Market Newsdesk

August 9, 2021 8:33 am

Monmouth Comments on ISS Report

ISS Recognizes
Monmouth Board Ran Organized and Thorough Strategic Alternative
s
Process

and
Acknowledges
the Benefits of a Transaction with EQC

Monmouth
Urges
Stockholders
to Vote
the

WHITE

Proxy Card
“

FOR

”
the Equity Commonwealth
Transaction

HOLMDEL, N.J., Aug. 09, 2021 (GLOBE NEWSWIRE) — Monmouth Real Estate Investment Corporation (NYSE: MNR, “Monmouth” or “the Company”) today commented on the recent report from independent proxy advisory firm Institutional Shareholder Services, Inc. (“ISS”) related to the Company’s pending merger with Equity Commonwealth (NYSE: EQC, “EQC”):

	Following an extensive strategic review conducted by the Monmouth Board, our Board unanimously determined that merging with EQC is the best path forward for the Company. A merger with EQC uniquely positions the combined company to evolve into a market leading industrial REIT through the strategic expansion of Monmouth’s existing portfolio of state-of-the-art single-tenant industrial properties and diversification of its high quality tenant base to deliver long term value to stockholders.

	Importantly, ISS recognizes the thorough process undertaken by the Monmouth Board of Directors and the benefits of a transaction with EQC. The ISS report states¹:

	●	“…the MNR board organized and ran a reasonably thorough process that reached out to over 90 potential acquirors, resulted in four competing bidders, and featured multiple rounds of offer improvement.”

	●	“…the proposed transaction could be transformational, with MNR’s existing industrial assets and their high credit tenants serving as a base for the combined company’s acquisitions and expansion into tangential industrial real estate opportunities, such as collaborating with merchant builders or acquiring multi-tenant properties that would not have fit within MNR’s acquisition profile.”

	●	“…the EQC deal offers MNR shareholders a quality management team, 35 percent ownership of a bigger company, and diversification into cash and a small office portfolio with a goal of additional diversification into new geographies and tenant classes.”

	We disagree with ISS’ voting recommendation and look forward to continuing to engage with our stockholders in the weeks ahead. The Monmouth Board and management team remain committed, as we have shown throughout our 53-year history as a public REIT, to maximizing value for our stockholders. Our Board continues to believe that the merger with EQC represents the best way to achieve that goal.

Monmouth stockholders have received a definitive joint proxy statement/prospectus prepared by Monmouth and EQC seeking stockholder approval of the merger. Any stockholder who has questions about the voting of shares after receiving and reviewing the joint proxy statement/prospectus may contact Monmouth’s proxy solicitor, Okapi Partners, toll-free, at (888) 785-6668.

All stockholders of record of Monmouth common stock as of the close of business on August 2, 2021 are entitled to vote their shares at the Special Meeting of Stockholders, to be held at 11:00 AM ET on August 24, 2021. Monmouth encourages all stockholders to carefully review the definitive joint proxy statement/prospectus and return their WHITE proxy card to vote “FOR” the merger with EQC.

J.P. Morgan Securities LLC and CS Capital Advisors, LLC are acting as financial advisors and Stroock & Stroock & Lavan LLP is serving as legal advisor to Monmouth.

About Monmouth

Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. We specialize in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully integrated and self-managed real estate company, whose property portfolio consists of 121 properties, containing a total of approximately 24.7 million rentable square feet, geographically diversified across 32 states. Our occupancy rate as of this date is 99.7%.

Forward-Looking Statements

Some of the statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding the merger with EQC. Any forward-looking statements contained in this press release are intended to be made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward looking statements by discussions of strategy, plans or intentions. Any forward-looking statements contained in this press release reflect Monmouth’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed in any forward-looking statement. For a further discussion of other factors that could cause Monmouth’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in Monmouth’s most recent Annual Report on Form 10-K and in its Quarterly Reports on Form 10-Q. While forward-looking statements reflect Monmouth’s good faith beliefs, they are not guarantees of future performance. Monmouth disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Participants in the Solicitation

Monmouth and certain of its directors and executive officers and other employees may be deemed to be participants in the solicitation of proxies from Monmouth’s stockholders in connection with the proposed merger with EQC under the rules of the SEC. Investors may obtain information regarding the names, affiliations and interests of directors and executive officers of Monmouth in Monmouth’s Annual Report on Form 10-K for Monmouth’s fiscal year ended September 30, 2020, which was filed with the SEC on November 23, 2020, as well as in Monmouth’s other filings with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the proxy statement/prospectus and other relevant proxy materials filed with the SEC in respect of the proposed merger.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Additional Information and Where to Find It

In connection with the proposed merger between Monmouth and EQC, EQC has filed a registration statement on Form S-4 with the SEC, which became effective on July 23, 2021, to register the common shares of beneficial interest of EQC to be issued pursuant to the merger. The registration statement includes a joint proxy statement/prospectus which has been filed by EQC and Monmouth with the SEC and has been sent to the common shareholders of EQC seeking their approval of the share issuance and to the common shareholders of Monmouth seeking their approval of the merger (the “joint proxy statement/prospectus”). EQC and Monmouth may also file other documents regarding the proposed merger and share issuance with the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND SHARE ISSUANCE. Investors and security holders may obtain free copies of the registration statement and joint proxy statement/prospectus and other documents filed with the SEC by EQC or Monmouth through the website maintained by the SEC at www.sec.gov. In addition, investors and security holders may obtain free copies of the registration statement and the joint proxy statement/prospectus and other documents filed with the SEC by EQC on EQC’s website at www.eqcre.com and may obtain free copies of the joint proxy statement/prospectus and other documents filed with the SEC by Monmouth on Monmouth’s website at www.mreic.reit.

Contacts:

Investors

Becky Coleridge
(732) 577-9996
[email protected]

Media

Andrew Siegel / Kara Brickman
Joele Frank
(212) 355-4449

¹ Permission to use quotations neither sought nor obtained

August 9, 2021 8:33 am

Cellectar Reports Financial Results for the Second Quarter 2021 and Provides a Corporate Update

FLORHAM PARK, N.J., Aug. 09, 2021 (GLOBE NEWSWIRE) — Cellectar Biosciences, Inc. (NASDAQ: CLRB), a late-stage clinical biopharmaceutical company focused on the discovery and development of drugs for the treatment of cancer, today announced financial results for the second quarter ended June 30, 2021 and provided a corporate update.

Second Quarter and Recent Corporate Highlights

Announced the expansion of the ongoing collaboration with biotechnology company IntoCell Inc., combining their novel linker chemistry with Cellectar’s validated targeting platform to create novel next generation phospholipid drug conjugate (PDC) therapeutics.
Announced a co-development and commercialization collaboration with LegoChemBio, a clinical stage biotechnology company to utilize their proprietary drug conjugate linker-toxin platform to further enhance the company’s portfolio of next generation PDC therapeutics.
Presented a poster entitled “Treatment Free Remission (TFR) and Overall Response Rate (ORR) Results in Patients with Relapsed/Refractory Waldenstrom’s Macroglobulinemia (WM) Treated with CLR 131” at the American Society of Clinical Oncology (ASCO) Annual meeting.
- The poster provided an update of six patients from the company’s Phase 2a study of CLR 131 in Waldenstrom’s macroglobulinemia demonstrating encouraging data.
  - A 100% (6/6) overall response rate, 83.3% (5/6) major response rate and a 16.7% (1/6) complete response rate.
  - A median time to initial response of 22 days after first infusion with a median time to major response, as defined as at least a 50% reduction in IgM, of 44 days after first infusion.
  - A mean treatment free remission, as defined as the time from the last CLR 131 infusion to progression of disease, of 1.1 years and ongoing.
  - Median duration of response had not been reached, with 100% of the MYD88 wild type and high-risk patients exceeding 8.5 months.
  - Progression free survival (PFS) for both MYD88 wild type patients as well as the high-risk subgroup had not been reached after 18 months; PFS for the multi-drug refractory patients subgroup was 11 months.
Hosted Key Thought Leader event with Dr. Sikander Ailawadhi, M.D., of the Mayo Clinic, the lead investigator for the company’s pivotal study of CLR 131 in patients with Waldenstrom’s macroglobulinemia.
Added extensive hematology and oncology expertise to the company’s board of directors with the addition of Dr. Asher Alban Chanan-Khan as an independent director.

