Market Newsdesk

• On track to submit a Biologics License Application (BLA) for accelerated approval of atacicept to U.S. FDA in Q4 2025; potential commercial launch in 2026
• Announced positive primary endpoint results from the ongoing ORIGIN Phase 3 trial
• Initiated the PIONEER trial to investigate atacicept in a broader IgAN patient cohort and multiple autoimmune glomerular diseases
• Expected to present full primary endpoint results from the ORIGIN 3 trial at a medical congress in Q4 2025

BRISBANE, Calif., Aug. 05, 2025 (GLOBE NEWSWIRE) — Vera Therapeutics, Inc. (Nasdaq: VERA), a late clinical-stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases, today reported its business highlights and financial results for the second quarter ended June 30, 2025.

“Our team delivered exciting new clinical results from our pivotal ORIGIN 3 trial in the second quarter of 2025, which were consistent with or better than our previous trials for atacicept in patients with IgAN. Based on the strength of the overall data accumulated for atacicept over the past few years, we are excited to move ahead with our BLA submission to the U.S. FDA for accelerated approval. We anticipate submitting the BLA in the fourth quarter of 2025, with an expected commercial launch in 2026,” said Marshall Fordyce, M.D., Founder and CEO of Vera Therapeutics. “Atacicept has the potential to advance the standard of care in IgAN as the first dual BAFF/APRIL inhibitor. We are thrilled for the potential of atacicept as a possible disease-modifying therapy to address the unmet medical needs of IgAN patients.”

Second Quarter 2025 and Recent Business Highlights

• Announced positive 36-week data from the ongoing pivotal ORIGIN 3 trial of atacicept in patients with IgA Nephropathy (IgAN), including:
  • 46% reduction from baseline in proteinuria for participants treated with atacicept, as measured by 24-hour urine protein-to-creatinine ratio (UPCR); primary endpoint achieved with a statistically significant and clinically meaningful 42% reduction in UPCR compared to placebo (p<0.0001)
  • Atacicept-treated participants demonstrated results across other prespecified endpoints that were consistent with or better than those previously observed in the ORIGIN Phase 2b trial
  • Safety profile of atacicept across ORIGIN program appears favorable, and comparable to placebo
• Completed full enrollment in the ongoing ORIGIN 3 trial
• Enrolling participants in the ORIGIN Extend study, which provides ORIGIN study participants with extended access to atacicept until commercial availability in their region, and captures longer-term safety and efficacy data
• Initiated the PIONEER trial to evaluate atacicept in expanded IgAN populations, anti-PLA2R positive primary membranous nephropathy (pMN), and anti-nephrin positive focal segmental glomerulosclerosis (FSGS) and minimal change disease (MCD) patients
• Strengthened the Company’s financial positioning with a new credit facility of up to $500 million of term loans with existing partner Oxford Finance LLC, extending the Company’s cash runway well beyond potential commercial launch of atacicept

Anticipated Upcoming Milestones

• Submission of a BLA for atacicept in IgAN to the U.S. FDA in Q4 2025 for accelerated approval; potential commercial launch in 2026
• Presentation of the full 36-week results from the pivotal ORIGIN 3 trial expected at a medical congress in Q4 2025
• Initial results from the PIONEER Phase 2 basket trial expected in Q4 2025
• Pivotal ORIGIN 3 study expected to be completed in 2027

Financial Results for the Quarter Ended June 30, 2025

For the quarter ended June 30, 2025, Vera reported a net loss of $76.5 million, or a net loss per diluted share of $1.20, compared to a net loss of $33.7 million, or a net loss per diluted share of $0.62, for the quarter ended June 30, 2024.

During the six months ended June 30, 2025, net cash used in operating activities was $109.2 million, compared to $58.6 million for the same period last year.

Vera reported $556.8 million in cash, cash equivalents, and marketable securities as of June 30, 2025, which combined with its undrawn debt facility, Vera believes to be sufficient to fund operations through potential approval and U.S. commercial launch of atacicept and beyond.

About Atacicept

Atacicept is an investigational recombinant fusion protein that contains the soluble transmembrane activator and calcium-modulating cyclophilin ligand interactor (TACI) receptor that binds to the cytokines B-cell activating factor (BAFF) and A PRoliferation-Inducing Ligand (APRIL). These cytokines are members of the tumor necrosis factor family that promote B-cell survival and autoantibody production associated with certain autoimmune diseases, including IgAN, other autoimmune kidney diseases and lupus nephritis.

The ORIGIN Phase 2b clinical trial of atacicept in IgAN met its primary and key secondary endpoints, with statistically significant and clinically meaningful proteinuria reductions and stabilization of eGFR versus placebo through 36 weeks. The safety profile during the randomized period was comparable between atacicept and placebo. Through 96 weeks, atacicept demonstrated further improvements in Gd-IgA1, hematuria, and proteinuria, as well as stabilization of eGFR reflecting a profile consistent with that of the general population without IgAN.

Atacicept has received FDA Breakthrough Therapy Designation for the treatment of IgAN, which reflects the FDA’s determination that, based on an assessment of data from the ORIGIN Phase 2b clinical trial, atacicept may demonstrate substantial improvement on a clinically significant endpoint over available therapies for patients with IgAN. Vera believes atacicept is positioned for best-in-class potential, targeting B cells to reduce autoantibodies and having been administered to more than 1,500 patients in clinical trials across different disease areas.

About Vera

Vera Therapeutics is a late clinical-stage biotechnology company focused on developing treatments for serious immunological diseases. Vera’s mission is to advance treatments that target the source of immunological diseases in order to change the standard of care for patients. Vera’s lead product candidate is atacicept, a fusion protein self-administered as a subcutaneous injection once weekly that blocks both BAFF and APRIL, which stimulate B cells to produce autoantibodies contributing to certain autoimmune diseases, including IgAN and lupus nephritis. In addition, Vera is evaluating additional diseases where the reduction of autoantibodies by atacicept may prove medically useful. Vera also holds an exclusive license agreement with Stanford University for a novel, next generation fusion protein targeting BAFF and APRIL, known as VT-109, with wide therapeutic potential across the spectrum of B cell mediated diseases. Vera is also developing MAU868, a monoclonal antibody designed to neutralize infection with BK virus (BKV), a polyomavirus that can have devastating consequences in certain settings such as kidney transplant. Vera retains all global developmental and commercial rights to atacicept and MAU868. For more information, please visit www.veratx.com

Forward-looking Statements

Statements contained in this press release regarding matters, events or results that may occur in the future are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, Vera’s plans to submit a Biologics License Application to the U.S. FDA for accelerated approval and to potentially receive FDA approval for atacicept in IgAN and launch it commercially, present full primary endpoint results from the ORIGIN 3 trial at a medical congress, obtain initial results from the PIONEER Phase 2 basket trial, and complete the ORIGIN 3 study, as well as statements regarding the timing of each such event; the ability of atacicept to advance the standard of care in IgAN and to address the unmet medical needs of IgAN patients; Vera’s ability to fund its operations through potential approval and U.S. commercial launch of atacicept; and Vera’s plans, commitments, aspirations and goals under the caption “About Vera”. Because such statements are subject to risk and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “believe,” “plan,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Vera’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks related to the regulatory approval process, results of earlier clinical trials may not be obtained in later clinical trials, preliminary results may not be predictive of topline results, risks and uncertainties associated with Vera’s business in general, the impact of macroeconomic and geopolitical events, and the other risks described in Vera’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Vera undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

For more information, please contact:

Investor Contact:

Joyce Allaire
LifeSci Advisors
212-915-2569
[email protected]

Media Contact:

Debra Charlesworth
Vera Therapeutics
415-854-8051
[email protected]

VERA THERAPEUTICS, INC.
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
(Unaudited)
	Three Months Ended								Six Months Ended
	June 30,								June 30,
		2025				2024				2025				2024
Operating expenses:
Research and development	$	58,195			$	29,311			$	99,473			$	52,511
General and administrative		21,946				8,032				37,862				15,944
Total operating expenses		80,141				37,343				137,335				68,455
Loss from operations		(80,141	)			(37,343	)			(137,335	)			(68,455	)
Other income, net		3,610				3,635				9,110				6,364
Net loss	$	(76,531	)		$	(33,708	)		$	(128,225	)		$	(62,091	)
Change in unrealized gain/loss on marketable securities	$	(127	)		$	(277	)		$	134			$	(700	)
Comprehensive loss	$	(76,658	)		$	(33,985	)		$	(128,091	)		$	(62,791	)
Net loss per share attributable to common stockholders, basic and diluted	$	(1.20	)		$	(0.62	)		$	(2.01	)		$	(1.17	)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		63,789,303				54,728,552				63,730,756				52,850,242

VERA THERAPEUTICS, INC.
Condensed Balance Sheets
(in thousands)
	June 30,				December 31,
		2025				2024
	(unaudited)
Assets
Current assets:
Cash, cash equivalents and marketable securities	$	556,827			$	640,852
Prepaid expenses and other current assets		14,527				10,366
Total current assets		571,354				651,218
Operating lease right-of-use assets		2,471				3,372
Other noncurrent assets		4,703				1,091
Total assets	$	578,528			$	655,681
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	13,157			$	7,665
Operating lease liabilities		855				1,483
Accrued expenses and other liabilities, current		19,542				16,223
Total current liabilities		33,554				25,371
Long-term debt		74,464				50,687
Operating lease liabilities, noncurrent		2,233				2,468
Total liabilities		110,251				78,526
Stockholders’ equity
Common stock		64				64
Additional paid-in-capital		1,057,161				1,037,948
Accumulated other comprehensive income		527				393
Accumulated deficit		(589,475	)			(461,250	)
Total stockholders’ equity		468,277				577,155
Total liabilities and stockholders’ equity	$	578,528			$	655,681

TORONTO, Ontario and NEW YORK, Aug. 05, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF) (the “Company”), a global energy and compute infrastructure company, today announced its partnership with T5 Data Centers, LLC (“T5”) to advance HPC/AI development at its Panther Creek campus in Pennsylvania.

T5 Data Centers is an established leader in data center design, construction and operations, providing a full range of data center services from development and construction to facility management and operation. They offer customizable, scalable solutions for both enterprise and hyperscale clients, ensuring reliable high-performance computing environments.

This strategic engagement will focus on comprehensive pre-construction design planning and development approval processes to advance this significant digital infrastructure investment. Leveraging deep expertise in providing construction services and ground-up development, T5 will provide critical guidance and coordination throughout the planning phase. The goal is to ensure this state-of-the-art facility is purpose-built to meet the demands of high-performance computing and artificial intelligence applications, while supporting Pennsylvania’s emergence as a hub for next-generation data center development.

CEO Ben Gagnon stated “We are thrilled to announce our partnership with T5 Data Centers. With the seven major U.S. hyperscalers as their customers, T5 brings unparalleled industry expertise and is a proven leader in data center Construction, Development, and Operations. This collaboration validates the significant HPC/AI opportunity at our flagship Panther Creek campus in Pennsylvania, where strong political tailwinds following the recent White House commitment to $90 billion of AI investments intersect our 1 GW pipeline in Pennsylvania, positioning Bitfarms at the forefront of the rapidly growing AI infrastructure market in the state. We are excited to leverage T5’s expertise to capitalize on this opportunity, driving development and delivering long-term value for our shareholders.”

Tom Mertz, President and COO of T5 Services added “We’re excited to be selected as a strategic construction partner for Bitfarms as they expand into HPC/AI data center development. Their Panther Creek, Pennsylvania property is well-positioned for building an advanced AI data center campus, and we look forward to supporting this next phase of their growth.”

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently operates 15 data centers situated in four countries, which currently mine Bitcoin: the United States, Canada, Argentina and Paraguay.

To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com



https://www.facebook.com/bitfarms/



http://x.com/Bitfarms_io



https://www.instagram.com/bitfarms/



https://www.linkedin.com/company/bitfarms/

Forward-Looking Statements


This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the partnership with T5 Data Centers, LLC to advance HPC/AI development at the Company’s Panther Creek campus in Pennsylvania, the North American energy and compute infrastructure strategy, opportunities relating to the Company’s HPC/AI strategy, the Company’s ability to drive greater shareholder value, growth opportunities and prospects for the Company, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: the risk that the anticipated benefits of the partnership with T5 Data Centers, LLC and/or the ability to advance HPC/AI development at the Company’s Panther Creek campus in Pennsylvania fail to materialize in a timely manner and on an economic basis or at all; an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location;
the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on
www.sedarplus.ca
(which are also available on the website of the U.S. Securities and Exchange Commission (the “
SEC
“) at
www.sec.gov
), including the Company’s annual information form for the year ended December 31, 2024, management’s discussion & analysis for the year-ended December 31, 2024 and the management’s discussion and analysis for the three months ended March 31, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contact:

Laine Yonker
[email protected]

Media Contact:

Caroline Brady Baker
[email protected]

• The AMPLIFY-7P study of ELI-002 7P successfully passes event-driven interim analysis for efficacy, futility, and safety by the IDMC

• The Company views the IDMC’s positive recommendation as an indication that ELI-002 7P has shown preliminary signals of efficacy

• Final disease-free survival analysis is anticipated to occur in Q4 2025

• Elicio previously reached alignment with the FDA on key elements of the planned pivotal Phase 3 study design

• The Company’s current cash runway extends into Q1 2026, past the anticipated final DFS analysis

BOSTON, Aug. 05, 2025 (GLOBE NEWSWIRE) — Elicio Therapeutics, Inc. (Nasdaq: ELTX, “Elicio” or the “Company”), a clinical-stage biotechnology company developing a pipeline of novel immunotherapies for the treatment of cancer, today announced that following the Independent Data Monitoring Committee’s (“IDMC”) pre-specified interim review of the unblinded safety and efficacy data in the Company’s Phase 2 AMPLIFY-7P study in mutant KRAS (“mKRAS”)-driven pancreatic ductal adenocarcinoma (“PDAC”), the IDMC recommended that the trial continue to the final analysis without modifications. In addition, the IDMC confirmed the favorable safety profile of ELI-002 7P to date.

“We are encouraged by the IDMC’s recommendation to support the continuation of the AMPLIFY-7P trial as planned, as we believe it indicates that ELI-002 7P has shown preliminary signals of efficacy. We look forward to the final disease-free survival (“DFS”) analysis anticipated to occur in the fourth quarter of 2025 and continue to believe that ELI-002 7P has the potential, based on the compelling data generated to date, to offer a new solution to patients facing PDAC in the adjuvant setting,” said Robert Connelly, Chief Executive Officer of Elicio. “Importantly, we previously reached alignment with the U.S. Food and Drug Administration (“FDA”) on the key elements of the planned pivotal Phase 3 study design, and, upon final DFS analysis, plan to request an End-of-Phase 2 meeting with the FDA to finalize the regulatory strategy for the ELI-002 Phase 3 study.”

