Onerep Achieves SOC 2® Type II Compliance
Established by the American Institute of Certified Public Accountants (AICPA), the months-long SOC 2 Type II auditing procedure serves as the industry gold standard for a company's overall cybersecurity hygiene and evaluates its information security controls across five trust service criteria: security, availability, processing integrity, confidentiality, and privacy. The SOC 2 report affirms that Onerep's infrastructure, software, people, data, policies, and operations have been formally reviewed—and validates that the company provides enterprise-level security within its platform.
'As a privacy protection company, safeguarding our customers' information is central to everything we do, ' said Dimitri Shelest, CEO, Onerep. 'Earning this certification testifies to our commitment to maintaining the highest data privacy and security standards, giving our customers confidence that their data is safe with us.'
The SOC 2 audit was conducted by Johanson Group LLP, a security and compliance assessment provider trusted by public and private companies across a wide range of industries worldwide.
Johanson Group shared the following:
'Congratulations to Onerep for reaching SOC 2 compliance! This achievement reflects your commitment to data security, resilience, and customer trust. We're proud to have played a role in helping your organization hit this milestone. Keep pushing boundaries and inspiring trust!'
About Onerep
Onerep is a digital privacy company specializing in the removal of employee and consumer data from public data brokers and people search sites. The company's technology and approach are trusted by prestigious organizations in the United States, including professional associations, consumer groups, and law enforcement agencies. Onerep's solutions are also working behind the scenes to power privacy features offered by globally recognized brands. Founded in 2015, Onerep seeks to continuously provide the best privacy protection available. For more information, visit onerep.com .
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Knight Therapeutics Reports Second Quarter 2025 Results
MONTREAL, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Knight Therapeutics Inc. (TSX: GUD) ("Knight" or 'the Company'), a pan-American (ex-US) specialty pharmaceutical company, today reported financial results for its second quarter ended June 30, 2025. All currency amounts are in thousands except for share and per share amounts. All currencies are Canadian unless otherwise specified. Q2-25 Highlights Financial results Revenues were $107,358, an increase of $11,785 or 12% over the same period in prior year. Gross margin was $44,831 or 42% of revenues compared to $47,337 or 50% of revenues in the same period in prior year. The decrease was mainly driven by the impact of the hyperinflation accounting in Argentina. Operating loss was $3,669 compared to an operating income of $4,494 in the same period in prior year. Net loss was $12,622, compared to a net loss of $1,942 in the same period in prior year. Loss per share was $0.13, compared to a loss per share of $0.02 in the same period in prior year. Cash inflow from operations was $20,252, compared to cash outflows from operations of $1,086 in the same period in prior year. Non-GAAP measures Adjusted Revenues1 were $108,541, an increase of $14,420 or 15% or $18,867 or 21% on a constant currency1 basis. Innovative promoted product portfolio delivered an organic growth of 15% on a constant currency1 basis during the six-month period ending June 30, 2025. Adjusted Gross margin1 was $49,431 or 46% of Adjusted Revenues1 compared to $45,281 or 48% of Adjusted Revenues1 in the same period in prior year. The decrease in the Adjusted Gross margin1, as a percentage of Adjusted Revenues1, was mainly due to product mix. Adjusted EBITDA1 was $15,507, a decrease of $237 or 2% over the same period in prior year. Adjusted EBITDA per share1 was $0.16 and remained flat over the same period in prior year. Corporate developments Entered into a revolving credit facility of US$50,000 with National Bank of Canada ("NBC"), of which $60,000 was withdrawn to fund a portion of the Paladin acquisition. Settled the Synergy loan agreement and collected $13,758 [US$10,000] in cash and received warrants with a fair value of $1,116 [US$811]. Shareholders re-elected Jonathan Ross Goodman, Samira Sakhia, James C. Gale, Robert N. Lande, Michael J. Tremblay, Nicolás Sujoy, and Janice Murray on the Board of Directors. Products Added profitable and growth assets and expanded our portfolio by over fifty products including five pipeline and early launch stage assets over the past six months. Executed an asset purchase agreement with Paladin Pharma Inc., to acquire the Paladin business. At closing, Knight paid $84,544 and an additional $22,341 for inventory. The payment at closing was reduced by a holdback of $15,458 that may be released upon certain conditions. Furthermore, Knight may pay up to an additional US$15,000 upon achieving certain sales milestones. Entered into exclusive license and supply agreements with Sumitomo to commercialize Myfembree® (relugolix/estradiol/norethindrone acetate), Orgovyx® (relugolix), vibegron, and an asset purchase agreement to acquire certain mature products in Canada for an upfront of $25,400. Knight may pay up to an additional $15,750 if certain sales milestones are met. Submitted Crexont® (carbidopa and levodopa) for regulatory approval in Canada and Mexico. Submitted Minjuvi® (tafasitamab) for follicular lymphoma for ANVISA approval in Brazil. Obtained regulatory approval for Pemazyre® (pemigatinib) in Argentina. Obtained regulatory approval for Rembre® (dasatinib) in Chile. Re-launched Onicit® IV (palonosetron) in Mexico and Brazil. Subsequent to quarter-end Completed the NCIB launched in July 2024 with a total purchase of 2,019,906 common shares at an average price of $5.48 for aggregate cash consideration of $11,065. Amended the Supply and Distribution Agreement with Incyte to add the exclusive rights to distribute ZYNYZ® (retifanlimab) and NIKTIMVO™ (axatilimab) in Latin America. Collected strategic loan receivable with a life sciences company for $3,784 (US$2,771). Released $3,913 of the holdback amount payable under the Asset Purchase Agreement with Paladin to settle certain liabilities. 'I am excited to announce that for the first half of 2025, we achieved a record-high adjusted revenues1 of $197 million, a growth of 9% and an adjusted EBITDA1 of approximately $28 million. Our innovative promoted product portfolio delivered an organic growth of 15% on a constant currency1 basis during the same period. In addition, we have added over fifty products with the Paladin and Sumitomo transactions. These profitable portfolios included seven pipeline and early launch assets that will further accelerate the growth trajectory of our Canadian business. In addition, we secured a revolving credit facility with NBC ensuring we remain well positioned to continue to transact and execute on our mission to acquire, in-license, develop, and commercialize pharmaceutical products in Latin America and Canada,' said Samira Sakhia, President and CEO of Knight Therapeutics Inc. _______________________________1 Adjusted Revenues, revenues at constant currency, Adjusted Gross Margin, Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP measures and do not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section - Financial Results under Non-GAAP measures for additional FINANCIAL RESULTS REPORTED UNDER IFRS[In thousands of Canadian dollars] Change Change Q2-25 Q2-24 $1 %2 YTD-25 YTD-24 $1 %2 Revenues 107,358 95,573 11,785 12 % 195,434 182,177 13,257 7 % Gross margin 44,831 47,337 (2,506 ) 5 % 79,697 89,036 (9,339 ) 10 % Gross margin % 50 % 49 % Selling and marketing 15,674 13,264 (2,410 ) 18 % 29,598 25,913 (3,685 ) 14 % General and administrative 15,814 12,099 (3,715 ) 31 % 28,033 22,637 (5,396 ) 24 % Research and development 6,281 5,806 (475 ) 8 % 11,067 10,786 (281 ) 3 % Amortization of intangible assets 10,731 11,674 943 8 % 20,205 22,546 2,341 10 % Operating expenses 48,500 42,843 (5,657 ) 13 % 88,903 81,882 (7,021 ) 9 % Operating (loss) income (3,669 ) 4,494 (8,163 ) 182 % (9,206 ) 7,154 (16,360 ) 229 % Net loss (12,622 ) (1,942 ) (10,680 ) 550 % (10,437 ) (6,488 ) (3,949 ) 61 % 1 A positive variance represents a positive impact to net income (loss) and a negative variance represents a negative impact to net income (loss).2 Percentage change is presented in absolute values. Revenues: For the quarter ended June 30, 2025, revenues increased by $11,785 or 12% compared to the same period in prior year, which included an offset of $2,635 due the Hyperinflation Impact1. Excluding IAS 29, the increase was $14,420 or 15% and $18,867 or 21% on a constant currency2 basis. The increase in revenues was driven by our key promoted products which grew by $13,506 or 20% on a constant currency2 basis, purchasing patterns of certain products as well incremental revenues of $2,437 from Paladin and Sumitomo Transactions, partly offset by declines in our mature products and the depreciation of select LATAM currencies. Our revenues by therapeutic area is as follows: Change Therapeutic Area Q2-25 Q2-24 $ % Oncology/Hematology 34,914 36,430 (1,516 ) 4 % Infectious Diseases 44,808 38,243 6,565 17 % Other Specialty 27,636 20,900 6,736 32 % Total 107,358 95,573 11,785 12 % _______________________________1 The Hyperinflation Impact is due to the application of IAS 29 in Argentina. Refer to section - Hyperinflation for additional details.2 Revenues at constant currency is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section - Financial Results under Non-GAAP measures for additional details. The increase in revenues is explained by the following: Oncology/Hematology: Excluding the termination of a non-strategic distribution agreement in Colombia in December 2024, for the quarter ended June 30, 2025, the oncology/hematology portfolio decreased by $537 or 2%, which included an offset of $1,340 due to the Hyperinflation Impact1. Excluding IAS 29, the oncology/hematology portfolio increased by $803 or 2%. The revenues from our key promoted products increased by $2,916 or 16% on a constant currency2 basis driven by the growth of Akynzeo®, the launch of Minjuvi® and the addition of Orgovyx® and Onicit®. This growth was offset by a decline in our mature and branded generics products due to their lifecycle and the depreciation of select LATAM currencies. Infectious Diseases: For the quarter ended June 30, 2025, the infectious diseases portfolio increased by $6,565 or 17%, which included an offset of $909 due to the Hyperinflation Impact1. Excluding IAS 29, the infectious diseases portfolio increased by $7,474 or 20% and $9,480 or 26% on constant currency2 basis. The increase was due to the growth