“During the second quarter, we remained focused on advancing both our preclinical and clinical objectives. The high level of interest and participation in our WM pivotal study by international thought leadership and academic centers from around the globe is extremely exciting,” said James Caruso, president and CEO of Cellectar. “We presented compelling CLR 131 data at ASCO and announced two new collaborations with biotechnology companies specializing in proprietary drug conjugate linker chemistry to diversify our PDC pipeline. With over $46 million in cash and cash equivalents as of June 30, 2021, we are well capitalized with the cash runway to execute on our anticipated value enhancing milestones into 2023.”

Second Quarter Financial Highlights

Cash and Cash Equivalents: As of June 30, 2021, the company had cash and cash equivalents of $46.8 million compared to $57.2 million at December 31, 2020. Cash used in operating activities was approximately $11.6 million during the six months ended June 30, 2021 as compared to $6.6 million during the six months ended June 30, 2020.
Research and Development Expense: R&D expense for the three months ended June 30, 2021 was $4.6 million, compared to $2.5 million for the three months ended June 30, 2020. The cumulative R&D spending for the first six months of 2021 was $9.3 million as compared to $5.1 million for the first six months of 2020. The increase in R&D expense year-to-date in 2021 was primarily a result of an increase related to start-up costs for our WM pivotal study and other clinical project costs and general research and development costs offset by lower manufacturing and related costs.

General and Administrative Expense: G&A expense for the three months ended June 30, 2021 was $1.4 million compared to $1.2 million for the three months ended June 30, 2020. The cumulative G&A spending for the first six months of 2021 were of $3.1 million as compared to $2.5 million for the first six months of 2020. The increase in G&A expense year-to-date in 2021 was primarily a result of an increase in professional fees, insurance and personnel costs.
Net Loss: The net loss attributable to common stockholders for the three months ended June 30, 2021 was ($6.0) million, or ($0.11) per share, compared to ($3.6) million, or ($0.26) per share, in 2020. Net loss attributable to common stockholders for the six months ended June 30, 2021 was ($12.4) million, or ($0.25) per share, compared to ($7.6) million, or ($0.65) per share, in 2020.

About Cellectar Biosciences, Inc.
Cellectar Biosciences is focused on the discovery and development of drugs for the treatment of cancer. The company is developing proprietary drugs independently and through research and development collaborations. The company’s core objective is to leverage its proprietary Phospholipid Drug Conjugate™ (PDC) delivery platform to develop PDCs that specifically target cancer cells, delivering improved efficacy and better safety as a result of fewer off-target effects. The company’s PDC platform possesses the potential for the discovery and development of the next-generation of cancer-targeting treatments, and it plans to develop PDCs independently and through research and development collaborations.

The company’s product pipeline includes CLR 131, a small-molecule PDC designed to provide targeted delivery of iodine-131 (radioisotope), and proprietary preclinical PDC chemotherapeutic programs and multiple partnered PDC assets. The company is currently enrolling in a global, pivotal Phase 2 Part B (CLOVER-WaM) expansion study in Waldenstrom’s macroglobulinemia (WM) patients who have received at least two prior lines of therapy, including Bruton tyrosine kinase inhibitor failed or suboptimal response patients. The WM study will enroll up to 50 patients to evaluate the efficacy and safety of CLR 131 for marketing approval.

For more information, please visit www.cellectar.com and www.wmclinicaltrial.com or join the conversation by liking and following us on the company’s social media channels: Twitter, LinkedIn, and Facebook.

Forward-Looking Statement Disclaimer
This news release contains forward-looking statements. You can identify these statements by our use of words such as “may,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” “continue,” “plans,” or their negatives or cognates. These statements are only estimates and predictions and are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes including our expectations of the impact of the COVID-19 pandemic. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties related to the ability to raise additional capital, uncertainties related to the disruptions at our sole source supplier of CLR 131, the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development thereof, patient enrollment and the completion of clinical studies, the FDA review process and other government regulation, our ability to maintain orphan drug designation in the United States for CLR 131, the volatile market for priority review vouchers, our pharmaceutical collaborators’ ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, product pricing and third-party reimbursement. A complete description of risks and uncertainties related to our business is contained in our periodic reports filed with the Securities and Exchange Commission including our Form 10-K for the year ended December 31, 2020. These forward-looking statements are made only as of the date hereof, and we disclaim any obligation to update any such forward-looking statements.

Contacts

Investors:

Monique Kosse
Managing Director
LifeSci Advisors
212-915-3820
[email protected]

CELLECTAR BIOSCIENCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,
	2021			December 31,
	(Unaudited)			2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	46,777,855		$	57,165,377
Prepaid expenses and other current assets		347,028			774,432
Total current assets		47,124,883			57,939,809
Fixed assets, net		286,768			355,982
Right-of-use asset, net		244,993			282,365
Long-term assets		75,000			75,000
Other assets		6,214			6,214
TOTAL ASSETS	$	47,737,858		$	58,659,370

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	$	3,391,017		$	3,443,197
Lease liability		127,476			119,904
Total current liabilities		3,518,493			3,563,101
Long-term lease liability		236,058			301,740
TOTAL LIABILITIES		3,754,551			3,864,841
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.00001 par value; 7,000 shares authorized; Series C preferred stock: 0 and 215 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		—			1,148,204
Series D preferred stock: 695 and 1,519 issued and outstanding as of June 30, 2021 and December 31, 2020 respectively		8,637,645			18,887,645
Common stock, $0.00001 par value; 160,000,000 and 80,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 55,267,931 and 45,442,729 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		553			454
Additional paid-in capital		174,505,736			161,533,653
Accumulated deficit		(139,160,627	)		(126,775,427	)
Total stockholders’ equity		43,983,307			54,794,529
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	47,737,858		$	58,659,370

CELLECTAR BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020

COSTS AND EXPENSES:
Research and development	$	4,627,636		$	2,465,392		$	9,260,830		$	5,081,729
General and administrative		1,401,053			1,156,842			3,127,391			2,499,160
Total costs and expenses		6,028,689			3,622,234			12,388,221			7,580,889

LOSS FROM OPERATIONS		(6,028,689	)		(3,622,234	)		(12,388,221	)		(7,580,889	)

OTHER INCOME:
Interest income, net		659			10,309			3,021			11,356
Total other income		659			10,309			3,021			11,356
NET LOSS	$	(6,028,030	)	$	(3,611,925	)	$	(12,385,200	)	$	(7,569,533	)
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE	$	(0.11	)	$	(0.26	)	$	(0.25	)	$	(0.65	)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE		52,763,809			13,793,548			50,464,274			11,591,605

August 9, 2021 8:33 am

Markforged Sets Reporting Date for Second Quarter 2021 Financial Results

Markforged Sets Reporting Date for Second Quarter 2021 Financial Results

WATERTOWN, Mass.–(BUSINESS WIRE)–
Markforged (NYSE: MKFG), creator of the integrated metal and carbon fiber additive manufacturing platform, The Digital Forge, today announced that it will release its financial results for the second quarter ended June 30, 2021, after the market closes on Thursday, Aug. 12, 2021. The Company will host a webcast and conference call at 5 p.m. ET on the same day to discuss the results.

To participate in the call, please dial 1-877-423-9813, or 1-201-689-8573 for international participants, ten minutes before the scheduled starts.

For those unable to listen to the live conference call, a replay will be available on the Company’s website and telephonically through August 26, 2021 by dialing 1-844-512-2921 (U.S. domestic) or 1-412-317-6671 (International), passcode 21996548.

Participants may access the earnings press release, related materials and the audio webcast by visiting the investors section of the Company’s website at https://investors.markforged.com/

About Markforged

Markforged (NYSE: MKFG) is reimagining how humans build everything by leading a technology-driven transformation of manufacturing with solutions for enterprises and societies throughout the world. The Markforged Digital Forge brings the power and speed of agile software development to industrial manufacturing, combining hardware, software, and materials to solve supply chain problems right at the point-of-need. Engineers, designers, and manufacturing professionals all over the world rely on Markforged metal and composite printers for tooling, fixtures, functional prototyping, and high-value end-use production. Markforged is headquartered in Watertown, Mass., where it designs its products with over 350 employees worldwide. To learn more, visit www.markforged.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005389/en/

Media

Paulina Bucko, Head of Communications

[email protected]

Investors

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Technology Packaging Engineering Automotive Manufacturing Aerospace Manufacturing Software Networks Hardware

MEDIA:

Logo

August 9, 2021 8:33 am

LMP Capital and Income Fund Inc. (NYSE: SCD) Announces Share Repurchases for Quarter Ended June 30, 2021

LMP Capital and Income Fund Inc. (NYSE: SCD) Announces Share Repurchases for Quarter Ended June 30, 2021

SAN MATEO, Calif.–(BUSINESS WIRE)–
LMP Capital and Income Fund Inc. (NYSE: SCD) announced today that the Fund repurchased 206,662 common shares in the open market during the quarter that ended June 30, 2021. Since the commencement of the stock repurchase program, the Fund repurchased a total of 227,882 shares.

