 09, 2024 (GLOBE NEWSWIRE) — Qorvo^® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, has received the 2024 award for Most Respected Public Semiconductor Company in its category by the Global Semiconductor Alliance (GSA). This is the second time Qorvo has been honored with this award, having earned it in the same category in 2022.

GSA recognizes semiconductor companies that demonstrate excellence through their success, vision, strategy and future opportunities in the industry, an honor celebrated annually at the GSA Awards Dinner. Being selected as a nominee is a significant achievement and winning a GSA Award is an even greater distinction, recognized globally as one of the most prestigious honors a semiconductor company can receive.

Jodi Shelton, president and co-founder of GSA, said, “Qorvo exemplifies leadership in diverse markets, combining advanced technologies and world-class design to tackle complex challenges. Their innovation and strategy have cemented their role as a driving force in the semiconductor industry. We are proud to once again honor them with the Most Respected Public Semiconductor Company award for their sustained excellence and impact on technology.”

Bob Bruggeworth, president and chief executive officer of Qorvo, said, “We are deeply honored to receive this prestigious recognition once again from GSA, following our win in 2022. For more than 40 years, our technology has been at the core of systems that connect, protect and power the planet. As we prepare to celebrate our tenth anniversary as Qorvo, this award reaffirms our ongoing commitment to delivering innovative solutions and building strong partnerships that drive progress in our industry.”

GSA is a leading industry organization representing 300-plus corporate members, including more than 120 public companies. GSA provides a unique, neutral platform for collaboration, where global executives interface and innovate with peers, partners and customers to accelerate industry growth and maximize return on invested and intellectual capital. Members of the GSA represent 75 percent of the $575-plus billion semiconductor industry, and they continue to grow. For more information, visit www.gsaglobal.org.

About Qorvo

Qorvo (Nasdaq: QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

Media Contact: Brent Dietz Qorvo Director of Corporate Communications [email protected] W + 1 336-678-7935

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results; our substantial dependence on developing new products and achieving design wins; our dependence on a few large customers for a substantial portion of our revenue; a loss of revenue if contracts with the United States government or defense and aerospace contractors are canceled or delayed or if defense spending is reduced; the COVID-19 pandemic, which has and will likely continue to negatively impact the global economy and disrupt normal business activities and which may have an adverse effect on our results of operations; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs due to timing of customer forecasts; our inability to effectively manage or maintain evolving relationships with platform providers; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; our ability to implement innovative technologies; underutilization of manufacturing facilities as a result of industry overcapacity; we may not be able to borrow funds under our credit facility or secure future financing; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; volatility in the price of our common stock; damage to our reputation or brand; fluctuations in the amount and frequency of our stock repurchases; our recent and future acquisitions and other strategic investments could fail to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches and other similar disruptions compromising our information; theft, loss or misuse of personal data by or about our employees, customers or third parties; warranty claims, product recalls and product liability; and risks associated with environmental, health and safety regulations and climate change. Many of the foregoing risks and uncertainties are and will continue to be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. These and other risks and uncertainties, which are described in more detail in Qorvo’s most recent Annual Report on Form 10-K and in other reports and statements filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

TAMPA, Fla., Dec. 09, 2024 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a cryptocurrency mining and technology-based specialty finance company, announced today that it has entered into a warrant exercise agreement with a single institutional investor that is an existing holder of its common stock warrants wherein the investor agreed to exercise 1,736,370 outstanding common stock warrants (the “Existing Warrants”) to purchase an aggregate of 1,736,370 shares of common stock for cash at the exercise price of $2.98 per share. The Existing Warrants were previously issued in a private placement which closed in August 2024. In consideration for the immediate exercise of the Existing Warrants, the exercising holder received new unregistered common stock warrants (the “New Warrants”) to purchase an aggregate of 3,472,740 shares of common stock. The New Warrants will have an exercise price of $2.95 per share and will be immediately exercisable for a period of five years from the issuance date.

The gross proceeds of the exercise of the Existing Warrants to the Company, before deducting estimated expenses and fees, are expected to be approximately $5.1 million.

Maxim Group LLC is acting as warrant inducement agent and financial advisor in connection with the transaction.

The New Warrants described above were offered in a private placement pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), and, along with the shares of common stock issuable upon their exercise, have not been registered under the Securities Act, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. The Company has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issuable upon exercise of the New Warrants.

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

About LM Funding America

LM Funding America, Inc., (Nasdaq: LMFA) together with its subsidiaries, is a cryptocurrency mining business that commenced Bitcoin mining operations in September 2022. The Company also operates a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida, as well as in the states of Washington, Colorado, and Illinois, by funding a certain portion of the Associations’ rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments.

Forward-Looking Statements

This press release of LM Funding America, Inc. (the “Company”) may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the risks of associated with operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of the Company’s Bitcoin mining machines and its related ability to purchase power at reasonable prices, the ability of the Company to finance and grow its cryptocurrency mining operations, its ability to acquire new accounts in its specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect the Company’s ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition, and results of operations. Any forward-looking statements contained in this press release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

Contacts:

Crescendo Communications, LLC
Tel: (212) 671-1021
Email: [email protected]

• BNC210 improved PTSD symptom severity at Week 12 with efficacy observed as early as Week 4
• Company plans to initiate a Phase 3 study of BNC210 in PTSD in H2 2025

ADELAIDE, Australia, and CAMBRIDGE, Mass., Dec. 09, 2024 (GLOBE NEWSWIRE) — Bionomics Limited (Nasdaq: BNOX) (Bionomics or Company), a clinical-stage biotechnology company developing novel, first-in-class, allosteric ion channel modulators to treat patients suffering from serious central nervous system (CNS) disorders with high unmet medical need, today announced that the positive results from its Phase 2 ATTUNE study have been published in the NEJM Evidence. The data were also presented yesterday at the 63ʳᵈ Annual Meeting of the American College of Neuropsychopharmacology (ACNP) as part of the inaugural “Promising Targets” session.

“We are excited to publish the results of the ATTUNE in NEJM Evidence, a prestigious journal for innovative original research. This peer-reviewed publication further validates these significant results and underscores the differentiated clinical profile of BNC210, a potential best- and first-in class treatment for PTSD that is non-psychedelic, non-sedating and non-habit-forming,” said Spyros Papapetropoulos, M.D., Ph.D., President and CEO of Bionomics. “Since our successful End-of-Phase 2 meeting with the FDA earlier this year, we have been diligently preparing for the Phase 3 study of BNC210 in PTSD which we anticipate initiating in the second half of 2025, if not sooner.”

Key results from the publication include:

• Clinician-Administered PTSD Scale for DSM-5 (CAPS-5) total score improvement was observed with BNC210 compared with placebo (p=0.048) at Week 12 with improvement seen as early as Week 4
• Clinically meaningful and statistically significant improvements were also observed with BNC210 vs placebo in:
  • Depressive symptoms measured on the Montgomery–Åsberg Depression Rating Scale
  • Sleep measured on the Insomnia Severity Index
• Treatment-emergent adverse events (AEs) occurred in 70 (66.7%) patients in the BNC210 group and 56 (53.8%) in the placebo group. The most common AEs were headache, nausea, fatigue, and hepatic enzyme elevations.