of Cresemba®, additional Ambisome® deliveries to the Ministry of Health in Brazil ("MOH"), offset by purchasing patterns of certain products. The Company signed the following contracts with the MOH for Ambisome®, with the following deliveries: Contract Delivered Year Total YTD-25 2024 2023 2022 Total 2022 $34,600 — $2,400 $25,200 $7,000 $34,600 2024 $22,400 — $22,400 — — $22,400 2025 $32,229 $32,229 — — — $32,229 Total $89,229 $32,229 $24,800 $25,200 $7,000 $89,229 1Amount expected to be delivered to the MOH in 2025. Q2-25 vs Q2-24 and YTD-25 vs YTD-24 ContractYear Q2-25 Q2-24 YTD-25 YTD-24 2022 — — — $2,400 2024 — $8,900 — $15,700 2025 $19,529 — $32,229 — Total $19,529 $8,900 $32,229 $18,100 Other Specialty: For the quarter ended June 30, 2025, the other specialty portfolio increased by $6,736 or 32%, which included an offset of $386 due to the Hyperinflation Impact1. Excluding IAS 29, the other specialty portfolio increased by $7,122 or 34% and $8,166 or 42% on constant currency2 basis driven by the launch of Imvexxy® and Bijuva®, incremental revenues from the Paladin and Sumitomo Transactions and purchasing patterns of certain customers. _______________________________1 The Hyperinflation Impact is due to the application of IAS 29 in Argentina. Refer to section - Hyperinflation for additional details.2 Revenues at constant currency is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section - Financial Results under Non-GAAP measures for additional details. Gross margin: For the quarter ended June 30, 2025, gross margin, as a percentage of revenues, was 42% compared to 50% in Q2-24. Excluding IAS 29, gross margin, as a percentage of Adjusted Revenues1 was 46% compared to 48% in Q2-24. The decrease in the gross margin % is mainly explained by the product mix as well as severance costs of $626 related to the closure of Knight´s HIV and respiratory manufacturing facility in Argentina. All the key products produced in that facility were transferred to certain contract manufacturers. Selling and marketing ('S&M') expenses: For the quarter ended June 30, 2025, S&M expenses increased by $2,410 or 18%, which included an offset of $627 due to the Hyperinflation Impact2. Excluding IAS 29, S&M expenses increased by $3,037 or 23%. The increase was mainly driven by an expansion in our sales and commercial structure behind the launches of Minjuvi® in Mexico and Jornay PM® in Canada as well as an increase in marketing activities behind our key promoted products. In addition, the S&M expenses included incremental costs related to the Paladin Transaction executed in June 2025. General and administrative ('G&A') expenses: For the quarter ended June 30, 2025, G&A expenses increased by $3,715 or 31%, which included an offset of $611 due to the Hyperinflation Impact2. Excluding IAS 29, G&A increased by $4,326 or 37%. The increase is mainly driven by acquisition and transaction costs of $3,430 related to Paladin Transaction as well as an increase in share-based compensation as a result of the assessment of their vesting expectations. Research and development ('R&D') expenses: For the quarter ended June 30, 2025, R&D expenses increased by $475 or 8%, which included an offset of $427 due to the Hyperinflation Impact2. Excluding IAS 29, R&D expenses increased by $902 or 16%. The increase is due to incremental expenses related to the portfolio of products added from the Paladin Transaction. Net lossFor the quarter ended June 30, 2025, the net loss was $12,622 compared to net loss of $1,942 for the same period in prior year. The variance mainly resulted from the above-mentioned items and (1) a net loss of $5,737 on the revaluation of financial assets measured at fair value through profit or loss in Q2-25 versus a net loss of $665 in the same period in prior year, (2) Other expense of $2,190 in Q2-25 driven by the repayment of the Synergy loan compared to a gain of $42 in Q2-24, (3) gain on hyperinflation of $893 in Q2-25 compared to a gain on hyperinflation of $2,084 in Q2-24, (4) a foreign exchange loss of $4,559 in Q2-25 mainly driven by the appreciation of CAD vs USD, compared to a foreign exchange loss of $5,542 in Q2-24 mainly driven by unrealized losses on intercompany balances due to the depreciation of the BRL and COP vs USD, and (5) an income tax recovery of $2,988 in Q2-25 compared to an income tax expense of $2,655 in Q2-24. _______________________________1 Adjusted revenue is a non-GAAP measures and do not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section - Financial Results under Non-GAAP measures for additional details.2 The Hyperinflation Impact is due to the application of IAS 29 in Argentina. Refer to section - Hyperinflation for additional BALANCE SHEET ITEMS[In thousands of Canadian dollars] Change June 30, 2025 December 31, 2024 $ % Cash, cash equivalents and marketable securities 91,191 142,331 (51,140 ) 36 % Trade and other receivables 149,049 154,518 (5,469 ) 4 % Inventories 148,652 102,698 45,954 45 % Financial assets 103,186 133,932 (30,746 ) 23 % Intangible assets 384,070 283,612 100,458 35 % Accounts payable and accrued liabilities 109,972 83,173 26,799 32 % Bank loans 97,665 43,385 54,280 125 % Cash, cash equivalents and marketable securities: As at June 30, 2025, Knight had $91,191 in cash, cash equivalents and marketable securities, a decrease of $51,140 or 36% as compared to December 31, 2024. The decrease is mainly driven by payment of $130,985 for the Paladin and Sumitomo Transactions, repayment of principal and interest on bank loans by $8,829, partially offset by $60,000 withdrawn from the credit facility with NBC, cash inflows from operations of $23,922 and the collection of the Synergy loan of $13,758. Trade and other receivables: As at June 30, 2025, Trade and other receivables were $149,049, a decrease of $5,469 or 4%, as compared to December 31, 2024, mainly due to the timing of collections from certain customers. Inventories: As at June 30, 2025, Inventory were $148,652, an increase of $45,954 or 45%, as compared to December 31, 2024, mainly due to timing of purchases as well as investments on our new product launches and the inventory acquired as part of Paladin Transaction. Financial assets: As at June 30, 2025, financial assets were $103,186, a decrease of $30,746 or 23%, as compared to December 31, 2024, mainly driven by the settlement of the loan agreement with Synergy and net decrease in the value of our investments in funds. Intangible assets: As at June 30, 2025, intangible assets were $384,070, an increase of $100,458 or 35%, as compared to December 31, 2024, mainly due to the recognition of the fair value of intangible assets acquired in the Paladin Transaction for $93,088 and the Sumitomo Transaction for $29,708, offset by amortization, foreign exchange revaluation and the de-recognition of certain milestones not expected to be met. Accounts payable and accrued liabilities: As at June 30, 2025, accounts payable and accrued liabilities were $109,972, an increase of $26,799 or 32%, as compared to December 31, 2024, mainly driven by the purchase of inventory for our key promoted products. Bank Loans: As at June 30, 2025, bank loans were $97,665, an increase of $54,280 or 125%, as compared December 31, 2024, mainly due to the new credit facility with NBC with $60,000 withdrawn as at June 30, 2025, partly offset by net repayments of $4,954 and foreign exchange revaluation of $765. Product Updates Pemazyre® (pemigatinib) In Q2-25, Knight obtained the regulatory approval in Argentina for Pemazyre® for the treatment of adults with locally advanced or metastatic cholangiocarcinoma with a FGFR2 fusion or rearrangement that have progressed after at least one prior line of systemic therapy. Crexont® (carbidopa and levodopa) In Q2-25, Knight submitted Crexont® for approval in Canada and Mexico. Crexont® is a novel, oral formulation of carbidopa ("CD")/levodopa ("LD") extended-release capsules designed for the treatment of Parkinson's disease. Minjuvi® (tafasitamab) In Q2-25, Knight submitted Minjuvi® for ANVISA approval in Brazil for an additional indication in combination with rituximab and lenalidomide for the treatment of adult patients with previously treated follicular lymphoma (FL). Retifanlimab and axatilimab In July 2025, Knight expanded its relationship with Incyte Biosciences International Sàrl, the Swiss-based affiliate of Incyte, for the exclusive rights to distribute retifanlimab (sold as ZYNYZ® in the United States and Europe) and axatilimab (sold as NIKTIMVO™ in the United States) for Latin America. Retifanlimab is approved in the United States and Europe for the treatment of adult patients with metastatic or recurrent locally advanced Merkel cell carcinoma (MCC), a rare and aggressive type of skin cancer1. Retifanlimab is also approved by the U.S. Food and Drug Administration (FDA) in combination with carboplatin and paclitaxel for the first-line treatment of adult patients with inoperable locally recurrent or metastatic squamous cell carcinoma of the anal canal (SCAC).1 In addition, the FDA approved retifanlimab as a single agent for the treatment of adult patients with locally recurrent or metastatic SCAC with disease progression on or intolerance to platinum-based chemotherapy.1 Axatilimab received FDA approval in August 2024 for the treatment of chronic graft-versus-host disease (cGVHD) after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg.2 Chronic GVHD is a serious complication of allogeneic stem cell transplantation in which the donor's immune cells attack the recipient's tissues, potentially affecting multiple organs such as the skin, liver, lungs, and gastrointestinal tract. _______________________________1 Incyte Corporation. ZYNYZ (retifanlimab-dlwr) injection, for intravenous use: Full prescribing information. Retrieved July 24, 2025, from 2 Incyte Corporation. NIKTIMVO (axatilimab-csfr) injection, for intravenous use: Full prescribing information. Retrieved July 24, 2025, from Paladin Transaction On March 10, 2025, Knight entered into a definitive Asset Purchase Agreement to acquire the international business of Endo Operations Limited which was mainly its Canadian business operating as Paladin Pharma Inc. ("Paladin Transaction"). On June 17, 2025, Knight closed the Paladin Transaction upon receipt of customary regulatory approvals including anti-trust clearance in Canada. Knight paid $106,885 in cash including $22,341 for inventory. Knight held back $15,458 of which $10,000 may be released under specific conditions and the remaining $5,458 is expected to be used to settle certain liabilities. Furthermore, Knight may pay future contingent payments of up to US$15,000 upon achieving certain sales milestones. As at August 6, 2025, as part of Knight's integrations activities, Paladin's headcount has been reduced by approximately 25%. Sumitomo Transaction On June 5, 2025, Knight