Market Newsdesk

May 6, 2025 7:06 am

Bowhead Specialty Holdings Inc. Reports First Quarter 2025 Results

Bowhead Specialty Holdings Inc. Reports First Quarter 2025 Results

NEW YORK–(BUSINESS WIRE)–
Bowhead Specialty Holdings Inc. (NYSE: BOW), a specialty lines insurance group focused on providing casualty, professional liability and healthcare liability insurance products, today announced financial results for the first quarter ended March 31, 2025.⁽¹⁾

First Quarter 2025 Highlights

Gross written premiums increased 26.3% to $174.8 million.
Net income of $11.4 million, or $0.34 per diluted share.
Adjusted net income⁽²⁾ of $11.5 million, or $0.34 per diluted share⁽²⁾.
Return on equity of 12.0% and adjusted return on equity⁽²⁾ of 12.1%.
Book value per share $11.98 and diluted book value per share of $11.61.

Bowhead Chief Executive Officer, Stephen Sills, commented, “We are proud of our first quarter 2025 results, which demonstrated continued execution across all of our underwriting divisions. We grew premiums by more than 26% year-over-year, once again driven by outsized growth in our Casualty business. More importantly, we grew net income by over 60% compared to last year, which is a testament to our commitment to generating profitable growth. Although there is heightened uncertainty in the market given rising trade tensions and macroeconomic headwinds, we believe that Bowhead is currently well positioned to execute on our goal to grow premiums by around 20% on an annual basis.”

Underwriting Results

The 26.3% increase in gross written premiums to $174.8 million in the first quarter of 2025 was driven by renewals and continued growth in our platform across all divisions:

Our Casualty division led the growth with a 33.7% increase to $122.3 million;
Healthcare Liability increased 9.9% to $23.8 million;
Professional Liability increased 2.8% to $26.0 million; and
Late in the second quarter of 2024, we launched a new division called Baleen Specialty, which focuses on small, hard-to-place risks written 100% on a non-admitted basis. Baleen is a streamlined, tech-enabled low touch “flow” underwriting operation that supplements the “craft” solutions we offer today. In line with our deliberate, measured and limited roll out, Baleen Specialty generated $2.7 million of gross written premiums for the first quarter of 2025, a sequential growth of 131.1% from the previous quarter.

Our loss ratio of 66.9% in the first quarter of 2025 increased 1.4 points compared to 65.5% in the first quarter of 2024, driven by a 0.4 point increase due to prior accident year reserve development and a 1.0 point increase in our current accident loss ratio.

The 0.4 point prior accident year reserve development was driven by expected loss ratios applied to audit premiums being fully earned in the quarter but associated with prior accident years.

The 1.0 point increase in our current accident year loss ratio was driven by changes in our portfolio mix. During the three months ended March 31, 2025, our Casualty division, which has comparatively higher current accident year industry loss ratios, comprised a larger proportion of our portfolio compared to the prior period.

Our expense ratio was 30.4% for the three months ended March 31, 2025 compared to 32.6% for the three months ended March 31, 2024, which was a decrease of 2.2 points. The decrease in our expense ratio was primarily driven by the 2.9 point decrease in our operating expenses ratio, which was partially offset by the 1.0 point increase in our net acquisition costs ratio.

The decrease in our operating expenses ratio was due to the continued scaling of our business, where net earned premiums grew at a higher rate than our expenses, as well as the prudent management of our expenses.

The increase in our net acquisition costs ratio was driven by the increase in earned broker commissions due to changes in our portfolio mix, as well as the reduction in earned ceding commissions in our ceded reinsurance treaties.

Investment Results

Net investment income increased 64.0% in the quarter to $12.6 million, driven by a higher balance of investments during the three months ended March 31, 2025, and higher yields on invested assets. Our investment portfolio had a had a book yield of 4.7% and a new money rate of 4.8% at the end of the quarter.

The weighted average effective duration of our investment portfolio, which included cash equivalents, was 2.8 years and had an average rating of “AA” at March 31, 2025.

__________________
(1)	Comparisons in this release are made to March 31, 2024 financial results unless otherwise noted.
(2)	Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable U.S. GAAP measures.

Summary of Operating Results
The following table summarizes the Company’s results of operations for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025			2024			$ Change			% Change
	($ in thousands, except percentages and per share data)
Gross written premiums	$	174,848		$	138,433		$	36,415		26.3	%
Ceded written premiums		(58,079	)		(47,580	)		(10,499	)	22.1	%
Net written premiums	$	116,769		$	90,853		$	25,916		28.5	%

Revenues
Net earned premiums	$	109,816		$	82,981		$	26,835		32.3	%
Net investment income		12,559			7,660			4,899		64.0	%
Net realized investment losses		(4	)		—			(4	)	NM
Other insurance-related income		345			31			314		1012.9	%
Total revenues		122,716			90,672			32,044		35.3	%

Expenses
Net losses and loss adjustment expenses		73,427			54,320			19,107		35.2	%
Net acquisition costs		9,796			6,521			3,275		50.2	%
Operating expenses		23,937			20,522			3,415		16.6	%
Non-operating expenses		110			219			(109	)	(49.8	)%
Warrant expense		775			—			775		NM
Credit facility interest expenses and fees		247			—			247		NM
Foreign exchange losses		(46	)		34			(80	)	(235.3	)%
Total expenses		108,246			81,616			26,630		32.6	%

Income before income taxes		14,470			9,056			5,414		59.8	%
Income tax expense		(3,045	)		(2,044	)		(1,001	)	49.0	%
Net income	$	11,425		$	7,012		$	4,413		62.9	%

Key Operating and Financial Metrics:
Adjusted net income⁽¹⁾	$	11,479		$	8,189		$	3,290		40.2	%
Loss ratio		66.9	%		65.5	%
Expense ratio		30.4	%		32.6	%
Combined ratio		97.3	%		98.1	%
Return on equity⁽²⁾		12.0	%		14.3	%
Adjusted return on equity⁽¹⁾⁽²⁾		12.1	%		16.7	%
Diluted earnings per share	$	0.34		$	0.29
Diluted adjusted earnings per share⁽¹⁾	$	0.34		$	0.34

__________________ NM – Percentage change is not meaningful. (1) Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable U.S. GAAP measures. (2) For the three months ended March 31, 2025 and 2024, net income and adjusted net income are annualized to arrive at return on equity and adjusted return on equity.

Condensed Consolidated Balance Sheets

	March 31, 2025			December 31, 2024
	($ in thousands, except share data)
Assets
Investments
Fixed maturity securities, available for sale, at fair value (amortized cost of $1,039,579 and $894,145, respectively)	$	1,034,837		$	879,989
Short-term investments, at amortized cost, which approximates fair value		9,999			9,997
Total investments		1,044,836			889,986

Cash and cash equivalents		88,050			97,476
Restricted cash and cash equivalents		35,401			124,582
Accrued investment income		7,675			7,520
Premium balances receivable		73,230			63,672
Reinsurance recoverable, net		284,873			255,072
Prepaid reinsurance premiums		151,609			152,567
Deferred policy acquisition costs		28,153			27,625
Property and equipment, net		7,677			6,845
Income taxes receivable		610			586
Deferred tax assets, net		19,356			20,340
Other assets		11,602			7,971
Total assets	$	1,753,072		$	1,654,242

Liabilities
Reserve for losses and loss adjustment expenses	$	845,224		$	756,859
Unearned premiums		452,845			446,850
Reinsurance balances payable		42,847			51,856
Income taxes payable		5,603			1,571
Accrued expenses		5,783			18,010
Other liabilities		9,407			8,654
Total liabilities		1,361,709			1,283,800

Commitments and contingencies (Note 12)

Mezzanine equity
Performance stock units		409			265

Stockholders’ equity
Common stock		327			327
($0.01 par value; 400,000,000 shares authorized, 32,662,683 and 32,662,683 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)
Additional paid-in capital		320,029			318,095
Accumulated other comprehensive loss		(3,736	)		(11,154	)
Retained earnings		74,334			62,909
Total stockholders’ equity		390,954			370,177
Total mezzanine equity and stockholders’ equity		391,363			370,442

Total liabilities, mezzanine equity and stockholders’ equity	$	1,753,072		$	1,654,242

Gross Written Premiums
The following table presents gross written premiums by underwriting division for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		% of Total		2024		% of Total		$ Change		% Change
	($ in thousands, except percentages)
Casualty	$	122,314	70.0	%	$	91,498	66.1	%	$	30,816	33.7	%
Professional Liability		26,000	14.8	%		25,282	18.3	%		718	2.8	%
Healthcare Liability		23,788	13.6	%		21,653	15.6	%		2,135	9.9	%
Baleen Specialty		2,746	1.6	%		—	—	%		2,746	NM
Gross written premiums	$	174,848	100.0	%	$	138,433	100.0	%	$	36,415	26.3	%

__________________ NM – Percentage change is not meaningful.

Loss Ratio
The following table summarizes current and prior accident loss ratios for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025				2024
	Net Losses and Loss Adjustment Expenses		% of Net Earned Premiums		Net Losses and Loss Adjustment Expenses		% of Net Earned Premiums
	($ in thousands, except percentages)
Current accident year	$	72,983	66.5	%	$	54,320	65.5	%
Prior accident year reserve development		444	0.4	%		—	—	%
Total	$	73,427	66.9	%	$	54,320	65.5	%

Expense Ratio
The following table summarizes the components of our expense ratio for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025					2024
	Expenses			% of Net Earned Premium		Expenses			% of Net Earned Premium
	($ in thousands, except percentages)
Net acquisition costs	$	9,796		8.9	%	$	6,521		7.9	%
Operating expenses		23,937		21.8	%		20,522		24.7	%
Less: Other insurance-related income		(345	)	(0.3	)%		(31	)	—	%
Total expense ratio	$	33,388		30.4	%	$	27,012		32.6	%

Net Investment Income
The following table summarizes the sources of net investment income for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025			2024
	($ in thousands)
U.S. government and government agency	$	1,844		$	3,687
State and municipal		687			387
Commercial mortgage-backed securities		1,180			373
Residential mortgage-backed securities		2,539			244
Asset-backed securities		1,484			1,073
Corporate		3,253			932
Short-term investments		128			113
Cash and cash equivalents		1,704			1,015
Gross investment income		12,819			7,824
Investment expenses		(260	)		(164	)
Net investment income	$	12,559		$	7,660

Reconciliation of Non-GAAP Financial Measures

This earnings release contains certain financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). We use these non-GAAP financial measures when planning, monitoring and evaluating our performance. Management believes that each of the non-GAAP financial measures described below provides useful insight into our underlying business performance.

Adjusted net income is defined as net income excluding the impact of net realized investment losses, non-operating expenses, foreign exchange (gains) losses, and certain strategic initiatives. Adjusted net income excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We calculate the tax impact only on adjustments that would be included in calculating our income tax expense using the estimated tax rate at which we received a deduction for these adjustments.
Adjusted return on equity is defined as adjusted net income as a percentage of average beginning and ending mezzanine equity and stockholders’ equity.
Diluted adjusted earnings per share is defined as adjusted net income divided by the weighted average common shares outstanding for the period, reflecting the dilution that may occur if equity based awards are converted into common stock equivalents as calculated using the treasury stock method.