“This publication highlights the encouraging and clinically meaningful improvements seen with BNC210 across several key PTSD symptoms,” commented Murray B Stein, M.D., M.P.H.; Distinguished Professor of Psychiatry and Public Health at the University of California San Diego and a senior author of the paper. “Fewer than 50% of patients experience benefit with currently approved treatments and therefore there is a pressing need for new, well-tolerated, efficacious treatments. The ATTUNE data, along with the additional clinical data of BNC210 to date, positions it as a promising potential treatment and I look forward to further seeing it assessed it in a larger Phase 3 trial.”

The Company is planning to initiate the Phase 3 trial in PTSD in the second half of 2025. BNC210 is also being evaluated in a Phase 3 AFIRM-1 study in social anxiety disorder (SAD) with anticipated readout in Q3 2025.

FOR FURTHER INFORMATION PLEASE CONTACT:

General Rajeev Chandra Company Secretary [email protected]	Investor Relations Kevin Gardner [email protected]	Investor Relations Chris Calabrese [email protected]

About Bionomics Limited

Bionomics (NASDAQ: BNOX) is a clinical-stage biotechnology company developing novel, potential first-in-class, allosteric ion channel modulators to treat patients suffering from serious central nervous system (CNS) disorders with high unmet medical need. Bionomics is advancing its lead drug candidate, BNC210, an oral, proprietary, selective negative allosteric modulator of the α7 nicotinic acetylcholine receptor, for the acute treatment of social anxiety disorder (SAD) and chronic treatment of post-traumatic stress disorder (PTSD). Beyond BNC210, Bionomics has a strategic partnership with Merck & Co., Inc. (known as MSD outside the United States and Canada) with two drugs in early-stage clinical trials for the treatment of cognitive deficits in Alzheimer’s disease and other CNS conditions. Bionomics’ pipeline also includes preclinical assets that target Kv3.1/3.2 and Nav1.7/1.8 ion channels being developed for CNS conditions of high unmet need.www.bionomics.com.au

Forward-Looking Statements

Bionomics cautions that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as “may,” “could,” “will,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “intend,” “predict,” “seek,” “contemplate,” “potential,” “continue” or “project” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements. The forward-looking statements are based on our current beliefs and expectations and include, but are not limited to: the closing of each tranche of the Company’s private placement financing, the achievement of certain milestones for the various tranches, the timely funding to the Company by each investor in the private placement, the timing, size and expectation of the closing of the private placement; and expectations regarding market conditions, the satisfaction of customary closing conditions related to the private placement and the anticipated use of proceeds therefrom; and the Company’s expectation that its current cash, cash equivalents, and marketable securities will fund our operations into the third quarter of 2025. The inclusion of forward-looking statements should not be regarded as a representation by Bionomics that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company’s business and other risks described in the Company’s filings with the Securities and Exchange Commission (SEC), including, but not limited to, the Company’s Annual Report on Form 20-F filed with the SEC, and its other reports. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Bionomics undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. Further information regarding these and other risks, uncertainties and other factors is included in Bionomics’ filings with the SEC, copies of which are available from the SEC’s website (www.sec.gov) and on Bionomics’ website (www.bionomics.com.au) under the heading “Investor Center.” All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995. Bionomics expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this press release.

NEW YORK, Dec. 09, 2024 (GLOBE NEWSWIRE) — Critical Metals Corp (Nasdaq: CRML) (“Critical Metals Corp” or “the Company”), a leading mining development company focused on critical metals and minerals and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today provided a project update for the Tanbreez Greenland Rare Earth Mine (the “Tanbreez Project”), one of the world’s largest rare earth assets located in Southern Greenland.

Critical Metals Corp has received the results for the first drill hole from its previously announced drilling program, which confirms that the Tanbreez Project contains high-grade rare earth elements. This first drill hole was strategically positioned to both confirm the existing mineralization and enhance the overall quality control process for the mineral body at the Tanbreez Project.

“The Tanbreez Project continues to demonstrate its immense upside potential, as the Critical Metals Corp team advances our pre-production plans for this foundational rare earth asset,” said Tony Sage, CEO and Executive Chairman of Critical Metals Corp. “On the heels of China’s recent decision to restrict the exports of certain rare earth materials, Critical Metals Corp is poised to support western countries with materials essential for producing clean energy applications and supporting their defense industries. Earlier this year, we discovered that the Tanbreez Project contains one of the world’s highest concentration of Gallium, and these new results continue to showcase how the asset possesses high-grade rare earth material.”

The drill hole commenced at an elevation of 19 meters above sea level and entered a unit of the Tanbreez Project at a depth of 40 meters. The 40-meter section of the drill hole averaged 1.82% ZrO2, 4,722.51 ppm TREO (of which 26.96% is the average heavy rare earth content), 130.92 ppm Ta2O5, 1,852.22 ppm Nb2O5, 393.68 ppm HfO2, and 101.67 ppm Ga2O3.