entered into exclusive license and supply agreements with Sumitomo Pharma America Inc. and its affiliates to commercialize Myfembree® (relugolix/estradiol/norethindrone acetate), Orgovyx® (relugolix) and vibegron in Canada, as well as an asset purchase agreement under which Knight acquired certain mature products ('Sumitomo Transaction'). Under the terms of the agreements, Knight acquired the exclusive rights to distribute, promote, market and sell the in-licensed and acquired products in Canada. The consideration for the Sumitomo Transaction included an upfront of $25,400 as well as certain future contingent sales milestones of up to $15,750. At closing, Knight held back $1,300 that may be released if certain conditions are met. Working capital line of credit with Citibank, N.A. In Q1-25, Knight closed an uncommitted working capital line of credit with Citibank, N.A. for a total amount of US$40,000 [$57,504]. On April 7, 2025, US$35,000 [$50,316] was withdrawn under this facility, at an interest rate of SOFR+2.30%. The line of credit was fully repaid in June 2025. Credit Facility with National Bank of Canada ("NBC")On June 17, 2025, Knight entered into a revolving credit facility with NBC for a total amount of US$50,000 [$68,215] ('Credit Facility'), of which $60,000 was withdrawn at closing to fund a portion of the Paladin Transaction. The Credit Facility is secured by Knight's assets held in Canada and has an initial term of 3 years, with the option to extend annually for additional one-year term. The Credit Facility is subject to customary covenants and stand-by fees for the undisbursed portion and can be drawn in USD or CAD at the SOFR or CORRA rate plus an applicable margin between 1.25% to 2.75% depending on Knight's debt leverage. In addition, NBC has launched a syndication process, and it is expected that the size of the credit facility will be increased to US$100 million plus an accordion of US$50M by the end of 2025. Financial Outlook1 For fiscal 2025, Knight has increased its financial guidance on revenues and now expects to generate between $410 million to $420 million in revenues up from $390 to $405 million. The adjusted EBITDA2 is expected to be approximately 13% of revenues. The increase in our revenues outlook is driven by the better performance in the first half of the year and the incremental revenues from the Sumitomo Transaction. The guidance is based on a number of assumptions, including but not limited to the following: no material impact on revenues due to the application of hyperinflation accounting for Argentina no revenues for business development transactions not completed as at August 6, 2025 no unforeseen termination to our license, distribution & supply agreements no interruptions in supply whether due to global supply chain disruptions or general manufacturing issues no new generic entrants on our key pharmaceutical brands no unforeseen changes to government mandated pricing regulations successful commercial execution on product listing arrangements with HMOs, insurers, key accounts, and public payers successful execution and uptake of newly launched products no material increase in provisions for inventory or trade receivables no significant variations of forecasted foreign currency exchange rates inflation remaining within forecasted ranges Should any of the assumptions differ, the financial outlook and the actual results may vary materially. Refer to the risks and assumptions referred to in the Forward-Looking Statements section of this news release for further details. _______________________________1 This forward looking information is based on assumptions specific to the nature of the Company's activities with regard to annual revenue growth considering industry information, expected market share, pricing assumptions, actions of competitors, sales erosion rates after the end of patent or other intellectual property rights protection, the timing of the entry of generic competition, the expected results of tenders, among other variables.2 Adjusted EBITDA is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section Financial Results under Non-GAAP measures for additional details. Conference Call Notice Knight will host a conference call and audio webcast to discuss its second quarter ended June 30, 2025, today at 8:30 am ET. Knight cordially invites all interested parties to participate in this call. Date: Thursday, August 7, 2025Time: 8:30 a.m. ETTelephone: Toll Free: 1-888-699-1199 or International 1-416-945-7677Webcast: or WebcastThis is a listen-only audio webcast. Media Player is required to listen to the broadcast. Replay: An archived replay will be available for 30 days at About Knight Therapeutics Inc. Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing and commercializing pharmaceutical products for Canada and Latin America. Knight's Latin American subsidiaries operate under United Medical, Biotoscana Farma and Laboratorio LKM. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at or Forward-Looking Statement This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2024 as filed on Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information or future events, except as required by law. CONTACT INFORMATION: Investor Contact: Knight Therapeutics Inc. Samira Sakhia Arvind Utchanah President & Chief Executive Officer Chief Financial Officer T: 514.484.4483 T. +598.2626.2344 F: 514.481.4116 Email: IR@ Email: IR@ Website: Website: HYPERINFLATION The Company applies IAS 29, Financial Reporting in Hyperinflation Economies, as the Company's Argentine subsidiary uses the Argentine Peso as its functional currency. IAS 29 requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy be adjusted based on an appropriate general price index to express the effects of inflation. After applying for the effects of hyperinflation, the statement of income (loss) is converted using the closing foreign exchange rate of the month. Revenues and operating expenses in the local currency, i.e. ARS, are restated from the month of the sales or the month in which the expense was incurred to the end of the reporting period using the inflation index during that period. The restatement calculation is performed on a year to date basis based on IAS29 ("Inflation Adjusted Figures"). For the six-month period ended June 30, 2025 and 2024, the Company applied the following inflation index for the restatement of each respective month. January February March April May June 2025 1.13 1.10 1.06 1.03 1.02 1.00 2024 1.49 1.32 1.19 1.09 1.05 1.00 Under IAS 29, the translation from the local currency, to the reporting currency is performed on the Inflation Adjusted Figures using the end of period rate at the reporting date. The Inflation Adjusted Figures were converted to CAD using the following quarter-end closing rates for each of the respective periods. Q2-25 Q2-24 ARS 874 666 Q2-25 Q2-24 YTD-25 YTD-24 ARS Variation %1 (17)% (4)% (22)% (9)% 1 Depreciation of ARS vs CAD during each period, calculated as follows: (End of period rate - Beginning of period rate) / Beginning of period rate. In Q2-25 and YTD-25 the inflation rate used for the hyperinflation adjustment on revenues and operating expenses of the Company's subsidiary in Argentina was lower than the ARS depreciation in the same period. For example, the revenues generated and operating expenses incurred in January 2025 were restated by applying an inflation index of 13% while the ARS to CAD depreciated by 22% in YTD-25. Consequently, this resulted in lower revenues and operating expenses reported under IAS 29 in CAD. Conversely, in Q2-24 and YTD-24 the inflation index was higher than the ARS depreciation which resulted in higher revenues and operating expenses reported under IAS 29 in CAD. Therefore, the hyperinflation accounting under IAS 29 resulted in a decrease in the reported revenues and operating expenses of the Company's subsidiary in Argentina in CAD in both Q2-25 and YTD-25 when compared to the same periods in prior year ("Hyperinflation Impact"). Under hyperinflation accounting, the cost of goods sold in the local currency, i.e. ARS, is restated using the inflation index from the purchase or manufacturing date to the end of the reporting period, and are converted to CAD using the respective quarter-end closing rates. In Q2-25 and YTD-25, the cumulative inflation index applied on the inventory sold was higher than the prior year periods, leading to higher cost of goods sold reported under IAS 29 in CAD and consequently a lower gross margin both in Q2-25 and YTD-25 compared to the same periods in prior year ("Gross Margin Hyperinflation Impact"). FINANCIAL RESULTS UNDER NON-GAAP MEASURES[In thousands of Canadian dollars] The Company discloses non-GAAP measures and ratios that do not have standardized meanings prescribed by IFRS. The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company's financial performance. Non-GAAP financial measures and adjusted EBITDA per share ratio do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other companies. The Company uses the following non-GAAP measures. [i] Financial results excluding the impacts of hyperinflation under IAS 29 The Company applies IAS 29, Financial Reporting in Hyperinflation Economies, as the Company's Argentine subsidiary used the Argentine Peso as their functional currency. IAS 29 requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy be adjusted based on an appropriate general price index to express the effects of inflation. Financial results under IFRS are adjusted to remove the impact of hyperinflation under IAS 29. The impact of hyperinflation under IAS 29 is calculated by applying an appropriate general price index to express the effects of inflation. After applying the effects of translation, the statement of income is converted using the closing foreign exchange rate of the month. The Company believes that financial results excluding the impact of hyperinflation under IAS 29 represents a useful measure to investors as they allow results to be viewed without those impacts, thereby facilitating the comparison of results period over period. The presentation of financial results excluding the impact of hyperinflation under IAS 29 is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. The following tables reconcile the financial results under IFRS to financial results excluding the impact of hyperinflation under IAS 29. Q2-25 YTD-25 Reportedunder IFRS IAS 29Adjustment Excluding theImpacts ofIAS 29 Reportedunder IFRS IAS 29Adjustment Excluding theImpacts ofIAS 29 Revenues 107,358 1,183 108,541 195,434 1,086 196,520 Cost of goods sold 62,527 (3,417 ) 59,110 115,737 (9,582 ) 106,155 Gross margin 44,831 4,600 49,431 79,697 10,668 90,365 Gross margin (%) Expenses Selling and marketing 15,674 331 16,005 29,598 247 29,845 General and administrative 15,814 90 15,904 28,033 (547 ) 27,486 