LMP Capital and Income Fund Inc. is a non-diversified closed-end management investment company advised by Legg Mason Partners Fund Advisor, LLC, an indirect, wholly-owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”) and is sub-advised by ClearBridge Investments, LLC (“ClearBridge”) and Western Asset Management Company, LLC (“Western Asset”). Both ClearBridge and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources.

The Fund files its semi-annual and annual reports with the Securities and Exchange Commission (the “SEC”). These reports are available on the SEC’s website at www.sec.gov. For more information about the Fund, please call 1-888-777-0102 or consult the Fund’s web site at www.lmcef.com. Hard copies of the Fund’s complete audited financial statements are available free of charge upon request.

Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Fund.

About Franklin Templeton

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 70 years of investment experience and approximately $1.6 trillion in assets under management as of June 30, 2021. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

Category: Fund Announcement

Source: Franklin Resources, Inc.

Source: Legg Mason Closed End Funds

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005272/en/

Media: Fund Investor Services-1-888-777-0102

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Other Professional Services Professional Services Finance

MEDIA:

August 9, 2021 8:33 am

The Trade Desk Reports Second Quarter Financial Results

The Trade Desk Reports Second Quarter Financial Results

LOS ANGELES–(BUSINESS WIRE)–
The Trade Desk, Inc. (NASDAQ: TTD), a provider of a global technology platform for buyers of advertising, today announced financial results for its second quarter ended June 30, 2021.

“Revenue more than doubled year-over-year to $280 million in the second quarter. Our growth speaks to The Trade Desk’s position as the default DSP for the open internet. Nowhere is this more apparent than in Connected TV, as more premium streaming inventory becomes available to meet growing marketer demand for data-driven TV advertising,” said Jeff Green, founder and CEO of The Trade Desk. “From a customer perspective, more of the world’s leading brands, and their agencies, joined our platform, or expanded their relationship with us. This, and our robust international growth in the second quarter, gives us tremendous optimism moving forward. We also recently launched our new trading platform, Solimar, the biggest product launch in our company’s history. Solimar allows advertisers to take advantage of many opportunities in front of them today, with features such as simple and secure onboarding of first-party data; the industry’s most advanced cross-channel measurement marketplace; and advanced, multi-level goal-setting which allows our KOA AI technology to optimize campaigns for the trader.”

Second Quarter 2021 Financial Highlights:

The following table summarizes our consolidated financial results for the three and six months ended June 30, 2021 and 2020 ($ in millions, except per share amounts):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
GAAP Results
Revenue	$	280.0		$	139.4		$	499.8		$	300.0
Increase in revenue year over year		101	%		(13	)%		67	%		7	%
Net Income	$	47.7		$	25.1		$	70.3		$	49.2
Diluted EPS	$	0.10		$	0.05		$	0.14		$	0.10

Non-GAAP Results
Adjusted EBITDA	$	117.9		$	14.6		$	188.4		$	53.6
Adjusted EBITDA Margin		42	%		10	%		38	%		18	%
Non-GAAP Net Income	$	88.2		$	44.8		$	158.2		$	88.2
Non-GAAP Diluted EPS	$	0.18		$	0.09		$	0.32		$	0.18

Second Quarter and Recent Business Highlights Include:

Strong Customer Retention: Customer retention remained over 95% during the quarter, as it has for the previous 7 years
Launched our new trading platform Solimar

Features include:
- Upgraded UI to help set better campaign goals
- The platform’s AI engine Koa™ then uses these goals as a guide to optimize media spend, helping the advertisers to achieve goals faster and more efficiently than ever before
- Enables onboarding and activating first-party data easier than ever
- Growing an audience without sacrificing control over consumer experience by utilizing an interoperable Unified ID 2.0 with some of the biggest names in identity
- The most powerful measurement marketplace in the market today providing marketers the ability to measure the impact of campaigns across every channel and optimize in real time
Continued Industry-Wide Collaboration and Support for Unified ID 2.0: The Trade Desk is building support for Unified ID 2.0 (UID2), a new industry-wide approach to identity that preserves the value of relevant advertising, while putting user control and privacy at the forefront. The ID is an upgrade and alternative to third-party cookies. Recent pledges of support and integration with UID2 include:
- Global provider of marketing solutions, Interpublic Group
- Global media, marketing and corporate communications holding company, Omnicom Group
- AMC Networks, an American entertainment company
- Blockgraph, a technology company that makes the future of data-driven TV advertising possible
- OpenAP, an advanced advertising company bringing simplicity and scale to audience-based campaigns in television
- Snowflake, an enabler for organizations to mobilize their data with Snowflake’s Data Cloud
Industry Recognition: The Trade Desk was named one of the Top 100 Software Companies of 2021 by The Software Report and won Adweek Readers’ Choice: Best of Tech awards for both Demand Side Platform and Innovator of the Year categories. Additionally, The Trade Desk was included in this year’s Forbes Global 2000 list. And for the fifth consecutive year, The Trade Desk was selected as both a FORTUNE 2021 Best Medium Workplace and a Best Workplace in New York by Great Places to work.

Financial Guidance:

Our business has been impacted by the COVID-19 pandemic that has significantly impacted advertiser demand. Like many companies that are ad-funded, we are facing a period of higher uncertainty in our business outlook. We expect our business performance could be impacted by issues beyond our control, such as changing economic conditions or additional shelter-in-place orders that may or may not occur. Assuming that the economy continues to recover and we do not have any major COVID-19 related setbacks that may cause economic conditions to deteriorate, we estimate the following:

Third Quarter 2021 outlook summary:

Revenue at least $282 million
Adjusted EBITDA approximately $100 million

We have not provided an outlook for GAAP Net income or reconciliation of adjusted EBITDA guidance to net income, the closest corresponding U.S. GAAP measure, because net income outlook is not available without unreasonable efforts on a forward-looking basis due to the variability and complexity with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of our stock-based compensation expense that are directly impacted by unpredictable fluctuations in our share price. We expect the variability of the above charges could have a significant and potentially unpredictable impact on our future U.S. GAAP financial results.

Use of Non-GAAP Financial Information

Included within this press release are the non-GAAP financial measures of Adjusted EBITDA, Non-GAAP net income and Non-GAAP diluted EPS that supplement the Consolidated Statements of Income of The Trade Desk, Inc. (the Company) prepared under generally accepted accounting principles (GAAP). Adjusted EBITDA is earnings before depreciation and amortization, stock-based compensation, interest expense (income), net, and provision for (benefit from) income taxes. Non-GAAP net income excludes charges and the related income tax effects for stock-based compensation. Tax rates on the tax-deductible portions of the stock-based compensation expense approximating 25% to 30% have been used in the computation of non-GAAP net income and non-GAAP diluted EPS. Reconciliations of GAAP to non-GAAP amounts for the periods presented herein are provided in schedules accompanying this release and should be considered together with the Consolidated Statements of Income. These non-GAAP measures are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. The Company’s management believes that this information can assist investors in evaluating the Company’s operational trends, financial performance, and cash generating capacity. Management believes these non-GAAP measures allow investors to evaluate the Company’s financial performance using some of the same measures as management. However, the non-GAAP financial measures should not be regarded as a replacement for or superior to corresponding, similarly captioned, GAAP measures and may be different from non-GAAP financial measures used by other companies.

Second Quarter Financial Results Webcast and Conference Call Details

When: August 9, 2021 at 8:30 A.M. Pacific Time (11:30 A.M. Eastern Time).
Webcast: A live webcast of the call can be accessed from the Investor Relations section of The Trade Desk’s website at http://investors.thetradedesk.com/. Following the call, a replay will be available on the company’s website.
Dial-in: To access the call via telephone in North America, please dial 888-506-0062. For callers outside the United States, please dial 1-973-528-0011. Participants should reference the conference call ID code “705293” after dialing in.
Audio replay: An audio replay of the call will be available beginning about two hours after the call. To listen to the replay in the United States, please dial 1-877-481-4010 (replay code: 42356). Outside the United States, please dial 1-919-882-2331 (replay code: 42356). The audio replay will be available via telephone until August 23, 2021.