SAMPLE	Y	La	Ce	Pr	Nd	Sm	Eu	Gd	Tb	Dy	Ho	Er	Tm	Yb	Lu	TOTAL REO	HEAVY REO	HEAVY
	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	PPM	PPM	REO %
A1-24 01- 411251	1010	1215	2180	218.00	766.00	146.50	14.60	146.00	28.30	187.00	41.20	127.00	18.75	126.50	17.15	7514	2075	27.62	%
A1-24 02- 411252	618	839	1540	154.50	534.00	98.70	9.50	94.80	17.70	116.00	24.60	76.50	11.10	73.50	10.20	5076	1271	25.04	%
A1-24 03- 411253	497	584	1095	111.50	399.00	76.40	7.60	75.60	14.65	97.10	21.10	65.40	9.49	64.30	8.85	3763	1040	27.63	%
A1-24 04- 411254	627	751	1405	144.50	514.00	96.50	9.80	96.60	18.10	121.00	26.00	80.40	11.80	79.50	10.45	4803	1305	27.17	%
A1-24 05- 411255	744	920	1695	174.50	615.00	118.00	11.60	114.50	22.00	148.00	31.50	97.50	14.30	93.90	12.60	5790	1557	26.89	%
A1-24 06- 411256	544	674	1225	123.50	431.00	82.10	8.20	80.10	15.40	104.00	22.30	68.70	10.05	66.90	9.18	4170	1122	26.92	%
A1-24 07- 411257	745	882	1565	169.00	599.00	108.50	12.40	121.50	21.70	141.50	30.70	98.10	14.55	96.30	13.15	5556	1562	28.12	%
A1-24 08- 411258	800	953	1755	180.00	637.00	121.50	12.60	120.00	23.30	155.00	33.90	104.00	15.30	101.00	13.90	6048	1665	27.53	%
A1-24 09- 411259	720	840	1550	159.00	562.00	108.00	11.10	107.50	21.00	140.50	30.50	96.70	14.05	92.70	13.00	5374	1506	28.01	%
A1-24 10- 411260	1380	1525	2850	296.00	1,040.00	207.00	21.30	204.00	40.30	268.00	58.00	179.50	26.30	173.50	23.50	9981	2868	28.73	%
A1-24 11- 411261	1225	1385	2540	267.00	947.00	183.50	18.30	178.00	35.20	235.00	50.60	159.00	23.50	152.50	21.40	8931	2536	28.39	%
A1-24 12- 411262	615	712	1350	137.50	489.00	95.10	9.30	93.40	17.85	116.50	25.40	79.80	11.90	76.70	10.85	4622	1277	27.62	%
A1-24 13- 411263	288	367	716	72.10	257.00	48.00	4.50	44.30	8.38	54.20	11.50	36.30	5.37	36.60	5.23	2352	597	25.39	%
A1-24 14- 411264	568	720	1340	137.00	490.00	91.60	9.00	87.70	16.25	109.50	23.30	71.00	10.25	69.00	9.50	4515	1176	26.04	%
A1-24 15- 411265	384	446	864	89.00	325.00	62.50	5.60	55.50	10.45	66.40	15.00	46.10	6.96	44.00	6.53	2922	775	26.53	%
A1-24 16- 411266	574	660	1215	128.00	477.00	95.00	8.60	85.40	15.90	102.50	22.20	70.40	10.50	65.80	9.68	4260	1167	27.40	%
A1-24 17- 411267	609	736	1340	141.50	513.00	98.80	9.70	93.20	17.70	112.50	24.60	76.40	11.50	70.80	10.65	4651	1252	26.91	%
A1-24 18- 411268	522	595	1095	115.50	420.00	81.50	7.70	77.20	14.10	91.90	20.40	65.50	9.92	61.20	8.77	3834	1063	27.72	%
A1-24 19- 411269	424	477	912	94.90	346.00	67.80	6.20	63.00	11.75	76.40	16.70	53.60	7.95	50.30	7.33	3148	867	27.56	%
A1-24 20- 411270	1225	1375	2490	269.00	982.00	191.00	17.70	175.50	32.80	216.00	48.10	151.00	22.90	140.50	19.80	8853	2480	28.01	%
A1-24 21- 411271	775	870	1560	167.00	613.00	125.00	11.60	114.00	21.80	141.50	31.50	99.70	14.95	93.30	13.55	5597	1592	28.44	%
A1-24 22- 411272	844	937	1705	181.00	665.00	132.50	12.90	124.50	23.80	152.50	33.70	110.50	16.15	101.00	14.55	6082	1733	28.49	%
A1-24 23- 411273	553	651	1180	127.00	460.00	89.40	8.20	79.20	15.00	98.60	21.60	69.30	10.40	64.70	9.43	4136	1124	27.18	%
A1-24 24- 411274	509	607	1090	115.00	412.00	80.40	8.00	75.70	14.10	92.50	20.30	65.70	9.76	62.80	9.61	3816	1048	27.46	%
A1-24 25- 411275	789	912	1685	182.50	667.00	130.00	12.00	118.50	22.00	143.50	30.70	99.70	14.80	92.40	13.65	5911	1615	27.33	%
A1-24 26- 411276	409	486	905	95.70	350.00	66.70	6.10	61.10	11.30	72.60	16.15	51.40	7.72	48.70	7.10	3122	836	26.77	%
A1-24 27- 411277	427	514	987	103.50	377.00	72.40	6.40	64.30	11.60	75.10	16.25	52.40	7.85	49.40	7.30	3335	868	26.02	%
A1-24 28- 411278	430	636	1145	118.50	429.00	78.20	7.10	66.90	11.95	74.70	16.35	52.20	7.89	51.50	7.56	3768	877	23.29	%
A1-24 29- 411279	698	787	1430	151.50	554.00	109.00	10.20	103.00	19.30	124.00	27.30	88.40	13.05	81.70	11.80	5065	1423	28.10	%
A1-24 30- 411280	1105	1260	2310	249.00	907.00	177.50	17.00	166.00	31.10	201.00	44.70	142.00	21.30	130.00	18.85	8159	2268	27.80	%
A1-24 31- 411281	559	670	1210	127.50	463.00	90.20	8.30	83.20	15.55	99.40	21.90	70.80	10.60	65.60	9.50	4217	1141	27.07	%
A1-24 32- 411282	386	494	929	95.70	345.00	64.90	6.00	59.10	11.00	70.50	15.00	47.80	7.27	46.50	6.97	3110	793	25.49	%
A1-24 33- 411283	425	513	978	102.00	379.00	74.20	6.70	65.80	12.00	76.00	16.55	52.80	7.88	50.50	7.35	3329	871	26.16	%
A1-24 34- 411284	555	637	1150	122.00	450.00	87.80	8.00	81.20	15.20	97.80	21.30	69.10	10.30	64.70	9.46	4066	1128	27.73	%
A1-24 35- 411285	681	774	1430	151.50	562.00	108.50	10.20	100.50	18.65	117.00	26.10	81.60	12.55	78.30	11.10	5011	1376	27.46	%
A1-24 36- 411286	555	639	1155	121.50	449.00	86.50	8.30	81.80	14.85	96.90	21.80	68.80	10.25	64.60	9.37	4071	1127	27.68	%
A1-24 37- 411287	382	419	803	83.90	309.00	60.90	5.70	57.20	10.75	70.20	15.20	48.80	7.26	47.10	6.69	2800	787	28.09	%
A1-24 38- 411288	212	249	484	50.50	183.00	35.80	3.20	30.60	5.64	36.50	7.95	25.50	3.88	24.50	3.64	1632	428	26.20	%
A1-24 39- 411289	392	439	839	87.70	322.00	62.40	5.90	58.70	11.15	71.50	15.65	48.80	7.49	46.90	6.78	2907	804	27.65	%
A1-24 40- 411290	1005	1095	2010	217.00	805.00	155.50	15.30	148.00	27.50	179.00	39.60	125.50	18.65	116.00	16.80	7190	2045	28.45	%
A1-24-41 411291	11	25	45	4.60	17.50	2.20	0.70	2.50	0.34	2.10	0.48	1.30	0.17	1.20	0.21	137	23	17.11	%