Research and development 6,281 198 6,479 11,067 220 11,287 Amortization of intangible assets 10,731 — 10,731 20,205 — 20,205 Operating (loss) income (3,669 ) 3,981 312 (9,206 ) 10,748 1,542 Q2-24 YTD-24 Reportedunder IFRS IAS 29Adjustment Excluding theImpact ofIAS 29 Reportedunder IFRS IAS 29Adjustment Excluding theImpact ofIAS 29 Revenues 95,573 (1,452 ) 94,121 182,177 (2,260 ) 179,917 Cost of goods sold 48,236 604 48,840 93,141 799 93,940 Gross margin 47,337 (2,056 ) 45,281 89,036 (3,059 ) 85,977 Gross margin (%) 50 % 48 % 49 % 48 % Expenses Selling and marketing 13,264 (296 ) 12,968 25,913 (452 ) 25,461 General and administrative 12,099 (521 ) 11,578 22,637 (847 ) 21,790 Research and development 5,806 (229 ) 5,577 10,786 (369 ) 10,417 Amortization of intangible assets 11,674 25 11,699 22,546 (1 ) 22,545 Operating income (loss) 4,494 (1,035 ) 3,459 7,154 (1,390 ) 5,764 Select financial results excluding the impact of hyperinflation under IAS 291 Change Change Q2-25 Q2-24 $ % YTD-25 YTD-24 $ % Adjusted Revenues 108,541 94,121 14,420 15 % 196,520 179,917 16,603 9 % Cost of goods sold 59,110 48,840 (10,270 ) 21 % 106,155 93,940 (12,215 ) 13 % Adjusted Gross margin 49,431 45,281 4,150 9 % 90,365 85,977 4,388 5 % Adjusted Gross margin (%) 48 % 48 % Expenses Selling and marketing 16,005 12,968 (3,037 ) 23 % 29,845 25,461 (4,384 ) 17 % General and administrative 15,904 11,578 (4,326 ) 37 % 27,486 21,790 (5,696 ) 26 % Research and development 6,479 5,577 (902 ) 16 % 11,287 10,417 (870 ) 8 % Amortization of intangible assets 10,731 11,699 968 8 % 20,205 22,545 2,340 10 % Operating (loss) income 312 3,459 (3,147 ) 91 % 1,542 5,764 (4,222 ) 73 % Adjusted EBITDA1 15,507 15,744 (237 ) 2 % 27,620 29,333 (1,713 ) 6 % Adjusted EBITDA1 (%) 17 % 16 % Adjusted EBITDA per share1 0.16 0.16 — — % 0.28 0.29 (0.01 ) 3 % 1 Adjusted EBITDA, Adjusted EBITDA per share and financial results excluding the impact of IAS 29 are non-GAAP measures and do not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Adjusted Revenues1 by Therapeutic Area Change Change Therapeutic Area Q2-25 Q2-24 $ % YTD-25 YTD-24 $ % Oncology/Hematology 35,448 35,624 (176 ) — % 67,124 66,467 657 1 % Infectious Diseases 45,299 37,825 7,474 20 % 81,740 75,888 5,852 8 % Other Specialty 27,794 20,672 7,122 34 % 47,656 37,562 10,094 27 % Total 108,541 94,121 14,420 15 % 196,520 179,917 16,603 9 % 1 Excluding the impact of hyperinflation under IAS 29. Adjusted Revenues is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. [ii] Financial results at constant currency Financial results at constant currency are obtained by translating the prior period revenues and financial results from the functional currencies to CAD using the conversion rates in effect during the current period. Furthermore, with respect to Argentina, the Company excludes the impact of hyperinflation and translates the revenues and results at the average exchange rate in effect for each of the periods. The Company believes that financial results at constant currency represents a useful measure to investors because it eliminates the effect that foreign currency exchange rate fluctuations may have on period-to-period comparability given the volatility in foreign currency exchange markets and therefore, provides greater transparency to the underlying performance of our consolidated financial results. The presentation of revenues and financial results under constant currency is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. The following tables are reconciliations of financial results under IFRS to financial results and financial results at constant currency. Q2-24 YTD-24 Excluding theimpact ofIAS 291 ConstantCurrencyAdjustment ConstantCurrency Excluding theimpact ofIAS 291 ConstantCurrencyAdjustment ConstantCurrency Adjusted Revenues 94,121 (4,447 ) 89,674 179,917 (8,895 ) 171,022 Cost of goods sold 48,840 (2,435 ) 46,405 93,940 (5,075 ) 88,865 Adjusted Gross margin 45,281 (2,012 ) 43,269 85,977 (3,820 ) 82,157 Adjusted Gross margin (%) 48 % 48 % 48 % 48 % Expenses Selling and marketing 12,968 (528 ) 12,440 25,461 (990 ) 24,471 General and administrative 11,578 (185 ) 11,393 21,790 (244 ) 21,546 Research and development 5,577 (164 ) 5,413 10,417 (277 ) 10,140 Amortization of intangible assets 11,699 85 11,784 22,545 573 23,118 Operating income (loss) 3,459 (1,220 ) 2,239 5,764 (2,882 ) 2,882 1Refer to Subsection - [i] Financial results excluding the impact of hyperinflation under IAS 29 for additional details. Select financial results at Constant Currency1 Three-month period ended June 30, Six-month period ended June 30, Excluding impact of IAS 29 ConstantCurrency1 Change ConstantCurrency1 Change 2025 2024 $ % 2025 2024 $ % Adjusted Revenues 108,541 89,674 18,867 21 % 196,520 171,022 25,498 15 % Cost of goods sold 59,110 46,405 (12,705 ) 27 % 106,155 88,865 (17,290 ) 19 % Adjusted Gross margin 49,431 43,269 6,162 14 % 90,365 82,157 8,208 10 % Adjusted Gross margin (%) 48 % 48 % Expenses Selling and marketing 16,005 12,440 (3,565 ) 29 % 29,845 24,471 (5,374 ) 22 % General and administrative 15,904 11,393 (4,511 ) 40 % 27,486 21,546 (5,940 ) 28 % Research and development 6,479 5,413 (1,066 ) 20 % 11,287 10,140 (1,147 ) 11 % Amortization of intangible assets 10,731 11,784 1,053 9 % 20,205 23,118 2,913 13 % Operating income (loss) 312 2,239 (1,927 ) 86 % 1,542 2,882 (1,340 ) 46 % Adjusted EBITDA1 15,507 14,606 901 6 % 27,620 27,023 597 2 % Adjusted EBITDA1 (%) 16 % 16 % Adjusted EBITDA per share1 0.16 0.14 0.01 8 % 0.28 0.27 0.01 4 % 1 EBITDA, Adjusted EBITDA, Adjusted EBITDA per share and financial results at constant currency are a non-GAAP measures and do not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Adjusted Revenues at Constant Currency1 by Therapeutic Area Three-month period ended June 30, Six-month period ended June 30, Excluding impact of IAS 29 ConstantCurrency1 ConstantCurrency1 Innovative 2025 2024 $ % 2025 2024 $ % Oncology/Hematology 35,448 34,227 1,221 4 % 67,124 64,067 3,057 5 % Infectious Diseases 45,299 35,819 9,480 26 % 81,740 71,160 10,580 15 % Other Specialty 27,794 19,628 8,166 42 % 47,656 35,795 11,861 33 % Total 108,541 89,674 18,867 21 % 196,520 171,022 25,498 15 % 1 Adjusted Revenues at constant currency is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. [iii] Adjusted Gross MarginAdjusted Gross Margin is defined as revenues less cost of goods sold, excluding the impact of hyperinflation under IAS 29. The Company believes that Adjusted Gross Margin represents a useful measure to investors as allow Gross Margin to be viewed without the impact of hyperinflation under IAS 29, thereby facilitating the comparison period over period. The presentation of Adjusted Gross Margin is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. [iv] EBITDA EBITDA is defined as operating income or loss adjusted to exclude amortization and impairment of non-current assets, depreciation, but to include costs related to leases. The Company believes that EBITDA represents a useful measure to investors to assess profitability and measure the Company's ability to generate liquidity through operating activities. The presentation of EBITDA is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. [v] Adjusted EBITDA Adjusted EBITDA is defined as EBITDA adjusted for the impact of IAS 29 (accounting under hyperinflation), acquisition and transaction costs, the impact in cost of goods sold of the difference between the fair value of inventory acquired and the cost paid in a transaction accounted under IFRS 3 (business combination) ("Step-Up Expense") and non-recurring expenses. The Company believes that Adjusted EBITDA represents a useful measure to investors to assess profitability and measure the Company's ability to generate liquidity through operating activities. The Company believes that Adjusted EBITDA represents a useful measure to investors to assess profitability and measure the Company's ability to generate liquidity through operating activities, without the impact of hyperinflation under IAS 29, acquisition and transaction costs, Step-Up Expense and non-recurring expenses, thereby facilitating the comparison period over period. The presentation of adjusted EBITDA is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. The following table is a reconciliation of operating income (loss) to EBITDA and adjusted EBITDA: Change Change Q2-25 Q2-24 $ % YTD-25 YTD-24 $ % Operating income (loss) (3,669 ) 4,494 (8,163 ) 182 % (9,206 ) 7,154 (16,360 ) 229 % Adjustments to operating income (loss): Amortization of intangible assets 10,731 11,674 (943 ) 8 % 20,205 22,546 (2,341 ) 10 % Depreciation of property, plant and equipment and ROU assets 1,407 1,495 (88 ) 6 % 3,517 3,204 313 10 % Lease payments (1,063 ) (982 ) (81 ) 8 % (2,185 ) (1,864 ) (321 ) 17 % EBITDA 7,406 16,681 (9,275 ) 56 % 12,331 31,040 (18,709 ) 60 % Impact of IAS 29 3,896 (1,040 ) 4,936 475 % 10,042 (1,810 ) 11,852 655 % Acquisition and transaction costs 3,419 103 3,316 — % 4,461 103 4,358 — % Step-Up Expense 160 — 160 — % 160 — 160 — % Other non-recurring expenses 626 — 626 — % 626 — 626 — % Adjusted EBITDA 15,507 15,744 (237 ) 2 % 27,620 29,333 (1,713 ) 6 % Adjusted EBITDA per share 0.16 0.16 — — % 0.28 0.29 (0.01 ) 3 % For the quarter ended June 30, 2025, adjusted EBITDA decreased by $237 or 2%. The decrease was driven by lower gross margin and higher operating expenses related to an increase in our promotional activities behind the of IAS 29 Impact of hyperinflation accounting under IAS 29 over the operating income (loss). Acquisition and transaction costs Non-capitalizable acquisition and transaction costs relate to costs incurred on legal, consulting and advisory fees for the acquisitions. Step-Up Expense Step-up expense relates to the impact in cost of goods sold of the difference between the fair value of inventory acquired and the cost paid in a transaction accounted under IFRS 3 - Business Combinations, when the inventory acquired as part of the transaction is sold. Other non-recurring expenses Other non-recurring expenses relate to expenses incurred by the Company that are not due to, and are not expected to occur in, the ordinary course of business. [vi] Adjusted EBITDA per share Adjusted EBITDA per share is defined as Adjusted EBITDA over number of common shares outstanding at the end of the respective period. The Company believes that Adjusted EBITDA per share represents a useful measure to investors to assess profitability and measure the Company's ability to generate liquidity through operating activities on a per common share basis, without the impact of hyperinflation under IAS 29, acquisition and transaction costs, Step-Up Expense and non-recurring expenses, thereby facilitating the comparison period over period. The presentation of adjusted EBITDA per share is considered to be a non-GAAP ratio and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. The