Market Newsdesk

GUANGZHOU, China, Dec. 03, 2024 (GLOBE NEWSWIRE) — Burning Rock Biotech Limited (NASDAQ: BNR, the “Company” or “Burning Rock”), a company focused on the application of next generation sequencing (NGS) technology in the field of precision oncology, today reported financial results for the three months ended September 30, 2024.

Recent Business Updates

• Therapy Selection
  • Presented study results at the 2024 World Conference on Lung Cancer in September 2024. “Neoadjuvant sintilimab plus chemotherapy could be an optional treatment modality in selected EGFR-mutant NSCLC” and “Distinct Genomic and Immune Microenvironment Features of Solid or Micropapillary Predominant Subtype in Stage I Lung Adenocarcinomas”.
  • Signed a strategic cooperation agreement with MGI Tech Co., Ltd in October 2024, aiming to fully complement each other’s platform and technological advantages to further promote the clinical application progress and global business of precision oncology.
• Pharma Services
  • The companion diagnostic (CDx) for EGFR exon 20 insertion mutation (exon20ins) for sunvozertinib, developed through the collaboration of Burning Rock and Dizal, has been approved by the National Medical Products Administration (NMPA) of China, which marks the first co-developed NGS-based CDx for lung cancer approved by NMPA since the release of the CDx guideline in China.

Third Quarter 2024 Financial Results

Total revenues were RMB128.6 million (US$18.3 million) for the three months ended September 30, 2024, representing a 0.8% increase from RMB127.6 million for the same period in 2023, the increased revenue of in-hospital business was offset by the decrease of central-lab business, as we transition from central-lab to more in-hospital based testing.

• Revenue generated from in-hospital business was RMB63.8 million (US$9.1 million) for the three months ended September 30, 2024, representing a 17.0% increase from RMB54.5 million for the same period in 2023, driven by an increase in sales volume.
• Revenue generated from central laboratory business was RMB40.0 million (US$5.7 million) for the three months ended September 30, 2024, representing a 25.2% decrease from RMB53.5 million for the same period in 2023, primarily attributable to a decrease in the number of tests, as we continued our transition towards in-hospital testing.
• Revenue generated from pharma research and development services was RMB24.9 million (US$3.5 million) for the three months ended September 30, 2024, representing a 27.1% increase from RMB19.6 million for the same period in 2023, primarily attributable to an increased development and testing services performed for our pharma customers.

Cost of revenues was RMB36.8 million (US$5.2 million) for the three months ended September 30, 2024, representing an 11.6% decrease from RMB41.6 million for the same period in 2023, primarily due to (i) a decrease in cost of central laboratory business, which was in line with the decrease in revenue generated from this business; (ii) a decrease in amortization expense for all kinds of business; and (iii) the receipt of a government grant for Guangzhou headquarters building.

Gross profit was RMB91.8 million (US$13.1 million) for the three months ended September 30, 2024, representing a 6.9% increase from RMB85.9 million for the same period in 2023. Gross margin was 71.4% for the three months ended September 30, 2024, compared to 67.4% for the same period in 2023. By channel, gross margin of central laboratory business was 83.2% for the three months ended September 30, 2024, compared to 77.6% during the same period in 2023, primarily due to the decreased depreciation and rental cost in relation to our laboratory of Guangzhou headquarters; gross margin of in-hospital business was 73.0% for the three months ended September 30, 2024, compared to 65.1% during the same period in 2023, primarily due to the same reason; gross margin of pharma research and development services was 48.2% for the three months ended September 30, 2024, compared to 45.8% during the same period of 2023.

Non-GAAP gross profit, which excludes depreciation and amortization expenses, was RMB97.8 million (US$13.9million) for the three months ended September 30, 2024, representing a 2.8% increase from RMB95.1 million for the same period in 2023. Non-GAAP gross margin was 76.0% for the three months ended September 30, 2024, compared to 74.5% for the same period in 2023.

Operating expenses were RMB130.4 million (US$18.6 million) for the three months ended September 30, 2024, representing a 50.7% decrease from RMB264.7 million for the same period in 2023. The decrease was primarily driven by decreases in amortized expense on share-based compensation, budget control measures and headcount reduction to improve the Company’s operating efficiency.