	ME-MS81h	ME-MS81h	ME-MS81h	ME-MS81h	ME-MS81h	ME-MS81h	ME-ICP06h	ME-ICP06h
SAMPLE	Ga2O3	HfO2	Nb2O5	Rb	Ta2O5	ZrO2	Al2O3	Fe2O3
DESCRIPTION	ppm	ppm	ppm	ppm	ppm	%	%	%
A1-24 01- 411251	108.88	653.332	2,889.61	218	228.96	3.07	13.25	12.85
A1-24 02- 411252	114.26	369.121	1,802.43	343	117.84	1.70	14.75	11.8
A1-24 03- 411253	92.75	331.383	1,417.63	420	100.74	1.51	13.7	12.55
A1-24 04- 411254	100.82	404.500	1,795.28	314	124.55	1.84	13.05	14.3
A1-24 05- 411255	114.26	481.154	2,124.29	438	150.20	2.19	15.9	10.7
A1-24 06- 411256	133.08	347.894	1,609.31	449	112.34	1.60	17.7	11.5
A1-24 07- 411257	107.54	504.740	2,217.28	347	159.96	2.26	14.3	12.4
A1-24 08- 411258	100.82	528.326	2,281.65	478	171.56	2.39	14.65	10.65
A1-24 09- 411259	90.06	487.051	2,067.07	394	153.25	2.20	12.9	13.3
A1-24 10- 411260	76.62	916.316	3,705.00	313	308.94	4.20	11.25	11.65
A1-24 11- 411261	91.41	811.358	3,290.15	345	264.98	3.73	13.15	11.3
A1-24 12- 411262	103.50	418.652	1,773.82	410	128.22	1.88	13.75	12.6
A1-24 13- 411263	102.16	187.509	868.31	402	52.39	0.90	13.5	14.6
A1-24 14- 411264	112.91	347.894	1,609.31	415	102.82	1.61	15.4	11.15
A1-24 15- 411265	107.54	216.991	1,135.82	384	70.34	1.05	14.7	12.15
A1-24 16- 411266	108.88	334.921	1,687.99	395	111.00	1.59	15.65	10.8
A1-24 17- 411267	115.60	365.583	1,823.89	464	120.77	1.69	16.3	10.2
A1-24 18- 411268	111.57	316.052	1,552.09	479	105.87	1.51	15.55	10.4
A1-24 19- 411269	108.88	260.625	1,291.74	346	85.48	1.20	15	12.8
A1-24 20- 411270	100.82	725.270	3,519.03	352	267.42	3.38	12.9	10.35
A1-24 21- 411271	96.78	492.947	2,317.41	376	171.56	2.22	14.15	11.2
A1-24 22- 411272	107.54	523.609	2,467.61	403	175.23	2.42	14.65	10.9
A1-24 23- 411273	120.98	333.742	1,666.53	452	118.94	1.54	15.95	9.99
A1-24 24- 411274	98.13	324.308	1,602.16	364	107.09	1.50	11.9	16.35
A1-24 25- 411275	94.09	472.899	2,324.56	311	155.69	2.23	11	16.2
A1-24 26- 411276	106.19	245.294	1,245.97	398	78.76	1.15	14.1	13.8
A1-24 27- 411277	108.88	253.550	1,328.93	382	83.28	1.19	14	14.2
A1-24 28- 411278	111.57	245.294	1,623.62	444	84.99	1.18	11.3	16.4
A1-24 29- 411279	108.88	421.010	2,102.84	389	149.58	1.95	14.15	11.35
A1-24 30- 411280	92.75	688.711	3,261.54	293	260.09	3.12	12.45	13.3
A1-24 31- 411281	112.91	336.101	1,702.30	409	109.53	1.59	13.8	13.05
A1-24 32- 411282	108.88	233.501	1,254.55	395	71.92	1.10	13.35	14.6
A1-24 33- 411283	107.54	254.729	1,320.35	404	79.49	1.20	14.35	13.55
A1-24 34- 411284	102.16	334.921	1,616.47	393	108.68	1.59	14.3	12.25
A1-24 35- 411285	98.13	390.348	1,981.24	348	125.77	1.85	14	11.95
A1-24 36- 411286	102.16	337.280	1,659.38	341	113.68	1.55	13.8	12.4
A1-24 37- 411287	88.72	247.653	1,177.30	434	87.19	1.12	13.5	11.3
A1-24 38- 411288	92.75	133.261	673.77	518	44.45	0.65	14.95	9.5
A1-24 39- 411289	94.09	255.908	1,254.55	481	89.02	1.16	13.9	9
A1-24 40- 411290	82.00	601.443	2,875.31	287	213.08	2.73	12.4	9.08
A1-24-41 411291	30.92	5.897	22.89	71	1.95	0.03	15.4	2.61

	ME-ICP06h	ME-ICP06h	ME-ICP06h	ME-ICP06h
SAMPLE	SiO2	CaO	Na2O	K2O
DESCRIPTION	%	%	%	%
A1-24 01- 411251	46.2	3.48	13.65	1.45
A1-24 02- 411252	47.3	3.73	11.75	2.74
A1-24 03- 411253	51.5	3.48	9.37	4.04
A1-24 04- 411254	47.9	3.69	11.15	2.75
A1-24 05- 411255	50.5	2.64	11.65	3.54
A1-24 06- 411256	48.6	2.02	12.2	3.38
A1-24 07- 411257	47.7	3.3	11.75	2.73
A1-24 08- 411258	51.6	3.42	10.65	4.05
A1-24 09- 411259	51.6	3.17	10.2	3.6
A1-24 10- 411260	49.4	5.23	11.5	2.72
A1-24 11- 411261	48.6	4.64	12.05	2.79
A1-24 12- 411262	50.8	3.24	10.6	3.78
A1-24 13- 411263	51.3	2.57	9.74	3.86
A1-24 14- 411264	48.7	3.79	10.9	3.51
A1-24 15- 411265	49	4.14	10.15	3.69
A1-24 16- 411266	48.5	4.64	10.95	3.51
A1-24 17- 411267	51.3	2.76	10.65	4.2
A1-24 18- 411268	52.3	2.57	9.73	4.51
A1-24 19- 411269	48.3	4.15	10.8	3.25
A1-24 20- 411270	49	5.6	11.65	2.67
A1-24 21- 411271	49	4.92	10.75	3.34
A1-24 22- 411272	51.6	3.07	10.95	3.69
A1-24 23- 411273	51.3	2.97	10.1	4.11
A1-24 24- 411274	51.2	2.81	9.25	3.59
A1-24 25- 411275	50	3.48	9.97	3.02
A1-24 26- 411276	51.5	2.87	9.82	3.97
A1-24 27- 411277	50.2	3.07	10.15	3.61
A1-24 28- 411278	51.8	2.64	9.47	3.58
A1-24 29- 411279	49.6	4.57	10.5	3.43
A1-24 30- 411280	47.9	4.85	11.65	2.44
A1-24 31- 411281	51.7	2.99	9.97	3.83
A1-24 32- 411282	52	2.75	9.4	3.83
A1-24 33- 411283	50.9	3.16	9.76	3.94
A1-24 34- 411284	50.9	3.61	9.84	3.92
A1-24 35- 411285	48.6	5.93	10.15	3.29
A1-24 36- 411286	48.7	5.32	9.45	3.44
A1-24 37- 411287	55.7	3.24	7.72	5.16
A1-24 38- 411288	58.7	1.49	7.19	6.1
A1-24 39- 411289	57.9	2.05	7.29	5.79
A1-24 40- 411290	46	10	10.3	2.85
A1-24-41 411291	69.3	2.87	4.75	2.25