Company calculated adjusted EBITDA per share as follows: Q2-25 Q2-24 YTD-25 YTD-24 Adjusted EBITDA 15,507 15,744 27,620 29,333 Adjusted EBITDA per share 0.16 0.16 0.28 0.29 Number of common shares outstanding at period end (in thousands) 99,653 101,327 99,653 101,327 INTERIM CONSOLIDATED BALANCE SHEETS[In thousands of Canadian dollars][Unaudited] As at June 30, 2025 December 31, 2024 ASSETS Current Cash and cash equivalents 77,816 80,106 Marketable securities 13,375 62,225 Trade receivables 97,289 105,196 Other receivables 5,033 4,339 Inventories 148,652 102,698 Prepaids and deposits 7,350 7,744 Other current financial assets 25,230 30,506 Income taxes receivable 5,383 3,999 Total current assets 380,128 396,813 Prepaids and deposits 8,681 7,217 Right-of-use assets 7,025 5,912 Property, plant and equipment 13,433 14,110 Intangible assets 384,070 283,612 Goodwill 90,825 86,477 Other financial assets 77,956 103,426 Deferred tax assets 29,099 21,247 Other long-term receivables 46,727 44,983 Total non-current assets 657,816 566,984 Total assets 1,037,944 963,797 INTERIM CONSOLIDATED BALANCE SHEETS (continued)[In thousands of Canadian dollars][Unaudited] As at June 30, 2025 December 31, 2024 LIABILITIES AND SHAREHOLDERS' EQUITY Current Accounts payable and accrued liabilities 104,936 78,345 Lease liabilities 3,390 2,640 Other liabilities 18,408 1,876 Bank loans 18,823 17,486 Income taxes payable 313 213 Other balances payable 8,076 10,688 Total current liabilities 153,946 111,248 Accounts payable and accrued liabilities 5,036 4,828 Lease liabilities 3,688 3,434 Bank loans 78,842 25,899 Other balances payable 30,323 19,443 Deferred tax liabilities 3,052 3,840 Total liabilities 274,887 168,692 Shareholders' equity Share capital 532,642 534,266 Warrants — 117 Contributed surplus 27,889 25,708 Accumulated other comprehensive income 58,317 80,220 Retained earnings 144,209 154,794 Total shareholders' equity 763,057 795,105 Total liabilities and shareholders' equity 1,037,944 963,797 INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS)[In thousands of Canadian dollars, except for share and per share amounts][Unaudited] Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenues 107,358 95,573 195,434 182,177 Cost of goods sold 62,527 48,236 115,737 93,141 Gross margin 44,831 47,337 79,697 89,036 50 % 49 % Expenses Selling and marketing 15,674 13,264 29,598 25,913 General and administrative 15,814 12,099 28,033 22,637 Research and development 6,281 5,806 11,067 10,786 Amortization of intangible assets 10,731 11,674 20,205 22,546 Operating (loss) income (3,669 ) 4,494 (9,206 ) 7,154 Interest income on financial instruments measured at amortized cost (2,011 ) (1,960 ) (3,849 ) (4,096 ) Other interest income (15 ) (624 ) (31 ) (1,129 ) Interest expense 2,374 2,284 4,130 4,861 Other expense (income) 2,190 (42 ) 2,330 (211 ) Net loss on financial assets measured at fair value through profit or loss 5,737 665 6,682 16,932 Foreign exchange gain 4,559 5,542 (992 ) 3,608 Gain on hyperinflation (893 ) (2,084 ) (1,467 ) (6,380 ) (Loss) Income before income taxes (15,610 ) 713 (16,009 ) (6,431 ) Income taxes Current 134 1,245 669 2,914 Deferred (3,122 ) 1,410 (6,241 ) (2,857 ) Income tax (recovery) expense (2,988 ) 2,655 (5,572 ) 57 Net loss for the period (12,622 ) (1,942 ) (10,437 ) (6,488 ) Basic and diluted net loss per share (0.13 ) (0.02 ) (0.10 ) (0.06 ) Basic and diluted weighted average number of common shares outstanding 99,629,927 101,330,154 99,635,582 101,251,374 INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS[In thousands of Canadian dollars][Unaudited] Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 OPERATING ACTIVITIES Net income (loss) for the period (12,622 ) (1,942 ) (10,437 ) (6,488 ) Adjustments reconciling net income to operating cash flows: Depreciation and amortization 12,138 13,169 23,722 25,750 Net loss on financial instruments 5,737 665 6,682 16,932 Unrealized foreign exchange (gain) loss (1,499 ) (4,124 ) (169 ) (6,329 ) Other operating activities 3,511 3,078 2,664 (3,646 ) 7,265 10,846 22,462 26,219 Changes in non-cash working capital and other items 12,987 (11,932 ) 1,460 3,576 Cash inflow (outflow) from operating activities 20,252 (1,086 ) 23,922 29,795 INVESTING ACTIVITIES Acquisition of Paladin (106,885 ) — (106,885 ) — Purchase of marketable securities (7,025 ) (41,625 ) (13,882 ) (77,922 ) Proceeds on maturity of marketable securities 21,990 69,674 61,627 91,990 Investment in funds (28 ) (1,072 ) (135 ) (1,203 ) Purchase of intangible assets (24,508 ) (16,735 ) (27,836 ) (26,817 ) Other investing activities 15,162 1,511 17,943 1,339 Cash inflow (outflow) from investing activities (101,294 ) 11,753 (69,168 ) (12,613 ) FINANCING ACTIVITIES Repurchase of common shares through Normal Course Issuer Bid (6 ) (1,242 ) (3,351 ) (1,242 ) Principal repayment of bank loans (54,818 ) (6,930 ) (56,404 ) (8,659 ) Proceeds from bank loans 109,394 747 111,203 1,292 Other financing activities (3,758 ) (3,937 ) (5,335 ) (5,650 ) Cash inflow (outflow) from financing activities 50,812 (11,362 ) 46,113 (14,259 ) (Decrease) Increase in cash and cash equivalents during the period (30,230 ) (695 ) 867 2,923 Cash and cash equivalents, beginning of the period 112,155 62,835 80,106 58,761 Net foreign exchange difference (4,109 ) (1,333 ) (3,157 ) (877 ) Cash and cash equivalents, end of the period 77,816 60,807 77,816 60,807 Cash and cash equivalents 77,816 60,807 77,816 60,807 Marketable securities 13,375 91,861 13,375 91,861 Total cash, cash equivalents and marketable securities 91,191 152,668 91,191 152,668 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Intellia Therapeutics Announces Second Quarter 2025 Financial Results and Highlights Recent Company Progress
Enrollment in the global Phase 3 MAGNITUDE trial of nexiguran ziclumeran (nex-z) in ATTR with cardiomyopathy (ATTR-CM) continues to track ahead of projections; Tracking to enroll at least 650 patients cumulatively by year-end Expanding total enrollment of the MAGNITUDE study to approximately 1,200 patients, subject to health authority review, with no expected impact on previous projected enrollment or financial runway Expect to complete enrollment by first half 2026 in the global Phase 3 MAGNITUDE-2 study evaluating nex-z in hereditary ATTR amyloidosis with polyneuropathy (ATTRv-PN) Expect to complete randomization in the global Phase 3 HAELO study of lonvoguran ziclumeran (lonvo-z) in hereditary angioedema (HAE) during the third quarter Additional data from the Phase 1/2 study evaluating lonvo-z in HAE and longer-term data from the Phase 1 study evaluating nex-z in ATTR-CM and ATTRv-PN expected in the second half of 2025 Ended the second quarter with approximately $630.5 million in cash, cash equivalents and marketable securities; Expected to fund operations into the first half of 2027 and into the anticipated first commercial launch CAMBRIDGE, Mass., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Intellia Therapeutics, Inc. (NASDAQ:NTLA), a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies, today reported operational highlights and financial results for the second quarter ended June 30, 2025. 'We are exceeding many of our internal expectations,' said Intellia President and Chief Executive Officer John Leonard, M.D. 'The enthusiasm from both patients and physicians for Intellia's late-stage programs has resulted in strong enrollment numbers that allow us to plan to enhance the Phase 3 MAGNITUDE trial in ATTR-CM and accelerate completion of the Phase 3 HAELO study in HAE ahead of our original plans. We are full steam ahead in achieving our mission of getting one-time therapies to more patients.' Second Quarter 2025 and Recent Operational Highlights Hereditary Angioedema (HAE) Lonvoguran ziclumeran (lonvo-z, also known as NTLA-2002): Lonvo-z is a wholly owned, investigational in vivo CRISPR-based therapy designed to knock out the KLKB1 gene in the liver, with the goal of lifelong control of HAE attacks after a single dose. Recruitment ended earlier than expected during the second quarter and the Company now expects to complete randomization in the global Phase 3 HAELO study during the third quarter 2025. Intellia presented three-year follow-up data from the Phase 1 portion of the ongoing Phase 1/2 study after receiving a single dose of lonvo-z. Results were shared in an oral presentation at the European Academy of Allergy and Clinical Immunology (EAACI) Congress 2025 on June 15 in Glasgow, United Kingdom. In the Phase 1 portion of the study, a one-time dose of 25 mg (N=3), 50 mg (N=4) or 75 mg (N=3) of lonvo-z was administered via intravenous infusion and plasma kallikrein protein levels were measured along with HAE attacks. At the time of the February 12, 2025 data cutoff, all 10 patients were attack-free and treatment-free for a median of nearly two years. With up to three years of follow-up, a single dose of lonvo-z led to a mean reduction in monthly HAE attack rate of 98% over the study period, compared to pre-treatment baseline. For all 10 patients, deep, dose-dependent and durable reductions in plasma kallikrein protein continued to be observed through the latest assessment. Across all three dose levels, lonvo-z was generally well tolerated and showed a safety profile consistent with earlier data presented at EAACI in 2024. The most frequent adverse events during the study period were infusion-related reactions (IRRs). IRRs were mostly Grade 1 and resolved with all patients receiving the full dose. With up to three years of follow-up, no treatment-emergent serious adverse events were observed, and no treatment-related adverse events were observed during the period following 28 days after dosing. Intellia expects to present additional data from the ongoing Phase 1/2 study in the second half of 2025. The Company is on track to submit a Biologics License Application (BLA) in the second half of 2026. Transthyretin (ATTR) Amyloidosis Nexiguran ziclumeran (nex-z, also known as NTLA-2001): Nex-z is an investigational in vivo CRISPR-based therapy designed to inactivate the TTR gene in liver cells, thereby preventing the production of transthyretin (TTR) protein for the treatment of ATTR amyloidosis. Nex-z offers the possibility of halting and reversing the disease by driving a deep, consistent and potentially lifelong reduction in TTR protein after a single dose. Intellia leads development and commercialization of nex-z in collaboration with Regeneron Pharmaceuticals, Inc. ATTR Amyloidosis with Cardiomyopathy (ATTR-CM): Enrollment in the global Phase 3 MAGNITUDE trial is progressing ahead of the Company's projections and the Company is tracking to enroll at least 650 patients cumulatively by year-end. Intellia is amending the MAGNITUDE study to expand enrollment to approximately 1,200 patients from 765 patients, subject to health