• Research and development expenses were RMB49.2 million (US$7.0 million) for the three months ended September 30, 2024, representing a 41.3% decrease from RMB83.7 million for the same period in 2023, primarily due to (i) a decrease in staff cost resulted from the reorganization of our research and development department to improve operating efficiency; (ii) a decrease in the expenditure for research projects; (iii) a decrease in amortized expense on share-based compensation; and (iv) a decrease in amortized expenses for office building decoration.
• Selling and marketing expenses were RMB48.4 million (US$6.9 million) for the three months ended September 30, 2024, representing a 22.3% decrease from RMB62.3 million for the same period in 2023, primarily due to (i) a decrease in staff cost resulted from the reorganization of the sales department and improvement in operating efficiency; (ii) a decrease in conference fee; and (iii) a decrease in entertainment expense.
• General and administrative expenses were RMB32.9 million (US$4.7 million) for the three months ended September 30, 2024, representing a 72.3% decrease from RMB118.7 million for the same period in 2023, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in amortized expenses for office building decoration; (iii) a decrease in operating lease; and (iv) a decrease in general and administrative personnel’s staff cost.

Net loss was RMB35.7 million (US$5.10 million) for the three months ended September 30, 2024, compared to RMB175.0 million for the same period in 2023.

Cash, cash equivalents, restricted cash and short-term investments were RMB498.2 million (US$71.0 million) as of September 30, 2024.

About Burning Rock

Burning Rock Biotech Limited (NASDAQ: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage.

For more information about Burning Rock, please visit: ir.brbiotech.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Burning Rock may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Burning Rock’s beliefs and expectations, are forward-looking statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Burning Rock’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. All information provided in this press release is as of the date of this press release, and Burning Rock does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Non-GAAP Measures

In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP gross profit and non-GAAP gross margin, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The company defines non-GAAP gross profit as gross profit excluding depreciation and amortization. The company defines non-GAAP gross margin as gross margin excluding depreciation and amortization.

The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The company believe non-GAAP gross profit and non-GAAP gross margin excluding non-cash impact of depreciation and amortization reflect the company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons.

Contact: [email protected]

Selected Operating Data
	As of
	September 30, 2023	December 31, 2023	March 31, 2024	June 30, 2024	September 30, 2024
In-hospital Channel:
Pipeline partner hospitals(1)	29	28	28	29	30
Contracted partner hospitals(2)	55	59	59	59	61
Total number of partner hospitals	84	87	87	88	91
(1) Refers to hospitals that are in the process of establishing in-hospital laboratories, laboratory equipment procurement or installation, staff training or pilot testing using the Company’s products.
(2) Refers to hospitals that have entered into contracts to purchase the Company’s products for use on a recurring basis in their respective in-hospital laboratories the Company helped them establish. Kit revenue is generated from contracted hospitals.

Selected Financial Data
	For the three months ended
Revenues	September 30, 2023	December 31, 2023	March 31, 2024	June 30, 2024	September 30, 2024
	(RMB in thousands)
Central laboratory channel	53,481	51,288	47,614	48,773	39,984
In-hospital channel	54,496	28,809	57,387	59,872	63,769
Pharma research and development channel	19,589	40,988	20,622	26,888	24,891
Total revenues	127,566	121,085	125,623	135,533	128,644

	For the three months ended
Gross profit	September 30, 2023	December 31, 2023	March 31, 2024	June 30, 2024	September 30, 2024
	(RMB in thousands)
Central laboratory channel	41,487	41,886	37,002	38,424	33,262
In-hospital channel	35,459	12,910	39,192	44,058	46,580
Pharma research and development channel	8,974	23,317	9,500	12,956	12,004
Total gross profit	85,920	78,113	85,694	95,438	91,846

	For the three months ended
Share-based compensation expenses	September 30, 2023	December 31, 2023	March 31, 2024	June 30, 2024	September 30, 2024
	(RMB in thousands)
Cost of revenues	680	654	596	464	289
Research and development expenses	12,161	12,401	12,287	12,008	3,180
Selling and marketing expenses	2,848	1,816	508	1,232	1,917
General and administrative expenses	57,704	56,472	55,990	54,407	4,732
Total share-based compensation expenses	73,393	71,343	69,381	68,111	10,118