You should not rely on these non-GAAP financial measures as a substitute for any U.S. GAAP financial measure. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and not as a replacement for or superior to the comparable U.S. GAAP measures. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

*Adjusted net income*
Adjusted net income for the three months ended March 31, 2025 and 2024 reconciles to net income as follows:

	Three Months Ended March 31,
	2025						2024
	Before income taxes			After income taxes			Before income taxes		After income taxes
	($ in thousands)
Income as reported	$	14,470		$	11,425		$	9,056	$	7,012
Adjustments:
Net realized investment gains		4			4			—		—
Non-operating expenses		110			110			219		219
Foreign exchange (gains) losses		(46	)		(46	)		34		34
Strategic initiatives⁽¹⁾		—			—			1,238		1,238
Tax impact		—			(14	)		—		(313	)
Adjusted net income	$	14,538		$	11,479		$	10,547	$	8,189

_________________ (1) Strategic initiatives for the three months ended March 31, 2024 represents costs incurred to set up our Baleen Specialty division, which is recorded in operating expenses within the Condensed Consolidated Statements of Income and Comprehensive Income. The costs incurred primarily represent expenses to implement the new platform and processes supporting the Baleen Specialty division. See “Business— Our Business”

*Adjusted return on equity*
Adjusted return on equity for the three months ended March 31, 2025 and 2024 reconciles to return on equity as follows:

	Three Months Ended March 31,
	2025			2024
	($ in thousands, except percentages)
Numerator: Adjusted net income⁽¹⁾	$	45,916		$	32,757
Denominator: Average mezzanine equity and stockholders’ equity		380,903			196,657
Adjusted return on equity		12.1	%		16.7	%

________________ (1) For the three months ended March 31, 2025 and 2024, net income and adjusted net income are annualized to arrive at return on equity and adjusted return on equity.

*Diluted adjusted earnings per share*
Diluted adjusted earnings per share for the three months ended March 31, 2025 and 2024 reconciles to diluted earnings per share as follows:

	Three Months Ended March 31,
	2025		2024
	($ in thousands, except share and per share data)
Numerator: Adjusted net income	$	11,479	$	8,189
Denominator: Diluted weighted average shares outstanding		33,711,924		24,000,000
Diluted adjusted earnings per share	$	0.34	$	0.34

About Bowhead Specialty Holdings Inc.

Bowhead Specialty is a growing specialty insurance business providing casualty, professional liability and healthcare liability insurance products. We were founded and are led by industry veteran Stephen Sills. The team is composed of highly experienced and respected industry veterans with decades of individual, successful underwriting and management experience. We focus on providing “craft” solutions in our specialty lines and classes of business that we believe require deep underwriting and claims expertise in order to produce attractive financial results.

We pride ourselves on the quality and experience of our people, who are committed to exceeding our partners’ expectations through excellent service and expertise. Our collaborative culture spans all functions of our business and allows us to provide a consistent, positive experience for all of our partners.

Conference Call

The Company will host a conference call to discuss its results on the same day, Tuesday, May 6, 2025, beginning at 8:30 a.m. Eastern Time. Interested parties may access the conference call through a live webcast, which can be accessed by going to https://bowhead-1q25-earnings-call.open-exchange.net/, or by visiting the Company’s Investor Relations website. A dial-in option for listen-only participants will be available after registering for the call. Please join the live webcast or dial in at least 10 minutes before the start of the call.

A replay of the event webcast will be available on the company’s Investor Relations website for one year following the call.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in press release are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “seeks,” “future,” “outlook,” “prospects” “will,” “would,” “should,” “could,” “may,” “can have” or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. These risks include those described in the Company’s filings made with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506197737/en/

Investor Relations Contact:

Shirley Yap, Head of Investor Relations

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Professional Services Insurance Finance

MEDIA:

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May 6, 2025 7:05 am

Iterum Therapeutics to Report First Quarter 2025 Financial Results on May 13, 2025

DUBLIN, Ireland and CHICAGO, May 06, 2025 (GLOBE NEWSWIRE) — Iterum Therapeutics plc (Nasdaq: ITRM) (Company), a company focused on delivering next generation oral and IV antibiotics to treat infections caused by multi-drug resistant pathogens in both community and hospital settings, today announced that the Company will release its first quarter 2025 financial results before the open of the U.S. financial markets on Tuesday, May 13, 2025. Management will host a conference call at 8:30 a.m. ET that day to discuss the Company’s financial results and provide an update on its business.

To access the call please dial 833-470-1428 (domestic) or 404-975-4839 (international) and refer to Access Code 371859. To pre-register for this call, please go to the following link: https://events.q4inc.com/attendee/655264003. The audio webcast can be accessed under “Financials & Filings” in the Investors section of the Company’s website at www.iterumtx.com following the call.

About Iterum Therapeutics plc

Iterum Therapeutics plc is focused on delivering differentiated anti-infectives aimed at combatting the global crisis of multi-drug resistant pathogens to significantly improve the lives of people affected by serious and life-threatening diseases around the world. Iterum is advancing the development of its first compound, sulopenem, a novel penem anti-infective compound, with an oral formulation and IV formulation. Sulopenem has demonstrated potent in vitro activity against a wide variety of gram-negative, gram-positive and anaerobic bacteria resistant to other antibiotics. Iterum has received approval of its new drug application for ORLYNVAH™ (oral sulopenem) for the treatment of uncomplicated urinary tract infections caused by the designated microorganisms Escherichia coli, Klebsiella pneumoniae, or Proteus mirabilis in adult women with limited or no alternative oral antibacterial treatment options by the U.S. Food and Drug Administration and has received Qualified Infectious Disease Product (QIDP) and Fast Track designations for its oral and IV formulations of sulopenem in seven indications. For more information, please visit www.iterumtx.com.

Investor Contact:

Judy Matthews
Chief Financial Officer
312-778-6073
[email protected]

May 6, 2025 7:05 am

Viridian Therapeutics Highlights Recent Progress and Reports First Quarter 2025 Financial Results

Viridian Therapeutics Highlights Recent Progress and Reports First Quarter 2025 Financial Results

– Biologics License Application (BLA) submission for veligrotug on track for second half 2025 with potential for U.S. launch in 2026; preparatory commercial activities underway –

– REVEAL-1 and REVEAL-2, phase 3 clinical trials assessing VRDN-003 in active and chronic thyroid eye disease (TED), are on track for topline data in the first half of 2026 –

– VRDN-006 clinical data in healthy volunteers on track for third quarter 2025 –

– VRDN-008, a bispecific neonatal Fc receptor (FcRn) inhibitor with an extended half-life, on track for an Investigational New Drug (IND) submission for year-end 2025 –

– Appointed Jeff Ajer, long-time Chief Commercial Officer of BioMarin, to Viridian’s Board of Directors –

– Strong cash position of $636.6 million as of March 31, 2025, which supports cash runway into the second half of 2027 –

WALTHAM, Mass.–(BUSINESS WIRE)–
Viridian Therapeutics, Inc. (Nasdaq: VRDN), a biotechnology company focused on discovering, developing and commercializing potential best-in-class medicines for serious and rare diseases, today reported recent business highlights and financial results for the first quarter ended March 31, 2025.

“We continue to execute across the portfolio as we work towards submitting the veligrotug BLA in the second half of 2025, advancing our VRDN-003 subcutaneous clinical trials with anticipated topline data from both trials in the first half of 2026, and delivering healthy volunteer data for our first FcRn program in the third quarter of 2025,” said Steve Mahoney, Viridian’s President and CEO. “As we prepare for our transition to become a commercial organization, including the anticipated U.S. launch of veligrotug in 2026, we are excited to have added Jeff Ajer, an experienced commercial leader, to our Board of Directors. We believe the data from our two pivotal clinical trials support veligrotug having a differentiated clinical profile and believe it will be well-positioned to be the IV treatment-of-choice in TED. From a portfolio perspective, we are in many ways just getting started and we look forward to the potential of bringing new treatment options to TED patients as well as other autoimmune patients who may benefit from our anti-FcRn approaches.”

TED Portfolio Progress

Veligrotug isan intravenously (IV) delivered, anti-insulin-like growth factor-1 receptor (IGF-1R) antibody in phase 3 development for thyroid eye disease, with the potential to be the IV treatment-of-choice for active and chronic TED patients.

BLA On Track for 2H 2025; European Medicines Agency (EMA) Marketing Authorization Application (MAA) Submission Expected 1H 2026: Following achievement of all primary and secondary endpoints in two pivotal phase 3 clinical trials for patients with active and chronic TED, Viridian is on track to submit the veligrotug BLA to the U.S. Food and Drug Administration (FDA) in the second half of 2025 and a MAA to the EMA in the first half of 2026. Preparatory commercial activities are underway to support an anticipated commercial launch in 2026, if approved.

Robust Clinical Profile Based on Phase 3 Pivotal Data: In its pivotal phase 3 clinical trials, THRIVE and THRIVE-2, veligrotug demonstrated a rapid onset of treatment effect and statistically significant and clinically meaningful reduction and resolution of diplopia. This is the first data set from a global phase 3 clinical trial in chronic TED patients to demonstrate statistically significant diplopia response and resolution. Veligrotug was generally well tolerated and had a low rate of hearing impairment, a key adverse event of interest, in both clinical trials.

VRDN-003is a potential best-in-class, subcutaneous, half-life extended anti-IGF-1R antibody with the same binding domain as veligrotug.

Topline Data from Phase 3 Clinical Trials On Track for 1H 2026: Viridian anticipates topline data from both REVEAL-1 and REVEAL-2 in the first half of 2026, with a BLA submission planned by year-end 2026. Patient enrollment and dosing continues in both phase 3 clinical trials. Viridian plans to launch VRDN-003, if approved, with a commercially available, low-volume autoinjector for patients to self-administer at home.

FcRn Inhibitor Portfolio Progress

FcRn inhibitors have the potential to treat a broad array of autoimmune diseases, representing multiple significant potential commercial market opportunities. The two currently marketed indications of myasthenia gravis (MG) and chronic inflammatory demyelinating polyneuropathy (CIDP) alone are projected to have a market size close to $10 billion by 2030. An additional 17 indications are currently in clinical development with an FcRn inhibitor, with dozens more autoimmune diseases thought to be addressable by these inhibitors, highlighting the breadth of the therapeutic area and potential commercial opportunity.

VRDN-006 is a highly selective Fc fragment which inhibits FcRn and is designed to be a convenient subcutaneous and self-administered option for patients.

Proof-of-Concept Phase 1 Clinical Data On Track for Q3 2025: Viridian expects data from its phase 1 clinical trial in healthy volunteers in Q3 2025, including proof-of-concept IgG reduction.

VRDN-008 is a half-life extended bispecific FcRn inhibitor comprising an Fc fragment and an albumin-binding domain designed to prolong IgG suppression and provide a potentially best-in-class subcutaneous option for patients.

IND On Track for Year-End 2025: As previously disclosed, VRDN-008 showed a longer half-life than efgartigimod and led to a more sustained IgG reduction after a single, high dose in NHPs. An IND submission for VRDN-008 is on track by year-end 2025.

Corporate Updates – Appointment of Jeff Ajer to Viridian’s Board of Directors

On April 7, Viridian announced the appointment of Jeff Ajer to the Company’s Board of Directors. Mr. Ajer was most recently the Executive Vice President and Chief Commercial Officer of BioMarin Pharmaceutical, Inc. and has more than 25 years of experience driving commercialization for rare diseases and specialty medicines. Mr. Ajer’s extensive commercial experience includes leading commercial planning for late-stage pipeline programs, multiple product launches, and establishing BioMarin’s commercial infrastructure and global footprint.

Upcoming Investor Conferences

Viridian will participate in the following upcoming investor conferences in May 2025. A live webcast of the presentation can be accessed under “Events and Presentations” on the Investors section of the Viridian website at viridiantherapeutics.com. A replay of the webcast will be available following the event.

RBC Global Healthcare Conference: Presentation on Tuesday, May 20, 2025, at 1:35 p.m. ET in New York, New York.