The AMPLIFY-7P trial is a 2:1 randomized, open-label, multicenter clinical trial that enrolled 144 patients at 24 U.S. sites to evaluate the effectiveness and safety of ELI-002 7P monotherapy compared to standard of care (“SOC”) (observation) to improve DFS in patients with PDAC in the adjuvant setting post local therapy, following surgery, chemotherapy, with or without radiation. Currently, the SOC in this setting is to conduct serial imaging scans to monitor closely for cancer progression. ELI-002 7P treatment consists of six doses, followed by an observation period of eight weeks, and followed with four additional booster doses.

PDAC is an aggressive cancer with a five-year survival rate of 13% and is projected to become the second leading cause of cancer death in the U.S. by 2030. ELI-002 7P is an investigational, off-the-shelf, immunotherapy vaccine administered by subcutaneous injection targeting seven KRAS mutations in 88% of PDAC patients and 25% of all solid tumors.

The Company remains blinded to the trial clinical efficacy outcomes.

Elicio Therapeutics, Inc. (Nasdaq: ELTX) is a clinical-stage biotechnology company advancing novel immunotherapies for the treatment of high-prevalence cancers, including mKRAS-positive pancreatic and colorectal cancers. Elicio intends to build on recent clinical successes in the personalized cancer vaccine space to develop effective, off-the-shelf vaccines. Elicio’s Amphiphile (“AMP”) technology aims to enhance the education, activation and amplification of cancer-specific T cells relative to conventional vaccination strategies, with the goal of promoting durable cancer immunosurveillance in patients. Elicio’s ELI-002 lead program is an off-the-shelf vaccine candidate targeting the most common KRAS mutations, which drive approximately 25% of all solid tumors. Off-the-shelf vaccine approaches have the potential benefits of low cost, rapid commercial scale manufacturing, and rapid availability of drug to patients especially in neo-adjuvant settings and for prophylaxis in high-risk patients, contrary to personalized vaccines approaches. ELI-002 is being studied in an ongoing, randomized clinical trial in patients with mKRAS-positive pancreatic cancer who completed standard therapy but remain at high risk of relapse. ELI-002 also has been studied in patients with mKRAS-positive colorectal cancer (“CRC”) in Phase 1 studies. The updated AMPLIFY-201 Phase 1 data for PDAC and CRC was presented at the ESMO Immuno-Oncology Congress 2024 and included a 16.3-month median recurrence-free survival and 28.9-month median overall survival for the full study population. In the future, Elicio plans to expand ELI-002 to other indications including mKRAS positive lung cancer and other mKRAS positive cancers. Elicio’s pipeline includes additional off-the-shelf therapeutic cancer vaccines candidates, including ELI-007 and ELI-008, that target BRAF-driven cancers and p53 hotspot mutations, respectively. For more information, please visit www.elicio.com.

About ELI-002

Elicio’s lead product candidate, ELI-002, is a structurally novel investigational AMP cancer vaccine that targets cancers that are driven by mutations in the KRAS-gene—a prevalent driver of many human cancers. ELI-002 is comprised of two powerful components that are built with Elicio’s AMP technology consisting of AMP-modified mutant KRAS peptide antigens and ELI-004, an AMP-modified CpG oligodeoxynucleotide adjuvant that is available as an off-the-shelf subcutaneous administration.

ELI-002 2P (2-peptide formulation) has been studied in the Phase 1 (AMPLIFY-201) trial in patients with high relapse risk mKRAS-driven solid tumors, following surgery and chemotherapy (NCT04853017). ELI-002 7P (7-peptide formulation) is currently being studied in a Phase 1/2 (AMPLIFY-7P) trial in patients with mKRAS-driven pancreatic cancer (NCT05726864). The ELI-002 7P formulation is designed to provide immune response coverage against seven of the most common KRAS mutations present in 25% of all solid tumors, thereby increasing the potential patient population for ELI-002.

About the Amphiphile Platform

Elicio’s proprietary AMP platform delivers investigational immunotherapeutics directly to the “brain center” of the immune system – the lymph nodes. Elicio believes this site-specific delivery of disease-specific antigens, adjuvants and other immunomodulators may efficiently educate, activate and amplify critical immune cells, potentially resulting in induction and persistence of potent adaptive immunity required to treat many diseases. In preclinical models, Elicio observed lymph node-specific engagement driving therapeutic immune responses of increased magnitude, function and durability. Elicio believes its AMP lymph node-targeted approach will produce superior clinical benefits compared to immunotherapies that do not engage the lymph nodes based on preclinical studies.

Elicio’s AMP platform, originally developed at the Massachusetts Institute of Technology, has broad potential in the cancer space to advance a number of development initiatives through internal activities, in-licensing arrangements or development collaborations and partnerships.

The AMP platform has been shown to deliver immunotherapeutics directly to the lymph nodes by latching on to the protein albumin, found in the local injection site, as it travels to lymphatic tissue.

Cautionary Note on Forward-Looking Statements

Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding the sufficiency of Elicio’s existing cash and cash equivalents to support operations into the first quarter of 2026, beyond the anticipated AMPLIFY-7P Phase 2 final DFS analysis expected in the fourth quarter of 2025; Elicio’s planned clinical programs, including the timing and outcome of planned clinical trials; the timing of the expected final DFS analysis of the Phase 2 AMPLIFY-7P clinical trial anticipated in the fourth quarter of 2025; the potential efficacy of Elicio’s product candidates, including ELI-002 7P; the potential of Elicio’s product candidates, including ELI-002, to offer a new solution to patients facing PDAC in the adjuvant setting; Elicio’s plan to request an End-of-Phase 2 meeting with the FDA to finalize the regulatory strategy for the ELI-002 Phase 3 study and the potential outcome of such meeting, if granted; the potential for future expansion of ELI-002 to other indications, including in combination regimens for PDAC and colorectal cancer; the potential benefits and effectiveness of off-the-shelf vaccine approaches; and other statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Elicio undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to, Elicio’s financial condition, including its anticipated cash runway, and ability to obtain the funding necessary to advance the development of ELI-002 and any other future product candidates, and Elicio’s ability to continue as a going concern; Elicio’s plans to develop and commercialize its product candidates, including ELI-002; the timing of initiation of Elicio’s planned clinical trials; the timing of the availability of data from Elicio’s clinical trials, including the final DFS analysis from the Phase 2 AMPLIFY-7P trial expected in the fourth quarter of 2025; the timing of any planned investigational new drug application or new drug application; Elicio’s plans to research, develop and commercialize its current and future product candidates; and Elicio’s estimates regarding future revenue, expenses, capital requirements and need for additional financing.

New factors emerge from time to time, and it is not possible for us to predict all such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks are more fully discussed under the heading “Risk Factors” in Elicio’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 31, 2025, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC filed with the SEC on May 13, 2025, as updated by subsequent reports and other documents filed from time to time with the SEC. Forward-looking statements included in this release are based on information available to Elicio as of the date of this release. Elicio does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date of this release, except to the extent required by law.

Investor Relations Contact

Brian Ritchie
LifeSci Advisors
(212) 915-2578
[email protected]

MALTA, N.Y., Aug. 05, 2025 (GLOBE NEWSWIRE) — GLOBALFOUNDRIES Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the second quarter ended June 30, 2025.

Key Second Quarter Financial Highlights

• Revenue of $1.688 billion
• Gross margin of 24.2% and Non-IFRS gross margin⁽¹⁾ of 25.2%
• Operating margin of 11.6% and Non-IFRS operating margin⁽¹⁾ of 15.3%
• Net income of $228 million and Non-IFRS net income⁽¹⁾ of $234 million
• Diluted earnings per share of $0.41 and Non-IFRS diluted earnings per share⁽¹⁾ of $0.42
• Non-IFRS adjusted EBITDA⁽¹⁾ of $585 million
• Ending cash, cash equivalents and marketable securities of $3.9 billion
• Net cash provided by operating activities of $431 million and Non-IFRS adjusted free cash flow⁽¹⁾ of $277 million

“In the second quarter, the GF team delivered strong financial results above the midpoints of the Non-IFRS guidance ranges for revenue and gross margin, and earnings per share exceeded the high end of the guidance range,” said Tim Breen, CEO of GF. “Continued momentum across our Automotive and Communications Infrastructure and Datacenter end markets, enabled double digit percent year-over-year revenue growth in the second quarter for both businesses. As we await a return to meaningful growth across the consumer-driven end markets, I am pleased with the steps GF is taking to broaden the long term value proposition to our customers, through the expected acquisition of MIPS, as well as establishing our China for China foundry partnership.”

Recent Business Highlights

• In June, GF was announced as the exclusive manufacturing partner for Continental’s newly established Advanced Electronics & Semiconductor Solutions (AESS) organization to help meet the growing demand for safe, connected autonomous vehicles. GF will serve as a trusted foundry partner to Continental, offering its manufacturing expertise, diversified global footprint, and automotive-qualified portfolio of process technologies.
• In July, GF announced a definitive agreement to acquire MIPS, a leading supplier of AI and processor IP. This acquisition will broaden GF’s portfolio with advanced RISC-V processor IP and software tools tailored for real-time computing in automotive, industrial, and data center infrastructure applications. The acquisition will offer customers deeper and closer collaboration with GF, as well as enhanced opportunities for chip customization.
• GF advanced its China-for-China strategy by entering into a definitive agreement with a local Chinese foundry to support GF’s customers with reliable supply in mainland China. Customers will benefit from GF’s automotive grade process technologies and manufacturing expertise, to serve their domestic Chinese demand.

(1)	See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.

GLOBALFOUNDRIES Inc.
Summary Quarterly Results (Unaudited, in millions, except per share amounts and wafer shipments)
														Year-over-year							Sequential
		Q2’25				Q1’25				Q2’24				Q2’25 vs Q2’24							Q2’25 vs Q1’25
Net revenue		$	1,688			$	1,585			$	1,632			$	56			3	%		$	103		6	%
Gross profit		$	408			$	355			$	395			$	13			3	%		$	53		15	%
Gross margin			24.2	%			22.4	%			24.2	%						0bps						+180bps
Non-IFRS gross profit (1)		$	425			$	379			$	411			$	14			3	%		$	46		12	%
Non-IFRS gross margin (1)			25.2	%			23.9	%			25.2	%						0bps						+130bps
Operating profit		$	196			$	151			$	155			$	41			26	%		$	45		30	%
Operating margin			11.6	%			9.5	%			9.5	%						+210bps						+210bps
Non-IFRS operating profit (1)		$	258			$	213			$	212			$	46			22	%		$	45		21	%
Non-IFRS operating margin (1)			15.3	%			13.4	%			13.0	%						+230bps						+190bps
Net income		$	228			$	211			$	155			$	73			47	%		$	17		8	%
Net income margin			13.5	%			13.3	%			9.5	%						+400bps						+20bps
Non-IFRS net income (1)		$	234			$	189			$	211			$	23			11	%		$	45		24	%
Non-IFRS net income margin (1)			13.9	%			11.9	%			12.9	%						+100bps						+200bps
Diluted earnings per share (“EPS”)		$	0.41			$	0.38			$	0.28			$	0.13			46	%		$	0.03		8	%
Non-IFRS diluted EPS (1)		$	0.42			$	0.34			$	0.38			$	0.04			11	%		$	0.08		24	%
Non-IFRS adjusted EBITDA (1)		$	585			$	558			$	610			$	(25	)		(4)	%		$	27		5	%
Non-IFRS adjusted EBITDA margin (1)			34.7	%			35.2	%			37.4	%						(270)bps						(50)bps
Cash from operating activities		$	431			$	331			$	402			$	29			7	%		$	100		30	%
Wafer shipments (300mm equivalent) (in thousands)			581				543				517				64			12	%			38		7	%

(1)	See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.

GLOBALFOUNDRIES Inc.
Summary of Third Quarter 2025 Guidance (1) ( Unaudited, in millions, except per share amounts)
	IFRS		Share-based compensation (3)		Non-IFRS (2)
Net revenue	$1,675 ± $25
Gross margin (2)	24.4% ± 100bps		~110bps		25.5% ± 100bps
Operating expenses (2 )	$228 ± $10		~$38		$190 ± $10
Operating margin (2)	10.8% ± 180bps		~340bps		14.2% ± 180bps
Diluted EPS (2) (4)	$0.28 ± $0.05		~$0.10		$0.38 ± $0.05
Fully Diluted Share Count	~560

(1)	The Guidance provided contains forward-looking statements as defined in the U.S. Private Securities Litigation Act of 1995, and is subject to the safe harbors created therein. The Guidance includes management’s beliefs and assumptions and is based on information that is available as of the date of this release.
(2)	Non-IFRS gross margin, Non-IFRS operating expenses, Non-IFRS operating margin and Non-IFRS diluted EPS are Non-IFRS measures and, for purposes of the Guidance only, are defined as gross profit as a percent of revenue, operating profit as a percent of revenue, operating expenses and diluted EPS, all before share-based compensation, respectively. See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.
(3)	We expect share-based compensation of $18 million and $38 million in cost of revenue and operating expenses, respectively. The Non-IFRS margin impacts are calculated by dividing share-based compensation by net revenue, and the Non-IFRS diluted EPS impact is calculated by dividing share-based compensation by the fully diluted share count.
(4)	Included in diluted EPS is net interest income (expense) and other income (expense) which we estimate will be between $4 million and $12 million for the third quarter 2025. Also included in diluted EPS is income tax expense which we estimate will be between $26 million and $40 million for the third quarter 2025.