Burning Rock Biotech Limited Unaudited Condensed Statements of Comprehensive Loss (in thousands, except for number of shares and per share data)
	For the three months ended
	September 30, 2023		December 31,2023		March 31, 2024			June 30, 2024			September 30, 2024		September 30, 2024
	RMB		RMB		RMB			RMB			RMB		US$
Revenues	127,566		121,085		125,623			135,533			128,644		18,331
Cost of revenues	(41,646	)	(42,972	)	(39,929		)	(40,095		)	(36,798	)	(5,243		)
Gross profit	85,920		78,113		85,694			95,438			91,846		13,088
Operating expenses:
Research and development expenses	(83,701	)	(73,119	)	(65,985		)	(64,952		)	(49,150	)	(7,004		)
Selling and marketing expenses	(62,310	)	(49,785	)	(46,856		)	(48,907		)	(48,411	)	(6,899		)
General and administrative expenses	(118,724	)	(121,533	)	(98,681		)	(92,794		)	(32,874	)	(4,685		)
Total operating expenses	(264,735	)	(244,437	)	(211,522		)	(206,653		)	(130,435	)	(18,588		)
Loss from operations	(178,815	)	(166,324	)	(125,828		)	(111,215		)	(38,589	)	(5,500		)
Interest income	4,018		5,539		4,038			3,187			3,173		452
Other income (expense), net	(157	)	160		434			(82		)	1		–
Foreign exchange (loss) gain, net	423		(517	)	(13		)	262			(129	)	(18		)
Loss before income tax	(174,531	)	(161,142	)	(121,369		)	(107,848		)	(35,544	)	(5,066		)
Income tax expenses	(450	)	(1,071	)	(180		)	(190		)	(201	)	(29		)
Net loss	(174,981	)	(162,213	)	(121,549		)	(108,038		)	(35,745	)	(5,095		)
Net loss attributable to Burning Rock Biotech Limited’s shareholders	(174,981	)	(162,213	)	(121,549		)	(108,038		)	(35,745	)	(5,095		)
Net loss attributable to ordinary shareholders	(174,981	)	(162,213	)	(121,549		)	(108,038		)	(35,745	)	(5,095		)
Loss per share for class A and class B ordinary shares:
Class A ordinary shares – basic and diluted	(1.71	)	(1.58	)	(1.19		)	(1.05		)	(0.35	)	(0.05		)
Class B ordinary shares – basic and diluted	(1.71	)	(1.58	)	(1.19		)	(1.05		)	(0.35	)	(0.05		)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares – basic and diluted	85,000,869		85,071,360		85,219,188			85,271,858			85,902,670		85,902,670
Class B ordinary shares – basic and diluted	17,324,848		17,324,848		17,324,848			17,324,848			17,324,848		17,324,848
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustments	(1,955	)	(3,026	)	590			940			(4,054	)	(578		)
Total comprehensive loss	(176,936	)	(165,239	)	(120,959		)	(107,098		)	(39,799	)	(5,673		)
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders	(176,936	)	(165,239	)	(120,959		)	(107,098		)	(39,799	)	(5,673		)

Burning Rock Biotech Limited Unaudited Condensed Statements of Comprehensive Loss (in thousands, except for number of shares and per share data)
	For the nine months ended
	September 30, 2023		September 30, 2024		September 30, 2024
	RMB		RMB		US$
Revenues	416,350		389,800		55,546
Cost of revenues	(131,236	)	(116,822	)	(16,648	)
Gross profit	285,114		272,978		38,898
Operating expenses:
Research and development expenses	(273,897	)	(180,087	)	(25,662	)
Selling and marketing expenses	(197,926	)	(144,174	)	(20,545	)
General and administrative expenses	(316,288	)	(224,349	)	(31,969	)
Total operating expenses	(788,111	)	(548,610	)	(78,176	)
Loss from operations	(502,997	)	(275,632	)	(39,278	)
Interest income	12,417		10,398		1,482
Other income, net	324		353		50
Foreign exchange gain, net	97		120		17
Loss before income tax	(490,159	)	(264,761	)	(37,729	)
Income tax expenses	(1,317	)	(571	)	(81	)
Net loss	(491,476	)	(265,332	)	(37,810	)
Net loss attributable to Burning Rock Biotech Limited’s shareholders	(491,476	)	(265,332	)	(37,810	)
Net loss attributable to ordinary shareholders	(491,476	)	(265,332	)	(37,810	)
Loss per share for class A and class B ordinary shares:
Class A ordinary shares – basic and diluted	(4.80	)	(2.58	)	(0.37	)
Class B ordinary shares – basic and diluted	(4.80	)	(2.58	)	(0.37	)
Weighted average shares outstanding used in loss per share computation:
Class A ordinary shares – basic and diluted	85,070,921		85,467,131		85,467,131
Class B ordinary shares – basic and diluted	17,324,848		17,324,848		17,324,848
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustments	7,215		(2,524	)	(360	)
Total comprehensive loss	(484,261	)	(267,856	)	(38,170	)
Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders	(484,261	)	(267,856	)	(38,170	)