The Trade Desk, Inc. uses its Investor Relations website (http://investors.thetradedesk.com/investor-overview), its Twitter feed (@TheTradeDesk), LinkedIn page (https://www.linkedin.com/company/the-trade-desk/), and Facebook page (https://www.facebook.com/TheTradeDesk/), and Jeff Green’s Twitter feed (@jefftgreen) and LinkedIn profile (https://www.linkedin.com/in/jefftgreen/) as a means of disclosing information about the company and for complying with its disclosure obligations under Regulation FD. The information that is posted through these channels may be deemed material. Accordingly, investors should monitor these channels in addition to The Trade Desk’s press releases, SEC filings, public conference calls and webcasts.

About The Trade Desk

The Trade Desk is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage, and optimize digital advertising campaigns across ad formats and devices. Integrations with major data, inventory, and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe, and Asia Pacific. To learn more, visit thetradedesk.com or follow us on Facebook, Twitter, LinkedIn and YouTube.

Forward-Looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to expectations concerning matters that (a) are not historical facts, (b) predict or forecast future events or results, or (c) embody assumptions that may prove to have been inaccurate, including statements relating to the industry and market trends, and the Company’s financial targets, such as revenue and Adjusted EBITDA. When words such as “believe,” “expect,” “anticipate,” “will”, “outlook” or similar expressions are used, the Company is making forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give readers any assurance that such expectations will prove correct. These forward-looking statements involve risks, uncertainties and assumptions, including those related to the Company’s relatively limited operating history and the impact of COVID-19 on the Company and its customers and partners, which makes it difficult to evaluate the Company’s business and prospects, the market for programmatic advertising developing slower or differently than the Company’s expectations, the demands and expectations of clients and the ability to attract and retain clients. The actual results may differ materially from those anticipated in the forward-looking statements as a result of numerous factors, many of which are beyond the control of the Company. These are disclosed in the Company’s reports filed from time to time with the Securities and Exchange Commission, including its most recent Form 10-K and any subsequent filings on Forms 10-Q or 8-K, available at www.sec.gov. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not intend to update any forward-looking statement contained in this press release to reflect events or circumstances arising after the date hereof.

THE TRADE DESK, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
(Unaudited)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2021		2020			2021			2020
Revenue	$	279,967	$	139,355		$	499,778		$	300,015
Operating expenses (1):
Platform operations		50,809		42,133			101,309			82,341
Sales and marketing		61,755		37,071			117,519			71,365
Technology and development		53,536		40,058			107,454			76,852
General and administrative		51,919		35,865			103,764			74,463
Total operating expenses		218,019		155,127			430,046			305,021
Income (loss) from operations		61,948		(15,772	)		69,732			(5,006	)
Total other expense, net		398		194			90			611
Income (loss) before income taxes		61,550		(15,966	)		69,642			(5,617	)
Provision for (benefit from) income taxes		13,853		(41,077	)		(697	)		(54,785	)
Net income	$	47,697	$	25,111		$	70,339		$	49,168
Earnings per share:
Basic	$	0.10	$	0.05		$	0.15		$	0.11
Diluted	$	0.10	$	0.05		$	0.14		$	0.10
Weighted average shares outstanding:
Basic		475,512		461,356			474,172			458,184
Diluted		496,987		486,537			497,449			484,834
_______________________
(1) Includes stock-based compensation expense as follows:

STOCK-BASED COMPENSATION EXPENSE
(Amounts in thousands)
(Unaudited)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2021		2020			2021			2020
Platform operations	$	4,091	$	2,358		$	9,106		$	3,820
Sales and marketing		14,579		6,319			28,263			11,633
Technology and development		13,974		7,844			30,068			16,434
General and administrative		12,553		7,413			30,114			15,012
Total	$	45,197	$	23,934		$	97,551		$	46,899

THE TRADE DESK, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)

	As of		As of
	June 30, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	476,907	$	437,353
Short-term investments, net		228,150		186,685
Accounts receivable, net		1,527,651		1,584,109
Prepaid expenses and other current assets		114,558		102,170
Total current assets		2,347,266		2,310,317
Property and equipment, net		124,809		115,863
Operating lease assets		245,674		248,143
Deferred income taxes		45,124		50,168
Other assets, non-current		30,075		29,154
Total assets	$	2,792,948	$	2,753,645

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,222,220	$	1,348,480
Accrued expenses and other current liabilities		66,759		88,335
Operating lease liabilities		39,594		37,868
Total current liabilities		1,328,573		1,474,683
Operating lease liabilities, non-current		252,995		254,562
Other liabilities, non-current		9,034		11,255
Total liabilities		1,590,602		1,740,500

Stockholders’ equity:
Preferred stock		—		—
Common stock		—		—
Additional paid-in capital		657,640		538,778
Retained earnings		544,706		474,367
Total stockholders’ equity		1,202,346		1,013,145
Total liabilities and stockholders’ equity	$	2,792,948	$	2,753,645

THE TRADE DESK, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)

	Six Months Ended June 30,
	2021			2020
OPERATING ACTIVITIES:
Net income	$	70,339		$	49,168
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		21,017			13,260
Stock-based compensation		97,551			46,899
Allowance for credit losses on accounts receivable		239			2,384
Noncash lease expense		19,553			15,825
Deferred income taxes		5,044			(11,697	)
Other		9,065			(2,372	)
Changes in operating assets and liabilities:
Accounts receivable		49,802			293,577
Prepaid expenses and other assets		(6,812	)		(31,368	)
Accounts payable		(133,510	)		(214,396	)
Accrued expenses and other liabilities		(22,852	)		(7,418	)
Operating lease liabilities		(23,995	)		(4,735	)
Net cash provided by operating activities		85,441			149,127
INVESTING ACTIVITIES:
Purchases of investments		(164,031	)		(90,080	)
Sales of investments		4,539			—
Maturities of investments		116,769			85,183
Purchases of property and equipment		(18,499	)		(37,720	)
Capitalized software development costs		(2,675	)		(2,317	)
Net cash used in investing activities		(63,897	)		(44,934	)
FINANCING ACTIVITIES:
Proceeds from line of credit		—			143,000
Repayment on line of credit		—			(1,000	)
Payment of debt financing costs		(1,852	)		—
Proceeds from exercise of stock options		26,339			41,969
Proceeds from employee stock purchase plan		22,758			15,035
Taxes paid related to net settlement of restricted stock awards		(29,235	)		(7,729	)
Net cash provided by financing activities		18,010			191,275
Increase in cash and cash equivalents		39,554			295,468
Cash and cash equivalents—Beginning of period		437,353			130,876
Cash and cash equivalents—End of period	$	476,907		$	426,344

Non-GAAP Financial Metrics

(Amounts in thousands, except per share amounts)

The following tables show the Company’s non-GAAP financial metrics reconciled to the comparable GAAP financial metrics included in this release.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020

Net income	$	47,697		$	25,111		$	70,339		$	49,168
Add back:
Depreciation and amortization		11,006			6,783			21,017			13,260
Stock-based compensation		45,197			23,934			97,551			46,899
Interest expense (income), net		194			(158	)		239			(975	)
Provision for (benefit from) income taxes		13,853			(41,077	)		(697	)		(54,785	)
Adjusted EBITDA	$	117,947		$	14,593		$	188,449		$	53,567

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
GAAP net income	$	47,697		$	25,111		$	70,339		$	49,168
Add back (deduct):
Stock-based compensation expense		45,197			23,934			97,551			46,899
Adjustment for income taxes		(4,682	)		(4,248	)		(9,689	)		(7,901	)
Non-GAAP net income	$	88,212		$	44,797		$	158,201		$	88,166

GAAP diluted EPS	$	0.10		$	0.05		$	0.14		$	0.10
Non-GAAP diluted EPS	$	0.18		$	0.09		$	0.32		$	0.18

Weighted average shares outstanding—diluted		496,987			486,537			497,449			484,834

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005222/en/

Investors

Chris Toth

Vice President Investor Relations, The Trade Desk

[email protected]

310-334-9183

Media

Ian Colley

Vice President Public Relations, The Trade Desk

[email protected]

914-434-3043

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Marketing Data Management Advertising Communications Technology Software Internet

MEDIA:

August 9, 2021 8:33 am

CACI Appoints Major General Peter Gallagher, U.S. Army (Ret.) as Lead for National Security Technology Solutions

CACI Appoints Major General Peter Gallagher, U.S. Army (Ret.) as Lead for National Security Technology Solutions

RESTON, Va.–(BUSINESS WIRE)–
CACI International Inc (NYSE: CACI) announced today that recently retired Major General Peter Gallagher of the U.S. Army has been named a senior vice president to enhance CACI’s expertise and innovative technology for national security.