GLOBALFOUNDRIES Inc.
Consolidated Statements of Operations (Unaudited, in millions, except for per share amounts)
		Three Months Ended
		June 30, 2025			June 30, 2024
Net revenue		$	1,688		$	1,632
Cost of revenue			1,280			1,237
Gross profit		$	408		$	395
Operating expenses:
Research and development			134			121
Selling, general and administrative			78			114
Restructuring charges			—			5
Total operating expenses		$	212		$	240
Operating profit		$	196		$	155
Finance income (expense), net			17			16
Other income (expense)			8			(4	)
Income tax (expense) benefit			7			(12	)
Net income		$	228		$	155
Attributable to:
Shareholders of GLOBALFOUNDRIES Inc.			228			155
Non-controlling interests			—			—
EPS:
Basic		$	0.41		$	0.28
Diluted		$	0.41		$	0.28
Shares used in EPS calculation:
Basic			555			554
Diluted			557			557

GLOBALFOUNDRIES Inc.
Condensed Consolidated Statements of Financial Position (Unaudited, in millions)
		As of
		June 30, 2025				December 31, 2024
Assets:
Cash and cash equivalents		$	1,790			$	2,192
Marketable securities			1,305				1,194
Receivables, prepayments and other			1,535				1,406
Inventories			1,726				1,624
Current assets		$	6,356			$	6,416
Property, plant and equipment, net		$	7,505			$	7,762
Marketable securities			823				839
Right-of-use assets			495				498
Deferred tax assets			270				188
Other assets			1,354				1,096
Non-current assets		$	10,447			$	10,383
Total assets		$	16,803			$	16,799
Liabilities and equity:
Current portion of long-term debt		$	60			$	753
Other current liabilities			2,354				2,291
Current liabilities		$	2,414			$	3,044
Non-current portion of long-term debt		$	1,115			$	1,053
Non-current portion of lease obligations			432				424
Other liabilities			1,374				1,454
Non-current liabilities		$	2,921			$	2,931
Total liabilities		$	5,335			$	5,975
Shareholders’ equity:
Common stock / additional paid-in capital		$	24,107			$	24,025
Accumulated deficit			(12,828	)			(13,266	)
Accumulated other comprehensive income			136				17
Non-controlling interests			53				48
Total liabilities and equity		$	16,803			$	16,799

GLOBALFOUNDRIES Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited, in millions)
		Three Months Ended
		June 30, 2025				June 30, 2024
Operating Activities:
Net income		$	228			$	155
Depreciation and amortization			335				402
Finance (income) expense, net and other			(8	)			(28	)
Net change in working capital			(136	)			(168	)
Other non-cash operating activities			12				41
Net cash provided by operating activities		$	431			$	402
Investing Activities:
Purchases of property, plant and equipment and intangible assets		$	(159	)		$	(101	)
Net purchases of marketable securities			(23	)			(77	)
Other investing activities			(25	)			8
Net cash used in investing activities		$	(207	)		$	(170	)
Financing Activities:
Proceeds from issuance of equity instruments		$	1			$	—
Purchases of treasury stock			—				(200	)
Proceeds (repayment) of debt, net			(36	)			(94	)
Net cash used in financing activities		$	(35	)		$	(294	)
Effect of exchange rate changes			5				(1	)
Net change in cash and cash equivalents		$	194			$	(63	)
Cash and cash equivalents at the beginning of the period			1,596				2,247
Cash and cash equivalents at the end of the period		$	1,790			$	2,184

GLOBALFOUNDRIES Inc.
Reconciliation of IFRS to Non-IFRS (Unaudited, in millions, except for per share amounts)
	Three Months Ended June 30, 2025
		Gross profit				Selling, General & Administrative				Research & Development				Operating profit				Other Income (Expense)				Income tax (expense) benefit				Net income				Diluted EPS
As Reported		$	408			$	78			$	134			$	196			$	8			$	7			$	228			$	0.41
IFRS margins (1)			24.2	%											11.6	%											13.5	%
Share-based compensation			17				(29	)			(8	)			54				—				(2	)			52				0.09
Structural optimization(2)			—				(5	)			—				5				(24	)			—				(19	)			(0.03	)
Amortization of acquired intangibles and other acquisition related charges			—				(2	)			(1	)			3				—				—				3				0.01
Litigation claims			—				—				—				—				9				(1	)			8				0.01
Tax matters(3)			—				—				—				—				—				(38	)			(38	)			(0.07	)
Non-IFRS measures (1)		$	425			$	42			$	125			$	258			$	(7	)		$	(34	)		$	234			$	0.42
Non-IFRS margins (1)			25.2	%											15.3	%											13.9	%

	Three Months Ended March 31, 2025
		Gross profit				Selling, General & Administrative				Research & Development				Operating profit				Other Income (Expense)				Income tax (expense) benefit				Net income				Diluted EPS
As Reported		$	355			$	77			$	127			$	151			$	30			$	16			$	211			$	0.38
IFRS margins (1)			22.4	%											9.5	%											13.3	%
Share-based compensation			13				(20	)			(7	)			40				—				(2	)			38				0.07
Structural optimization(2)			11				(5	)			(5	)			21				—				(3	)			18				0.03
Amortization of acquired intangibles and other acquisition related charges			—				—				(1	)			1				(31	)			6				(24	)			(0.04	)
Revaluation of equity investments			—				—				—				—				(6	)			—				(6	)			(0.01	)
Tax matters(3)			—				—				—				—				—				(48	)			(48	)			(0.09	)
Non-IFRS measures (1)		$	379			$	52			$	114			$	213			$	(7	)		$	(31	)		$	189			$	0.34
Non-IFRS margins (1)			23.9	%											13.4	%											11.9	%

	Three Months Ended June 30, 2024
		Gross profit				Selling, General & Administrative				Research & Development				Operating profit				Other Income (Expense)				Income tax (expense) benefit				Net income				Diluted EPS
As Reported		$	395			$	114			$	121			$	155			$	(4	)		$	(12	)		$	155			$	0.28
IFRS margins (1)			24.2	%											9.5	%											9.5	%
Share-based compensation			16				(28	)			(8	)			52				—				—				52				0.09
Restructuring charges			—				—				—				5				—				(1	)			4				0.01
Non-IFRS measures (1)		$	411			$	86			$	113			$	212			$	(4	)		$	(13	)		$	211			$	0.38
Non-IFRS margins (1)			25.2	%											13.0	%											12.9	%

(1)	See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.
(2)	Structural optimization represents costs associated with employee workforce reductions, manufacturing footprint alignment and liquidation charges.
(3)	Comprised of net deferred tax asset recognition and foreign exchange rate impact.

GLOBALFOUNDRIES Inc
Reconciliation of IFRS to Non-IFRS Non-IFRS Adjusted Free Cash Flow (1) (Unaudited, in millions )
		Three Months Ended
		June 30, 2025				March 31, 2025				June 30, 2024
Net cash provided by operating activities		$	431			$	331			$	402
Less: Purchases of property, plant and equipment and intangible assets			(159	)			(166	)			(101	)
Add: Proceeds from government grants			5				—				1
Total capital expenditure net of proceeds from government grants		$	(154	)			(166	)			(100	)
Non-IFRS adjusted free cash flow (1)		$	277			$	165			$	302
Non-IFRS adjusted free cash flow margins (1)			16	%			10	%			19	%

(1)	See “Financial Measures (Non-IFRS)” for further discussion on this Non-IFRS measure and why we believe it is useful.

Reconciliation of IFRS to Non-IFRS Non-IFRS Adjusted EBITDA (1) (Unaudited, in millions)
		Three Months Ended
		June 30, 2025				March 31, 2025				June 30, 2024
Net revenue		$	1,688			$	1,585			$	1,632
Net income			228				211				155
Net income margin			13.5	%			13.3	%			9.5	%
Depreciation and amortization			335				352				402
Finance expense			22				25				37
Finance income			(39	)			(39	)			(53	)
Income tax expense (benefit)			(7	)			(16	)			12
Share-based compensation			54				40				52
Restructuring charges			—				—				5
Structural optimization			(19	)			21				—
Revaluation of equity investments			—				(6	)			—
Litigation claims			9				—				—
Other acquisition related charges			2				(30	)			—
Non-IFRS adjusted EBITDA (1)		$	585			$	558			$	610
Non-IFRS adjusted EBITDA margin (1)			34.7	%			35.2	%			37.4	%

(1)	See “Financial Measures (Non-IFRS)” for further discussion on this Non-IFRS measure and why we believe it is useful.

GLOBALFOUNDRIES Inc.

Financial Measures (Non-IFRS)

In addition to the financial information presented in accordance with International Financial Reporting Standards (“IFRS”), this press release includes the following Non-IFRS financial measures: Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS operating expense, Non-IFRS net income, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS other income (expense), Non-IFRS income tax benefit (expense), Non-IFRS diluted earnings per share (“EPS”), Non-IFRS adjusted EBITDA, Non-IFRS adjusted free cash flow and any related margins. We define each of Non-IFRS gross profit, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS operating profit, Non-IFRS other income (expense), Non-IFRS income tax benefit (expense) and Non-IFRS net income as gross profit, selling, general and administrative, research and development, operating profit, other income (expense), income tax benefit (expense), and net income, respectively, adjusted for share-based compensation, structural optimization, amortization of acquired intangibles and other acquisition related charges, impairment of long-lived assets, revaluation of equity investments, restructuring charges, tax matters, and any associated income tax effects. We define Non-IFRS operating expense as Non-IFRS gross profit minus Non-IFRS operating profit. We define Non-IFRS diluted EPS as Non-IFRS net income divided by the diluted shares outstanding. We define Non-IFRS adjusted free cash flow as cash flow provided by (used in) operating activities less purchases of property, plant and equipment and intangible assets plus proceeds from government grants related to capital expenditures. We define Non-IFRS adjusted EBITDA as net income adjusted for the impact of finance expense, finance income, income tax expense (benefit), depreciation and amortization, share-based compensation, restructuring charges, impairment of long-lived assets, revaluation of equity investments, structural optimization, litigation claims and acquisition related charges. We define each of Non-IFRS gross margin, Non-IFRS operating margin, Non-IFRS net income margin, Non-IFRS adjusted free cash flow margin and Non-IFRS adjusted EBITDA margin as Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income, Non-IFRS adjusted free cash flow and Non-IFRS adjusted EBITDA, respectively, divided by net revenue. Any adjustments described above that are zero for a given period are excluded from the “Reconciliation of IFRS to Non-IFRS” table. See “Reconciliation of IFRS to Non-IFRS” section for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure.

We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS financial measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. These Non-IFRS financial measures provide supplemental information regarding our operating performance that excludes certain gains, losses and non-cash charges that occur relatively infrequently and/or that we consider to be unrelated to our core operations. Management believes that Non-IFRS adjusted free cash flow as a Non-IFRS measure is helpful to investors as it provides insights into the nature and amount of cash the Company generates in the period.

Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as comparative measures.

Conference Call and Webcast Information

GF will host a conference call with the financial community on Tuesday, August 5, 2025 at 8:30 a.m. U.S. Eastern Time (ET) to review the second quarter 2025 results in detail. Interested parties may join the scheduled conference call by registering at https://edge.media-server.com/mmc/p/jgpem5gd/.

The call will be webcast and can be accessed from the GF Investor Relations website https://investors.gf.com. A replay of the call will be available on the GF Investor Relations website within 24 hours of the actual call.

About GlobalFoundries

GlobalFoundries® (GF®) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com.

Forward-looking Statements and Third Party Data

This press release includes “forward-looking statements” that reflect our current expectations and views of future events. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include but are not limited to, statements regarding our financial outlook, future guidance, product development, business strategy and plans, and market trends, opportunities and positioning. These statements are based on current expectations, assumptions, estimates, forecasts, projections and limited information available at the time they are made. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” “outlook,” “on track” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a broad variety of risks and uncertainties, both known and unknown. Any inaccuracy in our assumptions and estimates could affect the realization of the expectations or forecasts in these forward-looking statements. For example, our business could be impacted by geopolitical conditions such as the ongoing political and trade tensions with China and the continuation of conflicts in Ukraine and Israel; ongoing political developments in the United States, and in particular, any political and policy-related changes that may impact our industry and the market generally; the imposition of trade controls, tariffs and counter-tariffs between the United States and its trade partners; the market for our products may develop or recover more slowly than expected or than it has in the past; we may fail to achieve the full benefits of our restructuring plan; our operating results may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could result in a system disruption, loss of data or damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; global economic conditions could deteriorate, including due to rising inflation and any potential recession; the expected benefits of our announced partnerships may fail to materialize; and our expected results and planned expansions and operations may not proceed as planned if funding we expect to receive (including the planned awards under the U.S. CHIPS and Science Act and New York State Green CHIPS) is delayed or withheld for any reason. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. You should not rely upon forward-looking statements as predictions of future events. These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them.

Although we believe that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. For a discussion of potential risks and uncertainties, please refer to the risk factors and cautionary statements in our 2024 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission (SEC). Copies of our SEC filings are available on our Investor Relations website, investors.gf.com, or from the SEC website, www.sec.gov.

For further information, please contact:

Investor Relations
[email protected]

BBI-355 and BBI-825 combination arm of the POTENTIATE trial is now open for enrollment

BBI-940 is on track for submission of an investigational new drug application in the first half of 2026

$127 million in cash supports operations into the first half of 2028, through

expected proof-of-concept clinical readouts for both programs

SAN DIEGO, Aug. 05, 2025 (GLOBE NEWSWIRE) —  Boundless Bio (Nasdaq: BOLD), a clinical-stage oncology company interrogating extrachromosomal DNA (ecDNA) biology to deliver transformative therapies to patients with previously intractable oncogene amplified cancers, today announced financial results and business highlights for the fiscal quarter ended June 30, 2025.

“We are executing with sharpened focus on programs that we believe have the strongest scientific rationale and greatest potential to impact patients with oncogene-amplified cancers,” said Zachary Hornby, President and CEO of Boundless Bio. “We are excited to advance our BBI-355/BBI-825 combination in the clinic and to progress BBI-940, our development candidate in our novel kinesin program, toward IND submission, as we work to make a meaningful impact for both patients and shareholders.”

Research and Development Highlights and Upcoming Milestones

POTENTIATE clinical trial

• The Company believes recent preclinical data provide a strong mechanistic rationale to combine BBI-355, its novel, selective, oral CHK1 inhibitor, with BBI-825, its novel, selective, oral RNR inhibitor, for synergistic anti-tumor activity without overlapping toxicity, and with a dosing regimen that does not require continuous administration.
• The BBI-355/BBI-825 combination arm of the POTENTIATE trial is open for enrollment. The Company expects to deliver initial proof-of-concept clinical data within its existing cash runway timeline.

Novel Kinesin program targeting ecDNA segregation and inheritance

• Boundless selected BBI-940 as its development candidate for its novel program targeting a previously undrugged kinesin.
• Boundless expects to submit an investigational new drug (IND) application for BBI-940 in the first half of 2026 and to deliver initial proof-of-concept clinical data within its existing cash runway timeline.

Second Quarter 2025 Financial Results

• Cash Position: Cash, cash equivalents, and short-term investments totaled $127.1 million as of June 30, 2025.
• Research and Development (R&D) Expenses: R&D expenses were $12.2 million for the second quarter of 2025, compared to $14.7 million for the same period in 2024.
• General and Administrative (G&A) Expenses: G&A expenses were $4.8 million for the second quarter of 2025, compared to $4.7 million for the same period in 2024.
• Net Loss: Net loss totaled $15.7 million for the second quarter of 2025, compared to $17.0 for the same period in 2024.

About Boundless Bio
Boundless Bio is a clinical-stage oncology company dedicated to unlocking a new paradigm in cancer therapeutics that addresses the significant unmet need in patients with oncogene amplified tumors. Boundless Bio’s research focuses on extrachromosomal DNA (ecDNA), a root cause of oncogene amplification observed in 14% to 17% of cancer patients. Boundless Bio is developing the first ecDNA-directed therapeutic candidates (ecDTx), BBI-355, an oral, selective inhibitor of checkpoint kinase 1 (CHK1), and BBI-825, an oral, selective inhibitor of ribonucleotide reductase (RNR). These compounds are being evaluated in combination in patients with oncogene amplified cancers in the Company’s phase 1/2 POTENTIATE clinical trial. Boundless Bio is conducting IND-enabling studies of another ecDTx, BBI-940, a potentially first-in-class orally bioavailable, selective Kinesin degrader. Boundless Bio is headquartered in San Diego, CA.

For more information, visit www.boundlessbio.com and follow us on LinkedIn and X.