Burning Rock Biotech Limited Unaudited Condensed Consolidated Balance Sheets (In thousands)
	As of
	December 31, 2023	September 30, 2024	September 30, 2024
	RMB	RMB	US$
ASSETS
Current assets:
Cash and cash equivalents	615,096	497,969	70,960
Restricted cash	120	278	40
Accounts receivable, net	126,858	166,491	23,725
Contract assets, net	22,748	17,750	2,529
Inventories, net	69,020	66,444	9,468
Prepayments and other current assets, net	50,254	30,623	4,364
Convertible note receivable	–	5,320	758
Total current assets	884,096	784,875	111,844
Non-current assets:
Equity method investment	337	243	35
Convertible note receivable	5,320	–	–
Property and equipment, net	131,912	90,139	12,845
Operating right-of-use assets	12,284	99,301	14,150
Intangible assets, net	964	525	75
Other non-current assets	5,088	9,722	1,385
Total non-current assets	155,905	199,930	28,490
TOTAL ASSETS	1,040,001	984,805	140,334

Burning Rock Biotech Limited Unaudited Condensed Consolidated Balance Sheets (Continued) (in thousands)
	As of
	December 31, 2023		September 30, 2024		September 30, 2024
	RMB		RMB		US$
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	18,061		25,213		3,593
Deferred revenue	130,537		110,748		15,781
Accrued liabilities and other current liabilities	104,935		94,110		13,411
Customer deposits	1,197		567		81
Current portion of operating lease liabilities	8,634		27,842		3,967
Total current liabilities	263,364		258,480		36,833
Non-current liabilities:
Non-current portion of operating lease liabilities	3,690		73,055		10,410
Other non-current liabilities	4,537		5,104		728
Total non-current liabilities	8,227		78,159		11,138
TOTAL LIABILITIES	271,591		336,639		47,971
Shareholders’ equity:
Class A ordinary shares	116		118		17
Class B ordinary shares	21		21		3
Additional paid-in capital	4,849,337		4,996,947		712,059
Treasury stock	(65,896	)	(65,896	)	(9,390	)
Accumulated deficits	(3,853,635	)	(4,118,967	)	(586,948	)
Accumulated other comprehensive loss	(161,533	)	(164,057	)	(23,378	)
Total shareholders’ equity	768,410		648,166		92,363
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,040,001		984,805		140,334

Burning Rock Biotech Limited Unaudited Condensed Statements of Cash Flows (in thousands)
	For the three months ended
	September 30, 2023		September 30, 2024			September 30, 2024
	RMB		RMB			US$
Net cash used in operating activities	(47,417	)	(30,278		)	(4,315	)
Net cash used in investing activities	(1,985	)	(987		)	(141	)
Net cash (used in)/generated from financing activities	(45,888	)	2			–
Effect of exchange rate on cash, cash equivalents and restricted cash	(1,239	)	(3,537		)	(503	)
Net decrease in cash, cash equivalents and restricted cash	(96,529	)	(34,800		)	(4,959	)
Cash, cash equivalents and restricted cash at the beginning of period	733,278		533,047			75,959
Cash, cash equivalents and restricted cash at the end of period	636,749		498,247			71,000

	For the nine months ended
	September 30, 2023		September 30, 2024				September 30, 2024
	RMB		RMB				US$
Net cash used in operating activities	(239,764	)	(111,323			)	(15,863	)
Net cash used in investing activities	(8,972	)	(3,600			)	(513	)
Net cash (used in)/generated from financing activities	(46,923	)	2				–
Effect of exchange rate on cash, cash equivalents and restricted cash	7,140		(2,048			)	(292	)
Net decrease in cash, cash equivalents and restricted cash	(288,519	)	(116,969			)	(16,668	)
Cash, cash equivalents and restricted cash at the beginning of period	925,268		615,216				87,668
Cash, cash equivalents and restricted cash at the end of period	636,749		498,247				71,000