authority review. Expanding the patient number in the study would provide a more robust dataset, particularly in the stabilizer stratum, which we believe will be very important to patients, clinicians, and payers. This change has no expected impact on previously projected enrollment timelines or the Company's projected cash runway. In May 2025, the Company presented Phase 1 wild-type vs. variant ATTR-CM data at the Heart Failure 2025 Meeting in Belgrade, Serbia. The data showed that nex-z reduced TTR production and showed promise for treating both wild-type (ATTRwt) and variant (ATTRv) ATTR-CM with a favorable safety profile. Absolute TTR levels dropped from 222.4 to 16.5 μg/mL (ATTRwt) and 132.0 to 16.6 μg/mL (ATTRv). Functional capacity and clinical biomarkers were favorably impacted in both patient groups. Evidence of stability or improvement in disease progression markers were observed across both populations at similar rates. The most commonly reported treatment-related adverse events were IRR, which were mild or moderate, and did not result in any discontinuations. Observed liver enzyme abnormalities were not considered serious, were asymptomatic and resolved spontaneously without medical intervention or sequelae. Intellia expects to present longer-term data from ATTR-CM patients in the Phase 1 study in the second half of 2025. The data will include updated measures of clinical efficacy and safety. Hereditary ATTR Amyloidosis with Polyneuropathy (ATTRv-PN): Enrollment is ahead of schedule in the global Phase 3 MAGNITUDE-2 study. Intellia now expects enrollment to be completed in the first half of 2026. In May 2025, the Company presented positive two-year follow-up Phase 1 data in an oral presentation at the 2025 Peripheral Nerve Society (PNS) Annual Meeting in Edinburgh, United Kingdom. Across patients who received a one-time dose of 0.3 mg/kg or higher (n=33), the mean serum TTR reduction by Day 28 was 90% (corresponding mean absolute serum TTR level of 23.8 µg/mL), with levels remaining virtually unchanged through at least 24 months. Among the 18 patients with 24 month mNIS+7 endpoint assessments, 13 showed improvements of ≥ 4 points, which is considered to be a clinically meaningful threshold. Most of the patients in the cohort who had progressed on patisiran improved, and only a single patient among the 18 had a deterioration of ≥ 4. Nex-z was generally well tolerated across all patients and at all dose levels tested. Treatment-related adverse events were consistent with those described for the cardiomyopathy population. In September 2025, the Company will present interim Phase 1 extended data in a symposium at the 5th International ATTR Amyloidosis Meeting for Patients and Doctors in Baveno, Italy. Platform and Company Updates Intellia is pioneering novel CRISPR-based gene editing technologies, such as gene writing and extrahepatic lipid nanoparticle (LNP) delivery technologies, to create highly differentiated in vivo and ex vivo product candidates. The Company's proprietary platform technologies are being researched and developed to expand therapeutics opportunities to support the mission of transforming lives of people with severe diseases, including the possibility of curative genome editing therapeutics. Intellia has expanded its commercial and medical affairs teams to build a strong foundation for commercial readiness. Since the beginning of the year, the company welcomed two key leaders: Jim McNinch, Vice President, U.S. Head of Sales and Ben Newman, Vice President, Commercial Operations, as well as several additional senior leaders with responsibilities for commercial data and field operations, marketing, pricing, patient services, market access, forecasting and medical communications. The company has largely completed the buildout of the commercial and medical affairs leadership teams. Upcoming Events The Company will participate in the following events during the third quarter of 2025: Citi 2025 Biopharma Back to School Conference, Sept. 3, Boston Wells Fargo Health Care Conference, Sept. 4, Boston Bernstein Healthcare Forum, Sept. 23, New York 5th International ATTR Amyloidosis Meeting for Patients and Doctors, Sept. 25-26, Baveno, Italy Second Quarter 2025 Financial Results Cash Position: Cash, cash equivalents and marketable securities were $630.5 million as of June 30, 2025, compared to $861.7 million as of December 31, 2024. The decrease in cash, cash equivalents and marketable securities includes approximately $65.0 million of non-recurring cash payments in the first half of 2025 associated with the Company's previously announced portfolio prioritization, workforce reduction, and real estate consolidation. The Company's cash, cash equivalents and marketable securities as of June 30, 2025 are expected to fund operations into the first half of 2027 and into the anticipated first commercial launch. Collaboration Revenue: Collaboration revenue was $14.2 million during the second quarter of 2025, compared to $6.9 million during the second quarter of 2024. The $7.3 million increase was mainly driven by cost reimbursements related to our collaboration with Regeneron Pharmaceuticals, Inc. R&D Expenses: Research and development (R&D) expenses were $97.0 million during the second quarter of 2025, compared to $114.2 million during the second quarter of 2024. The $17.2 million decrease was primarily driven by employee-related expenses, stock-based compensation, research materials and contracted services offset by an increase in the advancement of our lead programs. Stock-based compensation expense included in R&D expenses was $14.1 million for the second quarter of 2025. G&A Expenses: General and administrative (G&A) expenses were $27.2 million during the second quarter of 2025, compared to $31.8 million during the second quarter of 2024. The $4.6 million decrease was primarily related to lower stock-based compensation, offset in part by increased expenses related to the ongoing buildout of our commercial infrastructure. Stock-based compensation expense included in G&A expenses was $8.0 million for the second quarter of 2025. Net Loss: Net loss was $101.3 million for the second quarter of 2025, compared to $147.0 million during the second quarter of 2024. Conference Call to Discuss Second Quarter 2025 Results The Company will discuss these results on a conference call today, Thursday, August 7 at 8 a.m. ET. To join the call: U.S. callers should dial 1-833-316-0545 and international callers should dial 1-412-317-5726, approximately five minutes before the call. All participants should ask to be connected to the Intellia Therapeutics conference call. Please visit this link for a simultaneous live webcast of the call. A replay of the call will be available through the Events and Presentations page of the Investors & Media section on Intellia's website at beginning on August 7 at 12 p.m. ET. About Intellia TherapeuticsIntellia Therapeutics, Inc. (NASDAQ:NTLA) is a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies. Since its inception, Intellia has focused on leveraging gene editing technology to develop novel, first-in-class medicines that address important unmet medical needs and advance the treatment paradigm for patients. Intellia's deep scientific, technical and clinical development experience, along with its people, is helping set the standard for a new class of medicine. To harness the full potential of gene editing, Intellia continues to expand the capabilities of its CRISPR-based platform with novel editing and delivery technologies. Learn more at and follow us @intelliatx. Forward-Looking Statements This press release contains 'forward-looking statements' of Intellia Therapeutics, Inc. ('Intellia' or the 'Company') within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements regarding Intellia's beliefs and expectations concerning: the safety, efficacy, success and advancement of its clinical programs for nexiguran ziclumeran or 'nex-z' (also known as NTLA-2001) for transthyretin ('ATTR') amyloidosis and lonvoguran ziclumeran or 'lonvo-z' (also known as NTLA-2002) for the treatment of hereditary angioedema ('HAE') pursuant to its clinical trial applications ('CTA') and investigational new drug application ('IND') submissions, including the expected timing of data releases from its ongoing clinical trials of nex-z and lonvo-z, regulatory feedback, regulatory filings, and the enrollment, dosing and completion of clinical trials, such as completing randomization in the Phase 3 HAELO study in the third quarter of 2025 and submitting a biologics license application ('BLA') for lonvo-z in the second half of 2026, its ability to enroll the Phase 3 MAGNITUDE study and enroll at least 650 patients cumulatively by the end of 2025, its ability to enroll the Phase 3 MAGNITUDE-2 study and complete enrollment in the first half of 2026, its plans to present new data from the ongoing Phase 1/2 study of lonvo-z and longer-term Phase 1 data of nex-z, including updated measures of clinical efficacy and safety, in the second half of 2025, the potential of nex-z to halt and reverse disease by driving a deep, consistent and potentially lifelong reduction in TTR protein after a single dose, and the potential of lonvo-z to provide lifelong control of HAE attacks after a single dose; its expectations that expanding the patient number in the Phase 3 MAGNITUDE study would provide a more robust dataset, particularly in the stabilizer stratum, and its belief that such dataset will be very important to patients, clinicians and payers, while having no expected impact on previously projected enrollment timelines or its projected cash runway; its ability to apply novel CRISPR-based gene editing technologies, such as gene writing, and extrahepatic lipid nanoparticle ('LNP') delivery technologies to create highly differentiated in vivo and ex vivo product candidates, including its ability to use those technologies to expand therapeutic opportunities and the timing expectations of advancing such product candidates; its ability to build a strong foundation for commercial readiness through hiring certain senior leadership positions in its commercial and medical affairs organizations; its ability to optimize the impact of its collaborations on its development programs, including, but not limited to, its collaboration with Regeneron Pharmaceuticals, Inc. ('Regeneron') and their co-development programs for ATTR amyloidosis; and its growth as a company and expectations regarding its uses of capital, expenses, future accumulated deficit and financial results, including its ability to fund operations into the first half of 2027 and into the first anticipated commercial launch. Any forward-looking statements in this press release are based on management's current expectations and beliefs of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks related to Intellia's ability to protect and maintain its intellectual property position; risks related to Intellia's relationship with third parties, including its contract manufacturers, collaborators, licensors and licensees; risks related to the ability of its licensors to protect and maintain their intellectual property position; uncertainties related to the authorization, initiation and conduct of preclinical and clinical studies and other development requirements for its product candidates, including uncertainties related to regulatory approvals to conduct clinical trials; risks related to the ability to develop and commercialize any one or more of Intellia's product candidates successfully; risks related to the results of preclinical studies or clinical studies not being predictive of future results in connection with future studies; the risk that clinical study results will not be positive; risks related to the potential delay of planned clinical trials due to regulatory feedback or other developments; and risks related to Intellia's collaborations with Regeneron, or its other collaborations not continuing or not being successful. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Intellia's actual results to differ from those contained in the forward-looking statements, see the section entitled 'Risk Factors' in Intellia's most recent annual report on Form 10-K, as well as discussions of potential risks, uncertainties, and other important factors in Intellia's other filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q. All information in this press release is as of the date of the release, and Intellia undertakes no duty to update this information unless required by law. INTELLIA THERAPEUTICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Amounts in thousands, except per share data) Three Months ended June 30, Six Months ended June 30, 2025 2024 2025 2024 Collaboration revenue $ 14,245 $ 6,957 $ 30,872 $ 35,892 Operating expenses: Research and development 97,035 114,207 205,462 226,054 General and administrative 27,206 31,793 56,213 62,884 Total operating expenses 124,241 146,000 261,675 288,938 Operating loss (109,996 ) (139,043 ) (230,803 ) (253,046 ) Other income (expense), net: Interest income 7,402 12,422 16,005 25,054 Change in fair value of investments, net 1,339 (20,354 ) (786 ) (26,419 ) Total other income (expense), net 8,741 (7,932 ) 15,219 (1,365 ) Net loss $ (101,255 ) $ (146,975 ) $ (215,584 ) $ (254,411 ) Net loss per share, basic and diluted $ (0.98 ) $ (1.52 ) $ (2.08 ) $ (2.64 ) Weighted average shares outstanding, basic and diluted 103,732 96,975 103,617 96,238 INTELLIA THERAPEUTICS, INC. CONSOLIDATED BALANCE SHEET DATA (UNAUDITED) (Amounts in thousands) June 30, 2025 December 31, 2024 Cash, cash equivalents and marketable securities $ 630,506 $ 861,730 Total assets 898,894 1,191,015 Total liabilities 183,639 319,059 Total stockholders' equity 715,255 871,956 Investors:Brittany ChavesSenior Manager, Investor Media:Matt CrensonTen Bridge Communicationsmedia@ mcrenson@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Intuitive Machines Reports Second Quarter 2025 Financial Results
HOUSTON, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR, 'Intuitive Machines,' or the 'Company'), a leading space technology and infrastructure services company, today announced its financial results for the second quarter ended June 30, 2025. Intuitive Machines CEO Steve Altemus said, 'We've executed decisively in the second quarter. Internally, we've brought satellite manufacturing in-house, ensuring performance, schedule clarity, and tight integration with our landers and space systems. Externally, we moved to acquire KinetX, a team that delivers exactly the kind of analysis and real-time decision software that our future network will depend on.' Highlights Signed purchase agreement to acquire KinetX, an industry leading space navigation and flight dynamics software company, which positions Intuitive Machines for Earth Orbit, Moon, and Mars constellation management across commercial, civil, and national security customers Strategically invested in in-house satellite production to control delivery of our satellites to support the Near Space Network Services (NSNS) contract, and aligned Mission 3 to support deployment and operation of our first satellite in the second half of 2026 Expanded our production footprint at Houston Spaceport by 140,000 square feet to support in-house satellite and spacecraft production, testing, and mission operations Achieved $50.3 million of revenue in Q2, up 21% vs. Q2 of prior year driven by growth across key programs partially offset by the EAC impact of our strategic decision to align satellite delivery with Mission 3 Awarded $9.8 million for a phase two contract from a National Security customer to advance Intuitive Machines' Orbital Transfer Vehicle through Critical Design Review Coupled with the $10 million Texas Space Commission Q2 award for our Earth Reentry Program, Intuitive Machines partnered with Space Forge to enable space-based semiconductor manufacturing, adding to our existing partnership with Rhodium Scientific to develop in-space biopharmaceutical testing Ended Q2 debt-free, with $345 million cash, resulting continued balance sheet strength and ample liquidity for current operations as well as organic and inorganic growth Mr. Altemus continued, 'We will continue to remain opportunistic on further strategic M&A, while also evaluating internal investments to accelerate growth and drive long-term shareholder value. We have a detailed and robust pipeline of both tuck-in and transformative M&A opportunities and intend to remain aggressive in the marketplace, particularly in data services and National Security Space markets.' Outlook Full-year 2025 revenue is projected to be near the low-end of prior outlook, with additional opportunities in the latter part of the year that supports revenue near the prior mid-point of $275 million Continue to expect positive adjusted EBITDA in 2026 Conference Call Information Intuitive Machines will host a conference call today, August 7, 2025, at 8:30 am Eastern Time to discuss these results. A link to the live webcast of the earnings conference call will be made available on the investors portion of the Intuitive Machines' website at Following the conference call, a webcast replay will be available through the same link on the investors portion of the Intuitive Machines' website at Key Business Metrics and Non-GAAP Financial Measures In addition to the GAAP financial measures set forth in this press release, the Company has included certain financial measures that have not been prepared in accordance with generally accepted accounting principles ('GAAP') and constitute 'non-GAAP financial measures' as defined by the SEC. This includes adjusted EBITDA ('Adjusted EBITDA'). Adjusted EBITDA is a key performance measure that our management team uses to assess the Company's operating performance and is calculated as net income (loss) excluding results from non-operating sources including interest income, interest expense, gain on extinguishing of debt, share-based compensation, change in fair value instruments, gain or loss on issuance of securities, other income/expense, depreciation, impairment of property and equipment, and provision for income taxes. Intuitive Machines has included Adjusted EBITDA because we believe it is helpful in highlighting trends in the Company's operating results and because it is frequently used by analysts, investors, and other interested parties to evaluate companies in our industry. Adjusted EBITDA has limitations as an analytical measure, and investors should not consider it in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Other companies, including companies in Intuitive Machines' industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income (loss) and our other GAAP results. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is included below under the heading 'Reconciliation of GAAP to Non-GAAP Financial Measure.' We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet. Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are: Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP; Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation; and Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle. A reconciliation of Free Cash Flow to the most directly comparable GAAP financial measure is included below under the heading 'Reconciliation of GAAP to Non-GAAP Financial Measure.' The Company has also included contracted backlog, which is defined as the total estimate of the revenue the Company expects to realize in the future as a result of performing work on awarded contracts, less the amount of revenue the Company has previously recognized. Intuitive Machines monitors its backlog because we believe it is a forward-looking indicator of potential sales which can be helpful to investors in evaluating the performance of its business and identifying trends over time. About Intuitive Machines Intuitive Machines is a diversified space technology, infrastructure, and services company focused on fundamentally disrupting lunar access economics. In 2024, Intuitive Machines successfully soft-landed the Company's Nova-C class lunar lander, on the Moon, returning the United States to the lunar surface for the first time since 1972. In 2025, Intuitive Machines returned to the lunar south pole with a second lander. The Company's products and services are focused through three pillars of space commercialization: Delivery Services, Data Transmission Services, and Infrastructure as a Service. For more information, please visit Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward looking. These forward-looking statements generally are identified by the words such as 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'strive,' 'would,' 'strategy,' 'outlook,' the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include but are not limited to statements regarding: our expectations and plans related to any proposed business combination; our expectations and plans relating to our missions to the Moon, including the expected timing of launch and our progress in preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding revenue for government contracts awarded to us; our expectations regarding changes to government contracts or programs; our operations, our financial performance and our industry; our business strategy, business plan, and plans to drive long-term sustainable shareholder value; information under 'Outlook,' or 'Guidance' including our expectations on revenue generation, backlog and cash. These forward-looking statements reflect the Company's predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this presentation: our reliance upon the efforts of our Board and key personnel to be successful; our