Forward-Looking Statements

The Company cautions you that statements included in this report that are not a description of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “would,” “target,” or “will” or the negative of these terms or other similar expressions. These statements are based on the Company’s current beliefs and expectations. Forward-looking statements include statements regarding: the Company’s expected cash runway and the sufficiency thereof to fund operations through anticipated proof-of-concept clinical data readouts for each of its therapeutic programs; the timing of expected data readouts; submission of an IND application for BBI-940 and the timing thereof; the potential safety and therapeutic benefits of its ecDNA directed therapeutic candidates (ecDTx) in treating patients with oncogene amplified cancers, including whether the combination of BBI-355 and BBI-825 will provide therapeutic benefit without overlapping toxicity, and the potential positive impact for shareholders. Forward-looking statements are subject to risks and uncertainties inherent in the Company’s business, including, without limitation: the Company is early in its development efforts and its approach to discover and develop ecDTx to treat oncogene amplified cancers is novel and unproven; results from preclinical studies or early clinical trials not necessarily being predictive of future results; potential delays in the commencement, enrollment, data readouts or completion of clinical trials or preclinical studies or submission of an IND; its dependence on third parties in connection with clinical trials, preclinical studies, and manufacturing; unfavorable results from clinical trials or preclinical studies; the Company may expend its limited resources to pursue a particular ecDTx or combination therapy and fail to capitalize on ecDTx with greater development or commercial potential; unexpected adverse side effects or inadequate efficacy of its ecDTx that may limit their development, regulatory approval, and/or commercialization; the potential for the Company’s programs and prospects to be negatively impacted by developments relating to its competitors, including the results of studies or regulatory determinations relating to its competitors; regulatory developments in the United States and foreign countries; the Company may use its capital resources sooner than it expects; and other risks described in the Company’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in the Company’s annual report on Form 10-K for the year ended December 31, 2024 and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investor Contacts:

James Lee, Boundless Bio, Inc.
[email protected]

Renee Leck, THRUST Strategic Communications
[email protected]

Media Contact:

Carly Scaduto
[email protected]

BOUNDLESS BIO, INC.
Unaudited Financial Information
Condensed Statements of Operations Data:	Three months ended June 30								Six months ended June 30
(In thousands, except per share amounts)	2025				2024				2025				2024
Operating expenses:
Research and development	$	12,218			$	14,735			$	24,355			$	27,864
General and administrative		4,843				4,656				10,047				8,410
Total operating expenses		17,061				19,391				34,402				36,274
Loss from operations		(17,061	)			(19,391	)			(34,402	)			(36,274	)
Other income, net:
Interest income		1,386				2,382				2,971				3,803
Other income/ (expense), net		–				33				(2	)			65
Total other income, net		1,386				2,415				2,969				3,868
Net loss	$	(15,675	)		$	(16,976	)		$	(31,433	)		$	(32,406	)
Net loss per share, basic and diluted	$	(0.70	)		$	(0.77	)		$	(1.41	)		$	(2.78	)
Weighted-average shares used in calculation		22,356				22,023				22,328				11,641
Condensed Balance Sheet Data:									June 30,				December 31,
(In thousands)									2025				2024
Cash, cash equivalents, and short-term investments									$	127,148			$	152,114
Total assets									$	179,453			$	206,409
Total liabilities									$	56,762			$	55,767
Accumulated deficit									$	(232,905	)		$	(201,472	)
Total stockholders’ equity									$	122,691			$	150,642
Working capital (1)									$	120,477			$	146,255
__________
(1) We define working capital as current assets less current liabilities.

With 17 Patients Dosed in the Phase 1/2 Trial, BEAM-302 Continues to Demonstrate Durable Correction of the Disease-causing Mutation, Restoration of AAT Physiology, and a Well Tolerated Safety Profile

BEAM-302 Expanded Dose Exploration Underway in Part A and Enrollment Initiated in Part B; Data from Parts A and B of the Phase 1/2 Trial and Clinical Development Update Expected in Early 2026

Dosing Complete for 30 Sickle Cell Disease Patients and First Adolescent Patient Dosed in BEACON Phase 1/2 Trial of BEAM-101; Updated Data Expected by End of 2025

Ended Second Quarter 2025 with $1.2 Billion in Cash, Cash Equivalents and Marketable Securities; Cash Runway Expected to Support Operating Plans into 2028

CAMBRIDGE, Mass., Aug. 05, 2025 (GLOBE NEWSWIRE) — Beam Therapeutics Inc. (Nasdaq: BEAM), a biotechnology company developing precision genetic medicines through base editing, today reported second quarter 2025 financial results, provided an update on clinical development progress for BEAM-302 in alpha-1 antitrypsin deficiency (AATD), and reiterated recent corporate and pipeline progress across the company’s hematology and genetic disease franchises.

“In the first half of 2025, we made significant clinical, operational and regulatory progress across each of our high-priority programs, and we aim to harness this momentum heading into key catalysts at the end of 2025 and early next year,” said John Evans, chief executive officer at Beam. “We have now dosed 30 patients in the BEACON trial of BEAM-101, which has a potential best-in-class profile as a one-time therapy for severe sickle cell disease, marking an important milestone on our path to a BLA filing. We look forward to sharing additional data from this trial later this year.”

Mr. Evans continued, “Today, we’re pleased to provide an update on the BEAM-302 Phase 1/2 trial in alpha-1 antitrypsin deficiency, where we have mounting evidence to suggest that BEAM-302 is fundamentally altering the disease to restore the key physiologic functions of alpha-1 antitrypsin with a single course of treatment. Having now dosed 17 patients across four cohorts, all doses tested as of August 1 continue to be well tolerated and resulted in durable, dose-dependent correction of the disease-causing mutation. Treatment with BEAM-302 restored production of functional, corrected M-AAT, as well as markedly reduced the mutant protein, Z-AAT, which is the key contributor to disease manifestations. To finalize dose selection for registrational development, we are expanding the dose exploration phase of Part A and have initiated enrollment in Part B with patients who have mild to moderate liver disease. We look forward to providing a full program update, including data from both parts of the trial and next steps for BEAM-302 development in early 2026. We are committed to rapidly advancing this promising novel therapeutic for AATD patients, who have a significant need for treatments that can address the underlying cause of their disease.”

BEAM-302 Development Progress and Clinical Update

Positive initial safety and efficacy data from the Phase 1/2 trial of BEAM-302 were previously reported in March 2025, establishing clinical proof of concept for BEAM-302 as a potential single-course treatment for AATD through in vivo base editing correction of the causative genetic mutation. Preliminary results for nine patients from the first three single-ascending dose cohorts from Part A of the trial, designed to evaluate BEAM-302 in AATD patients with lung disease, demonstrated that treatment was well tolerated, and single doses of BEAM-302 led to increases in total and functional alpha-1 antitrypsin (AAT) to therapeutic levels, as well as a significant reduction in the mutant protein (Z-AAT), thereby addressing the underlying pathophysiology of both the liver and lung disease.

To finalize dose selection and prepare BEAM-302 for registrational development, Beam has expanded dose exploration in Part A of the Phase 1/2 trial and initiated enrollment in Part B, designed to evaluate AATD patients with mild to moderate liver disease with or without lung disease. In Part A, Beam is enrolling a total of six patients each in the 60 mg and 75 mg cohorts and initiated screening for a multi-dose cohort of two 60 mg doses administered eight weeks apart. Continued dose escalation may be evaluated based on ongoing safety and efficacy findings. In Part B, patients will initially receive 30 mg of BEAM-302, followed by additional dose escalation cohorts.

As of August 1, 2025, a total of 17 patients have been dosed in Part A, with follow-up ranging from three days to 14 months. All adverse events (AEs) were mild to moderate, with no serious AEs and no dose-limiting toxicities reported. All liver transaminase elevations continued to be Grade 1 and resolved to normal without intervention. All infusion-related reactions were mild to moderate. Treatment with BEAM-302 continued to demonstrate restoration of AAT physiology by inducing production of corrected and functional M-AAT, reducing circulating mutant Z-AAT, and correcting the disease-causing mutation in a dose-dependent manner, as measured by the percent change in total circulating AAT from baseline. Changes in total and functional AAT levels and the ratio of circulating M-AAT to Z-AAT continued to be durable for all patients.

Beam expects to finalize dose selection for registrational development based on the totality of data from the BEAM-302 trial. Clinical data from Part A and Part B are expected to be shared in early 2026, along with an updated clinical development plan for BEAM-302 in patients with AATD.

Second Quarter 2025 and Recent Progress

• In July, Beam completed dosing of 30 patients in the BEACON Phase 1/2 study of BEAM-101, an investigational genetically modified cell therapy for the treatment of patients with sickle cell disease (SCD) with severe vaso-occlusive crises (VOCs). In addition, the first adolescent patient has been dosed in the trial. Enrollment is complete in both the adult and adolescent cohorts in BEACON.
• New clinical data with more patients and longer follow-up from the BEACON Phase 1/2 clinical trial of BEAM-101 were presented at the European Hematology Association (EHA) 2025 Congress in June, further supporting its differentiated profile as a potential best-in-class treatment for SCD.
• Also in June, the United States (U.S.) Food and Drug Administration (FDA) granted orphan drug designation to BEAM-101. The designation is designed to support the development and evaluation of treatments for rare diseases.
• In May, the U.S. FDA granted Regenerative Medicine Advanced Therapy (RMAT) designation to BEAM-302. The designation is designed to support the development and evaluation of regenerative medicines, with the intention of addressing serious or life-threatening diseases that have unmet medical needs.
• Also in May, the U.S. FDA granted orphan drug designation to BEAM-302.

Key Anticipated Milestones

Liver-targeted Genetic Disease Franchise

• Beam expects to report data from the dose-escalation portions of Part A and Part B of the BEAM-302 Phase 1/2 trial and provide a clinical development update in early 2026.
• Beam plans to continue dosing in the Phase 1/2 clinical trial of BEAM-301 in glycogen storage disease Ia (GSDIa).

Hematology Franchise

• Beam plans to present updated data from the BEACON Phase 1/2 trial at the end of 2025.
• The company expects to initiate a Phase 1 healthy volunteer clinical trial of BEAM-103, the ESCAPE monoclonal antibody, by the end of 2025.

Second Quarter 2025 Financial Results

• Cash Position: Cash, cash equivalents and marketable securities were $1.2 billion as of June 30, 2025, compared to $850.7 million as of December 31, 2024.
• Research & Development (R&D) Expenses: R&D expenses were $101.8 million for the second quarter of 2025, compared to $87.0 million for the second quarter of 2024.
• General & Administrative (G&A) Expenses: G&A expenses were $26.9 million for the second quarter of 2025, compared to $29.6 million for the second quarter of 2024.
• Net Income (Loss): Net loss was $102.3 million, or $1.00 per share, for the second quarter of 2025, compared to $91.1 million, or $1.11 per share, for the second quarter of 2024.

Cash Runway

Beam expects that its cash, cash equivalents and marketable securities as of June 30, 2025, will enable the company to fund its anticipated operating expenses and capital expenditure requirements into 2028. This expectation includes funding directed toward reaching each of the key anticipated milestones for BEAM-101, ESCAPE, BEAM-301 and BEAM-302 described above.

About Beam Therapeutics

Beam Therapeutics (Nasdaq: BEAM) is a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines. To achieve this vision, Beam has assembled a platform with integrated gene editing, delivery and internal manufacturing capabilities. Beam’s suite of gene editing technologies is anchored by base editing, a proprietary technology that is designed to enable precise, predictable and efficient single base changes, at targeted genomic sequences, without making double-stranded breaks in the DNA. This has the potential to enable a wide range of therapeutic editing strategies that Beam is using to advance a diversified portfolio of base editing programs. Beam is a values-driven organization committed to its people, cutting-edge science, and a vision of providing life-long cures to patients suffering from serious diseases.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned not to place undue reliance on these forward-looking statements, including, but not limited to, statements related to: the therapeutic applications and potential of our technology, including with respect to SCD, AATD, GSDIa, and ESCAPE; our plans, and anticipated timing, to advance our programs, including the clinical trial designs and expectations for BEAM-101, BEAM-103, BEAM-301 and BEAM-302; the sufficiency of our capital resources to fund operating expenses and capital expenditure requirements and the period in which such resources are expected to be available; our plans and anticipated timing to present data from ongoing clinical trials; and our ability to develop life-long, curative, precision genetic medicines for patients through base editing. Each forward-looking statement is subject to important risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement, including, without limitation, risks and uncertainties related to: our ability to develop, obtain regulatory approval for, and commercialize our product candidates, which may take longer or cost more than planned; our ability to raise additional funding, which may not be available; our ability to obtain, maintain and enforce patent and other intellectual property protection for our product candidates; the uncertainty that our product candidates will receive regulatory approval necessary to advance human clinical trials; that preclinical testing of our product candidates and preliminary or interim data from preclinical studies and clinical trials may not be predictive of the results or success of ongoing or later clinical trials; that initiation and enrollment of, and anticipated timing to advance, our clinical trials may take longer than expected; that our product candidates or the delivery modalities we rely on to administer them may cause serious adverse events; that our product candidates may experience manufacturing or supply interruptions or failures; risks related to competitive products; and the other risks and uncertainties identified under the headings “Risk Factors Summary” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Reports on Form 10-Q, and in any subsequent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

Contacts:

Investors:
Holly Manning
Beam Therapeutics
[email protected]

Media:
Josie Butler
1AB
[email protected]

Condensed Consolidated Balance Sheet Data (unaudited) (in thousands)
	June 30, 2025			December 31, 2024
Cash, cash equivalents, and marketable securities	$	1,150,337		$	850,740
Total assets		1,391,157			1,103,824
Total liabilities		344,344			370,279
Total stockholders’ equity		1,046,813			733,545

Condensed Consolidated Statement of Operations (unaudited) (in thousands, except share and per share data)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
License and collaboration revenue	$	8,466			$	11,772			$	15,936			$	19,182
Operating expenses:
Research and development		101,758				87,041				200,574				171,859
General and administrative		26,859				29,626				54,799				56,350
Total operating expenses		128,617				116,667				255,373				228,209
Loss from operations		(120,151	)			(104,895	)			(239,437	)			(209,027	)
Other income (expense):
Change in fair value of derivative liabilities		1,147				5,500				3,407				2,600
Change in fair value of non-controlling equity investments		4,415				(7,586	)			2,334				(10,939	)
Change in fair value of contingent consideration liabilities		(28	)			1,779				(55	)			1,646
Interest and other income (expense), net		12,326				14,190				22,190				26,039
Total other income (expense)		17,860				13,883				27,876				19,346
Net loss before income taxes	$	(102,291	)		$	(91,012	)		$	(211,561	)		$	(189,681	)
Provision for income taxes		—				(39	)			—				(39	)
Net loss	$	(102,291	)		$	(91,051	)		$	(211,561	)		$	(189,720	)
Unrealized gain (loss) on marketable securities		(150	)			(189	)			(669	)			(1,714	)
Comprehensive loss	$	(102,441	)		$	(91,240	)		$	(212,230	)		$	(191,434	)
Net loss per common share, basic and diluted	$	(1.00	)		$	(1.11	)		$	(2.23	)		$	(2.31	)
Weighted-average common shares outstanding, basic and diluted		101,995,184				82,312,467				95,023,977				82,005,550

AC Immune Reports Second Quarter 2025 Financial Results and Provides a Corporate Update

• Three active immunotherapies for precision prevention of neurodegeneration progressing through Phase 2 clinical development
• ACI-7104.056 anti-alpha-synuclein active immunotherapy in Parkinson’s disease produced strong immunogenicity and favorable safety profile in interim results from the ongoing Phase 2 VacSYn reported in April, with further data to come in H2 2025
• Third Alzheimer’s disease cohort (AD3) in the Phase 2 ABATE trial of anti-Abeta ACI-24.060 to reach 12 months of treatment in December 2025, with interim results expected early 2026
• Small molecule NLRP3 program now in IND-enabling studies, highlighting promise in early-stage pipeline
• Cash resources of CHF 127.1 million (USD157.6 million) as of June 30, 2025, provide funding into Q1 2027 excluding any potential milestone payments

Lausanne, Switzerland, August 5, 2025 — AC Immune SA (NASDAQ: ACIU), a clinical-stage biopharmaceutical company pioneering precision therapeutics for neurodegenerative diseases, today reported results for the quarter ended June 30, 2025, and provided a corporate update.