Burning Rock Biotech Limited Reconciliations of GAAP and Non-GAAP Results
			For the three months ended
	September 30, 2023		December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
			(RMB in thousands)
Gross profit:
Central laboratory channel	41,487		41,886		37,002		38,424		33,262
In-hospital channel	35,459		12,910		39,192		44,058		46,580
Pharma research and development channel	8,974		23,317		9,500		12,956		12,004
Total gross profit	85,920		78,113		85,694		95,438		91,846
Add: depreciation and amortization:
Central laboratory channel	2,550		2,414		1,919		1,226		1,277
In-hospital channel	2,751		2,728		1,524		824		798
Pharma research and development channel	3,863		3,808		3,856		4,417		3,846
Total depreciation and amortization included in cost of revenues	9,164		8,950		7,299		6,467		5,921
Non-GAAP gross profit：
Central laboratory channel	44,037		44,300		38,921		39,650		34,539
In-hospital channel	38,210		15,638		40,716		44,882		47,378
Pharma research and development channel	12,837		27,125		13,356		17,373		15,850
Total non-GAAP gross profit	95,084		87,063		92,993		101,905		97,767
Non-GAAP gross margin：
Central laboratory channel	82.3	%	86.4	%	81.7	%	81.3	%	86.4	%
In-hospital channel	70.1	%	54.3	%	70.9	%	75.0	%	74.3	%
Pharma research and development channel	65.5	%	66.2	%	64.8	%	64.6	%	63.7	%
Total non-GAAP gross margin	74.5	%	71.9	%	74.0	%	75.2	%	76.0	%

HOUSTON, Dec. 03, 2024 (GLOBE NEWSWIRE) — Intuitive Machines, Inc. (Nasdaq: LUNR, LUNRW) (“Intuitive Machines” or the “Company”), a leading space exploration, infrastructure, and services company, announced today the pricing of an upsized offering of 9,523,810 shares of its Class A common stock (“Class A Common Stock”) at a price to the public of $10.50 per share (the “Public Offering Price”) (the “Offering”). As part of the Offering, the Company and a selling stockholder granted the underwriters a 30-day option to purchase up to an additional 1,275,714 and 152,857 shares of Class A Common Stock from the Company and such selling stockholder, respectively. The Offering is expected to close on December 5, 2024, subject to customary closing conditions.

Additionally, the Company will issue 952,381 shares of Class A Common Stock to Boryung Corporation (together with its affiliates, “Boryung”), an accredited investor, at the Public Offering Price pursuant to an agreement entered into with Boryung on December 2, 2024 in a concurrent private placement (the “Private Placement”). The offer and sale of the Company’s Class A Common Stock pursuant to the Private Placement will be made in reliance upon the exemption from registration under the Securities Act of 1933, as amended, (the “Securities Act”) provided by Section 4(a)(2) thereunder. The Private Placement is contingent upon the consummation of the Offering and the satisfaction of certain other customary closing conditions. The consummation of the Offering is not contingent on the consummation of the Private Placement.

The net proceeds to the Company from the Offering and the Private Placement are expected to be approximately $104.25 million, after deducting underwriting discounts and commissions, but before estimated offering expenses payable by the Company, excluding any exercise of the underwriters’ opinion to purchase additional shares. The Company intends to use the net proceeds it receives from the Offering and the Private Placement, together with its existing cash, cash equivalents and short-term investment balance, to acquire an equivalent number of newly-issued common units of Intuitive Machines, LLC (“Intuitive Machines OpCo”) from Intuitive Machines OpCo, which Intuitive Machines OpCo will in turn use for general corporate purposes, including operations, research and development and potential mergers and acquisitions. In the event the underwriters exercise their option to purchase additional shares, the Company will not receive any of the proceeds from the sale of any shares of Class A Common Stock being sold by the selling stockholder. Intuitive Machines will bear the costs associated with the sale of such shares, other than the underwriting discounts payable by the selling stockholder.

BofA Securities, Cantor, Barclays and Stifel are acting as the lead joint book-running managers for the Offering. Roth Capital Partners and B. Riley Securities are acting as book-running managers for the Offering. The Benchmark Company is acting as a co-manager for the Offering.

The offer and sale of the securities pursuant to the Offering are being made pursuant to an effective shelf registration statement that was filed with the Securities and Exchange Commission (the “SEC”) and became effective on April 3, 2024. The Offering will be made only by means of a prospectus supplement and accompanying prospectus forming part of the effective registration statement relating to these securities. A copy of the preliminary prospectus supplement and the accompanying prospectus relating to these securities has been filed with the SEC and may be obtained from the website of the SEC at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, from the website of the SEC at www.sec.gov or, alternatively, from BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at [email protected]; Cantor, 110 East 59th St., 6th Floor, New York, NY 10022, Attention: Capital Markets, or by email at [email protected]; Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (888) 603-5847 or by email at [email protected]; or Stifel, One Montgomery Street, Suite 3700, San Francisco, California 94104, Attention: Syndicate, by telephone at (415) 364-2720 or by email at [email protected]. 

The securities being offered and sold in the Private Placement have not been registered under the Securities Act or any state’s securities laws. Accordingly, the securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. The prospectus supplement and the accompanying prospectus related to the Offering are not an offer to sell or a solicitation of an offer to buy any securities in connection with the Private Placement.