Financial Results

Cash Position: Cash, cash equivalents, and short-term investments were $636.6 million as of March 31, 2025, compared with $717.6 million as of December 31, 2024. The company believes that its current cash, cash equivalents, and short-term investments will be sufficient to fund its currently planned operations into the second half of 2027.

R&D Expenses: Research and development expenses were $76.8 million during the three months ended March 31, 2025, compared to $40.9 million during the three months ended March 31, 2024. The increase in research and development expenses was driven by increased costs associated with conducting more clinical trials than the same period last year, including multiple ongoing phase 3 clinical trials for both veligrotug and VRDN-003 and a phase 1 clinical trial for VRDN-006, as well as increased personnel-related costs as a result of increased headcount.

G&A Expenses: General and administrative expenses were $17.1 million during the three months ended March 31, 2025, compared to $15.0 million during the three months ended March 31, 2024. The increase in general and administrative expenses was driven by increased costs associated with preparatory commercial activities for veligrotug, as well as increased legal, accounting, and other professional service costs to support the growing organization.

Shares Outstanding: As of March 31, 2025, Viridian had 100,258,627 shares of common stock outstanding on an as-converted basis, which included 81,589,427 shares of common stock and an aggregate 18,669,200 shares of common stock issuable upon the conversion of 134,864 and 145,160 shares of Series A and Series B preferred stock, respectively.

About Viridian Therapeutics

Viridian is a biopharmaceutical company focused on discovering, developing and commercializing potential best-in-class medicines for patients with serious and rare diseases. Viridian’s expertise in antibody discovery and protein engineering enables the development of differentiated therapeutic candidates for previously validated drug targets in commercially established disease areas.

Viridian is advancing multiple candidates in the clinic for the treatment of patients with thyroid eye disease (TED). The company is conducting a pivotal program for veligrotug (VRDN-001), including two global phase 3 clinical trials (THRIVE and THRIVE-2), to evaluate its efficacy and safety in patients with active and chronic TED. Both THRIVE and THRIVE-2 reported positive topline data, meeting all the primary and secondary endpoints of each study. Viridian is also advancing VRDN-003 as a potential best-in-class subcutaneous therapy for the treatment of TED, including two ongoing global phase 3 pivotal clinical trials, REVEAL-1 and REVEAL-2, to evaluate the efficacy and safety of VRDN-003 in patients with active and chronic TED.

In addition to its TED portfolio, Viridian is advancing a novel portfolio of neonatal Fc receptor (FcRn) inhibitors, including VRDN-006 and VRDN-008, which has the potential to be developed in multiple autoimmune diseases.

Viridian is based in Waltham, Massachusetts. For more information, please visit www.viridiantherapeutics.com. Follow Viridian on LinkedIn and X.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of words such as, but not limited to, “anticipate,” “believe,” “become,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or other similar terms or expressions that concern our expectations, plans and intentions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations, and assumptions. Forward-looking statements include, without limitation, statements regarding: preclinical development, clinical development, and anticipated commercialization of Viridian’s product candidates veligrotug (formerly VRDN-001), VRDN-003, VRDN-006, and VRDN-008; anticipated start dates of studies; anticipated data results and timing of their disclosure, including VRDN-003 topline data from the REVEAL-1 and REVEAL-2 trials in the first half of 2026 and anticipated VRDN-006 clinical data, including proof-of-concept IgG reduction data, in the third quarter of 2025; regulatory interactions and anticipated timing of regulatory submissions, including the anticipated BLA submissions for veligrotug in the second half of 2025 and VRDN-003 by year-end 2026, MAA submission for veligrotug in the first half of 2026, and IND submission for VRDN-008 by year-end 2025, pending data; the potential utility, efficacy, potency, safety, clinical benefits, clinical response, convenience, and number of indications of veligrotug, VRDN-003, VRDN-006, and VRDN-008; veligrotug’s potential to be the IV treatment-of-choice for active and chronic TED; potential market sizes and market opportunities, including for Viridian’s product candidates; Viridian’s product candidates potentially being best-in-class; whether veligrotug will serve an unmet need; Viridian’s expectations regarding the potential commercialization of veligrotug and VRDN-003, if approved, including the anticipated U.S. launch of veligrotug in 2026 and plans to launch VRDN-003 with a low-volume autoinjector; and that Viridian’s cash, cash equivalents and short-term investments will be sufficient to fund its operations into the second half of 2027.

New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to: potential utility, efficacy, potency, safety, clinical benefits, clinical response, and convenience of Viridian’s product candidates; that results or data from completed or ongoing clinical trials may not be representative of the results of ongoing or future clinical trials; that preliminary data may not be representative of final data; the timing, progress and plans for our ongoing or future research, preclinical, and clinical development programs; changes to trial protocols for ongoing or new clinical trials; expectations and changes regarding the timing for regulatory filings; regulatory interactions; expectations and changes regarding the timing for enrollment and data; uncertainty and potential delays related to clinical drug development; the duration and impact of regulatory delays in our clinical programs; the timing of and our ability to obtain and maintain regulatory approvals for our therapeutic candidates; manufacturing risks; competition from other therapies or products; estimates of market size; other matters that could affect the sufficiency of existing cash, cash equivalents, and short-term investments to fund operations; our financial position and projected cash runway; our future operating results and financial performance; Viridian’s intellectual property position; the timing of preclinical and clinical trial activities and reporting results from same; that our product candidates may not be commercially successful, if approved; and other risks described from time to time in the “Risk Factors” section of our filings with the Securities and Exchange Commission (SEC), including those described in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, and supplemented from time to time by our Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it was made. Neither the company, nor its affiliates, advisors, or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the company’s views as of any date subsequent to the date hereof.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(amounts in thousands, except share and per share data)

(unaudited)

Three Months Ended March 31,

2025

2024

Revenue:

Collaboration Revenue – related party
$

72

$

72

Total revenue

72

72

Operating Expenses:

Research and development

76,835

40,944

General and administrative

17,103

15,025

Total operating expenses

93,938

55,969

Loss from operations

(93,866

)

(55,897

)

Other income (expense)

Interest and other income

7,540

7,942

Interest and other expense

(586

)

(587

)

Net loss

(86,912

)

(48,542

)

Change in unrealized gain (loss) on investments

255

(705

)

Comprehensive loss
$

(86,657

)

$

(49,247

)

Net loss allocated to common stock
$

(70,688

)

$

(36,150

)

Net loss per share, basic and diluted, common
$

(0.87

)

$

(0.59

)

Weighted-average common shares outstanding used to compute basic and diluted loss per share

81,344,134

61,099,038

Net loss allocated to Series A preferred stock
$

(7,814

)

$

(6,731

)

Net loss per share, basic and diluted, Series A preferred stock
$

(57.94

)

$

(39.45

)

Weighted-average Series A preferred stock outstanding used to compute basic and diluted loss per share

134,864

170,621

Net loss allocated to Series B preferred stock
$

(8,410

)

$

(5,661

)

Net loss per share, basic and diluted, Series B preferred stock
$

(57.94

)

$

(39.44

)

Weighted-average Series B preferred stock outstanding used to compute basic and diluted loss per share

145,160

143,522

Viridian Therapeutics, Inc.

Selected Financial Information

Condensed Consolidated Balance Sheets

(amounts in thousands)

(unaudited)

March 31, December 31,

2025

2024

Cash, cash equivalents and short-term investments
$

636,633

$

717,584

Other assets

24,348

24,819

Total assets
$

660,981

$

742,403

Total liabilities

56,508

70,764

Total stockholders’ equity

604,473

671,639

Total liabilities and stockholders’ equity
$

660,981

$

742,403

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506203388/en/

[email protected]

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Biotechnology Health Pharmaceutical Optical Clinical Trials

MEDIA:

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Posted on May 6, 2025 7:05 am
Telesat Reports Results for the Quarter Ended March 31, 2025

OTTAWA, Ontario, May 06, 2025 (GLOBE NEWSWIRE) — Telesat (Nasdaq and TSX: TSAT), one of the world’s largest and most innovative satellite operators, today announced its financial results for the three month period ended March 31, 2025. All amounts are in Canadian dollars and reported under IFRS^® Accounting Standards unless otherwise noted.

“I am pleased with our performance in the first quarter of this year, including our disciplined execution in our GEO business and the excellent progress we are making on the Telesat Lightspeed technical and commercial fronts,” commented Dan Goldberg, Telesat’s President and CEO. “Our recently-announced contract with Viasat, along with the Orange and ADN agreements we announced earlier this year, are clear evidence of the strong market response we are seeing to the Telesat Lightspeed offering. Our LEO backlog² is now nearly $1.1 billion, and we continue to believe that our year-end 2025 LEO segment backlog will exceed our year-end 2024 GEO segment backlog.”

Goldberg added: “In our GEO segment, through focused execution we generated a 74% Adjusted EBITDA margin¹ and ended the quarter with a substantial contractual backlog² of $1.0 billion. We remain confident in the 2025 guidance we released on our last earnings call.”

For the quarter ended March 31, 2025, Telesat reported consolidated revenue of $117 million, a decrease of 23% ($35 million) compared to the same period in 2024. When adjusted for changes in foreign exchange rates, revenue declined 26% ($40 million) compared to 2024. The decrease was primarily due to a lower rate on the renewal of a long-term agreement with a North American direct-to-home television customer and to reductions in services for certain customers, particularly on an agreement to provide services to an Indonesian rural broadband program, combined with lower equipment sales to Canadian government customers.

Operating expenses for the quarter were $53 million, an increase of 13% ($6 million) from 2024. When adjusted for changes in foreign exchange rates, operating expenses grew 10% ($4 million) compared to 2024. The increase was primarily due to headcount growth for Telesat Lightspeed and higher legal and professional fees, partially offset by higher capitalized engineering, lower consulting costs related to our LEO consulting revenue, and lower share-based compensation.

Adjusted EBITDA¹ for the quarter was $67 million, a decrease of 39% ($43 million) or 42% ($46 million) when adjusted for foreign exchange rate changes. The consolidated Adjusted EBITDA margin¹ was 57.7%, compared to 72.8% in the same period in 2024.

Telesat’s net loss for the quarter was $51 million compared to a net loss of $52 million for the same period in the prior year. The change was primarily due to a gain on foreign exchange in the first quarter of 2025 compared to a loss in the first quarter of 2024, offset by lower revenue and a loss related to an increase in the fair value of the Telesat Lightspeed financing warrants.

Business Highlights

Telesat Lightspeed Commercial Agreements

In April, Telesat signed a multi-year agreement with Viasat Inc. for Telesat Lightspeed services, under which Viasat, the largest broadband connectivity provider in the commercial aviation market, will integrate Telesat Lightspeed into their services portfolio for aviation, maritime, enterprise, and defense markets.

In March, Telesat announced multi-year agreements for Telesat Lightspeed connectivity services with Orange and ADN Telecom.

Backlog and Utilization

As of March 31, 2025, Telesat had contracted GEO backlog² of approximately $1.0 billion.

As of May 5, 2025, Telesat had contracted LEO backlog² of approximately $1.1 billion.

As of March 31, 2025, fleet utilization was 66.5%.

2025 Financial Outlook

(assumes an average foreign exchange rate of US$1=C$1.42)

For 2025, Telesat continues to expect full year:

Revenues to be between $405 million and $425 million;

Adjusted EBITDA¹ to be between $170 million and $190 million on a consolidated basis. This reflects LEO operating expenses of between $110 million and $120 million, an increase from 2024 of between $38 million and $48 million; and

Capital expenditures (including both cash paid and accrued) to be in the range of $900 million to $1,100 million, virtually all of which is related to Telesat Lightspeed.

