Pierre Fabre Laboratories and RedRidge Bio Announce a Drug Discovery and Co-development Partnership
Under the terms of the agreement, RedRidge will provide its capabilities to engineer, screen and characterize BPAs against an undisclosed portfolio of jointly nominated targets, while Pierre Fabre Laboratories will provide their drug development expertise to help drive two co-development programs through clinical development. RedRidge will hold exclusive commercial rights in the United States, Canada, and Japan for both programs, while Pierre Fabre Laboratories will hold exclusive rest-of-world rights. In addition, Pierre Fabre Laboratories will hold exclusive worldwide rights for a third program after a hand-off by RedRidge at a preclinical stage.
Financial terms of the agreement are not disclosed but include investment participation by Pierre Fabre Laboratories in RedRidge's Series A financing that will be announced separately, as well as upfront, milestone and future sales royalty payments in addition to funded research payments for Pierre Fabre Laboratories' worldwide program. RedRidge and Pierre Fabre Laboratories will share R&D costs for the co-development programs.
'This strategic alliance attests to the RedRidge team's expertise in innovation and drug discovery for a wide variety of therapeutic targets. We are thrilled to join forces with Pierre Fabre Laboratories as a highly experienced development partner and look forward to building a long-term partnership that synergistically leverages the capabilities of each company,' said Alex Mayweg, PhD, chairperson of RedRidge's board and a managing director at Versant Ventures.
'Pierre Fabre Laboratories are excited to enter into this agreement with RedRidge, which confirms our commitment to collaborate with innovative biotechnology companies. This partnership will allow us to capitalize on RedRidge's cutting-edge expertise in biparatopic antibody drug discovery to deliver high quality clinical candidates on multiple targets addressing oncology, dermatology and rare diseases. It represents a significant milestone in the implementation of our strategy to enrich further our R&D pipeline,' stated Francesco Hofmann, PhD, Head of Research and Development for Medical Care at Pierre Fabre Laboratories.'
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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (In thousands, except share data) (Unaudited) June 30, December 31, 2025 2024 Assets Current assets Cash, cash equivalents and restricted cash $ 10,484 $ 12,935 Accounts receivable, net 160,004 158,883 Contract assets 75,313 52,091 Prepaid and other current assets 15,117 14,090 Total current assets 260,918 237,999 Non-current assets Property and equipment, net 61,122 63,776 Operating lease right-of-use asset, net 37,706 39,755 Finance lease right-of-use asset, net 23,825 19,643 Goodwill 468,981 467,789 Other intangible assets, net 139,844 152,756 Other assets 5,688 8,635 Total assets $ 998,084 $ 990,353 Liabilities, Convertible and Redeemable Series A-2 Preferred Stock and Stockholders' Equity Current liabilities Accounts payable and other accrued liabilities $ 66,647 $ 63,704 Accrued payroll and benefits 37,305 34,248 Business acquisitions contingent consideration, current 17,284 26,872 Current portion of operating lease liabilities 11,355 11,345 Current portion of finance lease liabilities 5,483 4,627 Current portion of long-term debt 8,688 17,866 Total current liabilities 146,762 158,662 Non-current liabilities Business acquisitions contingent consideration, long-term 7,346 6,255 Other non-current liabilities 7,052 5,550 Deferred tax liabilities, net 16,414 13,312 Conversion option related to Series A-2 Preferred Stock 10,552 20,224 Operating lease liability, net of current portion 28,853 30,880 Finance lease liability, net of current portion 12,490 11,460 Long-term debt, net of deferred financing fees 264,555 204,818 Total liabilities $ 494,024 $ 451,161 Commitments and contingencies Convertible and redeemable series A-2 preferred stock $0.0001 par value Authorized, issued and outstanding shares: 5,834 and 11,667 at June 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $62.2 million and $122.2 million June 30, 2025 and December 31, 2024, respectively 33,792 92,928 Stockholders' equity: Common stock, $0.000004 par value; authorized shares: 190,000,000 at June 30, 2025 and December 31, 2024; issued and outstanding shares: 35,272,236 and 34,309,788 at June 30, 2025 and December 31, 2024, respectively — — Additional paid-in-capital 747,685 721,067 Accumulated deficit (273,673 ) (272,670 ) Accumulated other comprehensive loss (3,744 ) (2,133 ) Total stockholders' equity 470,268 446,264 Total liabilities, convertible and redeemable series A-2 preferred stock and stockholders' equity $ 998,084 $ 990,353 Expand MONTROSE ENVIRONMENTAL GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, except per share data) (Unaudited) For the Six Months Ended June 30, 2025 2024 Operating activities: Net loss $ (1,003 ) $ (23,527 ) Adjustments to reconcile net loss to net cash provided by operating activities: Provision (recovery) for credit loss 5,482 (659 ) Depreciation and amortization 26,057 24,168 Non-cash leases expense 6,119 5,429 Stock-based compensation expense 24,557 23,103 Fair value changes in financial instruments (8,040 ) 905 Write off of deferred financing costs 913 — Deferred income taxes 3,557 3,152 Other operating activities, net 1,671 723 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable and contract assets (27,379 ) (38,021 ) Prepaid expenses and other current assets (1,124 ) (1,152 ) Accounts payable and other accrued liabilities (793 ) (938 ) Accrued payroll and benefits 3,057 (7,940 ) Change in operating leases (5,676 ) (6,306 ) Other assets — (64 ) Net cash provided by (used in) operating activities $ 27,398 $ (21,127 ) Investing activities: Proceeds from corporate owned and property insurance — 120 Purchases of property and equipment (5,117 ) (17,928 ) Proceeds from the sale of property and equipment 39 2,069 Proprietary software development and other software costs (2,804 ) (1,736 ) Purchase price true ups (50 ) — Minority investments — (210 ) Cash paid for acquisitions, net of cash acquired — (70,252 ) Net cash used in investing activities $ (7,932 ) $ (87,937 ) Financing activities: Proceeds from revolving line of credit 216,025 202,771 Repayment of the revolving line of credit (174,671 ) (199,119 ) Repayment of aircraft loan (564 ) (526 ) Proceeds from term loan 200,000 50,000 Repayment of term loan (189,219 ) (3,906 ) Payment of contingent consideration and other purchase price true ups (4,400 ) (525 ) Repayment of finance leases (6,070 ) (3,105 ) Payments of deferred financing costs (2,189 ) (348 ) Proceeds from issuance of common stock for exercised stock options 77 1,375 Proceeds from issuance of common stock in follow-on offering, net of issuance costs — 121,776 Proceeds from building sale leaseback 2,500 — Dividend payment to the series A-2 stockholders (2,750 ) (5,564 ) Redemption of series A-2 preferred stock (60,000 ) (60,000 ) Net cash provided by (used in) financing activities $ (21,261 ) $ 102,829 Change in cash, cash equivalents and restricted cash (1,795 ) (6,235 ) Foreign exchange impact on cash balance (656 ) (100 ) Cash, cash equivalents and restricted cash: Beginning of year 12,935 23,240 End of period $ 10,484 $ 16,905 Expand Non-GAAP Financial Information In addition to our results under GAAP, in this release we also present certain other supplemental financial measures of financial performance that are not required by, or presented in accordance with, GAAP, including, Consolidated Adjusted EBITDA, Adjusted Net Income and Basic and Diluted Adj EPS. We calculate Consolidated Adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit) and depreciation and amortization, adjusted for the impact of certain other items, including stock-based compensation expense and acquisition-related costs, as set forth in greater detail in the table below. We calculate Adjusted Net Income as net income (loss) before amortization of intangible assets, stock-based compensation expense, fair value changes to financial instruments and contingent earnouts, discontinued specialty lab, and other gain or losses, as set forth in greater detail in the table below. Basic and Diluted Adj EPS represents Adjusted Net Income attributable to stockholders divided by the fully diluted number of shares of common stock outstanding during the applicable period. Consolidated Adjusted EBITDA is one of the primary metrics used by management to evaluate our financial performance and compare it to that of our peers, evaluate the effectiveness of our business strategies, make budgeting and capital allocation decisions and in connection with our executive incentive compensation. Adjusted Net Income and Basic and Diluted Adj EPS are useful metrics to evaluate ongoing business performance after interest and tax. These measures are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Further, we believe they are helpful in highlighting trends in our operating results because they allow for more consistent comparisons of financial performance between periods by excluding gains and losses that are non-operational in nature or outside the control of management, and, in the case of Consolidated Adjusted EBITDA, by excluding items that may differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. These non-GAAP measures do, however, have certain limitations and should not be considered as an alternative to net income (loss), earnings (loss) per share or any other performance measure derived in accordance with GAAP. Our presentation of Consolidated Adjusted EBITDA, Adjusted Net Income and Basic and Diluted Adj EPS should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items for which we may make adjustments. In addition, Consolidated Adjusted EBITDA, Adjusted Net Income and Basic and Diluted Adj EPS may not be comparable to similarly titled measures used by other companies in our industry or across different industries, and other companies may not present these or similar measures. Management compensates for these limitations by using these measures as supplemental financial metrics and in conjunction with our results prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety, not to rely on any single measure and to view Consolidated Adjusted EBITDA, Adjusted Net Income and Basic and Diluted Adj EPS in conjunction with the related GAAP measures. Additionally, we have provided estimates regarding Consolidated Adjusted EBITDA for 2025. These projections account for estimates of revenue, operating margins and corporate and other costs. However, we cannot reconcile our projection of Consolidated Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, without unreasonable efforts because of the unpredictable or unknown nature of certain significant items excluded from Consolidated Adjusted EBITDA and the resulting difficulty in quantifying the amounts thereof that are necessary to estimate net income (loss). Specifically, we are unable to estimate for the future impact of certain items, including income tax (expense) benefit, stock-based compensation expense, fair value changes and the accounting for the Series A-2 Preferred Stock. We expect the variability of these items could have a significant impact on our reported GAAP financial results. In this release we also reference our organic growth. 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