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

About Intuitive Machines

Intuitive Machines is a diversified space exploration, infrastructure, and services company focused on fundamentally disrupting lunar access economics. In 2024, Intuitive Machines successfully landed the Company’s Nova-C class lunar lander, Odysseus, on the Moon, returning the United States to the lunar surface for the first time since 1972. The Company’s products and services are offered through its four in-space business units: Lunar Access Services, Orbital Services, Lunar Data Services, and Space Products and Infrastructure. For more information, please visit intuitivemachines.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward looking. These forward-looking statements generally are identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “strategy,” “outlook,” the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include but are not limited to statements regarding: our anticipated use of net proceeds from the Offering and the Private Placement; the closing of the Offering; the satisfaction of closing conditions related to the Private Placement; our expectations and plans relating to our lunar missions, including the expected timing of launch and our progress and preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding revenue for government contracts awarded to us; our operations, our financial performance and our industry; our business strategy, business plan, and plans to drive long-term sustainable shareholder value; and our expectations on revenue and cash generation. These forward-looking statements reflect the Company’s predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this press release: our reliance upon the efforts of our key personnel and board of directors to be successful; our limited operating history; our failure to manage our growth effectively and failure to win new contracts; competition from existing or new companies; unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities; failure of the market for commercial spaceflight to achieve the growth potential we expect; any delayed launches, launch failures, failure of our satellites or lunar landers to reach their planned orbital locations, significant increases in the costs related to launches of satellites and lunar landers, and insufficient capacity available from satellite and lunar lander launch providers; our customer concentration; our reliance on a single launch service provider; risks associated with commercial spaceflight, including any accident on launch or during the journey into space; risks associated with the handling, production and disposition of potentially explosive and ignitable energetic materials and other dangerous chemicals in our operations; our reliance on a limited number of suppliers for certain materials and supplied components; failure of our products to operate in the expected manner or defects in our sub-systems; counterparty risks on contracts entered into with our customers and failure of our prime contractors to maintain their relationships with their counterparties and fulfill their contractual obligations; failure to successfully defend protest from other bidders for government contracts; failure to comply with various laws and regulations relating to various aspects of our business and any changes in the funding levels of various governmental entities with which we do business; our failure to protect the confidentiality of our trade secrets, and unpatented know how; our failure to comply with the terms of third-party open source software our systems utilize; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate material weaknesses in our internal control over financial reporting; the U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year, and our dependence on U.S. government contracts and funding by the government for the government contracts; our failure to comply with U.S. export and import control laws and regulations and U.S. economic sanctions and trade control laws and regulations; uncertain global macro-economic and political conditions (including as a result of a failure to raise the “debt ceiling”) and rising inflation; our history of losses and failure to achieve profitability in the future or failure of our business to generate sufficient funds to continue operations; the cost and potential outcomes of potential future litigation; our public securities’ potential liquidity and trading; the sufficiency and anticipated use of our existing capital resources to fund our future operating expenses and capital expenditure requirements and needs for additional financing, including the Offering and the Private Placement and other public filings and press releases other factors detailed under the section titled Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC, the section titled Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the section titled Part II. Item 1A. “Risk Factors” in our most recently filed Quarterly Report on Form 10-Q, our Current Reports on Form 8-K and in our subsequent filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.

These forward-looking statements are based on information available as of the date of this press release and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

Contacts

For investor inquiries:



[email protected]

For media inquiries:



[email protected]

This press release was published by a CLEAR® Verified individual.

REDWOOD CITY, Calif., Dec. 03, 2024 (GLOBE NEWSWIRE) — Revolution Medicines, Inc. (Nasdaq: RVMD), a clinical-stage oncology company developing targeted therapies for patients with RAS-addicted cancers, today announced the pricing of 14,130,436 shares of its common stock at a public offering price of $46.00 per share, before underwriting discounts and commissions, and, in lieu of shares of common stock, to certain investors, pre-funded warrants to purchase 2,173,917 shares of common stock at a public offering price of $45.9999, which represents the per share public offering price for the common stock less the $0.0001 per share exercise price for each pre-funded warrant. All of the shares and pre-funded warrants in the offering are to be sold by Revolution Medicines. In addition, Revolution Medicines has granted the underwriters a 30-day option to purchase up to an additional 2,445,652 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering are expected to be approximately $750.0 million before deducting underwriting discounts and commissions and other offering expenses, excluding any exercise of the underwriters’ option to purchase additional shares and excluding the exercise of any pre-funded warrants. The offering is expected to close on December 5, 2024, subject to customary closing conditions.