“Pete’s depth of defense mission expertise, including a recent focus on convergence and modernization, and years of special operations experience, will accelerate our success in bringing software enabled technology to enhance, connect, and secure critical systems for our customers,” said Todd Probert, CACI President of National Security and Innovative Solutions.

Mr. Gallagher will serve as principal advisor to the sector president and lead the integration strategy of innovative technology solutions for national security customers. He will utilize over three decades in top posts with the Army, Defense Information Services Agency (DISA), the Joint Staff, Combatant Commands, and the Special Operations community to shape technology solutions and expertise that CACI brings to market.

“We welcome Mr. Gallagher and his significant national security experience to the CACI team,” said John Mengucci, CACI President and Chief Executive Officer. “Pete’s expertise adds increased value to our customers’ critical missions across the multi-domain battlefield of today and tomorrow.”

Most recently, he served as the Director of the Army Futures Command Network Cross-Functional Team (CFT). Since joining the U.S. Army in 1986, he served in a wide range of ascending positions, including Commander of Network Enterprise Technology Command (NETCOM) and the Chief Information Officer (CIO)/J6 of United States Central Command (CENTCOM).

Major General Gallagher earned numerous awards including the Distinguished Service Medal, three Defense Superior Service Medals, four Legions of Merit, the Defense Meritorious Service Medal, and three Bronze Stars.

About CACI

CACI’s approximately 23,000 talented employees are vigilant in providing the unique expertise and distinctive technology that address our customers’ greatest enterprise and mission challenges. Our culture of good character, innovation, and excellence drives our success and earns us recognition as a Fortune World’s Most Admired Company. As a member of the Fortune 500 Largest Companies, the Russell 1000 Index, and the S&P MidCap 400 Index, we consistently deliver strong shareholder value. Visit us at www.caci.com.

There are statements made herein which do not address historical facts, and therefore could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to, the risk factors set forth in CACI’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020, and other such filings that CACI makes with the Securities and Exchange Commission from time to time. Any forward-looking statements should not be unduly relied upon and only speak as of the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005224/en/

Corporate Communications and Media:

Jody Brown, Executive Vice President, Public Relations

(703) 841-7801, [email protected]

Investor Relations:

Daniel Leckburg, Senior Vice President, Investor Relations

(703) 841-7666, [email protected]

KEYWORDS: United States North America Virginia

INDUSTRY KEYWORDS: Technology Other Defense Contracts Security Other Technology Aerospace Software Manufacturing Networks Defense

MEDIA:

Logo

August 9, 2021 8:33 am

Longboard Pharmaceuticals Provides Corporate Update and Reports Second Quarter 2021 Financial Results

Continued progress with the multiple ascending dose (MAD) portion of the Phase 1 clinical trial for LP352, a potential treatment for severe epileptic indications, with topline results expected in 2021

Initiated a number of IND-enabling preclinical studies for LP143 and LP659
Established corporate office in one of the largest life sciences hubs, San Diego, California, while continuing to expand capabilities internationally as we build out a world-class neurology team

SAN DIEGO, Aug. 09, 2021 (GLOBE NEWSWIRE) — Longboard Pharmaceuticals, Inc. (Nasdaq: LBPH), a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases, today provided a corporate update and reported financial results for the second quarter ended June 30, 2021.

“This quarter we were highly focused on advancing our lead asset, LP352, and we look forward to sharing data from the MAD portion of the Phase 1 clinical trial in the coming months. We are encouraged by the feedback we are receiving from thought leaders, advocacy groups, and caregivers as we work to finalize the protocol for our Phase 1b/2a clinical trial which we plan to initiate in participants with rare and severe epilepsies starting in the first quarter of 2022,” stated Kevin R. Lind, Longboard’s President and Chief Executive Officer. “We also continue to make progress on key IND-enabling activities for LP143 and LP659 as we assess areas of differentiation from currently available therapies.”

Program Overview:

LP352, an oral, highly selective, centrally acting 5-hydroxytryptamine 2c receptor subtype (5-HT2c) superagonist, is in the MAD portion of a Phase 1 clinical trial with topline data expected in 2021. We plan to initiate a Phase 1b/2a clinical trial for the treatment of developmental and epileptic encephalopathies (DEEs) in the first quarter of 2022.
LP143, an oral, centrally acting full agonist to the cannabinoid type 2 (CB2) receptor targeting a broad range of neurodegenerative diseases, with an initial focus in amyotrophic lateral sclerosis (ALS), is currently in Investigational New Drug (IND)-enabling studies and we anticipate submitting an IND application to the United States Food and Drug Administration (FDA) in the first quarter of 2022.
LP659, an oral, selective, centrally acting sphingosine-1-phosphate (S1P) receptor modulator targeting a range of central nervous system neuroinflammatory diseases, is currently in IND-enabling studies and we anticipate submitting an IND application to the FDA in the second half of 2022.

Second Quarter 2021 Financial Results:

Balance Sheet Highlights

At June 30, 2021, Longboard’s cash, cash equivalents and short-term investments were approximately $118.8 million and approximately 17.2 million shares of Longboard voting and non-voting common stock were outstanding.

Operating Results

Research and development (R&D) expenses were $4.9 million for the three months ended June 30, 2021 compared to $0.8 million for the three months ended June 30, 2020. R&D expenses for the three months ended June 30, 2021 included $3.0 million in preclinical and clinical trial expenses related to LP352, $0.8 million in preclinical expenses related to advancing LP143 and LP659 and $1.0 million in personnel-related expenses. R&D expenses for the three months ended June 30, 2020 included $0.5 million in preclinical expenses related to LP143 and LP659 and $0.3 million in personnel-related expenses.

General and administrative (G&A) expenses were $2.1 million for the three months ended June 30, 2021 compared to $0.8 million for the three months ended June 30, 2020. G&A expenses for the three months ended June 30, 2021 included $0.9 million of personnel-related costs, $0.6 million of professional services and consulting expenses and $0.5 million of insurance expense. G&A expenses for the three months ended June 30, 2020 included $0.6 million of personnel-related costs and $0.1 million in professional services and consulting expenses.

Net loss was $7.0 million, or $0.41 per share, for the three months ended June 30, 2021 compared to $1.6 million, or $0.41 per share, for the three months ended June 30, 2020.

About Longboard Pharmaceuticals

Longboard Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases. Longboard was formed in January 2020 by Arena Pharmaceuticals, Inc. (Arena) to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors (GPCRs). Longboard’s small molecule product candidates were discovered out of the same platform at Arena that represents a culmination of more than 20 years of GPCR research. Longboard is evaluating LP352, an oral, centrally acting, 5-hydroxytryptamine 2c receptor subtype superagonist, with negligible observed impact on 5-HT2b and 5-HT2a receptor subtypes, in development for the potential treatment of developmental and epileptic encephalopathies. Longboard is also evaluating LP143, a centrally acting, full cannabinoid type 2 receptor agonist, in development for the potential treatment of neurodegenerative diseases associated with neuroinflammation caused by microglial activation, and LP659, a centrally acting, sphingosine-1-phosphate receptor subtypes 1 and 5 modulator, in development for the potential treatment of central nervous system neuroinflammatory diseases.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. In some cases, you can identify forward-looking statements by words such as “expected”, “potential”, “plan”, “anticipate”, “focused on”, “look forward” and “build out”, and include, without limitation, statements about the following: Longboard’s clinical and preclinical programs, including timing of results, initiation of clinical trials, regulatory applications, progress, protocols, milestones, plans, and potential treatments; our positioning; our team; and our focus. For such statements, Longboard claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Longboard’s expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the following: Risks related to Longboard’s limited operating history, financial position and need for additional capital; Longboard will need additional managerial and financial resources to advance all of its programs, and you and others may not agree with the manner Longboard allocates its resources; risks related to the development and commercialization of Longboard’s product candidates; Longboard’s product candidates are in the early phase of a lengthy research and development process, the timing, manner and outcome of research, development and regulatory review is uncertain, and Longboard’s product candidates may not advance in research or development or be approved for marketing; enrolling participants in Longboard’s ongoing and intended clinical trials is competitive and challenging; the duration and severity of the coronavirus disease (COVID-19) outbreak, including but not limited to the impact on Longboard’s clinical trials and operations, the operations of Longboard’s suppliers, partners, collaborators, and licensees, and capital markets, which in each case remains uncertain; risks related to unexpected or unfavorable new data; nonclinical and clinical data is voluminous and detailed, and regulatory agencies may interpret or weigh the importance of data differently and reach different conclusions than Longboard or others, request additional information, have additional recommendations or change their guidance or requirements before or after approval; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; topline data may not accurately reflect the complete results of a particular study or trial; risks related to relying on licenses or collaborative arrangements; other risks related to Longboard’s dependence on third parties; competition; product liability or other litigation or disagreements with others; government and third-party payor actions, including relating to reimbursement and pricing; risks related to regulatory compliance; and risks relate to Longboard’s and third parties’ intellectual property rights. Additional factors that could cause actual results to differ materially from those stated or implied by Longboard’s forward-looking statements are disclosed in Longboard’s filings with the Securities and Exchange Commission (SEC). These forward-looking statements represent Longboard’s judgment as of the time of this release. Longboard disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.