Dr. Andrea Pfeifer, CEO of AC Immune SA, commented: “AC Immune is continuing to progress toward precision prevention of neurodegenerative diseases as we approach multiple value-inflection points through the rest of 2025 and beyond. Our industry symposium during the AD/PD™ conference focused on unlocking active immunotherapy for tailored prevention strategies highlighted the momentum of our three active immunotherapies in Phase 2 development. Interim results on ACI-7104.056, our wholly owned a-syn active immunotherapy, reinforced its best-in-class characteristics, showing strong immunogenicity and a favorable safety profile in early Parkinson’s disease. The two partnered programs, ACI-24.060 and ACI-35.030, are also progressing according to plan. In addition, our Morphomer® small molecule drugs targeting a-syn and tau and Morphomer®-antibody drug conjugates (morADC) were featured in several presentations at AD/PD™ 2025. In our exciting early-stage pipeline, ACI-19764, a novel Morphomer® small molecule inhibitor of NLRP3, has now entered studies to enable an Investigational New Drug (IND) filing.

“Our strong cash position provides funding into 2027, excluding potential milestone payments, and enables us to advance our robust pipeline focused on precision prevention of neurodegenerative diseases. Further interim results from Part 1 of the VacSYn trial of ACI-7104.056 are expected later this year, and the AD3 cohort in the ABATE trial of ACI-24.060 will reach 12 months of treatment around year end, with interim results thereafter. We also expect to file an IND for ACI-19764 this year.”

Q2 2025 and Subsequent Highlights:

• Reported interim safety and positive immunogenicity data from the Phase 2 VacSYn clinical trial evaluating ACI-7104.056, AC Immune’s wholly owned anti-a-syn active immunotherapy candidate, for the treatment of patients with early PD.
  • As presented at AD/PD™ 2025, treatment with ACI-7104.056 induced an average 20-fold increase in anti-a-syn antibodies after four immunizations compared to placebo background level.
  • Based on pharmacodynamic and biomarker interim results to be reported later this year, AC Immune may decide to initiate Part 2 of VacSYn, with the aim of establishing early proof-of-concept and identification of disease-specific biomarkers for rapid transition into a pivotal study.
• AC Immune’s therapeutic and diagnostic programs were featured in multiple presentations at AD/PD™ 2025.
• AC Immune hosted an industry symposium highlighting the company’s industry-leading pipeline of active immunotherapies for precision prevention of neurodegenerative diseases.

Anticipated 2025 Milestones

Program	Milestone	Expected in
ACI-24.060 anti-Abeta active immunotherapy	ABATE Phase 2 trial reaches 12-month treatment timepoint in the AD3 cohort by year end (with interim results reported thereafter)	H2 2025
ACI-7104.056 anti-a-syn active immunotherapy	Interim pharmacodynamic and biomarker results from Part 1 of Phase 2 VacSYn trial in PD	H2 2025
ACI-19764 Small molecule NLRP3 inhibitor	IND/CTA filing	H2 2025
TDP-43 monoclonal antibody	Validated pharmacodynamic assay for clinical readout	H2 2025
Morphomer-Tau aggregation inhibitors	Lead declaration and initiation of IND-enabling studies	H2 2025
Morphomer a-syn aggregation inhibitor	Lead declaration	H2 2025
TDP-43-PET tracer	Initial Phase 1 readout	H2 2025
ACI-15916 a-syn-PET tracer	Phase 1 readout in Parkinson’s disease (PD)	H2 2025

Analysis of Financial Statements for the Quarter Ended June 30, 2025

• Cash Position: The Company had a total cash balance of CHF 127.1 million (CHF 165.5 million as of December 31, 2024), composed of CHF 25.7 million in cash and cash equivalents and CHF 101.4 million in short-term financial assets. The Company’s cash balance provides sufficient capital resources into Q1 2027, excluding potential milestone payments.
• Contract Revenues: The Company recorded CHF 1.3 million in contract revenues for the three months ended June 30, 2025, compared to CHF 0.7 million in the comparable prior period. For the three months ended June 30, 2025, our contract revenues of CHF 1.3 million were related to the efforts made under the agreement with Takeda.
• R&D Expenditures: R&D expenses for the three months ended June 30, 2025, were CHF 16.8 million compared to CHF 17.1 million in the comparable period in 2024. The decrease was primarily due to reduced activity in early-stage discovery programs, as well as lower expenses incurred on ACI-7104.056. These reductions were offset by higher costs in the Morphomer Inflammasome program (ACI-19764).
• G&A Expenditures: G&A expenses, in comparison to the comparable period in 2024, decreased by CHF 0.7 million to CHF 3.9 million for the 3 months ended June, 30, 2025. The decrease was primarily driven by a decrease in legal fees related to business development and licensing activities which were executed in the prior period.
• IFRS Loss for the Period: The Company reported a net loss after taxes of CHF 21.2 million for the three months ended June 30, 2025, compared with a net loss of CHF 22.8 million for the comparable period in 2024.

About AC Immune SA 

AC Immune SA is a clinical-stage biopharmaceutical company and a global leader in precision prevention for neurodegenerative diseases, including Alzheimer’s disease, Parkinson’s disease, and NeuroOrphan indications driven by misfolded proteins. The Company’s two clinically validated technology platforms, SupraAntigen® and Morphomer®, fuel its broad and diversified pipeline of first- and best-in-class assets, which currently features a range of therapeutic and diagnostic programs, including candidates in Phase 2 and Phase 3 development. AC Immune has a strong track record of securing strategic partnerships with leading global pharmaceutical companies, resulting in substantial non-dilutive funding to advance its proprietary programs and >$4.5 billion in potential milestone payments plus royalties.

SupraAntigen® is a registered trademark of AC Immune SA in the following territories: AU, EU, CH, GB, JP, RU, SG and USA. Morphomer® is a registered trademark of AC Immune SA in CN, CH, EU, GB, JP, KR, NO, RU and SG.

The information on our website and any other websites referenced herein is expressly not incorporated by reference into, and does not constitute a part of, this press release.

For further information, please contact:

SVP, Investor Relations & Corporate Communications Gary Waanders, Ph.D., MBA AC Immune Phone: +41 21 345 91 91 Email: [email protected]
International Media Chris Maggos Cohesion Bureau Phone: +41 79 367 6254 Email: [email protected]

Forward looking statements

This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than historical fact and may include statements that address future operating, financial or business performance or AC Immune’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook” or “continue,” and other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include those described under the captions “Item 3. Key Information – Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in AC Immune’s Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and AC Immune does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law. All forward-looking statements are qualified in their entirety by this cautionary statement.

Condensed Consolidated Balance Sheets (Unaudited)

(In CHF thousands)

		As of
		June 30,		December 31,
		2025		2024
Assets
Non-current assets
Property, plant and equipment		2,490		2,651
Right-of-use assets		4,926		5,437
Intangible asset		50,416		50,416
Long-term financial assets		584		415
Total non-current assets		58,416		58,919
Current assets
Prepaid expenses		2,542		4,302
Accrued income		510		1,099
Other current receivables		1,621		1,104
Short-term financial assets		101,413		129,214
Cash and cash equivalents		25,722		36,275
Total current assets		131,808		171,994
Total assets		190,224		230,913
Shareholders’ equity and liabilities
Shareholders’ equity
Share capital		2,236		2,226
Share premium		479,680		478,506
Treasury shares		(218)		(218)
Currency translation differences		4		(5)
Accumulated losses		(406,959)		(368,239)
Total shareholders’ equity		74,743		112,270
Non-current liabilities
Long-term deferred contract revenue		3,596		4,560
Long-term lease liabilities		3,880		4,401
Net employee defined benefit liabilities		9,036		8,844
Total non-current liabilities		16,512		17,805
Current liabilities
Trade and other payables		2,729		2,658
Accrued expenses		11476		12098
Short-term deferred contract revenue		83,725		85,056
Short-term lease liabilities		1,039		1,026
Total current liabilities		98,969		100,838
Total liabilities		115,481		118,643
Total shareholders’ equity and liabilities		190,224		230,913

Condensed Consolidated Statements of Income/(Loss) (Unaudited)

(In CHF thousands, except for per-share data)

	For the Three Months Ended June 30,			For the Six Months Ended June 30,
	2025	2024		2025	2024
Revenue
Contract revenue	1,306	687		2,296	687
Total revenue	1,306	687		2,296	687
Operating expenses
Research & development expenses	(16,826)	(17,138)		(32,742)	(32,303)
General & administrative expenses	(3,896)	(4,551)		(8,334)	(9,522)
Other operating income/(expense), net	28	41		21	109
Total operating expenses	(20,694)	(21,648)		(41,055)	(41,716)
Operating loss	(19,388)	(20,961)		(38,759)	(41,029)
Financial income	458	739		1,145	1,368
Financial expense	(50)	(34)		(103)	(70)
Exchange differences	(2,209)	(2,504)		(2,501)	(891)
Finance result, net	(1,801)	(1,799)		(1,459)	407
Loss before tax	(21,189)	(22,760)		(40,218)	(40,622)
Income tax expense	—	—		—	—
Loss for the period	(21,189)	(22,760)		(40,218)	(40,622)
Loss per share:
Basic and diluted loss per share for the period attributable to equity holders	(0.21)	(0.23)		(0.4)	(0.41)

Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited)

(In CHF thousands)

	For the Three Months Ended June 30,			For the Six Months Ended June 30,
	2025	2024		2025	2024
Loss for the period	(21,189)	(22,760)		(40,218)	(40,622)
Items that will be reclassified to income or loss in subsequent periods (net of tax):
Currency translation differences	4	—		9	16
Items that will not to be reclassified to income or loss in subsequent periods (net of tax):
Remeasurement gains on defined-benefit plans (net of tax)	—	—		—	—
Other comprehensive income/(loss)	4	—		9	16
Total comprehensive loss, net of tax	(21,185)	(22,760)		(40,209)	(40,606)

Attachment

• 20250805__ACIU 2Q25 Earnings PR_Final

• Phase 3 VELA program in hidradenitis suppurativa (HS) on track for an expected primary endpoint readout around September 2025 and an expected submission of a Biologic License Application (BLA) in the United States in mid-2026
• Other clinical trials of sonelokimab in palmoplantar pustulosis (PPP), axial spondyloarthritis (axSpA), psoriatic arthritis (PsA) and adolescent HS progressing well and expected to support a catalyst-rich roadmap over the next 12 months
• Ended the second quarter with $425.1 million in cash, cash equivalents and short-term marketable debt securities with up to an additional $425 million in non-dilutive funds remaining accessible through previously announced debt-facility

ZUG, Switzerland, August 5, 2025 – MoonLake Immunotherapeutics (NASDAQ:MLTX) (“MoonLake” or the “Company”), a clinical-stage biotechnology company focused on creating next-level therapies for inflammatory diseases, today announced its financial results for the second quarter of 2025.

Dr. Jorge Santos da Silva, Chief Executive Officer of MoonLake Immunotherapeutics, said:
“Q2 has been another strong quarter for MoonLake. We narrowed guidance for the timing of the primary endpoint readout for our pivotal Phase 3 VELA program in HS to around September and look forward to submitting the data for presentation at a key scientific congress in the fourth quarter of this year. Additionally, we delivered an earlier-than-expected interim readout of the Phase 2 LEDA trial in PPP, which provides further validation on the potential of sonelokimab, which we believe derisks the overall development of the asset. Our commitment to delivering real-world benefits to patients remains unwavering and we look forward to a critical quarter ahead with significant milestones expected.”

Q2 highlights (including post-period end):

• Announced non-dilutive financing with Hercules Capital of up to $500 million in committed non-dilutive capital, extending the expected cash runway into 2028 and providing funding for the next steps of the Company’s growth, including the expected launch of sonelokimab in 2027, additional clinical trials and further investments for growth
• Conducted a Capital Markets Update both in-person in New York and virtually, which provided:
  • Details on the up to $500 million non-dilutive financing agreement with Hercules Capital, which strengthens the Company’s financial position and supports the clinical and commercial objectives while preserving shareholder value
  • Baseline characteristics of the Phase 3 VELA program and its comparability to the Phase 2 MIRA trial and other competitor trials, as well as narrowed guidance with respect to the timing of the primary endpoint readout
  • An earlier-than-expected interim readout of the Phase 2 LEDA trial, the first clinical trial in PPP for an IL-17A and IL-17F inhibitor, which we believe further derisks the overall development of the asset and highlights the potential of sonelokimab in the evolving PPP market
  • Views on market opportunities featuring insights from recent data analyses, competitor performance and strategic imperatives for the Company

•   Shared data from the Phase 2 ARGO trial in PsA with the rheumatology community at the European Congress of Rheumatology (EULAR) in Barcelona, Spain

Second quarter 2025 financial results

As of June 30, 2025, MoonLake held cash, cash equivalents and short-term marketable debt securities of $425.1 million. Research and development expenses for the quarter ended June 30, 2025, were $49.8 million, compared to $36.5 million in the previous quarter. The increase of $13.3 million was driven by increases in expenses with contract research organizations and contract manufacturing organizations, as well as consulting expenses and personnel-related costs, all to support the further ramp-up of MoonLake’s clinical trials and preparations for the anticipated submission of the BLA for sonelokimab in mid-2026. General and administrative expenses for the quarter ended June 30, 2025 were $10.9 million, similar to the $11.0 million incurred in the previous quarter.

Matthias Bodenstedt, Chief Financial Officer at MoonLake Immunotherapeutics, said:
“MoonLake is in a robust financial position as we approach our first Phase 3 data readout for HS. The $500 million non-dilutive financing from Hercules Capital has significantly bolstered our cash position and enables us to confidently fund the launch of sonelokimab in 2027. This strengthened financial position also enables us to advance additional clinical trials and make further strategic investments to support our continued growth. With this solid backing, MoonLake is well positioned to deliver future value.”