	PUL-QC	CRU-QC	ME-MS81h	ME-MS81h	ME-MS81h	ME-MS81h	ME-ICP06h	ME-ICP06h	ME-ICP06h	ME-ICP06h	ME-ICP06h	ME-ICP06h	ME-ICP06h	TOT-ICP06h	OA-GRA05	ME-4ACD81	ME-4ACD81	ME-4ACD81	ME-4ACD81	ME-4ACD81	ME-4ACD81	ME-4ACD81	ME-4ACD81	ME-4ACD81	ME-4ACD81	ME-4ACD81
SAMPLE	Pass75um	Pass2mm	Sn	Th	U	W	MgO	Cr2O3	TiO2	MnO	P2O5	SrO	BaO	Total	LOI	Ag	As	Cd	Co	Cu	LiO2	Mo	Ni	Pb	Tl	Zn
DESCRIPTION	%	%	ppm	ppm	ppm	ppm	%	%	%	%	%	%	%	%	%	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
A1-24 01- 411251	90.4		58	120	31	79	0.14	<0.002	1.08	0.41	0.08	0.02	0.01	94.73	2.11	<0.5	19	1.2	7	<1	258.32	8	1	169	<10	690
A1-24 02- 411252			41	112.5	27	41	0.2	<0.002	0.55	0.28	0.06	0.02	0.01	94.81	1.62	<0.5	12	0.9	5	4	344.43	8	3	124	<10	713
A1-24 03- 411253			28	31.4	10.4	37	0.25	<0.002	0.4	0.28	0.03	0.02	0.02	96.52	0.88	<0.5	12	1	5	6	430.54	7	3	55	<10	514
A1-24 04- 411254			44	43.5	15.3	45	0.25	<0.002	0.53	0.31	0.05	0.01	0.01	95.45	1.45	<0.5	8	1.2	5	2	495.12	10	2	108	<10	564
A1-24 05- 411255			33	51.6	18.8	55	0.11	<0.002	0.76	0.3	0.04	0.02	0.02	97.04	0.86	<0.5	17	1.1	5	7	279.85	16	3	71	<10	546
A1-24 06- 411256			28	37.4	13.8	40	0.11	<0.002	0.99	0.31	<0.03	0.01	0.01	97.2	0.37	<0.5	17	0.6	5	2	322.91	16	1	87	<10	547
A1-24 07- 411257			33	50.7	15.8	65	0.17	<0.002	0.75	0.33	<0.03	0.01	0.01	94.15	0.7	<0.5	11	1	5	3	344.43	9	1	87	<10	457
A1-24 08- 411258			33	54.4	17.4	63	0.14	<0.002	0.61	0.29	0.04	0.02	0.02	97.07	0.93	<0.5	17	1	6	15	322.91	13	<1	89	<10	466
A1-24 09- 411259			39	38.4	13.2	57	0.26	<0.002	0.5	0.32	0.03	0.02	0.02	97.1	1.18	<0.5	8	1.2	6	3	452.07	5	1	74	<10	610
A1-24 10- 411260			45	34.4	15.7	106	0.17	<0.002	0.48	0.38	<0.03	0.03	0.02	93.74	0.91	<0.5	7	2.5	9	6	322.91	12	<1	105	<10	540
A1-24 11- 411261			45	42	17.8	95	0.16	<0.002	0.54	0.35	<0.03	0.02	0.02	94.69	1.07	<0.5	11	1.4	7	7	301.38	15	<1	113	<10	438
A1-24 12- 411262			41	39.6	13.4	47	0.23	<0.002	0.35	0.28	0.03	0.01	0.02	97.02	1.33	<0.5	6	1.2	5	<1	430.54	16	1	83	<10	534
A1-24 13- 411263			42	37.6	11	20	0.3	<0.002	0.38	0.27	0.03	0.01	0.02	97.77	1.19	<0.5	8	0.9	3	3	516.65	8	<1	88	<10	625
A1-24 14- 411264			36	58.5	18	37	0.21	<0.002	0.42	0.27	0.04	0.01	0.02	95.9	1.48	<0.5	19	1.1	5	1	387.49	7	2	96	<10	704
A1-24 15- 411265			31	35.5	11.8	25	0.24	<0.002	0.31	0.25	0.03	<0.01	0.02	95.94	1.26	<0.5	8	0.6	3	1	452.07	9	2	51	<10	481
A1-24 16- 411266			30	32.9	12.4	41	0.18	<0.002	0.44	0.26	<0.03	0.01	0.02	96.05	1.09	<0.5	7	0.9	4	3	365.96	9	1	77	<10	441
A1-24 17- 411267			29	48.2	15.9	44	0.15	<0.002	0.45	0.26	<0.03	0.02	0.02	97.44	1.13	<0.5	11	0.9	4	3	322.91	8	1	110	<10	445
A1-24 18- 411268			29	37.3	11.4	39	0.18	<0.002	0.4	0.25	<0.03	0.01	0.02	97.18	1.26	<0.5	9	0.8	3	6	322.91	11	<1	87	<10	444
A1-24 19- 411269			32	26.5	9.3	31	0.26	<0.002	0.41	0.27	0.04	0.01	0.01	96.64	1.34	<0.5	10	0.7	5	1	473.59	9	2	60	<10	494
A1-24 20- 411270			48	74.4	26	94	0.11	<0.002	0.71	0.36	0.05	0.02	0.02	94.77	1.33	<0.5	9	1.6	6	3	193.74	6	3	136	<10	591
A1-24 21- 411271			33	32.2	12.1	62	0.18	<0.002	0.55	0.29	<0.03	0.01	0.02	95.4	0.99	<0.5	6	1.1	6	4	279.85	8	<1	89	<10	402
A1-24 22- 411272			35	32.5	13.8	65	0.17	<0.002	0.46	0.3	0.04	0.02	0.02	96.89	1.02	<0.5	11	1	2	3	301.38	13	<1	108	<10	394
A1-24 23- 411273			29	38	12.8	42	0.16	<0.002	0.52	0.25	0.05	0.01	0.02	96.73	1.3	<0.5	11	0.6	2	3	279.85	6	<1	80	<10	406
A1-24 24- 411274			40	38.1	12.4	40	0.4	<0.002	0.52	0.35	<0.03	0.01	0.02	97.51	1.11	<0.5	6	0.6	2	4	452.07	11	<1	79	10	625
A1-24 25- 411275	91	86.3	44	36.7	14.9	57	0.29	<0.002	0.6	0.37	0.03	0.01	0.02	96.17	1.18	<0.5	16	0.8	2	5	495.12	14	<1	93	<10	586
A1-24 26- 411276	92.1		33	34.1	11.2	28	0.27	<0.002	0.43	0.29	0.03	0.01	0.02	98.13	1.02	0.5	10	0.5	<1	4	430.54	13	<1	73	<10	511
A1-24 27- 411277			35	32.4	11.2	30	0.28	<0.002	0.59	0.29	<0.03	0.01	0.02	97.3	0.88	<0.5	9	0.6	1	3	409.01	13	<1	82	10	480
A1-24 28- 411278			70	165.5	43.5	28	0.31	<0.002	0.55	0.34	0.04	0.01	0.02	97.92	1.46	<0.5	11	0.7	2	1	473.59	27	1	176	<10	855
A1-24 29- 411279			34	47.8	16	55	0.19	<0.002	0.57	0.31	<0.03	0.02	0.02	96.03	1.32	0.7	12	<0.5	<1	3	322.91	11	<1	88	10	391
A1-24 30- 411280			42	39	16.4	89	0.15	<0.002	1	0.4	0.05	0.02	0.02	95.31	1.08	1.7	10	1.6	3	4	279.85	10	<1	103	10	551
A1-24 31- 411281			37	43.7	14.5	39	0.26	<0.002	0.42	0.3	0.03	0.01	0.02	97.67	1.29	<0.5	21	<0.5	<1	6	387.49	14	<1	73	<10	479
A1-24 32- 411282			38	48.3	15	25	0.32	<0.002	0.4	0.3	0.04	0.01	0.02	98.47	1.45	<0.5	7	0.6	2	4	473.59	17	<1	57	<10	637
A1-24 33- 411283			35	34.1	11.4	29	0.29	<0.002	0.35	0.28	0.03	0.01	0.02	97.94	1.3	<0.5	<5	<0.5	2	2	430.54	12	<1	66	<10	499
A1-24 34- 411284			33	31	11.2	40	0.25	<0.002	0.4	0.28	<0.03	0.01	0.02	97.12	1.34	<0.5	8	0.8	1	6	365.96	10	<1	97	10	545
A1-24 35- 411285			37	42.7	14.8	47	0.23	<0.002	0.43	0.29	<0.03	0.01	0.02	96.88	1.98	<0.5	8	0.6	1	3	344.43	8	<1	112	10	469
A1-24 36- 411286			32	38.9	13.2	42	0.24	<0.002	0.5	0.29	0.03	0.01	0.02	96.26	2.06	<0.5	8	0.6	1	6	365.96	10	<1	77	<10	462
A1-24 37- 411287			24	18.2	6.6	32	0.23	<0.002	0.39	0.24	<0.03	0.01	0.03	98.48	0.96	<0.5	6	<0.5	1	4	301.38	5	<1	48	<10	352
A1-24 38- 411288			19	16	5	16	0.22	<0.002	0.27	0.18	0.03	<0.01	0.03	99.44	0.78	<0.5	5	<0.5	1	3	258.32	5	1	26	<10	298
A1-24 39- 411289			23	20.9	7.7	30	0.18	<0.002	0.3	0.2	0.03	0.01	0.03	97.71	1.03	<0.5	5	<0.5	1	2	258.32	10	<1	47	<10	294
A1-24 40- 411290			34	42.1	18	80	0.12	<0.002	0.45	0.28	0.04	0.02	0.02	93.55	1.99	<0.5	9	0.5	<1	3	236.80	10	<1	73	<10	288
A1-24-41 411291			<5	5	0.8	<5	0.99	0.004	0.25	0.04	0.09	0.05	0.09	99.18	0.49	<0.5	<5	<0.5	4	8	43.05	<1	11	13	<10	43