Telesat’s quarterly report on Form 6-K for the quarter ended March 31, 2025 has been filed with the United States Securities and Exchange Commission (SEC) and the Canadian securities regulatory authorities, and may be accessed on the SEC’s website at www.sec.gov and on the System for Electronic Document Analysis and Retrieval+ (SEDAR+) website at www.sedarplus.ca.

Conference Call

Telesat has scheduled a conference call on Tuesday, May 6^th, 2025, at 10:30 a.m. ET to discuss its financial results for the quarter ended March 31, 2025. The call will be hosted by Daniel S. Goldberg, President and Chief Executive Officer, and Andrew Browne, Chief Financial Officer, of Telesat.

Dial-in Instructions:

The toll-free dial-in number for the teleconference is +1-800-952-5114. Callers outside of North America should dial +1-416-406-0743. The access code is 5237299 followed by the number sign (#). Please allow at least 15 minutes prior to the scheduled start time to connect to the teleconference. In the event of technical issues, please dial *0 and advise the conference call operator of the company name (Telesat) and the name of the moderator (James Ratcliffe).

Webcast:

The conference call can also be accessed, as a listen in only, at https://edge.media-server.com/mmc/p/eck27eog. A replay of the webcast will be archived on Telesat’s website under the tab “Investors”.

Dial-in Audio Replay:

A replay of the teleconference will be available one hour after the end of the call on May 6, 2025 until 11:59 p.m. ET on May 20, 2025. To access the replay, please call +1-800-408-3053. Callers from outside North America should dial +1-905-694-9451. The access code is 3089004 followed by the number sign (#).

About Telesat
Backed by a legacy of engineering excellence, reliability and industry-leading customer service, Telesat (Nasdaq and TSX: TSAT) is one of the largest and most successful global satellite operators. Telesat works collaboratively with its customers to deliver critical connectivity solutions that tackle the world’s most complex communications challenges, providing powerful advantages that improve their operations and drive profitable growth.

Continuously innovating to meet the connectivity demands of the future, Telesat Lightspeed, the company’s state-of-the-art Low Earth Orbit (LEO) satellite network, has been optimized to meet the rigorous requirements of telecom, government, maritime and aeronautical customers. Telesat Lightspeed will redefine global satellite connectivity with ubiquitous, affordable, high-capacity, secure and resilient links with fibre-like speeds. For updates on Telesat, follow us on LinkedIn, X, or visit www.telesat.com.

Contacts:

Investor Relations

James Ratcliffe
+1 613 748 8424
[email protected]

Forward-Looking Statements Safe Harbor

This news release contains statements that are not based on historical fact, including financial outlook for 2025 and the growth opportunities of Telesat Lightspeed, and are “forward-looking statements” and “future-orientated financial performance” within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. When used herein, statements which are not historical in nature, or which contain the words “will,” “expect,” “believe,” “continue,” or similar expressions, are forward-looking statements. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements and future-orientated financial information as a result of known and unknown risks and uncertainties. Future-orientated financial information contained in this news release about prospective financial performance, financial position, or cash flows are expected to give the reader a better understanding of the potential future performance of Telesat. Readers are cautioned that any such future-orientated financial information and financial outlook contained herein should not be used for purposes other than those disclosed herein. All statements made in this news release are made only as of the date set forth at the beginning of this release. Telesat undertakes no obligation to update the information made in this news release in the event facts or circumstances subsequently change after the date of this news release.

These forward-looking statements and future-orientated financial information are not guarantees of future performance, are based on Telesat’s current expectations, and are subject to a number of risks, uncertainties, assumptions, and other factors, some of which are beyond Telesat’s control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Known risks and uncertainties include but are not limited to: inflation, rising or prolonged elevated interest rates, and increased tariffs; risks associated with operating satellites and providing satellite services, including satellite construction or launch delays, launch failures, in-orbit failures or impaired satellite performance; the ability to deploy successfully an advanced global LEO satellite constellation and the timing of any such deployment; Telesat’s ability to meet the conditions for advance of the loans under the funding agreements for the constellation; technological hurdles, including Telesat’s and Telesat’s contractors’ development and deployment of the new technologies required to complete the constellation in time to meet Telesat’s schedule, or at all, the availability of services and components from Telesat’s and Telesat’s contractors’ supply chains; competition, including with other LEO systems, deployed and yet to be deployed; risks associated with domestic and foreign government regulation, including access to sufficient orbital spectrum to be able to deliver services effectively and access to sufficient geographic markets in which to sell those services; Telesat’s ability to develop significant commercial and operational capabilities; volatility in exchange rates; and the ability to expand Telesat’s existing satellite utilization. The foregoing list of important factors is not exhaustive. Investors should review the other risk factors discussed in Telesat’s annual report on Form 20-F for the year ended December 31, 2024, that was filed on March 27, 2025, and the Form 6-K that was filed on May 6, 2025, with the United States Securities and Exchange Commission (SEC) and the Canadian securities regulatory authorities at the System for Electronic Document Analysis and Retrieval+ (SEDAR+), and may be accessed on the SEC’s website at www.sec.gov and SEDAR’s website at www.sedarplus.ca.

Telesat Corporation

Unaudited Interim Condensed Consolidated Statements of Income (Loss)

For the three months ended March 31

(in thousands of Canadian dollars, except per share amounts) 2025 2024

Revenue $ 116,749 $ 152,175

Operating expenses (53,042 ) (47,112 )

Depreciation (25,909 ) (36,395 )

Amortization (10,899 ) (2,823 )

Other operating gains (losses), net 3,950 15

Operating income 30,849 65,860

Interest expense (56,664 ) (64,430 )

Interest and other income 6,208 21,128

Gain (loss) on changes in fair value of financial instruments (33,412 ) —

Gain (loss) on foreign exchange 2,480 (68,413 )

Income (loss) before income taxes (50,539 ) (45,855 )

Tax (expense) recovery (918 ) (6,482 )

Net income (loss) $ (51,457 ) $ (52,337 )

Net income (loss) attributable to:

Telesat Corporation shareholders $ (15,538 ) $ (14,762 )

Non-controlling interest (35,919 ) (37,575 )

$ (51,457 ) $ (52,337 )

Net income (loss) per common share attributable to Telesat Corporation shareholders

Basic $ (1.08 ) $ (1.08 )

Diluted $ (1.08 ) $ (1.08 )

Total Weighted Average Common Shares Outstanding

Basic 14,381,205 13,706,546

Diluted 14,381,205 13,706,546

Telesat Corporation

Unaudited Interim Condensed Consolidated Balance Sheets

(in thousands of Canadian dollars) March 31,

2025 December 31,

2024

Assets

Cash and cash equivalents $ 797,371 $ 552,064

Trade and other receivables 62,304 158,930

Other current financial assets 685 565

Current income tax recoverable 28,810 29,253

Prepaid expenses and other current assets 265,768 280,460

Total current assets 1,154,938 1,021,272

Satellites, property and other equipment 2,428,957 2,277,143

Deferred tax assets 2,791 3,059

Other long-term financial assets 12,953 9,767

Long-term income tax recoverable 6,993 6,993

Other long-term assets 417,827 516,507

Intangible assets 487,298 497,466

Goodwill 2,613,409 2,612,972

Total assets $ 7,125,166 $ 6,945,179

Liabilities

Trade and other payables $ 92,664 $ 158,276

Other current financial liabilities 43,419 26,483

Income taxes payable 6,713 5,913

Other current liabilities 62,183 65,906

Total current liabilities 204,979 256,578

Long-term indebtedness 3,353,208 3,096,615

Deferred tax liabilities 173,165 175,544

Other long-term financial liabilities 663,173 630,556

Other long-term liabilities 287,169 289,181

Total liabilities 4,681,694 4,448,474

Shareholders’ Equity

Share capital 65,971 59,082

Accumulated earnings 456,692 467,333

Reserves 185,953 183,865

Total Telesat Corporation shareholders’ equity 708,616 710,280

Non-controlling interest 1,734,856 1,786,425

Total shareholders’ equity 2,443,472 2,496,705

Total liabilities and shareholders’ equity $ 7,125,166 $ 6,945,179

Telesat Corporation

Unaudited Interim Condensed Consolidated Statements of Cash Flows

For the three months ended March 31

(in thousands of Canadian dollars) 2025 2024

Cash flows from operating activities

Net income (loss) $ (51,457 ) $ (52,337 )

Adjustments to reconcile net income (loss) to cash flows from operating activities

Depreciation 25,909 36,395

Amortization 10,899 2,823

Tax expense (recovery) 918 6,482

Interest expense 56,664 64,430

Interest income (6,342 ) (21,296 )

(Gain) loss on foreign exchange (2,480 ) 68,413

(Gain) loss on changes in fair value of financial instruments 33,412 —

Share-based compensation 3,241 5,434

(Gain) loss on disposal of assets (3,950 ) (15 )

Deferred revenue amortization (14,407 ) (13,659 )

Pension expense 1,366 1,409

Other (691 ) 197

Income taxes paid, net of income taxes received (1,580 ) (11,496 )

Interest paid, net of interest received (31,350 ) (18,147 )

Government grant received — 1,085

Operating assets and liabilities 118,772 6,953

Net cash from operating activities 138,924 76,671

Cash flows (used in) generated from investing activities

Cash payments related to satellite programs (200,313 ) (757 )

Cash payments related to property and other equipment (34,744 ) (19,278 )

Net proceeds from disposal of assets 4,500 —

Government grant received — 109

Net cash (used in) generated from investing activities (230,557 ) (19,926 )

Cash flows (used in) generated from financing activities

Proceeds from indebtedness 340,000 —

Payments of principal on lease liabilities (515 ) (647 )

Satellite performance incentive payments (190 ) (711 )

Tax withholdings on settlement of restricted share units (6,788 ) (2,116 )

Net cash (used in) generated from financing activities 332,507 (3,474 )

Effect of changes in exchange rates on cash and cash equivalents 4,433 33,939

Changes in cash and cash equivalents 245,307 87,210

Cash and cash equivalents, beginning of period 552,064 1,669,089

Cash and cash equivalents, end of period $ 797,371 $ 1,756,299

Telesat’s Adjusted EBITDA Margin
⁽¹⁾
:

The following table provides a quantitative reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA margin, each of which are non-IFRS Accounting Standards measures.

Three months ended

March 31,

(in thousands of Canadian dollars) (unaudited) 2025 2024

Net income (loss) $ (51,457 ) $ (52,337 )

Tax expense (recovery) 918 6,482

(Gain) loss on changes in fair value of financial instruments 33,412 —

(Gain) loss on foreign exchange (2,480 ) 68,413

Interest and other income (6,208 ) (21,128 )

Interest expense 56,664 64,430

Depreciation 25,909 36,395

Amortization 10,899 2,823

Other operating (gains) losses, net (3,950 ) (15 )

Non-recurring compensation expenses⁽³⁾ 459 244

Non-cash expense related to share-based compensation 3,241 5,434

Adjusted EBITDA $ 67,407 $ 110,741

Revenue $ 116,749 $ 152,175

Adjusted EBITDA Margin 57.7% 72.8%

End Notes

¹
Non-IFRS
Accounting Standards
Measures – Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS Accounting Standards measures. EBITDA is defined as “Earnings Before Interest, Taxes, Depreciation and Amortization.” Adjusted EBITDA is used to measure Telesat’s financial performance. Adjusted EBITDA is defined as operating income (less certain operating expenses such as share-based compensation expenses and unusual and non-recurring items, including restructuring related expenses) before interest expense, taxes, depreciation and amortization. Adjusted EBITDA margin is used to measure Telesat’s operating performance. Adjusted EBITDA margin is defined as the ratio of Adjusted EBITDA to revenue.