Financial Tables Follow

LONGBOARD PHARMACEUTICALS, INC.

CONDENSED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share data)	June 30, 2021				December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	90,861		$		55,316
Short-term investments		27,980				—
Prepaid expenses and other current assets		1,848				46
Total current assets		120,689				55,362
Other long-term assets		33				—
Deferred financing costs		—				876
Total assets	$	120,722		$		56,238
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	915			$	1,213
Accrued research and development expenses		1,584				916
Accrued other expenses		162				845
Accrued compensation and related expenses		612				161
Total current liabilities		3,273				3,135
Commitments and contingencies
Convertible preferred stock:
Series A convertible preferred stock $0.0001 par value; authorized shares – none and 5,600,000 at June 30, 2021 and December 31, 2020, respectively; issued and outstanding shares – none and 5,600,000 at June 30, 2021 and December 31, 2020, respectively; aggregate liquidation preference – none and $56,000 at June 30, 2021 and December 31, 2020, respectively		—				55,795
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value; authorized shares – 10,000,000 and none at June 30, 2021 and December 31, 2020, respectively; issued and outstanding shares – none at June 30, 2021 and December 31, 2020		—				—
Voting common stock, $0.0001 par value; authorized shares – 300,000,000 and 10,500,000 at June 30, 2021 and December 31, 2020, respectively; issued and outstanding shares – 13,237,500 and 3,840,540 at June 30, 2021 and December 31, 2020, respectively, both excluding 348,450 shares subject to repurchase		1				—
Non-voting common stock, $0.0001 par value; authorized shares – 10,000,000 and none at June 30, 2021 and December 31, 2020, respectively; issued and outstanding shares – 3,629,400 and none at June 30, 2021 and December 31, 2020, respectively		—				—
Additional paid-in capital		144,561				11,708
Accumulated other comprehensive loss		(34	)			—
Accumulated deficit		(27,079	)			(14,400	)
Total stockholders’ equity (deficit)		117,449				(2,692	)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$	120,722			$	56,238

LONGBOARD PHARMACEUTICALS, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except share and per share data)	Three Months Ended June 30,								Six Months Ended					Period from January 3, 2020 (Inception) through
	2021				2020			June 30, 2021					June 30, 2020
Operating expenses:
Research and development	$	4,915		$		800			$		9,313		$		859
General and administrative		2,072				767			3,377				882
Total operating expenses		6,987				1,567			12,690				1,741
Loss from operations		(6,987	)			(1,567	)		(12,690			)	(1,741			)
Interest income, net		13				—			17				—
Other expense		(6	)			—			(6			)	—
Net loss	$	(6,980	)	$		(1,567	)		$		(12,679	)	$		(1,741	)

Net loss per share, basic and diluted	$	(0.41	)	$		(0.41	)		$		(1.07	)			(0.46	)

Weighted-average shares outstanding, basic and diluted	16,827,556			3,840,540						11,846,653			3,776,531

Comprehensive loss:
Net loss	$	(6,980	)	$		(1,567	)		$		(12,679	)	$		(1,741	)
Unrealized loss on short-term investments, net		(34	)			—					(34	)			—
Comprehensive loss	$	(7,014	)	$		(1,567	)		$		(12,713	)	$		(1,741	)

Corporate Contact:

Megan E. Knight
Head of Investor Relations 
[email protected]
[email protected]
619.592.9775

August 9, 2021 8:33 am

Montrose Environmental Group Acquires Software Company Specializing in the Quantifying, Reporting and Visualizing of Environmental Data

Montrose Environmental Group Acquires Software Company Specializing in the Quantifying, Reporting and Visualizing of Environmental Data

LITTLE ROCK, Ark. & PASO ROBLES, Calif.–(BUSINESS WIRE)–
Montrose Environmental Group, Inc. (“Montrose”) (NYSE: MEG) today announced the acquisition of SensibleIoT, LLC (“Sensible”), an IoT (“Internet of Things”) and software platform that interfaces with multiple air, water and soil data sources to provide an integrated environmental solution with advanced data analytics capabilities. Terms of the transaction were not disclosed.

Founded in 2018 by Charles Beach, Sensible has helped private and public sector clients visualize, calibrate and interact with data to develop meaningful environmental insights.

“In combining Montrose’s environmental solutions with Sensible’s platform, we are able to offer further integrated services and data analytics that will help our clients meet their environmental goals,” said Jose Revuelta, Chief Strategy Officer of Montrose Environmental Group. “Charles has been successful in working with various public-private partnerships, such as the City of Denver’s Love My Air initiative, and he has developed several cutting-edge environmental solutions for many of our clients. The application of technology and software to the environmental industry is core to our strategy, and we are excited to have Charles on our team so we can further our mission of helping protect the air we breathe, the water we drink and the soil that feeds us.”

About Montrose

Montrose is a leading environmental solutions company focused on supporting commercial and government organizations as they deal with the challenges of today, and prepare for what’s coming tomorrow. With more than 2,000 employees across over 70 locations around the world, Montrose combines deep local knowledge with an integrated approach to design, engineering, and operations, enabling the Company to respond effectively and efficiently to the unique requirements of each project. From comprehensive air measurement and laboratory services to regulatory compliance, emergency response, permitting, engineering, and remediation, Montrose delivers innovative and practical solutions that keep its clients on top of their immediate needs – and well ahead of the strategic curve. For more information, visit www.montrose-env.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as “intend,” “expect”, and “may”, and other similar expressions that predict or indicate future events or that are not statements of historical matters. Forward-looking statements are based on current information available at the time the statements are made and on management’s reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company’s control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. Further, many of these factors are, and may continue to be, amplified by the COVID-19 pandemic. Additional factors or events that could cause actual results to differ may also emerge from time to time, and it is not possible for the Company to predict all of them. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law. Investors are referred to the Company’s filings with the Securities and Exchange Commission for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005166/en/

Investor Relations:

Rodny Nacier

(949) 988-3383

[email protected]

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Doug Donsky

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KEYWORDS: United States North America California Arkansas

INDUSTRY KEYWORDS: Software Internet Professional Services Utilities Oil/Gas Data Management Energy Other Construction & Property Technology Environment Construction & Property Consulting

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August 9, 2021 8:33 am

Acer Therapeutics and Relief Therapeutics Announce Submission of a New Drug Application to the U.S. FDA for ACER-001 for Treatment of Urea Cycle Disorders

NEWTON, Mass. and GENEVA, Aug. 09, 2021 (GLOBE NEWSWIRE) — Acer Therapeutics Inc. (Nasdaq: ACER) (“Acer”), a pharmaceutical company focused on the acquisition, development and commercialization of therapies for serious rare and life-threatening diseases with significant unmet medical needs, and RELIEF THERAPEUTICS Holding AG (SIX: RLF, OTCQB: RLFTF) (“Relief”), a biopharmaceutical company seeking to provide patients therapeutic relief from serious diseases with high unmet need, today announced the submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for ACER-001 (sodium phenylbutyrate) for the treatment of Urea Cycle Disorders (UCDs). ACER-001 is a nitrogen-binding agent in development for use as adjunctive therapy in the chronic management of patients with UCDs involving deficiencies of carbamylphosphate synthetase (CPS), ornithine transcarbamylase (OTC), or argininosuccinic acid synthetase (AS).

Based on standard FDA review timelines, Acer expects to receive notification from FDA on the potential acceptance of the NDA for filing within 60 days of submission and subsequent substantive review.

The 505(b)(2) NDA submission is supported by results from two previously announced bioequivalence (BE) trials in which ACER-001 showed similar relative bioavailability for both phenylbutyrate (PBA) and phenylacetate (PAA), the active metabolite of sodium phenylbutyrate, compared to BUPHENYL® (sodium phenylbutyrate). Acer has also received an Agreement Letter from FDA in response to the Company’s initial Pediatric Study Plan (iPSP) which outlines an agreed upon approach that addresses the needs of pediatric patients with UCDs.