J.P. Morgan, TD Cowen, Goldman Sachs & Co. LLC and Guggenheim Securities are acting as joint book-running managers for the offering. UBS Investment Bank is acting as lead manager.

A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (SEC) on March 4, 2024, and automatically became effective upon filing. This offering is being made solely by means of a prospectus. A copy of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, a copy of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained by contacting: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by email at [email protected] and [email protected]; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, by telephone at (855) 495-9846 or by email at [email protected]; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by email at [email protected]; and Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017, by telephone at (212) 518-9544 or by email at [email protected].

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

About Revolution Medicines, Inc.

Revolution Medicines is a clinical-stage oncology company developing novel targeted therapies for RAS-addicted cancers. The company’s R&D pipeline comprises RAS(ON) inhibitors designed to suppress diverse oncogenic variants of RAS proteins. The company’s RAS(ON) inhibitors RMC-6236, a RAS(ON) multi-selective inhibitor, RMC-6291, a RAS(ON) G12C-selective inhibitor, and RMC-9805, a RAS(ON) G12D-selective inhibitor, are currently in clinical development. Additional development opportunities in the company’s pipeline focus on RAS(ON) mutant-selective inhibitors, including RMC-5127 (G12V), RMC-0708 (Q61H) and RMC-8839 (G13C), in addition to RAS companion inhibitors RMC-4630 and RMC-5552.

Forward Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Revolution Medicines, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected completion and timing of closing of the public offering. Such forward-looking statements involve risks and uncertainties, including, without limitation, risks and uncertainties related to market conditions and the satisfaction of closing conditions related to the public offering. Such forward-looking statements involve substantial risks and uncertainties that relate to future events, and the actual results could differ significantly from those expressed or implied by the forward-looking statements. Revolution Medicines undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties relating to Revolution Medicines’ business in general, see the prospectus supplement related to the public offering and Revolution Medicines’ current and future reports filed with the SEC, including Revolution Medicines’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on November 6, 2024.

Revolution Medicines Investors & Media Contacts: [email protected]; [email protected]

PHILADELPHIA, Dec. 03, 2024 (GLOBE NEWSWIRE) — Berger Montague PC advises investors that a securities class action lawsuit has been filed against PACS Group, Inc. (“PACS” or the “Company”) (NYSE: PACS) on behalf of purchasers of PACS securities between April 8, 2024 through November 21, 2024, inclusive (the “Class Period”).

Investor Deadline: Investors who purchased or acquired PACS securities during the Class Period may, no later than


JANUARY 13, 2025


, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at




[email protected]




or (215) 875-3015, or Peter Hamner at




[email protected]




or (215) 875-3048, or




CLICK HERE


.

Headquartered in Farmington, Utah, PACS operates skilled nursing facilities and post-acute care facilities in the U.S.

According to the lawsuit, throughout the Class Period, Defendants failed to disclose that: (a) PACS inflated its Medicare revenues by misclassifying lower-acuity patients as high-acuity patients that required skilled care in violation of a Covid-era waiver, thereby securing higher reimbursement rates; and (b) that after the expiration of the COVID-era waiver, PACS inflated its revenues by fraudulently billing for unnecessary treatments and for services never provided to patients.

On November 4, 2024, Hindenburg Research published a report alleging that, among other things, PACS misused COVID waivers to inflate Medicare reimbursements, as well as engaging in other revenue practices which misrepresented the Company’s financial health. On this news, PACS’ share price dropped $11.93 per share – 27.8 percent – to close at $31.01 per share on November 4, 2024.

Then, on November 6, 2024, the Company announced that it would delay the release of its third-quarter 2024 financial results due to an investigation by the Company’s Audit Committee into recent allegations concerning its reimbursement and referral practices. PACS also disclosed that it had received civil investigative demands from the federal government regarding these practices. On this news, PACS’ share price dropped $11.45 per share – 38.8 percent – to close at $18.09 per share on November 6, 2024.

Learn More About the Lawsuit

A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.

Contact:

Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]  

Peter Hamner
Berger Montague PC
(215) 875-3048
[email protected]

SOUTH SAN FRANCISCO, Calif., Dec. 03, 2024 (GLOBE NEWSWIRE) — Senti Biosciences, Inc. (Nasdaq: SNTI) (“Senti Bio”), a clinical-stage biotechnology company developing next-generation cell and gene therapies using its proprietary Gene Circuit platform, today announced that on November 26, 2024, the Compensation Committee of Senti Bio’s Board of Directors granted to three new employees stock options to purchase an aggregate of 49,778 shares of the Company’s common stock with a per share exercise price of $2.11. These awards were made under the Company’s 2022 Inducement Equity Plan (the “Plan”).