About Critical Metals Corp.

Critical Metals Corp (Nasdaq: CRML) is a leading mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners. Its initial flagship asset is the Wolfsberg Lithium Project located in Carinthia, 270 km south of Vienna, Austria. The Wolfsberg Lithium Project is the first fully permitted mine in Europe and is strategically located with access to established road and rail infrastructure and is expected to be the next major producer of key lithium products to support the European market. Wolfsberg is well positioned with offtake and downstream partners to become a unique and valuable building block in an expanding geostrategic critical metals portfolio.

For more information, please visit https://criticalmetalscorp.com/.

Cautionary Note Regarding Forward Looking Statements

This news release contains 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 “Exchange Act”). Forward-looking statements include, without limitation, statements regarding the financial position, financial performance, business strategy, expectations of our business and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this news release, forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “designed to” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

These forward-looking statements may include statements, among other things, relating to: general economic conditions and conditions affecting the industries in which the Company operates; expansion and other plans and opportunities, including expansion into other strategic assets; and other statements preceded by, followed by or that include the words “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors discussed under the “Risk Factors” section in the Company’s Shell Company Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2024 and in the Company’s proxy statement/prospectus, dated December 27, 2023, as supplemented by that proxy statement/prospectus supplement No. 1, dated February 15, 2024, forming a part of Registration Statement on Form F-4 (File No. 333-268970), as amended, which was declared effective on December 27, 2023. These forward-looking statements are based on information available as of the date of this news release, and expectations, forecasts and assumptions as of that date, involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Critical Metals Corp.

Investor Relations: [email protected] 

Media: [email protected] 

Photos accompanying this announcement are available at: 

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• EL-22, a first-in-class myostatin asset, is being developed as a potential combination therapy with GLP-1 receptor agonists for obesity. It aims to address muscle loss, a common side effect of rapid weight loss from GLP-1-based treatments, by preserving muscle mass while reducing fat.
• The company plans to file an Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration (“FDA”) in 2025.

NEWPORT BEACH, Calif., Dec. 09, 2024 (GLOBE NEWSWIRE) — Elevai Labs Inc. (Nasdaq: ELAB) (“Elevai” or the “Company”), a diversified holding company, subsidiary Elevai Biosciences Inc. (“Elevai Biosciences”), today announced the next steps in its regulatory strategy for EL-22, aimed at treating obesity and preserving muscle mass.

In collaboration with KCRN Research, Inc., the Company is preparing for a pre-IND meeting with the FDA, anticipated in the first quarter of 2025. This meeting will establish the development pathway for EL-22, clarifying any additional preclinical requirements and adjustments to Chemistry, Manufacturing, and Controls before IND submission.

EL-22 is an engineered probiotic designed to express myostatin on its surface, leveraging the myostatin pathway to support muscle health. Preclinical studies, including a 2022 study in mdx mice (a model of Duchenne muscular dystrophy), demonstrated significant physiological and functional improvements.¹ EL-22 has also completed a Phase 1 clinical trial in South Korea, where it was shown to be generally well tolerated and safe in healthy volunteers.

“Regulatory precedent for myostatin-based therapies in combination with GLP-1 receptor agonists are promising,” said Deniel Mero, Co-founder of Elevai Biosciences. “Leveraging existing data from our Korean licensing partner, including human safety studies, provides a strong foundation to accelerate the IND process and subsequent U.S. clinical trials. We are excited about EL-22’s potential to redefine obesity care by combining effective weight loss with muscle preservation.”

Elevai aims to file the IND in 2025 and thereafter initiate clinical trials to evaluate the combination of EL-22 with GLP-1 receptor agonists for obesity treatment.

About Elevai Labs, Inc.

Elevai Labs Inc. specializes in medical aesthetics and biopharmaceutical drug development, focusing on innovations for skin aesthetics and treatments tied to obesity and metabolic health. The Company operates a diverse portfolio of three wholly owned subsidiaries across the medical aesthetics and biopharmaceutical sectors, Elevai Skincare Inc., Elevai Biosciences Inc., and Elevai Research Inc. For more information please visit www.elevailabs.com.

About Elevai Biosciences

Elevai Biosciences Inc., an Elevai Labs company, is a biopharmaceutical company focusing on the development and acquisition of cutting-edge aesthetic medicines. Our lead asset, EL-22, is leveraging an engineered probiotic approach to address obesity’s pressing issue of preserving muscle while on weight loss treatments, including GLP-1 receptor agonists. For more information, please visit www.elevaibio.com.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “believes,” “expects,” “plans,” “potential,” “would” and “future” or similar expressions such as “look forward” are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These risks and uncertainties include, among others: Elevai’s limited operating history and historical losses; Elevai’s ability to raise additional funding to complete the development and any commercialization of its product candidates; Elevai’s dependence on the success of its product candidates EL-22 and EL-32; that Elevai may be delayed in initiating, enrolling or completing any clinical trials; competition from third parties that are developing products for similar uses; Elevai’s ability to obtain, maintain and protect its intellectual property; Elevai’s dependence on third parties in connection with manufacturing, clinical trials and preclinical studies; and Elevai’s expectations regarding its growth, strategy, progress and the design, objectives and timing of its studies. These and other risks are described more fully in Elevai’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 29, 2024, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

IR Contact:

[email protected]

¹ Reference: Sung DK, Kim H, Park SE, Lee J, Kim JA, Park YC, Jeon HB, Chang JW, Lee J. A New Method of Myostatin Inhibition in Mice via Oral Administration of Lactobacillus casei Expressing Modified Myostatin Protein, BLS-M22, Int. J. Mol. Sci. 2022, 23, 9059. https://doi.org/10.3390/ijms23169059. 