Important upcoming anticipated milestones for MoonLake:  

• Around September 2025: R&D Day to present top-line results for the HS Phase 3 VELA program
• Q4 2025: Primary endpoint readout of the Phase 2 LEDA trial in PPP
• Q1 2026: Primary endpoint readout of the Phase 2 S-OLARIS trial in axSpA
• H1 2026: Primary endpoint readout of Phase 3 VELA-TEEN trial in adolescent HS
• H1 2026: Primary endpoint readout of Phase 2 IZAR trial in PsA

Upcoming investor and medical conferences:

• European Academy of Dermatology and Venerology (EADV): 17-20 September, Paris, France
• Fall Clinical Dermatology Conference, 23-26 October, Las Vegas, US
• American Academy of Rheumatology (ACR): 24-29 October, Chicago, US
• Symposium on HS Advances (SHSA): 31 October – 2 November, Nashville, US
• Guggenheim 2nd Annual Healthcare Innovation Conference, 10-12 November, Boston, US
• Inflammatory Skin Disease Summit (ISDS): 12-15 November, New York, US
• Jefferies London Healthcare Conference, 17-20 November, London, UK
• Citi Annual Global Healthcare Conference, 2-4 December, Miami, US
• 8^th Annual Evercore Healthcare Conference, 2-4 December, Coral Gables, Florida, US
• HS Academy, 5-7 December, Charlotte, US

-Ends-

About MoonLake Immunotherapeutics

MoonLake Immunotherapeutics is a clinical-stage biopharmaceutical company unlocking the potential of sonelokimab, a novel investigational Nanobody^® for the treatment of inflammatory disease, to revolutionize outcomes for patients. Sonelokimab inhibits IL-17A and IL-17F by inhibiting the IL-17A/A, IL-17A/F, and IL-17F/F dimers that drive inflammation. The Company’s focus is on inflammatory diseases with a major unmet need, including hidradenitis suppurativa and psoriatic arthritis – conditions affecting millions of people worldwide with a large need for improved treatment options. MoonLake was founded in 2021 and is headquartered in Zug, Switzerland. Further information is available at www.moonlaketx.com.

About Nanobodies

^®


Nanobodies^® represent a new generation of antibody-derived targeted therapies. They consist of one or more domains based on the small antigen-binding variable regions of heavy-chain-only antibodies (VHH). Nanobodies^® have a number of potential advantages over traditional antibodies, including their small size, enhanced tissue penetration, resistance to temperature changes, ease of manufacturing, and their ability to be designed into multivalent therapeutic molecules with bespoke target combinations.
The terms Nanobody^® and Nanobodies^® are trademarks of Ablynx, a Sanofi company.

About Sonelokimab

Sonelokimab (M1095) is an investigational ~40 kDa humanized Nanobody^® consisting of three VHHs covalently linked by flexible glycine-serine spacers. With two domains, sonelokimab selectively binds with high affinity to IL-17A and IL-17F, thereby inhibiting the IL-17A/A, IL-17A/F, and IL-17F/F dimers. A third central domain binds to human albumin, facilitating further enrichment of sonelokimab at sites of inflammatory edema.

Sonelokimab is being assessed in two lead indications, hidradenitis suppurativa (HS) and psoriatic arthritis (PsA), and the Company is pursuing other indications in dermatology and rheumatology, including adolescent HS, palmoplantar pustulosis (PPP) and axial spondyloarthritis (axSpA).

For adults with HS, sonelokimab is being assessed in the Phase 3 trials, VELA-1 and VELA-2, following the successful outcome of MoonLake’s end-of-Phase 2 interactions with the FDA and as well as positive feedback from its interactions with the EMA announced in February 2024. In June 2023, topline results of the MIRA trial (NCT05322473) at 12 weeks showed that the trial met its primary endpoint, the Hidradenitis Suppurativa Clinical Response (HiSCR) 75, which is a higher measure of clinical response versus the HiSCR50 measure used in other clinical trials, setting a landmark milestone. In October 2023, the full dataset from the MIRA trial at 24 weeks showed that maintenance treatment with sonelokimab led to further improvements in HiSCR75 response rates and other high threshold clinical and patient relevant outcomes. The safety profile of sonelokimab in the MIRA trial was consistent with previous trials with no new safety signals detected.

Sonelokimab is currently undergoing evaluation in the VELA-TEEN Phase 3 trial, which is the first clinical study specifically focused on adolescent patients with moderate-to-severe HS.

For PsA, sonelokimab is being assessed in the Phase 3 trials, IZAR-1 and IZAR-2, following the announcement in March 2024 of the full dataset from the global Phase 2 ARGO trial (M1095-PSA-201) evaluating the efficacy and safety of the Nanobody^® sonelokimab over 24 weeks in patients with active PsA. Significant improvements were observed across all key outcomes, including approximately 60% of patients treated with sonelokimab achieving an American College of Rheumatology (ACR) 50 response and Minimal Disease Activity (MDA) at week 24. This followed the positive top-line results in November 2023, where the trial met its primary endpoint with a statistically significant greater proportion of patients treated with either sonelokimab 60mg or 120mg (with induction) achieving an ACR50 response compared to those on placebo at week 12. All key secondary endpoints in the trial were met for the 60mg and 120mg doses with induction. The safety profile of sonelokimab in the ARGO trial was consistent with previous trials with no new safety signals detected.

Sonelokimab is also being assessed in the Phase 2 LEDA trial, which is ongoing for PPP, a debilitating inflammatory skin condition affecting a significant number of patients.

Additionally, Sonelokimab is being assessed in the ongoing Phase 2 S-OLARIS trial for active axSpA. The trial features an innovative design complementing traditional clinical outcomes with cellular imaging techniques.

Sonelokimab has also been assessed in a randomized, placebo-controlled third-party Phase 2b trial (NCT03384745) in 313 patients with moderate-to-severe plaque-type psoriasis. High threshold clinical responses (Investigator’s Global Assessment Score 0 or 1, and Psoriasis Area and Severity Index 90/100) were observed in patients with moderate-to-severe plaque-type psoriasis. Sonelokimab was generally well tolerated, with a safety profile similar to the active control, secukinumab (Papp KA, et al. Lancet. 2021; 397:1564-1575).

In an earlier third-party Phase 1 trial in patients with moderate-to-severe plaque-type psoriasis, sonelokimab has been shown to decrease (to normal skin levels) the cutaneous gene expression of pro-inflammatory cytokines and chemokines (Svecova D. J Am Acad Dermatol. 2019;81:196–203).

About the VELA program

The Phase 3 VELA program is expected to enroll 800 patients across VELA-1 (NCT0641189) and VELA-2 (NCT06411379). Both global, randomized, double-blind, and placebo-controlled trials are identical in design evaluating the efficacy and safety of the Nanobody^® sonelokimab, administered subcutaneously, in adult patients with active moderate-to-severe hidradenitis suppurativa. Similar to the design of the landmark Phase 2 MIRA trial, the primary endpoint is the percentage of participants achieving Hidradenitis Suppurativa Clinical Response (HiSCR) 75, defined as a ≥75% reduction in total abscess and inflammatory nodule (AN) count with no increase in abscess or draining tunnel count relative to baseline. The trials will also evaluate a number of secondary endpoints, including the proportion of patients achieving HiSCR50, the change from baseline in International Hidradenitis Suppurativa Severity Score System (IHS4), the proportion of patients achieving a Dermatology Life Quality Index (DLQI) total reduction of ≥4, the proportion of patients achieving at least 50% reduction from baseline in Numerical Rating Scale (NRS50) in the Patient’s Global Assessment of Skin Pain (PGA Skin Pain) and complete resolution of Draining Tunnels (DT100). Further details are available under NCT06411899 and NCT06411379 at www.clinicaltrials.gov.

About the VELA-TEEN trial

The Phase 3 VELA-TEEN trial is an open-label, single-arm trial designed to evaluate sonelokimab 120mg administered subcutaneously once every two weeks (Q2W) until week six and once every four weeks (Q4W) from week eight onwards. The trial aims to enroll 30-40 adolescents, aged 12-17, with moderate-to-severe hidradenitis suppurativa, from U.S. sites experienced in clinical trials and pediatric dermatology. The primary trial phase will be 24 weeks with a primary endpoint evaluating the pharmacokinetics, safety, and tolerability of sonelokimab. VELA-TEEN will also evaluate several secondary endpoints, including the proportion of patients achieving the higher clinical response measure of the Hidradenitis Suppurativa Clinical Response Score (HiSCR) 75, in addition to HiSCR50. Other outcomes are the change from baseline in the International Hidradenitis Suppurativa Severity Score System (IHS4), which includes the quantitative measure of draining tunnels, and the proportion of patients achieving a meaningful reduction of the Children’s Dermatology Life Quality Index (CDLQI) and the Patients Global Assessment of Skin Pain (PGA Skin Pain). Further details are available under NCT06768671 at www.clinicaltrials.gov.

About Hidradenitis Suppurativa

Hidradenitis suppurativa (HS) is a severely debilitating chronic skin condition resulting in irreversible tissue destruction. HS manifests as painful inflammatory skin lesions, typically around the armpits, groin, and buttocks. Over time, uncontrolled and inadequately treated inflammation can result in irreversible tissue destruction and scarring. The disease affects an estimated 2% of the population, with three times more females affected than males. Real-world data in the United States indicates that at least 2 million unique patients have been diagnosed with and treated for HS between 2016 and 2023 alone, highlighting a significant unmet need and impact on healthcare systems, and a market opportunity projected to reach $15bn by 2035. Onset typically occurs in early adulthood and HS has a profound negative impact on quality of life, with a higher morbidity than other dermatologic conditions. There is increasing scientific evidence to support IL-17A- and IL-17F-mediated inflammation as a key driver of the pathogenesis of HS, with other identified risk factors including genetics, cigarette smoking, and obesity.

About the IZAR Program

IZAR-1 (NCT06641076) and IZAR-2 (NCT06641089) are global, randomized, double-blind, placebo-controlled Phase 3 trials designed to evaluate the efficacy and safety of sonelokimab compared with placebo in a total of approximately 1,500 adults with active psoriatic arthritis (PsA), with a primary endpoint of superiority to placebo in American College of Rheumatology (ACR) 50 response at Week 16. IZAR-1 is expected to enroll biologic-naïve patients and include an evaluation of radiographic progression, while IZAR-2 is expected to enroll patients with an inadequate response to tumor necrosis factor-α inhibitors (TNF-IR) — reflecting patients commonly seen in clinical practice — and is the first PsA trial to include a risankizumab active reference arm. Both trials will also assess a range of secondary endpoints reflecting the multiple disease manifestations characteristic of PsA. These include skin and nail outcomes, multidomain outcomes, and patient-reported outcome measures such as pain and quality of life assessments. Further details are available under NCT06641076 and NCT06641089 at www.clinicaltrials.gov.

About Psoriatic Arthritis

Psoriatic arthritis (PsA) is a chronic, progressive and complex inflammatory disease that manifests across multiple domains, leading to substantial functional impairment and decreased quality of life. The clinical features of PsA are diverse, comprising both musculoskeletal (peripheral arthritis, spondylitis, dactylitis, and enthesitis) and non-musculoskeletal (skin and nail disease) domains. PsA occurs in up to 30% of patients with psoriasis, most commonly those aged between 30 and 60 years. Although the exact mechanism of disease is not fully understood, evidence suggests that activation of the IL-17 pathway plays an important role in the disease pathophysiology.

About the S-OLARIS trial

S-OLARIS is an open-label Phase 2 proof-of-concept trial aiming to investigate sonelokimab 60mg administered subcutaneously in approximately 25 patients with active axial spondyloarthritis (axSpA). The primary endpoint is the change from baseline (CfB) at week 12 in the uptake of 18F-NaF in the sacroiliac joints and spine using PET in combination with MRI imaging. Throughout the trial, several other endpoints will be assessed including established clinical disease activity outcomes (e.g., ASAS), scores related to physical function, spinal mobility, and enthesitis as well as patient reported outcomes. The trial also includes an exploratory peripheral blood and tissue biomarker program.

About Axial Spondyloarthritis

Axial Spondyloarthritis (axSpA) typically impacts young people, with diagnosis based on chronic inflammatory back pain lasting more than three months with onset under 45 years of age. Advanced disease can lead to progressive and pathologic bone formation and joint fusion, severely limiting spinal mobility. Global reported prevalence of axSpA ranges from 0.5% to 1.5%. AxSpA can be categorized by disease progression into two subtypes: non-radiographic axSpA and ankylosing spondylitis (AS), also known as radiographic axSpA, which is diagnosed based on radiographic evidence of structural changes to the sacroiliac joints. Patients with axSpA experience fatigue, persistent morning stiffness, and pain that worsens at night and can disrupt sleep. Many patients also face the burden of comorbidities such as psoriatic arthritis and psoriasis. Studies have found elevated IL-17 levels in the blood and synovial fluid of patients with axSpA, and IL-17A and IL-17F are both thought to be key contributors to pathogenesis across the spondyloarthropathies.

About the LEDA Trial

The LEDA trial is a Phase 2 trial designed to evaluate the efficacy and safety of sonelokimab 120mg administered subcutaneously in adult patients with palmoplantar pustulosis (PPP). The primary endpoint of the trial is percent change from baseline in Palmoplantar Psoriasis Area and Severity Index (ppPASI) with important secondary endpoints including ppPASI75 (at least 75% improvement in the ppPASI). The LEDA trial features an innovative translational research program using peripheral blood and tissue biomarkers as trial controls.

The trial design has been informed by previous successful studies of sonelokimab, including the landmark Phase 2 MIRA trial in hidradenitis suppurativa, which identified the optimal dosing and demonstrated the potential of sonelokimab to target deep tissue inflammation effectively.

About Palmoplantar Pustulosis

Palmoplantar Pustulosis (PPP) is characterized by the development of blister-like pustules within erythematous, scaly plaques on the palms and the soles of the feet. PPP typically develops in adulthood, more frequently impacts females. Patients frequently experience significant pain, burning, and itching sensations on the palms and soles of the feet which can be debilitating and impair their ability to work, sleep, or perform other activities of daily living. Currently, the treatment of PPP is challenging with a significant unmet need for novel therapies to reduce the symptom burden for patients. Evidence suggests that activation of the IL-17 pathway has an important role in disease pathophysiology.

Cautionary Statement Regarding Forward Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding MoonLake’s expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, statements regarding: the anticipated timing of clinical trials and timing of the results from those trials, including the Phase 3 VELA trials in adult HS, the Phase 3 VELA-TEEN trial in adolescent HS, the Phase 3 IZAR trials in PsA, the Phase 2 LEDA trial in PPP and the Phase 2 S-OLARIS trial in axSpA; the anticipated timing of filing of a BLA in the United States; the efficacy and safety of sonelokimab for the treatment of adult HS, adolescent HS, axSpA, PsA and PPP, including in comparison to existing standards or care or other competing therapies, clinical trials and research and development programs; potential market opportunities for sonelokimab; and MoonLake’s anticipated cash position. 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. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking.