Adjusted EBITDA and Adjusted EBITDA margin are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Adjusted EBITDA allows investors and Telesat to compare Telesat’s operating results with that of competitors exclusive of depreciation and amortization, interest and investment income, interest expense, taxes and certain other expenses. Financial results of competitors in the satellite services industry have significant variations that can result from timing of capital expenditures, the amount of intangible assets recorded, the differences in assets’ lives, the timing and amount of investments, the effects of other income (expense), and unusual and non-recurring items. The use of Adjusted EBITDA assists investors and Telesat to compare operating results exclusive of these items. Competitors in the satellite services industry have significantly different capital structures. Telesat believes that the use of Adjusted EBITDA improves comparability of performance by excluding interest expense.

Telesat believes that the use of Adjusted EBITDA and the Adjusted EBITDA margin along with IFRS Accounting Standards measures enhances the understanding of our operating results and is useful to investors and us in comparing performance with competitors, estimating enterprise value and making investment decisions. Adjusted EBITDA and Adjusted EBITDA margin as used here may not be the same as similarly titled measures reported by competitors. Adjusted EBITDA and Adjusted EBITDA margin should be used in conjunction with IFRS Accounting Standards measures and are not presented as a substitute for cash flows from operations as a measure of our liquidity or as a substitute for net income (loss) as an indicator of our operating performance.

²Telesat’s backlog represents future cash inflows from capacity allocation or service delivery contracts. As of March 31, 2025, GEO backlog was $1.0 billion and represents our expected future revenue from existing GEO service contracts (without discounting for present value) including any deferred revenue that we will recognize in the future in respect of cash already received. As of May 5, 2025, the expected cash inflows from Telesat Lightspeed capacity allocation and service contracts (without discounting for present value) was $1.1 billion.

³Includes severance payments and special compensation and benefits for executives and employees.

Posted on May 6, 2025 7:05 am
Bitfarms Announces Participation in Upcoming Investor and Industry Conferences

TORONTO, May 06, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global energy and compute infrastructure company, today announced its participation in several upcoming investor and industry conferences.

Event Details:

Event: Consensus 2025
Date: May 14-16, 2025
Location: Toronto, Ontario
Bitfarms Speakers: Ben Gagnon (CEO), Jeff Lucas (CFO), Alex Brammer (SVP, Mining Operations), Rachel Silverstein (General Counsel, North America)
Panel Information: https://investor.bitfarms.com/events/event-details/consensus-2025

Event: AIM Summit London
Date: May 19-20, 2025
Location: London
Bitfarms Participants: Ben Gagnon (CEO), Jeff Lucas (CFO), Tracy Krumme (SVP, IR & Comms)
Panel Information: https://investor.bitfarms.com/events/event-details/aim-summit-london

Event: BTC 2025
Date: May 27-29, 2025
Location: Las Vegas, NV
Bitfarms Speakers: Ben Gagnon (CEO), Jeff Lucas (CFO), Alex Brammer (SVP, Mining Operations), Rachel Silverstein (General Counsel, North America), Tracy Krumme (SVP, IR & Comms)
Panel Information: https://investor.bitfarms.com/events/event-details/btc-las-vegas

For additional information or to schedule 1×1 meetings at any of the above conferences, please reach out to [email protected].

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global energy and compute infrastructure company that develops, owns, and operates vertically integrated HPC and Bitcoin mining data centers. Bitfarms currently has 15 operating Bitcoin data centers situated in four countries: the United States, Canada, Argentina and Paraguay.

Powered primarily by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

To learn more about Bitfarms’ events, developments, and online communities:
www.bitfarms.com
https://www.facebook.com/bitfarms/
https://x.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Investor Relations Contacts:

Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
[email protected]

Media Contacts:

Caroline Brady Baker
Director, Communications and Marketing
[email protected]

Posted on May 6, 2025 7:04 am
Dream Finders Announces First Quarter 2025 Results

Dream Finders Announces First Quarter 2025 Results

First Quarter Homebuilding Revenues Increased 18%

Home Closings Up 16%; Homebuilding Gross Margin Up 140 bps to 19.2%

Return on Participating Equity of 28.5%

JACKSONVILLE, Fla.–(BUSINESS WIRE)–
Dream Finders Homes, Inc. (the “Company”, “Dream Finders Homes”, “Dream Finders” or “DFH”) (NYSE: DFH) announced its financial results for the first quarter ended March 31, 2025.

First Quarter 2025Highlights (As Compared to First Quarter 2024)

Homebuilding revenues increased 18% to $970 million from $825 million

Home closings increased 16% to 1,925 from 1,655

Net new orders increased 18% to 2,032 from 1,724

Homebuilding gross margin of 19.2% compared to 17.8%

Adjusted homebuilding gross margin (non-GAAP) of 27.8% compared to 26.3%

Pre-tax income remained consistent at $71 million

Net income attributable to DFH of $55 million, or $0.55 per basic share compared to $54 million, or $0.55 per basic share

Financial services pre-tax income increased 29% to $7 million from $5 million

Controlled lot pipeline of 60,538 as of March 31, 2025 compared to 54,698 as of December 31, 2024

Total liquidity of $677 million as of March 31, 2025, comprised of cash and cash equivalents and availability under the revolving credit facility

Return on participating equity of 28.5% compared to 34.9%

Repurchased 284,564 Class A common shares for $7 million during the three months ended March 31, 2025

Management Commentary

Patrick Zalupski, Dream Finders Homes Chairman and CEO, said, “During the first quarter of 2025, Dream Finders achieved another quarter of positive results, with homebuilding revenues of $970 million, an 18% increase over the prior year quarter and another first quarter Company record. We also increased home closings and net sales by 16% and 18%, respectively, and improved gross margin by 140bps compared to the year ago quarter. All-in-all, given the continued challenging environment from a mortgage rate and affordability perspective, I am pleased with the performance of the team and our results.

Adding to the productive quarter, we closed the Liberty Communities and Cherry Creek Mortgage acquisitions during the quarter, and Alliant National Title and Green River Builders subsequent to quarter end, for a total of ten acquisitions in six years. Liberty provides us a great opportunity to expand into the Atlanta market, which is the largest housing market in the Southeast and the only major Southeastern market where DFH was lacking a presence. We decided more is better when it comes to the Atlanta market and yesterday we announced the closing of Green River Builders. This strategic acquisition will help bolster and accelerate our growth in the Atlanta market. We are confident all of these transactions will provide significant growth opportunities in our homebuilding and financial services segments, allowing us to continue to grow our earnings and deliver above-average shareholder returns. We reiterate our 2025 full year guidance of approximately 9,250 expected home closings.”

Acquisition of Liberty Communities

On January 23, 2025, the Company acquired the majority of the homebuilding assets of Liberty Communities, LLC (“Liberty Communities”). The acquisition allowed the Company to enter the Atlanta, Georgia market and further expand its operations in Greenville, South Carolina. The operations of Liberty Communities are predominantly included in the Southeast segment as of the date of acquisition.

First Quarter 2025 Results

Homebuilding revenues in the first quarter of 2025increased 18% to $970 million, compared to $825 million in the first quarter of 2024. Home closings increased 16% to 1,925, compared to 1,655 in the first quarter of 2024. Average sales price (“ASP”) of homes closed for the first quarter of 2025 was $498,284, an increase of 1% compared to the prior year quarter ASP of $494,995. The growth in homebuilding revenues was primarily due to the increase in home closings, largely attributable to the Midwest segment, which had an increase of 131 closings compared to the first quarter of 2024, with the highest ASP among the homebuilding segments at $580,221. The Company’s latest acquisition, Liberty Communities in January 2025, contributed 107 closings to the first quarter of 2025 with an ASP of $358,314, 90 of which were included in the Southeast segment, which had a total increase in home closings of 109. The increased use of sales incentives during the first quarter of 2025 had a partially offsetting impact on the homebuilding revenue growth.

Homebuilding gross margin percentage in the first quarter of 2025 was 19.2%, an increase of 140 basis points (“bps”), compared to 17.8% in the first quarter of 2024. The increase in homebuilding gross margin percentage for the first quarter of 2025 was mostly the result of changes in product mix and direct cost reductions, partially offset by higher land and financing costs. In addition, amortization of purchase accounting adjustments associated with home closings contributed from the Liberty Communities acquisition negatively impacted the first quarter of 2025 gross margin percentage by approximately 19 bps. Purchase accounting amortization is a temporary cost that will conclude in conjunction with closing the remaining homes in inventory acquired from Liberty Communities.

Adjusted homebuilding gross margin in the first quarter of 2025 was 27.8%, an increase of 150 bps from the first quarter 2024 adjusted homebuilding gross margin of 26.3%. Adjusted homebuilding gross margin is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” below.

Selling, general and administrative expense (“SG&A”) in the first quarter of 2025 increased 46% to $117 million, compared to $80 million in the first quarter of 2024. The increase was primarily attributable to the costs of the forward mortgage commitment programs, which allow homebuyers to lock in their mortgage interest rates at the time of sale, as well as higher compensation costs, including a one-time stock acceleration expense of approximately $4 million. SG&A as a percentage of homebuilding revenues in the first quarter of 2025 increased 230 bps to 12.0%, compared to 9.7% in the first quarter of 2024. Although the SG&A percentage of homebuilding revenues increased in the current quarter, this metric should mostly normalize for the year if anticipated quarterly closing volumes materialize.

Consolidated net income attributable to DFH in the first quarter of 2025 was $55 million, or $0.55 per basic share, remaining mostly consistent with $54 million, or $0.55 per basic share in the first quarter of 2024.

Net new orders in the first quarter of 2025 were 2,032, an increase of 18% compared to 1,724 net new orders for the first quarter of 2024. The cancellation rate in the first quarter of 2025 was 11.7%, an improvement of 930 bps compared with the first quarter of 2024 cancellation rate of 21.0%. In the first quarter of 2024, the Company had one built-for-rent contract of 229 units that was terminated based on a strategic decision to convert the controlled lots into future retail sales. Excluding the impact of all built-for-rent activity, net new orders for the first quarter of 2025 increased 10% and the cancellation rate, despite the increase of 190 bps over the prior year quarter, marks one of the lowest in the Company’s history. The Company believes the 10% increase in net new orders and low cancellation rate is reflective of its successful sales incentives and availability of quick, move-in-ready homes in its communities.

First Quarter 2025 Backlog

As of March 31, 2025, DFH had a backlog of 2,802 homes, valued at $1.4 billion, compared to the backlog of 2,599 homes, valued at $1.3 billion as of December 31, 2024. As of March 31, 2025, the ASP in backlog was $494,987 compared to $501,910 as of December 31, 2024. As of March 31, 2025, approximately 2,432 of the homes in backlog are expected to be delivered in 2025 and 370 of homes are expected to be delivered in 2026 and beyond.

The following table shows the backlog units and ASP as of March 31, 2025 by homebuilding segment:

As of March 31, 2025

(unaudited)

Backlog:

Units

Average Sales Price

Southeast

1,230

$

429,818

Mid-Atlantic

718

444,643

Midwest

854

623,088

Total

2,802

$

494,987

Subsequent Events

Alliant Title

On April 18, 2025, the Company acquired Colorado-based title insurance underwriter, Alliant National Title Insurance Company, Inc. and a related affiliate (collectively, “Alliant National Title” or “Alliant Title”). The operations of Alliant Title will be included in the Financial Services segment as of the date of acquisition.

Green River Builders

On May 2, 2025, the Company acquired the majority of the homebuilding assets of Green River Builders, Inc. (“Green River Builders”) allowing us to further expand our operations in the Atlanta, Georgia market. Assets acquired include approximately 140 lots and home sites in different stages of construction. Additionally, the Company expects to control over 520 lots as a result of the transaction. The operations of Green River Builders will be included in the Southeast segment as of the date of acquisition.