SALT LAKE CITY, Dec. 09, 2024 (GLOBE NEWSWIRE) — Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced that its Prolaris prostate cancer prognostic test continues to be classified by the National Comprehensive Cancer Network (NCCN^®) as an ‘Advanced Tool’ in the fight against prostate cancer¹. Like other gene expression-based tests, Prolaris for many years has been included in NCCN guidelines with category 2A level of evidence, meaning its inclusion has support from at least 85% of members on the NCCN prostate panel².

“The updated NCCN Prostate Cancer Guidelines continue to solidify Prolaris’ market position,” said Paul J. Diaz, President and CEO, Myriad Genetics. “While there have been certain mischaracterizations regarding the updated guidelines leading to confusion, extensive published evidence shows that Prolaris is a clinically recognized and effective tool in managing patients with prostate cancer. We are confident that our highly engaged clinicians will continue to see the guidelines as an additional reason to incorporate Prolaris in treatment decisions.”

“Prolaris is the Only test developed in untreated patients and the Only test with two clinically validated thresholds. With its active surveillance threshold, Prolaris identifies the most appropriate patients for active surveillance across all biomarkers,” said George Daneker, Jr. MD, President and Chief Clinical Officer, Oncology, Myriad Genetics. “With its multimodal threshold, Prolaris can identify which patients may consider treatment intensification³.”

Myriad has published more than 25 studies demonstrating the value of Prolaris in clinical decision-making for prostate cancer. This year alone, multiple studies have been published and presented as further evidence of the clinical utility of the Prolaris test. In an independent prospective study, investigators validated the Prolaris score’s ability to predict both early metastasis within three years and a quicker time to definitive treatment for patients above the active surveillance threshold. Another study demonstrated that Prolaris can accurately predict the benefit of adding androgen deprivation therapy (ADT) to radiation therapy (RT) in men with localized prostate cancer.

About the Prolaris Prostate Cancer Prognostic Test

Prolaris is a molecular diagnostic test that provides personalized information about the aggressiveness of a patient’s prostate cancer, helping to identify whether it is safe to forgo treatment, whether to pursue treatment, and how much treatment is needed for the best possible outcome. Prolaris is the only biomarker test to quantify the benefits of adding androgen ADT to RT.

About Myriad Genetics

Myriad Genetics is a leading genetic testing and precision medicine company dedicated to advancing health and well-being for all. Myriad develops and offers genetic tests that help assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where genetic insights can significantly improve patient care and lower healthcare costs. For more information, visit www.myriad.com.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company’s Prolaris test and how with its active surveillance threshold, Prolaris identifies the most appropriate patients for active surveillance across all biomarkers, and that clinicians will continue to see the guidelines as an additional reason to incorporate Prolaris in treatment decisions. These “forward-looking statements” are management’s expectations of future events as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially and adversely from those anticipated. Such factors include those risks described in the company’s filings with the U.S. Securities and Exchange Commission, including the company’s Annual Report on Form 10-K filed on February 28, 2024, as well as any updates to those risk factors filed from time to time in the company’s Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Myriad is not under any obligation, and it expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law. 

¹ “Advanced tools that have demonstrated superior prognostic performance beyond standard tools and/or serve as a predictive biomarker that identifies patients who will differentially benefit from a specific treatment.” Version 1.2025, 12/04/24 © 2024 National Comprehensive Cancer Network^® (NCCN^®)
²https://www.nccn.org/guidelines/guidelines-process/development-and-update-of-guidelines
³ Tward JD, et al. Personalizing localized prostate cancer: Validation of a combined clinical cell-cycle risk (CCR) score threshold for prognosticating benefit from multimodality therapy. Clinical Genitourinary Cancer. 2021. Doi:10.1016/j.clgc.2021.01.003 

National Comprehensive Cancer Network. NCCN makes no warranties of any kind whatsoever regarding their content, use or application and disclaims any responsibility for their application or use in any way.

Investor Contact 

Matt Scalo 
(801) 584-3532 
[email protected] 

Media Contact 

Glenn Farrell 
(385) 318-3718 
[email protected]

• With most of Evaxion’s strategic milestones for 2024 now successfully achieved, the company announces milestones for 2025
• The 2025 key milestones reflect all parts of Evaxion’s strategy for value realization
• Evaxion expects to discuss the milestones at an investor event in the first quarter of 2025

COPENHAGEN, Denmark, December 9, 2024 – Evaxion Biotech A/S (NASDAQ: EVAX) (“Evaxion”), a clinical-stage TechBio company specializing in developing AI-Immunology™ powered vaccines, announces its strategic milestones for 2025 after having now achieved almost all the milestones set for 2024.

The 2025 milestones reflect Evaxion’s high activity level, broad pipeline and strong external interest in potential partnerships around both our AI-Immunology™ platform and pipeline assets. As such, the milestones underscore our continued anticipated strategic progress.

“We have been very successful in executing our strategy and plans throughout 2024. This makes us excited and confident looking into 2025, as reflected in the milestones for the year. In essence, our strategy for value creation is unchanged and so is our daily focus on executing this strategy to the benefit of shareholders, patients and employees,” says Christian Kanstrup, CEO of Evaxion.

Evaxion’s overriding priorities are execution upon our business development strategy, continuation of the ongoing EVX-01 phase 2 trial, the ongoing strengthening of our AI-Immunology™ platform and further advancement of our research activities, including progressing our ERV-based precision vaccine concept towards clinical development. Finally, the focus is, of course, on advancing our existing partnerships, including bringing the MSD collaboration, entered in September 2024, to option exercise.

All this is reflected in the 2025 milestones as listed below. Evaxion expects to discuss the milestones at an investor event in the first quarter of 2025.

	Milestones	Target
AI-Immunology™	Launch of automated lead vaccine candidate design module	H2
Business development and partnerships	At least two new agreements	2025
EVX-01	All patients completed EVX-01 dosing	H1
EVX-01	Supplemental phase 2 biomarker and immunogenicity data	H1
EVX-01	Two-year phase 2 clinical efficacy readout	H2
Precision ERV cancer vaccines	Selection of lead vaccine candidate	H2
MSD vaccine collaboration (EVX-B2/EVX-B3)	MSD option exercise, up to USD 10 million option exercise fee	H2
EVX-V1	Lead antigens selected for CMV vaccine candidate	H2
Infectious diseases	Two new pipeline candidates	1 in H1, 1 in H2

Contact information 
Evaxion Biotech A/S
Mads Kronborg
Vice President, Investor Relations & Communication
+45 53 54 82 96
[email protected] 

About EVAXION

Evaxion Biotech A/S is a pioneering TechBio company based upon its AI platform, AI-Immunology™. Evaxion’s proprietary and scalable AI prediction models harness the power of artificial intelligence to decode the human immune system and develop novel immunotherapies for cancer, bacterial diseases, and viral infections. Based upon AI-Immunology™, Evaxion has developed a clinical-stage oncology pipeline of novel personalized vaccines and a preclinical infectious disease pipeline in bacterial and viral diseases with high unmet medical needs. Evaxion is committed to transforming patients’ lives by providing innovative and targeted treatment options. For more information about Evaxion and its groundbreaking AI-Immunology™ platform and vaccine pipeline, please visit our website.