limited operating history; our failure to manage our growth effectively; competition from existing or new companies; unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities; cyber incidents; failure of the market for commercial spaceflight to achieve the growth potential we expect; any delayed launches, launch failures, failure of our satellites or lunar landers to reach their planned orbital locations, significant increases in the costs related to launches of satellites and lunar landers, and insufficient capacity available from satellite and lunar lander launch providers; our customer concentration; risks associated with commercial spaceflight, including any accident on launch or during the journey into space; risks associated with the handling, production and disposition of potentially explosive and ignitable energetic materials and other dangerous chemicals in our operations; our reliance on a limited number of suppliers for certain materials and supplied components; failure of our products to operate in the expected manner or defects in our products; counterparty risks on contracts entered into with our customers and failure of our prime contractors to maintain their relationships with their counterparties and fulfill their contractual obligations; failure to successfully defend protest from other bidders for government contracts; failure to comply with various laws and regulations relating to various aspects of our business and any changes in the funding levels of various governmental entities with which we do business; our failure to protect the confidentiality of our trade secrets and know how; our failure to comply with the terms of third-party open source software our systems utilize; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate material weaknesses in our internal control over financial reporting; the U.S. government's budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year, and our dependence on U.S. government contracts and funding by the government for the government contracts; our failure to comply with U.S. export and import control laws and regulations and U.S. economic sanctions and trade control laws and regulations; uncertain global macro-economic and political conditions and rising inflation; our history of losses and failure to achieve profitability and our need for substantial additional capital to fund our operations; the fact that our financial results may fluctuate significantly from quarter to quarter; our holding company status; the risk that our business and operations could be significantly affected if it becomes subject to any litigation, including securities litigation or stockholder activism; our public securities' potential liquidity and trading; and other public filings and press releases other factors detailed under the section titled Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (the 'SEC'), the section titled Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations and the section titled Part II. Item 1A. 'Risk Factors' in our most recently filed Quarterly Report on Form 10-Q, and in our subsequent filings with the SEC, which are accessible on the SEC's website at These forward-looking statements are based on information available as of the date of this presentation and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. Contacts For investor inquiries:investors@ For media inquiries:press@ MACHINES, Consolidated Balance Sheets(In thousands)(Unaudited) June 30,2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 344,901 $ 207,607 Restricted cash 2,042 2,042 Trade accounts receivable, net 36,571 44,759 Contract assets 8,438 34,592 Prepaid and other current assets 4,801 4,161 Total current assets 396,753 293,161 Property and equipment, net 40,607 23,364 Operating lease right-of-use assets 37,662 38,765 Finance lease right-of-use assets 110 114 Other assets 507 — Total assets $ 475,639 $ 355,404 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT Current liabilities Accounts payable and accrued expenses 22,096 $ 17,350 Accounts payable - affiliated companies 4,308 2,750 Contract liabilities, current 68,426 65,184 Operating lease liabilities, current 2,119 2,021 Finance lease liabilities, current 41 37 Other current liabilities 10,305 11,489 Total current liabilities 107,295 98,831 Contract liabilities, non-current 3,215 14,334 Operating lease liabilities, non-current 35,136 35,259 Finance lease liabilities, non-current 49 63 Earn-out liabilities — 134,156 Warrant liabilities 38,809 68,778 Other long-term liabilities 242 62 Total liabilities 184,746 351,483 Commitments and contingencies MEZZANINE EQUITY Series A preferred stock subject to possible redemption 6,291 5,990 Redeemable noncontrolling interests 663,725 1,005,965 SHAREHOLDERS' DEFICIT Class A common stock 12 10 Class C common stock 6 6 Treasury Stock (33,525 ) (12,825 ) Paid-in capital — — Accumulated deficit (347,689 ) (996,453 ) Total shareholders' deficit attributable to the Company (381,196 ) (1,009,262 ) Noncontrolling interests 2,073 1,228 Total shareholders' deficit (379,123 ) (1,008,034 ) Total liabilities, mezzanine equity and shareholders' deficit $ 475,639 $ 355,404 INTUITIVE MACHINES, Consolidated Statements of Operations(In thousands)(Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 1 2025 2024 1 Revenue $ 50,313 $ 41,641 $ 112,837 $ 114,860 Operating expenses: Cost of revenue (excluding depreciation) 56,047 48,428 104,972 98,268 Cost of revenue (excluding depreciation) - affiliated companies 6,109 9,264 13,031 18,623 Depreciation 752 423 1,375 837 General and administrative expense (excluding depreciation) 16,045 11,026 32,176 27,407 Total operating expenses 78,953 69,141 151,554 145,135 Operating loss (28,640 ) (27,500 ) (38,717 ) (30,275 ) Other income (expense), net: Interest income, net 3,428 20 4,821 — Change in fair value of earn-out liabilities — 22,109 (33,369 ) (488 ) Change in fair value of warrant liabilities (13,033 ) 21,009 29,969 (2,955 ) Gain (loss) on issuance of securities — 596 — (68,080 ) Other income, net 39 421 65 422 Total other income (expense), net (9,566 ) 44,155 1,486 (71,101 ) Income (loss) before income taxes (38,206 ) 16,655 (37,231 ) (101,376 ) Income tax expense — — — — Net income (loss) (38,206 ) 16,655 (37,231 ) (101,376 ) Net loss attributable to redeemable noncontrolling interest (13,408 ) (2,805 ) (1,499 ) (24,322 ) Net income attributable to noncontrolling interest 383 789 845 1,761 Net income (loss) attributable to the Company (25,181 ) 18,671 (36,577 ) (78,815 ) Less: Preferred dividends (151 ) (137 ) (298 ) (608 ) Net income (loss) attributable to Class A common shareholders $ (25,332 ) $ 18,534 $ (36,875 ) $ (79,423 ) ________________________1 Reflects immaterial, non-cash corrections primarily related to historical estimated contract losses on certain lunar payload services contracts; see our June 30, 2025 Form 10-Q for further MACHINES, Consolidated Statements of Cash Flows(In thousands)(Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net loss $ (37,231 ) $ (101,376 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 1,375 837 Bad debt expense 135 440 Share-based compensation expense 5,364 5,895 Change in fair value of earn-out liabilities 33,369 488 Change in fair value of warrant liabilities (29,969 ) 2,955 Loss on issuance of securities — 68,080 Other 177 154 Changes in operating assets and liabilities: Trade accounts receivable, net 8,053 (21,821 ) Accounts receivable - affiliated companies (16 ) — Contract assets 26,154 (834 ) Prepaid expenses (1,131 ) (172 ) Other assets, net 1,107 244 Accounts payable and accrued expenses 305 7,145 Accounts payable – affiliated companies 1,558 (37 ) Contract liabilities – current and long-term (7,876 ) (3,150 ) Other liabilities (1,218 ) 3,450 Net cash provided by (used in) operating activities 156 (37,702 ) Cash flows from investing activities: Purchase of property and equipment (14,176 ) (3,793 ) Net cash used in investing activities (14,176 ) (3,793 ) Cash flows from financing activities: Warrants exercised 176,620 51,360 Redemption of warrants (66 ) — Transaction costs — (437 ) Repurchase of Class A Common Stock (20,700 ) — Proceeds from borrowings — 10,000 Repayment of loans — (15,000 ) Proceeds from issuance of securities — 27,481 Payment of withholding taxes from share-based awards (4,540 ) (2,123 ) Stock option exercises — 300 Distributions to noncontrolling interests — (973 ) Net cash provided by financing activities 151,314 70,608 Net increase in cash, cash equivalents and restricted cash 137,294 29,113 Cash, cash equivalents and restricted cash at beginning of the period 209,649 4,560 Cash, cash equivalents and restricted cash at end of the period 346,943 33,673 Less: restricted cash 2,042 2,042 Cash and cash equivalents at end of the period $ 344,901 $ 31,631 INTUITIVE MACHINES, of GAAP to Non-GAAP Financial Measure Adjusted EBITDA The following table presents a reconciliation of net loss, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Net income (loss) $ (38,206 ) $ 16,655 $ (37,231 ) $ (101,376 ) Adjusted to exclude the following: Depreciation 752 423 1,375 837 Interest income, net (3,428 ) (20 ) (4,821 ) — Share-based compensation expense 2,520 1,969 5,364 5,895 Change in fair value of earn-out liabilities — (22,109 ) 33,369 488 Change in fair value of warrant liabilities 13,033 (21,009 ) (29,969 ) 2,955 (Gain) loss on issuance of securities — (596 ) — 68,080 Other income, net (39 ) (421 ) (65 ) (422 ) Adjusted EBITDA $ (25,368 ) $ (25,108 ) $ (31,978 ) $ (23,543 ) Free Cash Flow We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet. Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are: Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP. Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation. Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle. The following table presents a reconciliation of net cash used in operating activities, the most directly comparable financial measure presented in accordance with GAAP, to free cash flow: Six Months Ended June 30, (in thousands) 2025 2024 Net cash provided by (used in) operating activities $ 156 $ (37,702 ) Purchases of property and equipment (14,176 ) (3,793 ) Free cash flow $ (14,020 ) $ (41,495 ) Backlog The following table presents our backlog as of the periods indicated: (in thousands) June 30, 2025 December 31, 2024 Backlog $ 256,909 $ 328,345 Backlog decreased by $71.4 million as of June 30, 2025 compared to December 31, 2024, primarily due to continued performance on existing contracts of $112.8 million and IM-2 mission close-out adjustments of $8.4 million, partially offset by $49.8 million in new awards primarily associated with the NSN contract of $18.0 million, TSC grant of $10.0 million, OMES III contract of $7.0 million, and various other contracts. 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