The above-described awards were each granted as an inducement material to the employees entering into employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4), and were granted pursuant to the terms of the Plan. The Plan was adopted by the Company’s board of directors on August 5, 2022.

About Senti Bio

Senti Bio is a clinical-stage biotechnology company developing a new generation of cell and gene therapies for patients living with incurable diseases. To achieve this, Senti Bio is leveraging a synthetic biology platform called Gene Circuits to create therapies with enhanced precision and control. These Gene Circuits are designed to precisely kill cancer cells, spare healthy cells, increase specificity to target cells and control the expression of drugs even after administration. The Company’s wholly-owned pipeline includes off-the-shelf CAR-NK cells, outfitted with Gene Circuits, to target challenging liquid and solid tumor indications. Senti Bio has also preclinically demonstrated that its Gene Circuits can function in T cells. Additionally, Senti Bio has preclinically demonstrated the potential breadth of Gene Circuits in other cell and gene therapy modalities, diseases outside of oncology, and continues to advance these capabilities through partnerships with Roche/Spark Therapeutics and Bayer/Bluerock Therapeutics.

Availability of Other Information About Senti Bio

For more information, please visit the Senti Bio website at https://www.sentibio.com or follow Senti Bio on X (formerly Twitter) (@SentiBio) and LinkedIn (Senti Biosciences). Investors and others should note that we communicate with our investors and the public using our company website (www.sentibio.com), including, but not limited to, company disclosures, investor presentations and FAQs, Securities and Exchange Commission filings, press releases, public conference call transcripts and webcast transcripts, as well as on X and LinkedIn. The information that we post on our website or on X or LinkedIn could be deemed to be material information. As a result, we encourage investors, the media and others interested to review the information that we post there on a regular basis. The contents of our website or social media shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Senti Bio Contacts:
Investors: [email protected]
Media: [email protected]

HOUSTON, Dec. 03, 2024 (GLOBE NEWSWIRE) — Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of November 30, 2024.

As of November 30, 2024, the Company’s net assets were $2.5 billion, and its net asset value per share was $15.03. As of November 30, 2024, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 664% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 503%.

STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 2024//(UNAUDITED)
		(in millions)
Investments		$	3,533.0
Cash and cash equivalents			12.7
Receivable for securities sold			2.8
Accrued income			2.7
Other assets			0.6
Total assets			3,551.8
Credit facility			68.0
Notes			409.7
Unamortized notes issuance costs			(2.7	)
Preferred stock			153.6
Unamortized preferred stock issuance costs			(1.4	)
Total leverage			627.2
Other liabilities			19.7
Deferred tax liability, net			363.4
Total liabilities			383.1
Net assets		$	2,541.5

The Company had 169,126,038 common shares outstanding as of November 30, 2024.

Long-term investments were comprised of Midstream Energy Companies (95%), Utility Companies (3%) and Other Energy (2%).  

The Company’s ten largest holdings by issuer at November 30, 2024 were:

			Amount (in millions)*		% Long Term Investments
1.	Energy Transfer LP (Midstream Energy Company)		$368.8		10.4%
2.	Enterprise Products Partners L.P. (Midstream Energy Company)		356.6		10.1%
3.	The Williams Companies, Inc. (Midstream Energy Company)		345.8		9.8%
4.	MPLX LP (Midstream Energy Company)		318.2		9.0%
5.	Targa Resources Corp. (Midstream Energy Company)		255.0		7.2%
6.	ONEOK, Inc. (Midstream Energy Company)		251.9		7.1%
7.	Cheniere Energy, Inc. (Midstream Energy Company)		227.7		6.4%
8.	Kinder Morgan, Inc. (Midstream Energy Company)		213.3		6.0%
9.	Western Midstream Partners, LP (Midstream Energy Company)		149.6		4.2%
10.	Plains All American Pipeline, L.P. (Midstream Energy Company)		132.7		3.8%
*	Includes ownership of common and preferred units.

Portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. You can obtain a complete listing of holdings by viewing the Company’s most recent quarterly or annual report.

Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include but are not limited to changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at 

www.kaynefunds.com

 or 

www.sec.gov

. Actual events could differ materially from these statements or our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

Contact investor relations at 877-657-3863 or [email protected].