Full Year 2025 Outlook

Dream Finders Homes maintains its guidance of approximately 9,250 home closings for the full year 2025, inclusive of those from the Liberty Communities acquisition.

About Dream Finders Homes, Inc.

Dream Finders Homes (NYSE: DFH) is a homebuilder based in Jacksonville, Florida. Dream Finders Homes builds single-family homes throughout the Southeast, Mid-Atlantic and Midwest, including Florida, Texas, Tennessee, North Carolina, South Carolina, Georgia, Colorado, Arizona, and the Washington, D.C. metropolitan area, which comprises Northern Virginia and Maryland. Through its wholly owned subsidiaries, DFH also provides mortgage financing as well as title agency and underwriting services to homebuyers. Dream Finders Homes achieves its industry-leading growth and returns by maintaining an asset-light homebuilding model. For more information, please visit www.dreamfindershomes.com.

Forward-Looking Statements

This press release includes forward-looking statements regarding future events which include, but are not limited to, projected 2025 home closings and market conditions, possible or assumed future results of operations, benefits of recent acquisitions and statements regarding the Company’s strategies and expectations as they relate to market opportunities and growth. All forward-looking statements are based on Dream Finders Homes’ beliefs as well as assumptions made by and information currently available to Dream Finders Homes. These statements reflect Dream Finders Homes’ current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in Dream Finders Homes’ Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the U.S. Securities and Exchange Commission. Dream Finders Homes undertakes no obligation to update or revise any forward-looking statement, except as may be required by applicable law.

Dream Finders Homes, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

March 31,

2025

December 31,

2024

Assets

Cash and cash equivalents

$

297,468

$

274,384

Restricted cash

50,633

65,441

Accounts receivable

30,953

34,126

Inventories

1,852,660

1,715,357

Lot deposits

517,719

458,303

Other assets

141,725

122,391

Investments in unconsolidated entities

12,119

11,454

Mortgage loans held for sale

189,442

303,393

Property and equipment, net

28,168

26,317

Right-of-use assets

21,114

17,172

Goodwill

345,991

300,313

Total assets

$

3,487,992

$

3,328,651

Liabilities

Accounts payable

$

142,682

$

147,143

Accrued expenses

202,971

263,317

Customer deposits

103,325

125,601

Construction lines of credit

999,599

701,386

Senior unsecured notes, net

295,386

295,049

Mortgage warehouse facilities

181,457

289,617

Lease liabilities

22,074

18,148

Contingent consideration

69,130

68,030

Total liabilities

2,016,624

1,908,291

Mezzanine Equity

Redeemable preferred stock

148,500

148,500

Redeemable noncontrolling interests

29,019

21,451

Equity

Class A common stock, $0.01 per share, 289,000,000 authorized, 36,586,161 and 36,002,077 issued as of March 31, 2025 and December 31, 2024, respectively

365

360

Class B common stock, $0.01 per share, 61,000,000 authorized, 57,726,153 issued as of March 31, 2025 and December 31, 2024

577

577

Additional paid-in capital

284,161

281,559

Retained earnings

1,021,781

970,253

Treasury stock, at cost, 575,793 shares of Class A common stock as of March 31, 2025 and 291,229 shares of Class A common stock as of December 31, 2024

(14,790

)

(7,827

)

Total Dream Finders Homes, Inc. stockholders’ equity

1,292,094

1,244,922

Noncontrolling interests

1,755

5,487

Total equity

1,293,849

1,250,409

Total liabilities, mezzanine equity and equity

$

3,487,992

$

3,328,651

Dream Finders Homes, Inc.

Consolidated Statements of Comprehensive Income

(In thousands, except share and per share amounts)

Three Months Ended

March 31,

(unaudited)

2025

2024

Revenues:

Homebuilding

$

970,108

$

825,221

Financial services

19,763

2,579

Total revenues

989,871

827,800

Homebuilding cost of sales

783,536

678,640

Financial services expense

12,866

1,684

Selling, general and administrative expense

116,694

80,109

Income from unconsolidated entities

(180

)

(4,903

)

Contingent consideration revaluation

1,100

3,207

Other expense (income), net

4,690

(1,761

)

Income before taxes

71,165

70,824

Income tax expense

(16,155

)

(15,141

)

Net and comprehensive income

55,010

55,683

Net and comprehensive income attributable to noncontrolling interests

(107

)

(1,189

)

Net and comprehensive income attributable to Dream Finders Homes, Inc.

$

54,903

$

54,494

Earnings per share

Basic

$

0.55

$

0.55

Diluted

$

0.54

$

0.55

Weighted-average number of shares

Basic

93,550,316

93,325,838

Diluted

101,360,214

99,935,524

Dream Finders Homes, Inc.

Other Financial and Operating Data

(Unaudited)

Three Months Ended

March 31,

2025

2024

Other Financial and Operating Data

Home closings

1,925

1,655

Average sales price of homes closed⁽¹⁾

$

498,284

$

494,995

Net new orders

2,032

1,724

Cancellation rate

11.7

%

21.0

%

Homebuilding gross margin (in thousands)⁽²⁾

$

186,572

$

146,581

Homebuilding gross margin %⁽³⁾

19.2

%

17.8

%

Adjusted homebuilding gross margin (in thousands)⁽⁴⁾

$

270,100

$

217,213

Adjusted homebuilding gross margin %⁽³⁾⁽⁴⁾

27.8

%

26.3

%

Active communities as of period end⁽⁵⁾

258

232

Backlog as of period end – units

2,802

4,524

Backlog as of period end – value (in thousands)

$

1,386,954

$

2,321,889

Net homebuilding debt to net capitalization⁽⁴⁾

40.4

%

39.9

%

Return on participating equity⁽⁶⁾

28.5

%

34.9

%

(1)

Average sales price of homes closed is calculated based on homebuilding revenues, adjusted for the impact of percentage of completion revenues, and excluding deposit forfeitures and land sales, over homes closed.

(2)

Homebuilding gross margin is homebuilding revenues less homebuilding cost of sales.

(3)

Calculated as a percentage of homebuilding revenues.

(4)

Adjusted homebuilding gross margin and net homebuilding debt to net capitalization are non-GAAP financial measures. For definitions of these non-GAAP financial measures and reconciliations to our most directly comparable financial measures calculated and presented in accordance with GAAP, see “Reconciliation of Non-GAAP Financial Measures” below.

(5)

A community becomes active once the model is completed or the community has its fifth net sale. A community becomes inactive when it has fewer than five homesites remaining to sell.

(6)

Return on participating equity is calculated as net income attributable to DFH, less redeemable preferred stock distributions, divided by average beginning and ending total Dream Finders Homes, Inc. stockholders’ equity (“participating equity”) for the trailing twelve months.

Three Months Ended

March 31,

2025

(unaudited)

2024

(unaudited)

Home Closings:

Units

Average Sales Price

Units

Average Sales Price

Southeast

687

$

445,901

578

$

473,608

Mid-Atlantic

521

454,581

491

425,452

Midwest

717

580,221

586

574,359

Total

1,925

$

498,284

1,655

$

494,995

Reconciliation of Non-GAAP Financial Measures

Management utilizes specific non-GAAP financial measures as supplementary tools to evaluate operating performance. These include adjusted homebuilding gross margin and net homebuilding debt to net capitalization. Other companies may not calculate non-GAAP financial measures in the same manner that we do. Accordingly, these non-GAAP financial measures should be considered only as a supplement to relevant GAAP information, as reconciled for each measure below. In the future, we may incorporate additional adjustments to these non-GAAP financial measures as we find them relevant and beneficial for both management and investors.

Adjusted Homebuilding Gross Margin

The following table presents a reconciliation of adjusted homebuilding gross margin to the GAAP financial measure of homebuilding gross margin for each of the periods indicated (unaudited and in thousands, except percentages):

Three Months Ended

March 31,

2025

2024

Homebuilding gross margin⁽¹⁾

$

186,572

$

146,581

Interest expense in homebuilding cost of sales⁽²⁾

41,805

30,742

Amortization in homebuilding cost of sales⁽³⁾

1,329

4,582

Commission expense

40,394

35,308

Adjusted homebuilding gross margin

$

270,100

$

217,213

Homebuilding gross margin %⁽⁴⁾

19.2

%

17.8

%

Adjusted homebuilding gross margin %⁽⁴⁾

27.8

%

26.3

%

(1)

Homebuilding gross margin is homebuilding revenues less homebuilding cost of sales.

(2)

Includes interest charged to homebuilding cost of sales related to our construction lines of credit and senior unsecured notes, net, as well as lot option fees.

(3)

Represents amortization of purchase accounting adjustments from our acquisitions.

(4)

Calculated as a percentage of homebuilding revenues.

We define adjusted homebuilding gross margin as homebuilding gross margin excluding the effects of capitalized interest, lot option fees, amortization included in homebuilding cost of sales (adjustments resulting from the application of purchase accounting in connection with acquisitions) and commission expense. Our management believes this information is meaningful because it isolates the impact that these excluded items have on homebuilding gross margin. We include internal and external commission expense in homebuilding cost of sales, not selling, general and administrative expense, and therefore commission expense is taken into account in homebuilding gross margin.

As a result, in order to provide a meaningful comparison to the public company homebuilders that include commission expense below the homebuilding gross margin line in selling, general and administrative expense, we have excluded commission expense from adjusted homebuilding gross margin. However, because adjusted homebuilding gross margin information excludes capitalized interest, lot option fees, purchase accounting amortization and commission expense, which have real economic effects and could impact our results of operations, the utility of adjusted homebuilding gross margin information as a measure of our operating performance may be limited.

Net Homebuilding Debt to Net Capitalization

The following table presents a reconciliation of net homebuilding debt to net capitalization to the GAAP financial measure of total debt to total capitalization for each of the periods indicated (unaudited and in thousands, except percentages):

As of

March 31,

2025

2024

Total debt

$

1,476,442

$

1,004,531

Total mezzanine equity

177,519

177,033

Total equity

1,293,849

974,002

Total capitalization

$

2,947,810

$

2,155,566

Total debt to total capitalization

50.1

%

46.6

%

Total debt

$

1,476,442

$

1,004,531

Less: Mortgage warehouse facilities

181,457

—

Less: Cash and cash equivalents

297,468

239,428

Net homebuilding debt

$

997,517

$

765,103

Total mezzanine equity

177,519

177,033

Total equity

1,293,849

974,002

Net capitalization

$

2,468,885

$

1,916,138

Net homebuilding debt to net capitalization

40.4

%

39.9

%

We define net homebuilding debt to net capitalization as the sum of construction lines of credit and senior unsecured notes, net less cash and cash equivalents (“net homebuilding debt”), divided by the sum of net homebuilding debt, total mezzanine equity and total equity (“net capitalization”). Net homebuilding debt excludes borrowings under our mortgage warehouse facilities. Management believes the net homebuilding debt to net capitalization is meaningful as it is used to assess our consolidated performance and the performance of our homebuilding segments, as well as to establish targets for performance-based compensation. We also use this ratio as a measure of overall leverage.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506885910/en/

Investor Contact: [email protected]

Media Contact:[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Finance Professional Services Residential Building & Real Estate Construction & Property Insurance

MEDIA:

Posted on May 6, 2025 7:04 am
Tiziana Life Sciences Announces Comprehensive Positive Results from Study of Nasal Foralumab in Patients with Multiple Sclerosis

Meaningful Fatigue score reduction seen in study is a critically important quality of life (QoL) measure for Multiple Sclerosis patients.

All patients experienced stabilization of Expanded Disability Status Scale (EDSS) scores.

TSPO-PET imaging showed significant reductions in microglial activation at six months (p<0.05).

NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) — Tiziana Life Sciences, Ltd. (Nasdaq: TLSA) (“Tiziana” or the “Company”), a biotechnology company developing breakthrough immunomodulation therapies with its lead development candidate, intranasal foralumab, a fully human, anti-CD3 monoclonal antibody, today announced promising results from an open-label clinical study evaluating nasal foralumab, the world’s only fully human anti-CD3 monoclonal antibody administered intranasally, for the treatment of non-active secondary progressive multiple sclerosis (na-SPMS). This comprehensive study demonstrated that nasal foralumab was safe, induced potent regulatory immune responses, reduced microglial activation, and stabilized clinical progression in patients suffering from progression independent of relapse activity (PIRA)—a major unmet need in the treatment of MS, and a key disease endpoint for intranasal foralumab development. The article is titled “Nasal foralumab treatment of PIRA induces regulatory immunity, dampens microglial activation and stabilizes clinical progression in non-active secondary progressive MS.” This study is the first to integrate, F18TSPO PET, Proteomics, and Clinical assessments in na-SPMS. These findings in MFIS score reduction are a critically important Quality of Life (QoL) measure for patients with MS.

Study Highlights:

Ten patients with na-SPMS, who continued to progress despite B-cell therapy, were treated with nasal foralumab for a minimum of six months.

No serious or severe treatment-related adverse events were reported.

All patients experienced stabilization of their Expanded Disability Status Scale (EDSS) scores; three of four patients that were treated continuously for 12 months showed improvement.

Fatigue, a major symptom burden in MS, improved in six out of ten patients, as measured by the Modified Fatigue Impact Scale (MFIS).

Total MFIS scores correlated strongly with mGALP scores in the hippocampus (r=0.89, p=0.007) at baseline.

No new T2 lesions were observed on MRI.

TSPO-PET imaging showed significant reductions in microglial activation at six months (p<0.05).

Single-cell RNA sequencing revealed early and sustained changes in peripheral immune cells, including increased regulatory T cells (Tregs) and expression of TGFβ across multiple cell types.

“Our findings mark a significant advancement for patients living with non-active Secondary Progressive MS, who currently have very limited treatment options,” said Tanuja Chitnis, M.D., Principal Investigator and Professor of Neurology at Harvard Medical School and senior neurologist at Brigham and Women’s Hospital, a founding member of Mass General Brigham Healthcare System. “Nasal administration of foralumab represents a novel, non-invasive approach that not only induces regulatory immunity but also reduces harmful CNS inflammation.”

PIRA and progressive forms of MS are characterized by central nervous system-centric inflammation driven by microglial activation, processes not adequately addressed by existing therapies. Traditional MS treatments targeting B-cells and cell trafficking have limited efficacy in managing progression behind the blood-brain barrier.

Nasal foralumab leverages the mucosal immune system to induce regulatory immune responses, offering a novel mechanism to suppress CNS inflammation without the systemic immunosuppression seen with intravenous therapies. Previous studies showed that nasal anti-CD3 could treat progressive MS in animal models by expanding LAP+ and IL-10+ Tregs, providing the scientific rationale for this human study.

In parallel with these encouraging results, Tiziana Life Sciences has initiated a randomized, double-blind, placebo-controlled Phase 2 clinical trial to further assess the efficacy and safety of nasal foralumab in a larger cohort of patients with na-SPMS. This trial is expected to reach top line data read out at the end of 2025.

“We are incredibly excited by these results, which validate the potential of nasal foralumab to fundamentally shift the treatment paradigm for progressive MS,” said Ivor Elrifi, Chief Executive Officer of Tiziana Life Sciences. “We are also committed to advancing this promising therapy into other larger clinical studies, such as Alzheimer’s Disease and ALS as quickly as possible.”

This article has been submitted for peer review, and the full preprint is available here: https://www.medrxiv.org/content/10.1101/2025.04.30.25326602v1

About Foralumab

Foralumab, a fully human anti-CD3 monoclonal antibody, is a biological drug candidate that has been shown to stimulate T regulatory cells when dosed intranasally. At present, 10 patients with Non-Active Secondary Progressive Multiple Sclerosis (na-SPMS) have been dosed in an open-label intermediate sized Expanded Access (EA) Program (NCT06802328) with either an improvement or stability of disease seen within 6 months in all patients. In addition, intranasal foralumab is currently being studied in a Phase 2a, randomized, double-blind, placebo-controlled, multicenter, dose-ranging trial in patients with non-active secondary progressive multiple sclerosis (NCT06292923).

Foralumab is the only fully human anti-CD3 monoclonal antibody (mAb) currently in clinical development. The non-active SPMS intranasal foralumab Phase 2 trial (NCT06292923) began screening patients in November of 2023. Immunomodulation by intranasal foralumab represents a novel avenue for the treatment of neuroinflammatory and neurodegenerative human diseases.^[1],[2]

About Tiziana Life Sciences

Tiziana Life Sciences is a clinical-stage biopharmaceutical company developing breakthrough therapies using transformational drug delivery technologies to enable alternative routes of immunotherapy. Tiziana’s innovative nasal approach has the potential to provide an improvement in efficacy as well as safety and tolerability compared to intravenous (IV) delivery. Tiziana’s lead candidate, intranasal foralumab, which is the only fully human anti-CD3 mAb currently in clinical development, has demonstrated a favorable safety profile and clinical response in patients in studies to date. Tiziana’s technology for alternative routes of immunotherapy has been patented with several applications pending and is expected to allow for broad pipeline applications.

For more information about Tiziana Life Sciences and its innovative pipeline of therapies, please visit www.tizianalifesciences.com.

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates, and projections about its industry, its beliefs, and assumptions. Words such as ‘anticipates,’ ‘expects,’ ‘intends,’ ‘plans,’ ‘believes,’ ‘seeks,’ ‘estimates,’ and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company’s control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled ‘Risk Factors’ in Tiziana’s Annual Report on Form 20-F for the year ended December 31, 2023, and other periodic reports filed with the Securities and Exchange Commission. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

For further inquiries:

Tiziana Life Sciences Ltd

Paul Spencer, Business Development, and Investor Relations
+44 (0) 207 495 2379
email: [email protected]

[1] https://www.pnas.org/doi/10.1073/pnas.2220272120

[2] https://www.pnas.org/doi/10.1073/pnas.2309221120

Posted on May 6, 2025 7:04 am
Morningstar Introduces Medalist Rating for Semiliquid Funds, Advancing Transparency in Private Markets

Morningstar Introduces Medalist Rating for Semiliquid Funds, Advancing Transparency in Private Markets

CHICAGO–(BUSINESS WIRE)–Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today introduced the Morningstar Medalist Rating™ for Semiliquid Funds, expanding its established Medalist Rating framework to the growing segment of semiliquid investment vehicles. As public and private markets converge and product offerings become more complex, the new rating brings greater transparency and due diligence to private markets.

“Semiliquid funds are becoming more accessible and gaining traction in the investment landscape, but their unique structures present challenges that warrant a reliable framework for evaluation,” said Laura Lutton, Morningstar’s global head of manager research. “Morningstar has a long track record of helping bring clarity to complex areas of the market. With this new rating, we are applying that same rigorous approach to help investors assess these strategies with confidence and make well-informed decisions.”

This new rating expands on the Morningstar Medalist Rating – the firm’s forward-looking ratings methodology used for mutual funds and exchange-traded funds (ETFs) – to a range of vehicles with limited liquidity and/or exposure to private market assets. These include interval funds, tender-offer funds, nontraded real estate investment trusts (REITs), and nontraded business development companies (BDCs) in the United States, as well as European Long-Term Investment Funds (ELTIFs), United Kingdom Long-Term Asset Funds (LTAFs), and certain Australia-domiciled managed investment schemes. Investor interest in semiliquid structures has accelerated in recent years, with U.S. interval funds alone growing at an annualized rate of nearly 40% over the past decade through May 2024, according to Morningstar research.

The methodology is tailored to account for the distinct structures, liquidity constraints, and potential private asset exposures of semiliquid vehicles. Ratings will use Morningstar’s five-tier scale – Gold, Silver, Bronze, Neutral, and Negative – to express conviction in a strategy’s potential to outperform over the long term, while also guiding investors and selectors with insights on a strategy’s role in the portfolio, risks, and potential outcomes across varying market conditions.

The Morningstar Medalist Rating for Semiliquid Funds is designed to:

Identify strategies expected to outperform relevant public market benchmarks, private market indexes, and peer groups over the long term, and flag strategies likely to underperform.

Assess a strategy’s suitability to an investor’s goals, liquidity needs, and risk profile.

Provide key context on factors like fees, manager tenure, asset size, and investment approach.

Monitor ongoing changes in strategies that could materially impact performance or alignment to investor expectations.

Morningstar will begin assigning ratings under this new methodology in the third quarter of 2025, starting with U.S.-based semiliquid strategies. These strategies will be assessed using a fully qualitative approach, with coverage determined by Morningstar’s analyst teams based on factors such as investment merit, investor demand, and client interest. The Medalist Ratings will be displayed on Morningstar.com as well within products in the Direct Platform, including Morningstar Direct, Direct Advisory Suite, and in data feeds associated with select interval funds.

The full methodology is available here. For more information, please visit our Frequently Asked Questions here. A detailed article on the methodology and new rating process for semiliquid funds can be viewed on Morningstar.com here.

Morningstar’s Capabilities for a Converging Market

The launch of the Medalist Rating for Semiliquid Funds is the latest step in Morningstar’s effort to construct a common investment language across public and private markets, empowering investors to evaluate investments and portfolios with actionable data, standardized analytics, and unified workflow tools.

Earlier this year, Morningstar made updates to its Categories system to more granularly differentiate between public and private investments, debuted a new investable Morningstar PitchBook Unicorn 30 Index that tracks the 30 most liquid late-stage venture capital-backed private companies valued at $1 billion or more, and added private capital funds to Morningstar Direct.

In March, Morningstar acquired Lumonic. Lumonic’s private credit portfolio monitoring and management product is designed to empower clients to easily monitor their assets alongside PitchBook’s best-in-class private markets reference data and analytical suite. PitchBook’s expanded data coverage now encompasses leveraged loan and high-yield bond news and analysis as well as BDC portfolio holdings and collateralized loan obligations (CLOs). Morningstar Credit has also grown its ratings on private debt, covering everything from esoteric asset-backed securities and asset-based lending to both investment-grade and non-investment-grade private-placement corporate transactions.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $341 billion in AUMA as of March 31, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.

Morningstar’s Manager Research Group

Morningstar’s Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. Morningstar Manager Research provides independent, fundamental analysis on managed investment strategies. Morningstar views are expressed in the form of Morningstar Medalist Ratings, which are derived through research of three key pillars—People, Process, and Parent. The Morningstar Medalist Rating is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. A global research team issues detailed research reports on strategies that span vehicle, asset class, and geography.

Medalist Ratings are not statements of fact, nor are they credit or risk ratings, and should not be used as the sole basis for investment decisions. A Medalist Rating is not intended to be nor is a guarantee of future performance. This press release is for informational purposes only; references to securities should not be considered an offer or solicitation to buy or sell the securities.

©2025 Morningstar, Inc. All Rights Reserved.

MORN-R

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Morningstar Media Contact:

Michael Claussen, +1 312 696-6037 or [email protected]

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INDUSTRY KEYWORDS: Finance Consulting Professional Services Other Professional Services Asset Management

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Posted on May 6, 2025 7:04 am
FiscalNote To Participate At Upcoming Investor Conferences

FiscalNote To Participate At Upcoming Investor Conferences

WASHINGTON–(BUSINESS WIRE)–FiscalNote Holdings, Inc. (NYSE: NOTE) (“FiscalNote” or the “Company”), the leading provider of AI-driven policy and regulatory intelligence solutions, today announced that members of the senior management team will be participating in the following upcoming investor conferences:

Needham & Co. 20th Annual Technology, Media & Consumer Conference – Tuesday May 13, 2025 at the InterContinental New York Times Square in New York City. FiscalNote will host investor meetings.