“The submission of our NDA for ACER-001 marks an important step toward bringing this potential alternative treatment option to patients with UCDs,” said Chris Schelling, Chief Executive Officer and Founder of Acer. “We look forward to working with the FDA through the review process and will continue advancing our preparations for a potential launch of ACER-001, while also assisting Relief toward regulatory submissions in Europe.”

Jack Weinstein, Chief Financial Officer and Treasurer of Relief Therapeutics, added, “We are excited about the progress made to date in support of a potential regulatory approval of ACER-001 for UCDs in the U.S. With the NDA now submitted, we will continue our efforts to back ACER-001’s development in Europe by targeting submission of a Marketing Authorization Application (MAA) for the treatment of UCDs in Europe by the end of 2021.”

ACER-001 is an investigational product candidate which has not been approved by FDA or the European Medicines Agency (EMA). There is no guarantee that this product candidate will be accepted for substantive review, or if accepted, receive regulatory authority approval in any territory, or become commercially available for the indications under investigation.

About UCDs

UCDs are a group of disorders caused by genetic mutations that result in a deficiency in one of the six enzymes that catalyze the urea cycle, which can lead to an excess accumulation of ammonia in the bloodstream, a condition known as hyperammonemia. Acute hyperammonemia can cause lethargy, somnolence, coma, and multi-organ failure, while chronic hyperammonemia can lead to headaches, confusion, lethargy, failure to thrive, behavioral changes, and learning and cognitive deficits. Common symptoms of both acute and chronic hyperammonemia also include seizures and psychiatric symptoms.^1,2 The current treatment of UCDs consists of dietary management to limit ammonia production in conjunction with medications that provide alternative pathways for the removal of ammonia from the bloodstream. Some patients may also require individual branched-chain amino acid supplementation.

Current medical treatments for UCDs include nitrogen scavengers, RAVICTI® and BUPHENYL®, in which the active pharmaceutical ingredients are glycerol phenylbutyrate (GPB) and sodium phenylbutyrate, respectively. According to a 2016 study by Shchelochkov et al., published in Molecular Genetics and Metabolism Reports, while nitrogen scavenging medications have been shown to be effective in helping to manage ammonia levels in some patients with UCDs, non-compliance with treatment is common. Reasons referenced for non-compliance associated with some available medications include unpleasant taste, frequency with which medication must be taken, required number of pills, and the high cost of the medication.³

About ACER-001

ACER-001 (sodium phenylbutyrate) is being developed for the treatment of various inborn errors of metabolism, including UCDs and MSUD. ACER-001 is a nitrogen-binding agent in development for use as adjunctive therapy in the chronic management of patients with UCDs involving deficiencies of carbamylphosphate synthetase (CPS), ornithine transcarbamylase (OTC), or argininosuccinic acid synthetase (AS). The formulation is a multi-particulate dosage formulation for oral administration consisting of a core center, a layer of active drug, and a taste-masked coating designed to avoid the bitter taste in the mouth while quickly dissolving in the low pH of the stomach. ACER-001’s taste-masked formulation is aimed to improve the palatability of sodium phenylbutyrate. Acer is also being developed for Maple Syrup Urine Disease (MSUD) and has been granted orphan drug designation by the FDA for the MSUD indication. ACER-001 is an investigational product candidate which has not been approved by FDA or the European Medicines Agency (EMA).

About Acer Therapeutics Inc.

Acer is a pharmaceutical company focused on the acquisition, development and commercialization of therapies for serious rare and life-threatening diseases with significant unmet medical needs. Acer’s pipeline includes four programs: ACER-001 (sodium phenylbutyrate) for treatment of various inborn errors of metabolism, including urea cycle disorders (UCDs) and Maple Syrup Urine Disease (MSUD); EDSIVO™ (celiprolol) for treatment of vascular Ehlers-Danlos syndrome (vEDS) in patients with a confirmed type III collagen (COL3A1) mutation; ACER-801 (osanetant) for treatment of induced Vasomotor Symptoms (iVMS); and ACER-2820 (emetine), a host-directed therapy against a variety of infectious diseases, including COVID-19. Each of Acer’s product candidates is believed to present a comparatively de-risked profile, having one or more of a favorable safety profile, clinical proof-of-concept data, mechanistic differentiation and/or accelerated paths for development through specific programs and procedures established by the FDA. In March 2021, Acer entered into a Collaboration and License Agreement with Relief Therapeutics for development and commercialization of ACER-001. For more information, visit www.acertx.com.

About RELIEF THERAPEUTICS Holding AG

Relief focuses primarily on clinical-stage programs based on molecules with a history of clinical testing and use in human patients or a strong scientific rationale. Relief’s lead drug candidate RLF-100™ (aviptadil), a synthetic form of Vasoactive Intestinal Peptide (VIP), is in late-stage clinical testing in the U.S. for the treatment of respiratory deficiency due to COVID-19. As part of its pipeline diversification strategy, in March 2021, Relief entered into a Collaboration and License Agreement with Acer Therapeutics for development and commercialization of ACER-001. ACER-001 is a taste-masked and immediate release proprietary powder formulation of sodium phenylbutyrate (NaPB) for the treatment of Urea Cycle Disorders and Maple Syrup Urine Disease. In addition, Relief’s recently completed acquisition of APR Applied Pharma Research SA brings a diverse pipeline of marketed and development-stage programs.

RELIEF THERAPEUTICS Holding AG is listed on the SIX Swiss Exchange under the symbol RLF and quoted in the U.S. on OTCQB under the symbol RLFTF. For more information, visit
www.relieftherapeutics.com. Follow Relief on LinkedIn.

References

Ah Mew N, et al. Urea cycle disorders overview. Gene Reviews. Seattle, Washington: University of Washington, Seattle; 1993.
Häberle J, et al. Suggested guidelines for the diagnosis and management of urea cycle disorders. Orphanet Journal of Rare Diseases. 2012;7(32).
Shchelochkov OA, et al. Barriers to drug adherence in the treatment of urea cycle disorders: Assessment of patient, caregiver and provider perspectives. Mol Genet Metab. 2016;8:43-47.

Acer Forward-Looking Statements

This press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, timelines, future financial position, future revenues, projected expenses, regulatory submissions, actions or approvals, cash position, liquidity, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to the potential for our product candidates to safely and effectively treat diseases and to be approved for marketing; the commercial or market opportunity of any of our product candidates in any target indication and any territory; our ability to secure the additional capital necessary to fund our various product candidate development programs; the adequacy of our capital to support our future operations and our ability to successfully fund, initiate and complete clinical trials and regulatory submissions; the ability to protect our intellectual property rights; our strategy and business focus; and the development, expected timeline and commercial potential of any of our product candidates. We may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, risks and uncertainties associated with the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources to fund our various product candidate development programs and to meet our business objectives and operational requirements, the fact that the results of earlier studies and trials may not be predictive of future clinical trial results, the protection and market exclusivity provided by our intellectual property, risks related to the drug development and the regulatory approval process, including the timing and requirements of regulatory actions, and the impact of competitive products and technological changes. We disclaim any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made. You should review additional disclosures we make in our filings with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K. You may access these documents for no charge at http://www.sec.gov.

Relief Forward-Looking Statements

This communication expressly or implicitly contains certain forward-looking statements concerning RELIEF THERAPEUTICS Holding AG and its businesses. The results reported herein may or may not be indicative of the results of future and larger clinical trials for ACER-001 for the treatment of UCDs and MSUD, nor whether the ongoing clinical trials of Relief’s lead compound, RLF-100™ (aviptadil) in advanced clinical development to treat respiratory deficiency due to COVID-19, will be successful. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of RELIEF THERAPEUTICS Holding AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. RELIEF THERAPEUTICS Holding AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

CORPORATE CONTACTS

Acer Therapeutics:
Jim DeNike
Acer Therapeutics Inc.
+1 844-902-6100
[email protected]

RELIEF THERAPEUTICS Holding AG:
Jack Weinstein
Chief Financial Officer and Treasurer
[email protected]

INVESTOR RELATIONS CONTACTS

Acer Therapeutics:
Hans Vitzthum
LifeSci Advisors
+1 617-430-7578
[email protected]

Relief Therapeutics:
Michael Miller
Rx Communications Group
+1-917-633-6086
[email protected]

August 9, 2021 8:33 am

XPEL Reports Record Revenue of $68.7 Million in Second Quarter 2021; Net Income of $10.2 Million

XPEL Reports Record Revenue of $68.7 Million in Second Quarter 2021; Net Income of $10.2 Million

SAN ANTONIO–(BUSINESS WIRE)–
XPEL, Inc. (Nasdaq: XPEL) (the “Company”), a global provider of protective films and coatings, announced results for the second quarter and first six months ended June 30, 2021.