Forward-looking statements are based on current expectations and assumptions that, while considered reasonable by MoonLake and its management, as the case may be, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with MoonLake’s business in general and limited operating history, difficulty enrolling patients in clinical trials, state and federal healthcare reform measures that could result in reduced demand for MoonLake’s product candidates, reliance on third parties to conduct and support its preclinical studies and clinical trials, the impact of general economic, health, industrial or political conditions in the United States or internationally, including recently announced tariffs and potential additional tariffs, FDA and comparable foreign regulatory authorities changes in leadership or policies or issuing additional regulations or revising existing regulations, and the other risks described in or incorporated by reference into MoonLake’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the Securities and Exchange Commission, including MoonLake’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. MoonLake does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or in the events, conditions or circumstances on which any such statement is based.

Contacts:

MoonLake Immunotherapeutics Media & Investors Relations

Carla Bretes, Director IR & External Communications
[email protected]

ICR Healthcare

Mary-Jane Elliott, Namrata Taak, Ashley Tapp
Tel: +44 (0) 20 3709 5700
[email protected]

MOONLAKE IMMUNOTHERAPEUTICS

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)		June 30, 2025 (Unaudited)		March 31, 2025 (Unaudited)
Assets
Current assets
Cash and cash equivalents		$        306,681		$        271,566
Short-term marketable debt securities		118,402		208,564
Other receivables		3,409		2,988
Prepaid expenses		26,989		23,146
Total current assets		455,481		506,264
Non-current assets
Operating lease right-of-use assets		2,251		2,589
Property and equipment, net		667		711
Other non-current assets		1,697		1,698
Total non-current assets		4,615		4,998
Total assets		$        460,096		$        511,262
Liabilities and Equity
Current liabilities
Trade and other payables		$        17,079		$        12,006
Accrued expenses and other current liabilities		8,732		10,543
Short-term portion of operating lease liabilities		1,550		1,432
Total current liabilities		27,361		23,981
Non-current liabilities
Long-term debt		73,381		73,022
Long-term portion of operating lease liabilities		836		1,142
Pension liability		574		536
Total non-current liabilities		74,791		74,700
Total liabilities		102,152		98,681
Shareholders’ equity
Class A Ordinary Shares: $0.0001 par value per share; 500,000,000 shares authorized; 63,474,253 shares issued and outstanding as of June 30, 2025; 63,474,253 shares issued and outstanding as of March 31, 2025		6		6
Class C Ordinary Shares: $0.0001 par value per share; 100,000,000 shares authorized; 729,320 shares issued and outstanding as of June 30, 2025; 729,320 shares issued and outstanding as of March 31, 2025		—		—
Additional paid-in capital		683,962		680,664
Accumulated deficit		(330,757)		(275,537)
Accumulated other comprehensive income		520		2,387
Total shareholders’ equity		353,731		407,520
Noncontrolling interests		4,213		5,061
Total equity		357,944		412,581
Total liabilities and equity		$        460,096		$        511,262

MOONLAKE IMMUNOTHERAPEUTICS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(in thousands, except share and per share data)		Three Months Ended June 30, 2025		Three Months Ended March 31, 2025
Operating expenses
Research and development		$        (49,762)		$        (36,459)
General and administrative		(10,936)		(11,026)
Total operating expenses		(60,698)		(47,485)
Operating loss		(60,698)		(47,485)
Interest expense		(2,037)		(18)
Other income, net		6,779		7,097
Loss before income tax		(55,956)		(40,406)
Income tax expense		(95)		(153)
Net loss		$        (56,051)		$        (40,559)
Of which: net loss attributable to controlling interests shareholders		(55,220)		(39,944)
Of which: net loss attributable to noncontrolling interests shareholders		(831)		(615)
Net unrealized loss on marketable securities and short-term investments		(1,908)		(2,756)
Actuarial gain on employee benefit plans		13		95
Other comprehensive loss		(1,895)		(2,661)
Comprehensive loss		$        (57,946)		$        (43,220)
Comprehensive loss attributable to controlling interests shareholders		(57,087)		(42,564)
Comprehensive loss attributable to noncontrolling interests		(859)		(656)
Weighted-average number of Class A Ordinary Shares, basic and diluted		63,282,728		63,233,788
Basic and diluted net loss per share attributable to controlling interests shareholders		$        (0.87)		$        (0.63)

• $225 million oversubscribed 5-year facility placed in July with five participating lenders and option to increase up to $300 million.
• Record revenue of $98.0 million in the second quarter, representing an increase of 47% year-over-year.
• Charging network revenue totaled a record $51.8 million in the second quarter, an increase of 46% year-over-year, representing the 14^th consecutive quarter of double-digit year-over-year charging revenue growth.
• Network throughput reached 88 gigawatt-hours (“GWh”) in the second quarter, an increase of 35% year-over-year.
• Added more than 240 new operational stalls during the second quarter.
• Ended the second quarter with 4,350 stalls in operation.

LOS ANGELES, Aug. 05, 2025 (GLOBE NEWSWIRE) — EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the second quarter ended June 30, 2025. Management will host a webcast today at 8 a.m. ET / 5 a.m. PT to discuss EVgo’s results and other business highlights.

“EVgo delivered another record quarter powered by strong operational performance, improved operating efficiencies and focused execution on our financial initiatives,” said Badar Khan, EVgo’s CEO. “Our groundbreaking financing transaction marks the first of its kind in our sector, and will help accelerate stall growth and further EVgo’s position as an industry leader built for long-term success. As we look to the second half of the year, we remain fully focused on shareholder value creation by continuing to improve profitability, invest in future growth, deliver value to our customers and build on our financial momentum to move closer to our goal of achieving Adjusted EBITDA breakeven for the full year.”

Business Highlights

• Commercial Loan Facility: On July 23, 2025, EVgo secured a commercial bank financing facility (the “Facility”) of up to $300 million, with $225 million committed and $75 million of incremental availability. Proceeds of the Facility will be used to accelerate EVgo’s nationwide deployment of high-power charging infrastructure by over 1,500 new fast charging stalls.
• Stall Development: The Company ended the second quarter with 4,350 stalls in operation. EVgo added more than 240 new DC fast charging stalls during the quarter and removed 100 legacy stalls as part of its ongoing EVgo ReNew™ efforts.
• Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 281 kilowatt hours per day in the second quarter of 2025, an increase of 22% compared to 230 kilowatt hours per day in the second quarter of 2024.
• EVgo Autocharge+: Autocharge+ accounted for 28% of total charging sessions initiated in the second quarter of 2025.
• Customer Accounts: Added over 122,000 new customer accounts in the second quarter, with a total of 1.5 million total customer accounts at the end of the quarter.
• J3400 (NACS) Connectors: Second pilot site with native NACS connectors became operational in June 2025. Additional locations anticipated to be added throughout 2025.
• PlugShare: PlugShare reached 6.9 million registered users and achieved 9.7 million check-ins since inception.

Financial & Operational Highlights

The below represent summary financial and operational figures for the second quarter of 2025.

• Revenue of $98.0 million
• Network Throughput
  ¹ of 88 gigawatt-hours
• Customer Account Additions of over 122,000 accounts
• Gross Profit of $13.9 million
• Net Loss Attributable to Class A Common Stockholders of $13.0 million
• Adjusted Gross Profit
  ² of $28.4 million
• Adjusted EBITDA
  ² of ($1.9) million
• Net Cash Provided by Operating Activities of $14.1 million
• Capital Expenditures of $26.2 million
• Capital Expenditures, Net of Capital Offsets
  ² of $17.1 million

¹ Network throughput for EVgo public network excludes dedicated and eXtend™ sites.

² Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release.

(unaudited, dollars in thousands)		Q2’25				Q2’24				Better (Worse)				Q2’25 YTD				Q2’24 YTD				Better (Worse)
Network Throughput (GWh)			88				65			35	%				172				117			47	%
Revenue		$	98,030			$	66,619			47	%			$	173,317			$	121,777			42	%
Gross profit		$	13,908			$	6,398			117	%			$	23,231			$	13,239			75	%
Gross margin			14.2	%			9.6	%		460 bps					13.4	%			10.9	%		250 bps
Net loss		$	(29,821	)		$	(29,610	)		(1	)%			$	(56,048	)		$	(57,803	)		3	%
Adjusted Gross Profit¹		$	28,359			$	17,658			61	%			$	53,729			$	34,945			54	%
Adjusted Gross Margin 1			28.9	%			26.5	%		240 bps					31.0	%			28.7	%		230 bps
Adjusted EBITDA1		$	(1,933	)		$	(7,982	)		76	%			$	(7,862	)		$	(15,189	)		48	%
1 Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted EBITDA are non-GAAP measures and have not been prepared in accordance with GAAP. For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in these materials.

(unaudited, dollars in thousands)		Q2’25			Q2’24			Change				Q2’25 YTD			Q2’24 YTD				Change
Cash flows provided by (used in) operating activities		$	14,089		$	7,556		86	%			$	3,843		$	(6,526	)		159	%
GAAP capital expenditures		$	26,199		$	24,196		8	%			$	41,191		$	45,267			(9	)%
Less capital offsets:
OEM infrastructure payments			1,898			5,956		(68	)%				6,873			11,782			(42	)%
Proceeds from capital-build funding			7,180			4,459		61	%				9,051			6,139			47	%
Total capital offsets			9,078			10,415		(13	)%				15,924			17,921			(11	)%
Capital Expenditures, Net of Capital Offsets1		$	17,121		$	13,781		24	%			$	25,267		$	27,346			(8	)%
1 Capital Expenditures, Net of Capital Offsets is a non-GAAP measure and has not been prepared in accordance with GAAP. For a definition of this non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in these materials.

		6/30/2025			6/30/2024			Increase
Stalls in operation:
EVgo public network1			3,480			3,190		9	%
EVgo dedicated network2			110			40		175	%
EVgo eXtend™			760			190		300	%
Total stalls in operation			4,350			3,420		27	%
1 Stalls on publicly available chargers at charging stations that we own and operate on our network.
2 Stalls at charging stations that we own and operate on our network that are only available to dedicated fleet customers.

2025 Financial Guidance

EVgo is updating guidance as follows:

• Total revenue guidance of $350 – $380 million
• Adjusted EBITDA^* of $(5) million – $10 million

* A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.

Webcast Information

A live audio webcast for EVgo’s second quarter 2025 results will be held today at 8 a.m. ET / 5 a.m. PT. The webcast will be available at investors.evgo.com.

This press release, along with other investor materials that will be used or referred to during the webcast, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.

About EVgo

EVgo (Nasdaq: EVGO) is one of the nation’s leading public fast charging providers. With more than 1,100 fast charging stations across over 40 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.

Forward-Looking Statements

This press 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. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “assume” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, those perceived as express or implied statements regarding EVgo’s future financial and operating performance; EVgo’s future profitability and priorities, including achieving breakeven Adjusted EBITDA; the Facility, including expectations regarding its impact on stall growth and the Facility’s effect on EVgo’s financial performance; EVgo’s development of next generation charging architecture; and EVgo’s progress on its network buildout. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including changes adversely affecting EVgo’s business; EVgo’s dependence on the widespread adoption of electric vehicles (“EVs”) and growth of the EV and EV charging markets; EVgo’s reliance on existing project finance for the growth of its business, its ability to fully draw on its debt financing from the U.S. Department of Energy (the “DOE Loan”) and its ability to comply with the covenants and other terms thereof; competition from existing and new competitors; EVgo’s ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo’s services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo’s revenue and operating results; unfavorable conditions or disruptions in the capital and credit markets and EVgo’s ability to obtain additional financing on commercially reasonable terms; EVgo’s ability to generate cash, service indebtedness and incur additional indebtedness; evolving domestic and foreign government laws, regulations, rules and standards that impact EVgo’s business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs, such as the enactment of the One Big Beautiful Bill Act of 2025, which addresses, among other things, the termination of the Alternative Fuel Vehicle Refueling Property Credit, other changes in policy under the current administration and 119th Congress and the potential changes in tariffs or sanctions and escalating trade wars; EVgo’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo’s expansion plans, including permitting and utility-related delays; EVgo’s ability to integrate any businesses it acquires; EVgo’s ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo’s dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, elevated rates of inflation and other increases in expenses, including as a result of the implementation of tariffs by the U.S. and other countries; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo’s ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants, original equipment manufacturers, fleet operators and suppliers; EVgo’s ability to maintain, protect and enhance EVgo’s intellectual property; EVgo’s ability to identify and complete suitable acquisitions or other strategic transactions to meet its goals and integrate key businesses it acquires; and the impact of general economic or political conditions, including associated changes in U.S. fiscal and monetary policy such as elevated interest rates, changing tariff and taxation policies, and geopolitical events such as the conflicts in Ukraine and the Middle East. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) including its most recent Annual Report on Form 10-K, as well as its other SEC filings, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.

Financial Statements

EVgo Inc. and Subsidiaries Condensed Consolidated Balance Sheets
		June 30, 2025				December 31, 2024
(in thousands)		(unaudited)
Assets
Current assets
Cash and cash equivalents		$	154,468			$	117,273
Restricted cash, current			22,425				3,239
Accounts receivable, net of allowance of $1,292 and $1,196 as of June 30, 2025 and December 31, 2024			31,860				45,849
Accounts receivable, capital-build			16,239				17,732
Prepaids and other current assets			27,386				21,282
Total current assets			252,378				205,375
Restricted cash, noncurrent			6,484				—
Property, equipment and software, net			415,714				414,968
Operating lease right-of-use assets			93,879				89,295
Other assets			30,273				24,321
Intangible assets, net			34,877				38,750
Goodwill			31,052				31,052
Total assets		$	864,657			$	803,761
Liabilities, redeemable noncontrolling interest and stockholders’ deficit
Current liabilities
Accounts payable		$	9,828			$	13,031
Accrued liabilities			53,381				42,953
Operating lease liabilities, current			7,039				7,326
Deferred revenue, current			45,890				46,258
Other current liabilities			2,013				1,842
Total current liabilities			118,151				111,410
Operating lease liabilities, noncurrent			87,792				83,043
Asset retirement obligations			25,597				23,793
Capital-build liability			53,273				51,705
Deferred revenue, noncurrent			70,609				70,466
Earnout liability, at fair value			374				942
Warrant liabilities, at fair value			4,036				9,740
Other long-term liabilities			7,705				8,931
Long-term debt			96,540				—
Total liabilities			464,077				360,030
Commitments and contingencies

Redeemable noncontrolling interest		$	630,720			$	699,840
Stockholders’ deficit
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024; none issued and outstanding			—				—
Class A common stock, $0.0001 par value; 1,200,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 133,526,365 and 129,973,698 shares issued and outstanding (excluding 718,750 shares subject to possible forfeiture) as of June 30, 2025 and December 31, 2024, respectively			13				13
Class B common stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 172,800,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024			17				17
Accumulated deficit			(230,170	)			(256,139	)
Total stockholders’ deficit			(230,140	)			(256,109	)
Total liabilities, redeemable noncontrolling interest and stockholders’ deficit		$	864,657			$	803,761