D. Boral Capital Inaugural Global Conference – Wednesday May 14, 2025 at The Plaza Hotel in New York City. FiscalNote will host investor meetings.

Ladenburg Thalmann Technology Innovation EXPO25 – Wednesday, May 21, 2025 at Convene 101 Park Avenue in New York City. FiscalNote will present and host investor meetings.

All related presentations and webcasts, when applicable, will be available on the Events & Presentations section of the FiscalNote investor relations website at https://investors.fiscalnote.com/.

For more information about the conferences, please contact representatives at Needham & Co., D. Boral Capital, and Ladenburg Thalmann.

About FiscalNote

FiscalNote(NYSE: NOTE) is the leading provider of AI-driven policy and regulatory intelligence solutions. By uniquely combining proprietary AI technology, comprehensive data, and decades of trusted analysis, FiscalNote helps customers efficiently manage political and business risk. Since 2013, FiscalNote has pioneered solutions that deliver critical insights, enabling effective decision making and giving organizations the competitive edge they need. Home to PolicyNote, CQ, Roll Call, VoterVoice, and many other industry-leading products and brands, FiscalNote serves thousands of customers worldwide with global offices in North America, Europe, Asia, and Australia. To learn more about FiscalNote and its suite of solutions, visit FiscalNote.com and follow @FiscalNote.

Source: FiscalNote

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506785492/en/

Media

Yojin Yoon

FiscalNote

[email protected]

Investor Relations

Bob Burrows

FiscalNote

[email protected]

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INDUSTRY KEYWORDS: Software Data Analytics Finance Artificial Intelligence Data Management Professional Services Technology Business

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Posted on May 6, 2025 7:04 am
Upstream Bio Reports First Quarter 2025 Financial Results and Accelerates Guidance on All Clinical Programs

– Top-line data from Phase 2 clinical trial of verekitug in patients with chronic rhinosinusitis with nasal polyps expected in the third quarter of 2025 –

– Top-line data from Phase 2 clinical trial of verekitug in patients with severe asthma now expected in the first half of 2026 –

– First patient in Phase 2 clinical trial of verekitug in patients with chronic obstructive pulmonary disease to be dosed in mid-2025 –

WALTHAM, Mass., May 06, 2025 (GLOBE NEWSWIRE) — Upstream Bio, Inc. (Nasdaq: UPB), a clinical-stage company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders, today reported financial results for the first quarter ended March 31, 2025, and provided a summary of recent business highlights. The Company is developing verekitug, the only monoclonal antibody currently in clinical development that targets and inhibits the thymic stromal lymphopoietin (TSLP) receptor, in multiple severe respiratory diseases including chronic rhinosinusitis with nasal polyps (CRSwNP), severe asthma and chronic obstructive pulmonary disease (COPD).

“This quarter we made excellent progress in our development of verekitug, positioning us well to deliver on our upcoming clinical milestones. We are pleased to accelerate our guidance on several near-term events, including the top-line data readout from our Phase 2 clinical trial of verekitug in patients with CRSwNP, expected in the third quarter of this year,” said Rand Sutherland, MD, Chief Executive Officer of Upstream Bio. “In addition, we now anticipate reporting top-line data from our Phase 2 clinical trial in severe asthma in the first half of 2026. We also now expect to dose the first patient in our Phase 2 clinical trial in COPD in mid-2025. We look forward to sharing further updates as we reach these key milestones.”

Dr. Sutherland continued, “Verekitug is the only known molecule currently in clinical development targeting the TSLP receptor. Early clinical data suggest that this unique mechanism of action has the potential to meaningfully impact disease activity in patients with these severe respiratory diseases through both differentiated efficacy and an extended dosing interval, and we are testing the therapeutic implications of these observations across our development programs.”

First Quarter 2025 and Recent Business Highlights

Top-line data from Phase 2 clinical trial in patients with CRSwNP expected in the third quarter of 2025: In January 2025, Upstream Bio completed patient enrollment in its Phase 2 multicenter, randomized, placebo-controlled, parallel group clinical trial designed to assess the efficacy and safety of verekitug in participants with CRSwNP. Top-line data from this clinical trial is expected to be reported in the third quarter of 2025.

The Company has designed this trial using endpoints that, pending interactions with regulatory authorities, could produce data to support submissions for product approval. Patients were randomized to receive either 100 mg of verekitug or placebo administered subcutaneously every 12 weeks over a 24-week treatment period. The primary endpoint is change from baseline in nasal polyp score (NPS) at week 24, a primary endpoint that has been used in several registrational trials for other biologic treatments for CRSwNP. Secondary endpoints include: nasal congestion score, sinus opacification, difficulty with sense of smell, nasal symptoms, percentage of participants requiring systemic corticosteroids or nasal polyp surgery, time to nasal polyp surgery and/or time to systemic corticosteroids for nasal polyps, total symptom score, and characterization of safety.

Top-line data from Phase 2 clinical trial in patients with severe asthma now expected in the first half of 2026: The Company has designed this trial using endpoints that, pending interactions with regulatory authorities, could produce data to support submissions for product approval.

Upstream Bio also plans to initiate a long-term safety and efficacy extension study (Phase 2 LTE) in certain adult patients with severe asthma following completion of its Phase 2 severe asthma trial with the first patient expected to transition to the LTE study in the second quarter of 2025.

First patient dosing in Phase 2 clinical trial in COPD expected in mid-2025: Upstream Bio is initiating development of verekitug in a Phase 2 clinical trial in patients with moderate-to-severe COPD and now expects to dose the first patient in mid-2025.

The Company has designed this trial using endpoints that, pending interactions with regulatory authorities, could produce data to support submissions for product approval.

First Quarter 2025 Financial Results

As of March 31, 2025, Upstream Bio had cash, cash equivalents and short-term investments of $431.4 million, which is expected to fund planned operations through 2027.

Research and development expenses were $25.8 million for the quarter ended March 31, 2025, compared to $11.7 million for the same period in 2024. The increase of $14.1 million was primarily driven by an increase in clinical and manufacturing expenses related to the Company’s verekitug program.

General and administrative expenses were $6.8 million for the quarter ended March 31, 2025, compared to $4.0 million for the same period in 2024. The increase of $2.8 million was primarily driven by an increase in personnel-related expenses, including share-based compensation, and professional service fees.

Net loss was $27.3 million for the quarter ended March 31, 2025, compared to a net loss of $10.9 million for the same period in 2024. The increase of $16.4 million was largely due to increased research and development and general and administrative expenses, partially offset by increased interest income.

Upcoming Events

Upstream Bio expects to participate in the following investor conferences and medical congresses:

Goldman Sachs 46^th Annual Global Healthcare Conference 2025, Miami, FL, Upstream Bio presentation on June 11, 2025, at 9:20 a.m. ET

European Academy of Allergy and Clinical Immunology (EAACI) Congress 2025, Glasgow, United Kingdom, June 13-16, 2025

About Upstream Bio

Upstream Bio is a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. Upstream Bio is developing verekitug, the only known antagonist currently in clinical development that targets the receptor for thymic stromal lymphopoietin, a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune mediated diseases. Upstream Bio has advanced this highly potent monoclonal antibody into separate Phase 2 trials for the treatment of severe asthma and chronic rhinosinusitis with nasal polyps and is initiating development in chronic obstructive pulmonary disease. Upstream Bio’s team is committed to maximizing verekitug’s unique attributes to address the substantial unmet needs for patients underserved by today’s standard of care. To learn more, please visit www.upstreambio.com.

Upstream Bio intends to use the investor relations page on its website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor its website in addition to following press releases, filings with the Securities and Exchange Commission (SEC), public conference calls, presentations and webcasts.

Forward-Looking Statements

This press release contains “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, each as amended. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “predict,” “project,” “seeks,” “should,” “target,” “will” and variations of these words or similar expressions. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, express or implied statements regarding: the clinical development of verekitug for the treatment of severe asthma, CRSwNP and COPD, including the initiation, timing, progress and results of ongoing and planned clinical trials; expectations for future discussions with regulatory authorities and the potential of the endpoints of the Company’s clinical trials to produce data that could support submissions for product approval; expectations regarding the safety, efficacy or tolerability of verekitug; Upstream Bio’s expected operating expenses and capital expenditure requirements, including its cash runway through 2027; and participation at upcoming investor conferences and medical congresses. Any forward-looking statements in this press release are based on the Company’s current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Readers are cautioned that actual results, levels of activity, safety, efficacy, performance or events and circumstances could differ materially from those expressed or implied in the Company’s forward-looking statements due to a variety of risks and uncertainties, which include, without limitation, risks and uncertainties related to: Upstream Bio’s ability to advance verekitug through clinical development, and to obtain regulatory approval of and ultimately commercialize verekitug on the expected timeline, if at all; the initiation, timing, progress and results of clinical trials; Upstream Bio’s ability to fund its development activities and achieve development goals; Upstream Bio’s dependence on third parties to conduct clinical trials and manufacture verekitug, and commercialize verekitug, if approved; Upstream Bio’s ability to attract, hire and retain key personnel, and protect its intellectual property; Upstream Bio’s financial condition and need for substantial additional funds in order to complete development activities and commercialize verekitug, if approved; regulatory developments and approval processes of the U.S. Food and Drug Administration and comparable foreign regulatory authorities; Upstream Bio’s competitors and industry; and other risks and uncertainties described in greater detail under the caption “Risk Factors” in Upstream Bio’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as well as any subsequent filings with the SEC. Any forward-looking statements represent Upstream Bio’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Upstream Bio explicitly disclaims any obligation or undertaking to update any forward-looking statements contained herein to reflect any change in its expectations or any changes in events, conditions or circumstances on which any such statement is based except to the extent required by law, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

UPSTREAM BIO, INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(IN THOUSANDS)

(UNAUDITED)

March 31, December 31,

2025 2024

Assets

Current assets:

Cash and cash equivalents $ 71,312 $ 325,892

Short-term investments 360,068 144,559

Accounts receivable 566 613

Prepaid expenses and other current assets 21,841 8,096

Total current assets 453,787 479,160

Property and equipment, net 539 582

Operating lease right-of-use assets 1,649 1,783

Restricted cash 194 194

Total assets $ 456,169 $ 481,719

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable $ 4,718 $ 4,041

Accrued expenses and other current liabilities 4,141 5,992

Operating lease liabilities, current portion 708 704

Total current liabilities 9,567 10,737

Operating lease liabilities, net of current portion 992 1,130

Total liabilities 10,559 11,867

Stockholders’ equity:

Common stock 53 53

Additional paid-in capital 663,239 660,604

Accumulated other comprehensive income (loss) 368 (25 )

Accumulated deficit (218,050 ) (190,780 )

Total stockholders’ equity 445,610 469,852

Total liabilities and stockholders’ equity $ 456,169 $ 481,719

UPSTREAM BIO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS)

(UNAUDITED)

Three Months Ended March 31,

2025 2024

Collaboration revenue $ 566 $ 640

Operating expenses:

Research and development 25,797 11,691

General and administrative 6,782 3,962

Total operating expenses 32,579 15,653

Loss from operations (32,013 ) (15,013 )

Other income (expense):

Change in fair value of preferred stock tranche right liability — 2,859

Interest income 4,743 1,266

Other expense, net — (6 )

Total other income, net 4,743 4,119

Net loss $ (27,270 ) $ (10,894 )

Investor and Media Contact: Meggan Buckwell Director, Corporate Communications and Investor Relations [email protected]

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