Second Quarter 2021 Highlights:

Revenues increased 92.0% to $68.7 million compared to second quarter 2020 and increased 32.5% sequentially compared to first quarter 2021

Net income grew 156.3% to $10.2 million, or $0.37 per basic and diluted share, compared to $4.0 million, or $0.14 per basic and diluted share, in the same quarter of 2020

EBITDA grew 139.8% to $13.6 million, or 19.8% of revenues compared to $5.7 million, or 15.8% of sales in second quarter 2020¹

First Six Months Highlights:

Revenues increased 87.9% to $120.6 million as compared to $64.2 million in the prior year period

Net income increased by more than 200% to $17.0 million, or $0.62 per basic and diluted share, compared to $5.6 million, or $0.20 per basic and diluted share, in the same period of 2020

EBITDA grew 176.1% to $22.7 million, or 18.9% of revenues, as compared to $8.2 million, or 12.8% in the same prior year period¹

For the Quarter Ended June 30, 2021:

Revenues. Revenues increased approximately $32.9 million, or 92%, to $68.7 million as compared to $35.8 million in the prior year.

Gross Margin. Gross margin was 36.7% compared to 32.8% in the second quarter of 2020.

Expenses. Operating expenses increased to $12.6 million, or 18.3% of sales, compared to $6.6 million, or 18.4% of sales in the prior year period.

Net income. Net income was $10.2 million, or $0.37 per basic and diluted share, versus net income of $4.0 million, or $0.14 per basic and diluted share in the second quarter of 2020.

EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $13.6 million, or 19.8% of sales, compared to $5.7 million, or 15.8% of sales in the prior year¹.

¹ See reconciliation of non-GAAP financial measures below

For the Six Months Ended June 30, 2021:

Revenues. Revenues increased approximately $56.4 million, or 87.9%, to $120.6 million as compared to $64.2 million in the same period of the prior year.

Gross Margin. Gross margin was 36.1% compared to 34.3% in the first six months of 2020.

Expenses. Operating expenses increased to $22.3 million, or 18.5% of sales, compared to $14.4 million, or 22.5%, of sales in the same prior year period.

Net income. Net income was $17.0 million, or $0.62 per basic and diluted share, versus net income of $5.6 million, or $0.20 per basic and diluted share in the first half of 2020.

EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $22.7 million, or 18.9% of sales, compared to $8.2 million, or 12.8% of sales in the same prior year period¹.

Conference Call Information

The Company will host a conference call and webcast today, August 9, 2021 at 11:00 a.m. Eastern Time to discuss the Company’s second quarter 2021 results.

To access the live webcast, please visit the XPEL, Inc. website at www.xpel.com/investor.

To participate in the call by phone, dial (844) 407-9500 approximately five minutes prior to the scheduled start time. International callers please dial (862) 298-0850.

A replay of the teleconference will be available until September 9, 2021 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 42329.

About XPEL, Inc.

XPEL is a leading provider of protective films and coatings, including automotive paint protection film, surface protection film, automotive and architectural window films, and ceramic coatings. With a global footprint, a network of trained installers and proprietary DAP software, XPEL is dedicated to exceeding customer expectations by providing high-quality products, leading customer service, expert technical support and world-class training. XPEL, Inc. is publicly traded on Nasdaq under the symbol “XPEL”.

¹ See reconciliation of non-GAAP financial measures below

Safe harbor statement

This release includes forward-looking statements regarding XPEL, Inc. and its business, which may include, but is not limited to, anticipated use of proceeds from capital transactions, expansion into new markets, and execution of the company’s growth strategy. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “is expected,” “expects,” “scheduled,” “intends,” “contemplates,” “anticipates,” “believes,” “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of XPEL. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, performance and acceptance of the company’s products, economic factors, competition, the equity markets generally and many other factors beyond the control of XPEL. Although XPEL has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and XPEL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.


XPEL Inc.
Condensed Consolidated Statements of Income (Unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021		2020
Revenue
Product revenue	$	58,667,314	$	30,961,996		$	103,598,668	$	54,711,913
Service revenue	10,068,657		4,843,862			17,003,417		9,482,408
Total revenue	68,735,971		35,805,858			120,602,085		64,194,321

Cost of Sales
Cost of product sales	40,592,311		22,556,696			72,138,858		39,318,109
Cost of service	2,896,432		1,510,085			4,929,568		2,840,247
Total cost of sales	43,488,743		24,066,781			77,068,426		42,158,356
Gross Margin	25,247,228		11,739,077		.	43,533,659		22,035,965

Operating Expenses
Sales and marketing	4,686,693		1,919,529			8,074,523		4,662,778
General and administrative	7,888,213		4,679,092			14,239,704		9,748,863
Total operating expenses	12,574,906		6,598,621			22,314,227		14,411,641

Operating Income	12,672,322		5,140,456		.	21,219,432		7,624,324

Interest expense	43,940		74,554			96,659		105,112
Foreign currency exchange (gain) loss	(62,906)		4,141			(27,294)		419,718

Income before income taxes	12,691,288		5,061,761		.	21,150,067		7,099,494
Income tax expense	2,505,739		1,088,071			4,117,459		1,514,450
Net income	$	10,185,549	$	3,973,690	.	$	17,032,608	$	5,585,044

Earnings per share
Basic and diluted	$	0.37	$	0.14		$	0.62	$	0.20
Weighted Average Number of Common Shares
Basic and diluted	27,612,597		27,612,597			27,612,597		27,612,597


XPEL Inc.
Condensed Consolidated Balance Sheets

	(Unaudited)		(Audited)
	June 30, 2021		December 31, 2020
Assets
Current
Cash and cash equivalents	$	8,733,902	$	29,027,124
Accounts receivable, net	12,625,703		9,944,213
Inventory, net	25,728,267		22,364,126
Prepaid expenses and other current assets	3,207,502		1,441,749
Total current assets	50,295,374		62,777,212
Property and equipment, net	7,556,788		4,706,248
Right-of-use lease assets	9,314,337		5,973,702
Intangible assets, net	21,902,077		5,423,980
Other non-current assets	477,920		486,472
Goodwill	15,826,655		4,472,217
Total assets	$	105,373,151	$	83,839,831
Liabilities
Current
Current portion of notes payable	$	513,891	$	2,568,172
Current portion lease liabilities	1,145,724		1,650,749
Accounts payable and accrued liabilities	21,957,708		16,797,462
Income tax payable	1,382,177		183,961
Total current liabilities	24,999,500		21,200,344
Deferred tax liability, net	646,921		627,806
Other long-term liabilities	865,066		729,408
Non-current portion of lease liabilities	8,190,262		4,331,214
Non-current portion of notes payable	239,055		3,568,191
Total liabilities	34,940,804		30,456,963
Commitments and Contingencies (Note 11)
Stockholders’ equity
Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding	—		—
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,612,597 issued and outstanding	27,613		27,613
Additional paid-in-capital	10,412,471		10,412,471
Accumulated other comprehensive income (loss)	83,086		66,215
Retained earnings	59,909,177		42,876,569
Total stockholders’ equity	70,432,347		53,382,868
Total liabilities and stockholders’ equity	$	105,373,151	$	83,839,831

Reconciliation of Non-GAAP Financial Measure

EBITDA is a non-GAAP financial measure. EBITDA is defined as net income (loss) plus interest expense, net, plus income tax expense plus depreciation expense and amortization expense. EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. It is not a measurement of our financial performance under GAAP and should not be considered as alternatives to revenue or net income, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of our operating results as reported under GAAP.

EBITDA does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of ongoing operations and other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.


EBITDA Reconciliation

	(Unaudited)				(Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30, 2021
	2021		2020		2021		2020
Net Income	$	10,185,549	$	3,973,690	$	17,032,608	$	5,585,044
Interest	43,940		74,554		96,659		105,112
Taxes	2,505,739		1,088,071		4,117,459		1,514,450
Depreciation	419,607		293,860		802,697		564,177
Amortization	422,778		232,225		685,384		466,121
EBITDA	$	13,577,613	$	5,662,400	$	22,734,807	$	8,234,904

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005161/en/

Investor Relations:

John Nesbett/Jennifer Belodeau

IMS Investor Relations

Phone: (203) 972-9200

Email: [email protected]

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