EVgo Inc. and Subsidiaries Condensed Consolidated Statements of Operations (unaudited)
		Three Months Ended June 30,											Six Months Ended June 30,
(in thousands, except per share data)		2025				2024				Change %			2025				2024				Change %
Revenue
Charging, retail		$	32,779			$	22,336			47	%		$	62,794			$	40,662			54	%
Charging, commercial¹			8,573				6,176			39	%			16,356				11,283			45	%
Charging, OEM			7,908				3,638			117	%			13,166				6,370			107	%
Regulatory credit sales			2,450				1,749			40	%			5,236				3,783			38	%
Network, OEM			118				1,627			(93	)%			1,374				5,050			(73	)%
Total charging network			51,828				35,526			46	%			98,926				67,148			47	%
eXtend			37,385				27,667			35	%			60,873				46,818			30	%
Ancillary¹			8,817				3,426			157	%			13,518				7,811			73	%
Total revenue			98,030				66,619			47	%			173,317				121,777			42	%
Cost of sales
Charging network¹			32,545				23,056			41	%			62,154				41,766			49	%
Other¹			37,235				26,016			43	%			57,635				45,264			27	%
Depreciation, net of capital-build amortization			14,342				11,149			29	%			30,297				21,508			41	%
Total cost of sales			84,122				60,221			40	%			150,086				108,538			38	%
Gross profit			13,908				6,398			117	%			23,231				13,239			75	%
Operating expenses
General and administrative			40,596				33,827			20	%			79,224				68,053			16	%
Depreciation, amortization and accretion			4,124				4,958			(17	)%			8,219				9,943			(17	)%
Total operating expenses			44,720				38,785			15	%			87,443				77,996			12	%
Operating loss			(30,812	)			(32,387	)		5	%			(64,212	)			(64,757	)		1	%
Interest expense			(909	)			—			*				(1,426	)			—			*
Interest income			1,718				2,064			(17	)%			3,412				4,337			(21	)%
Other income (expense), net			5				(8	)		163	%			—				(17	)		100	%
Change in fair value of earnout liability			(180	)			101			(278	)%			568				309			84	%
Change in fair value of warrant liabilities			360				677			(47	)%			5,704				2,395			138	%
Total other income, net			994				2,834			(65	)%			8,258				7,024			18	%
Loss before income tax expense			(29,818	)			(29,553	)		(1	)%			(55,954	)			(57,733	)		3	%
Income tax expense			(3	)			(57	)		95	%			(94	)			(70	)		(34	)%
Net loss			(29,821	)			(29,610	)		(1	)%			(56,048	)			(57,803	)		3	%
Less: net loss attributable to redeemable noncontrolling interest			(16,823	)			(19,233	)		13	%			(31,688	)			(37,593	)		16	%
Net loss attributable to Class A common stockholders		$	(12,998	)		$	(10,377	)		(25	)%		$	(24,360	)		$	(20,210	)		(21	)%
Net loss per share to Class A common stockholders, basic and diluted		$	(0.10	)		$	(0.10	)					$	(0.18	)		$	(0.19	)
Weighted average Class A common stock outstanding, basic and diluted			133,484				105,584							132,644				105,130
* Percentage not meaningful
¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.

EVgo Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (unaudited)
		Six Months Ended June 30,
(in thousands)		2025				2024
Cash flows from operating activities
Net loss		$	(56,048	)		$	(57,803	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation, amortization and accretion			38,516				31,451
Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense			4,518				5,497
Share-based compensation			12,525				10,103
Change in fair value of earnout liability			(568	)			(309	)
Change in fair value of warrant liabilities			(5,704	)			(2,395	)
Paid-in-kind interest, amortization of deferred debt issuance costs, net of capitalized interest			1,401				—
Gain on sales-type lease			(2,500	)			—
Other			83				5
Changes in operating assets and liabilities
Accounts receivable, net			13,988				112
Prepaids and other current assets and other assets			(4,643	)			1,324
Operating lease assets and liabilities, net			(121	)			(3	)
Accounts payable			(4,875	)			6,130
Accrued liabilities			8,737				(5,764	)
Deferred revenue			(224	)			5,461
Other current and noncurrent liabilities			(1,242	)			(335	)
Net cash provided by (used in) operating activities			3,843				(6,526	)
Cash flows from investing activities
Capital expenditures			(41,191	)			(45,267	)
Proceeds from insurance for property losses			24				152
Net cash used in investing activities			(41,167	)			(45,115	)
Cash flows from financing activities
Proceeds from long-term debt			94,180				—
Proceeds from capital-build funding			9,051				6,139
Payments of withholding tax on net issuance of restricted stock units			(529	)			—
Payments of deferred debt issuance costs			(2,513	)			(908	)
Net cash provided by financing activities			100,189				5,231
Net increase (decrease) in cash, cash equivalents and restricted cash			62,865				(46,410	)
Cash, cash equivalents and restricted cash, beginning of period			120,512				209,146
Cash, cash equivalents and restricted cash, end of period		$	183,377			$	162,736

Use of Non-GAAP Financial Measures

To supplement EVgo’s financial information, which is prepared and presented in accordance with GAAP, EVgo uses certain non-GAAP financial measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EVgo uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. EVgo believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of EVgo’s recurring core business operating results.

EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo’s performance. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo’s institutional investors and the analyst community to help them analyze the health of EVgo’s business.

For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures.”

Definitions of Non-GAAP Financial Measures

This release includes some, but not all of the following non-GAAP financial measures, in each case as defined below: “Charging Network Gross Profit,” “Charging Network Gross Margin,” “Adjusted Cost of Sales,” “Adjusted Cost of Sales as a Percentage of Revenue,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “Adjusted General and Administrative Expenses,” “Adjusted General and Administrative Expenses as a Percentage of Revenue,” “EBITDA,” “EBITDA Margin,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” and “Capital Expenditures, Net of Capital Offsets.” With respect to Capital Expenditures, Net of Capital Offsets, pursuant to the terms of certain OEM contracts, EVgo is paid well in advance of when revenue can be recognized, and usually, the payment is tied to the number of stalls that commence operations under the applicable contractual arrangement while the related revenue is deferred at the time of payment and is recognized as revenue over time as EVgo provides charging and other services to the OEM and the OEM’s customers. EVgo management therefore uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business, including the cash used for, and the return on, its investment in its charging infrastructure. EVgo believes that these measures are useful to investors in evaluating EVgo’s performance and help to depict a meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future.

Charging Network Gross Profit, Charging Network Gross Margin, Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss), Adjusted Gross Margin, Adjusted General and Administrative Expenses, Adjusted General and Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Capital Expenditures, Net of Capital Offsets are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP and the items excluded from or included in these metrics are significant components in understanding and assessing EVgo’s financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP.

EVgo defines Charging Network Gross Profit as total charging network revenue less charging network cost of sales. EVgo defines Charging Network Gross Margin as Charging Network Gross Profit divided by total charging network revenue. EVgo defines Adjusted Cost of Sales as cost of sales before (i) depreciation, net of capital-build amortization, and (ii) share-based compensation. EVgo defines Adjusted Cost of Sales as a Percentage of Revenue as Adjusted Cost of Sales as a percentage of revenue. EVgo defines Adjusted Gross Profit (Loss) as revenue less Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo defines Adjusted General and Administrative Expenses as general and administrative expenses before (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) bad debt expense (recoveries), and (iv) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted General and Administrative Expenses as a Percentage of Revenue as Adjusted General and Administrative Expenses as a percentage of revenue. EVgo defines EBITDA as net income (loss) before (i) depreciation, net of capital-build amortization, (ii) amortization, (iii) accretion, (iv) interest income, (v) interest expense, and (vi) income tax expense (benefit). EVgo defines EBITDA Margin as EBITDA as a percentage of revenue. EVgo defines Adjusted EBITDA as EBITDA plus (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) loss (gain) on investments, (iv) bad debt expense (recoveries), (v) change in fair value of earnout liability, (vi) change in fair value of warrant liabilities, and (vii) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. EVgo defines Capital Expenditures, Net of Capital Offsets as capital expenditures adjusted for the following capital offsets: (i) all payments under OEM infrastructure agreements excluding any amounts directly attributable to OEM customer charging credit programs and pass-through of non-capital expense reimbursements, (ii) proceeds from capital-build funding and (iii) proceeds from the transfer of 30C income tax credits, net of transaction costs. The tables below present quantitative reconciliations of these measures to their most directly comparable GAAP measures as described in this paragraph.

Reconciliations of Non-GAAP Financial Measures

The following unaudited table presents a reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP measure:

(unaudited, dollars in thousands)		Q2’25				Q2’24				Change			Q2’25 YTD				Q2’24 YTD				Change
GAAP revenue		$	98,030			$	66,619			47	%		$	173,317			$	121,777			42	%
GAAP net loss		$	(29,821	)		$	(29,610	)		(1	)%		$	(56,048	)		$	(57,803	)		3	%
GAAP net loss margin			(30.4	%)			(44.4	%)		1,400 bps				(32.3	)%			(47.5	)%		1,520 bps
EBITDA adjustments:
Depreciation, net of capital-build amortization		$	14,417			$	11,288			28	%		$	30,456			$	21,764			40	%
Amortization			3,330				4,342			(23	)%			6,754				8,805			(23	)%
Accretion			719				477			51	%			1,306				882			48	%
Interest expense			909				—			*				1,426				—			*
Interest income			(1,718	)			(2,064	)		17	%			(3,412	)			(4,337	)		21	%
Income tax expense			3				57			(95	)%			94				70			34	%
Total EBITDA adjustments			17,660				14,100			25	%			36,624				27,184			35	%
EBITDA		$	(12,161	)		$	(15,510	)		22	%		$	(19,424	)		$	(30,619	)		37	%
EBITDA Margin			(12.4	%)			(23.3	%)		1,090 bps				(11.2	)%			(25.1	)%		1,390 bps
Adjusted EBITDA Adjustments:
Share-based compensation		$	7,031			$	5,402			30	%		$	12,525			$	10,103			24	%
Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense			3,319				2,757			20	%			4,518				5,497			(18	)%
Loss on investments			—				—			*				—				5			(100	)%
Bad debt expense			58				81			(28	)%			651				311			109	%
Change in fair value of earnout liability			180				(101	)		278	%			(568	)			(309	)		(84	)%
Change in fair value of warrant liabilities			(360	)			(677	)		47	%			(5,704	)			(2,395	)		(138	)%
Other1			—				66			(100	)%			140				2,218			(94	)%
Total Adjusted EBITDA adjustments			10,228				7,528			36	%			11,562				15,430			(25	)%
Adjusted EBITDA		$	(1,933	)		$	(7,982	)		76	%		$	(7,862	)		$	(15,189	)		48	%
Adjusted EBITDA Margin			(2.0	%)			(12.0	%)		1,000 bps				(4.5	)%			(12.5	)%		800 bps
* Percentage greater than 999% or not meaningful.
¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. For the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.

The following unaudited table presents a reconciliation of Charging Network Gross Profit and Charging Network Gross Margin to the most directly comparable GAAP measures:

(unaudited, dollars in thousands)		Q2’25				Q2’24				Change			Q2’25 YTD				Q2’24 YTD				Change
GAAP total charging network revenue1		$	51,828			$	35,526			46	%		$	98,926			$	67,148			47	%
GAAP charging network cost of sales1			32,545				23,056			41	%			62,154				41,766			49	%
Charging Network Gross Profit		$	19,283			$	12,470			55	%		$	36,772			$	25,382			45	%
Charging Network Gross Margin			37.2	%			35.1	%		210 bps				37.2	%			37.8	%		(60) bps
¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.

The following unaudited table presents a reconciliation of Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable GAAP measures:

(unaudited, dollars in thousands)		Q2’25				Q2’24				Change			Q2’25 YTD				Q2’24 YTD				Change
GAAP revenue		$	98,030			$	66,619			47	%		$	173,317			$	121,777			42	%
GAAP cost of sales			84,122				60,221			40	%			150,086				108,538			38	%
GAAP gross profit		$	13,908			$	6,398			117	%		$	23,231			$	13,239			75	%
GAAP cost of sales as a percentage of revenue			85.8	%			90.4	%		(460) bps				86.6	%			89.1	%		(250) bps
GAAP gross margin			14.2	%			9.6	%		460 bps				13.4	%			10.9	%		250 bps
Adjusted Cost of Sales adjustments
Depreciation, net of capital-build amortization		$	14,342			$	11,149			29	%		$	30,297			$	21,508			41	%
Share-based compensation			109				111			(2	)%			201				198			2	%
Total Adjusted Cost of Sales adjustments		$	14,451			$	11,260			28	%			30,498			$	21,706			41	%
Adjusted Cost of Sales		$	69,671			$	48,961			42	%		$	119,588			$	86,832			38	%
Adjusted Cost of Sales as a Percentage of Revenue			71.1	%			73.5	%		(240) bps				69.0	%			71.3	%		(230) bps
Adjusted Gross Profit		$	28,359			$	17,658			61	%		$	53,729			$	34,945			54	%
Adjusted Gross Margin			28.9	%			26.5	%		240 bps				31.0	%			28.7	%		230 bps

The following unaudited table presents a reconciliation of Adjusted General and Administrative Expenses and Adjusted General and Administrative Expenses as a Percentage of Revenue to the most directly comparable GAAP measures:

(unaudited, dollars in thousands)		Q2’25				Q2’24				Change			Q2’25 YTD				Q2’24 YTD				Change
GAAP revenue		$	98,030			$	66,619			47	%		$	173,317			$	121,777			42	%
GAAP general and administrative expenses		$	40,596			$	33,827			20	%		$	79,224			$	68,053			16	%
GAAP general and administrative expenses as a percentage of revenue			41.4	%			50.8	%		(940) bps				45.7	%			55.9	%		(1,020) bps
Less adjustments:
Share-based compensation		$	6,922			$	5,291			31	%		$	12,324			$	9,905			24	%
Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense			3,319				2,757			20	%			4,518				5,497			(18	)%
Bad debt expense			58				81			(28	)%			651				311			109	%
Other1			—				66			(100	)%			140				2,218			(94	)%
Total adjustments			10,299				8,195			26	%			17,633				17,931			(2	)%
Adjusted General and Administrative Expenses		$	30,297			$	25,632			18	%		$	61,591			$	50,122			23	%
Adjusted General and Administrative Expenses as a Percentage of Revenue			30.9	%			38.5	%		(760) bps				35.5	%			41.2	%		(570) bps
¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. For the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.

The following unaudited table presents a reconciliation of Capital Expenditures, Net of Capital Offsets, to the most directly comparable GAAP measure:

(unaudited, dollars in thousands)		Q2’25			Q2’24			Change			Q2’25 YTD			Q2’24 YTD			Change
GAAP capital expenditures		$	26,199		$	24,196		8	%		$	41,191		$	45,267		(9	)%
Less capital offsets:
OEM infrastructure payments		$	1,898		$	5,956		(68	)%		$	6,873		$	11,782		(42	)%
Proceeds from capital-build funding			7,180			4,459		61	%			9,051			6,139		47	%
Total capital offsets			9,078			10,415		(13	)%			15,924			17,921		(11	)%
Capital Expenditures, Net of Capital Offsets		$	17,121		$	13,781		24	%		$	25,267		$	27,346		(8	)%
* Percentage not meaningful

For investors:


[email protected]

For Media:
[email protected]