Forward-looking statement 
This announcement contains 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 words “target,” “believe,” “expect,” “hope,” “aim,” “intend,” “may,” “might,” “anticipate,” “contemplate,” “continue,” “estimate,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could,” and other words and terms of similar meaning identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including, but not limited to, risks related to: our financial condition and need for additional capital; our development work; cost and success of our product development activities and preclinical and clinical trials; commercializing any approved pharmaceutical product developed using our AI platform technology, including the rate and degree of market acceptance of our product candidates; our dependence on third parties including for conduct of clinical testing and product manufacture; our inability to enter into partnerships; government regulation; protection of our intellectual property rights; employee matters and managing growth; our ADSs and ordinary shares, the impact of international economic, political, legal, compliance, social and business factors, including inflation, and the effects on our business from other significant geopolitical and macro-economic events; and other uncertainties affecting our business operations and financial condition. For a further discussion of these risks, please refer to the risk factors included in our most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. We do not assume any obligation to update any forward-looking statements except as required by law.

SAN DIEGO, Dec. 09, 2024 (GLOBE NEWSWIRE) — aTyr Pharma, Inc. (Nasdaq: ATYR) (“aTyr” or the “Company”), a clinical stage biotechnology company engaged in the discovery and development of first-in-class medicines from its proprietary tRNA synthetase platform, today announced that the Company will present two posters related to its tRNA synthetase candidate ATYR0101 at the Keystone Symposia on Fibrosis: Inflammation, Drivers, and Therapeutic Resolution, which is scheduled to take place December 8 – 11, 2024, in Whistler, British Columbia, Canada.

ATYR0101 is a fusion protein derived from a proprietary extracellular domain of aspartyl-tRNA synthetase (DARS) that binds to latent transforming growth factor beta binding protein 1 (LTBP-1) to induce myofibroblast apoptosis.

“We are excited by these findings that further demonstrate the way in which ATYR0101 binds a known fibrosis target with pronounced effects in preclinical models of lung and renal fibrosis,” said Sanjay S. Shukla, M.D., M.S., President and Chief Executive Officer of aTyr. “These findings suggest that ATYR0101 has the potential to be a next generation anti-fibrotic for lung and kidney fibrosis with a differentiated mechanism of action compared to current standard of care that could potentially treat advanced fibrotic conditions.”

Details of the presentations appear below. The posters will be available on the aTyr website once presented.

Title:
 A Newly Evolved Domain
of Asp-tRNA Synthetase Interacts with Latent Transforming Growth Factor Beta Binding Protein 1 (LTBP-1) to Induce Myofibroblast Apoptosis

Authors: Ying-Ting Wang, Kristina Hamel, Andrew Imfeld, Yeeting E. Chong, Kaitlyn Rauch, Wayne Liu, Zhiwen Xu, Ryan A. Adams, Leslie Nangle. aTyr Pharma, San Diego, CA.
Poster Number: 1046
Session: Poster Session #1
Date and Time: Monday, December 9, 2024, at 7:30 p.m. PST

The poster presents findings demonstrating that ATYR0101 binds directly to LTBP-1 resulting in caspase-3/7 mediated apoptosis in transforming growth factor beta (TGFβ)-1-differentiated myofibroblasts while having no effect on undifferentiated fibroblasts, which was observed in multiple cell types demonstrating potential in several organ systems. The ATYR0101-induced myofibroblast apoptosis activity was confirmed to be dependent upon LTBP-1, TGFβ activation and downstream gene expression changes. These findings suggest that ATYR0101 has promise as a novel and transformative anti-fibrotic therapeutic with a unique mechanism of action.

Title:
 Anti-Fibrotic
Activity Observed Across Preclinical Models of Pulmonary and Renal Fibrosis for a Potential Therapeutic Based on Asp-tRNA Synthetase

Authors: Alison Barber, Clara Polizzi, Jasmine Stamps, Max Pastenes, Yeeting E. Chong, Andrew Imfeld, Chun Po Fung, Honglei Tian, Zhenguo Wu, Ryan A. Adams, Christoph Burkart, Leslie Nangle. aTyr Pharma, San Diego, CA, Hong Kong University of Science and Technology, Clear Water Bay, Kowloon, Hong Kong, China.
Poster Number: 1045
Session: Poster Session #1
Date and Time: Monday, December 9, 2024, at 7:30 p.m. PST

The poster presents findings investigating ATYR0101 in the bleomycin (BLM) model of lung fibrosis and ureteral obstruction (UUO) model of kidney fibrosis to examine the pharmacological activity of ATYR0101 in experimental models of fibrotic disease. In the lung BLM model, ATYR0101 treatment resulted in a significant reduction in Ashcroft score and collagen content, key measures of fibrosis, in addition to a pronounced reduction of myofibroblasts. In the UUO model, treatment with ATYR0101 resulted in reduced collagen content with a significant reduction of fibrosis. Importantly, ATYR0101 achieves these effects in a differentiated way compared to current standard of care. These findings suggest that ATYR0101 has the potential to be a novel anti-fibrotic therapeutic agent for lung and renal fibrosis with a differentiated profile compared to current standard of care.

About aTyr

aTyr is a clinical stage biotechnology company leveraging evolutionary intelligence to translate tRNA synthetase biology into new therapies for fibrosis and inflammation. tRNA synthetases are ancient, essential proteins that have evolved novel domains that regulate diverse pathways extracellularly in humans. aTyr’s discovery platform is focused on unlocking hidden therapeutic intervention points by uncovering signaling pathways driven by its proprietary library of domains derived from all 20 tRNA synthetases. aTyr’s lead therapeutic candidate is efzofitimod, a first-in-class biologic immunomodulator in clinical development for the treatment of interstitial lung disease, a group of immune-mediated disorders that can cause inflammation and progressive fibrosis, or scarring, of the lungs. For more information, please visit www.atyrpharma.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identified by the use of words such as “anticipate,” “believes,” “designed,” “can,” “expects,” “intends,” “may,” “plans,” “potential,” suggest,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by such safe harbor provisions for forward-looking statements and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements include, among others, statements regarding the research and development activities related to and the potential therapeutic benefits and applications of our current and future product candidates, including ATYR0101 as a transformative, next generation anti-fibrotic differentiated from the current standard of care. These forward-looking statements also reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects, as reflected in or suggested by these forward-looking statements, are reasonable, we can give no assurance that the plans, intentions, expectations, strategies or prospects will be attained or achieved. All forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain. Furthermore, actual results may differ materially from those described in these forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, uncertainty regarding geopolitical and macroeconomic events, risks associated with the discovery, development and regulation of our product candidates (including the risk that future findings do not support the findings described in the posters), the risk that we or our partners may cease or delay preclinical or clinical development activities for any of our existing or future product candidates for a variety of reasons (including difficulties or delays in patient enrollment in planned clinical trials), the possibility that existing collaborations could be terminated early, and the risk that we may not be able to raise the additional funding required for our business and product development plans, as well as those risks set forth in our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in our other SEC filings. Except as required by law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Ashlee Dunston
Director, Investor Relations and Public Affairs
[email protected]