Core Insights - Lightbridge Corporation is set to benefit from a new testing method called Fission Accelerated Steady-state Test (FAST) developed by Idaho National Laboratory, which will expedite the irradiation testing of advanced nuclear fuel samples [1][3] Group 1: Testing Method and Benefits - The FAST method utilizes increased enrichment levels to accelerate the irradiation testing process in the Advanced Test Reactor (ATR) [1][2] - Lightbridge's planned irradiation testing program aims to generate critical performance data for its advanced fuel, which is essential for regulatory licensing with the U.S. Nuclear Regulatory Commission (NRC) [3] - The company anticipates that the data obtained will facilitate expedited licensing under the ADVANCE Act and assist utilities in analyzing Lightbridge Fuel for commercial nuclear power plants [3] Group 2: Collaboration and Support - Lightbridge expresses gratitude to the U.S. Department of Energy (DOE) for providing Highly Enriched Uranium (HEU) and enabling the testing of fuel material samples using the FAST method [4] - The work is conducted under a Cooperative Research and Development Agreement (CRADA) between Lightbridge and Idaho National Laboratory, highlighting the importance of public-private partnerships in advancing clean energy technologies [4] Group 3: Company Overview - Lightbridge Corporation focuses on developing advanced nuclear fuel technology aimed at delivering zero-emission, clean energy and enhancing energy security globally [6] - The company is developing Lightbridge Fuel™, a next-generation nuclear fuel technology that improves reactor safety, economics, and proliferation resistance [6] - Lightbridge has entered into long-term agreements with Battelle Energy Alliance, the contractor for Idaho National Laboratory, and has received support from the DOE's Gateway for Accelerated Innovation in Nuclear program [7]

Core Viewpoint - Lightbridge Corporation has successfully completed the final design review for its upcoming irradiation experiment, a significant milestone in the development of its next-generation Lightbridge Fuel™ product, in collaboration with the Idaho National Laboratory (INL) [1][3]. Group 1: Milestones and Achievements - The completion of the final design review is a critical step that allows Lightbridge to proceed with the irradiation testing in INL's Advanced Test Reactor (ATR) [1][7]. - The experiment parameters, including neutronics, thermal, and mechanical aspects, have been independently reviewed and approved by INL scientists, ensuring safe and effective operation [7]. - The irradiation testing program aims to generate essential performance data for Lightbridge's advanced fuel, which will support regulatory licensing efforts for commercial deployment [7]. Group 2: Collaboration and Support - The collaboration between Lightbridge and INL reflects a shared commitment to advancing nuclear technology, with the successful completion of the design review being a key aspect of this partnership [3]. - Lightbridge has entered into long-term framework agreements with Battelle Energy Alliance, the contractor for INL, to support the development of its fuel technology [6]. - The U.S. Department of Energy has facilitated access to the Advanced Test Reactor, which is crucial for Lightbridge's in-reactor testing [3]. Group 3: Company Overview - Lightbridge Corporation focuses on developing advanced nuclear fuel technology aimed at providing abundant, zero-emission clean energy and enhancing energy security [5]. - The company is working on Lightbridge Fuel™, a proprietary technology designed for existing light water reactors and new small modular reactors (SMRs), improving reactor safety and economics [5]. - Lightbridge is included in the Russell Microcap® Index and has a worldwide patent portfolio supporting its innovative fuel technology [8].

Core Points - Lightbridge Corporation has been added to the Russell 3000® Index and the Russell 2000® Index, effective June 30, 2025, marking a significant milestone for the company [1][3] - The Russell indexes are based on market capitalization rankings and are widely used by investment managers and institutional investors, with approximately $10.6 trillion in assets benchmarked against them as of June 2024 [2][3] Company Overview - Lightbridge Corporation focuses on developing advanced nuclear fuel technology aimed at providing clean energy and enhancing energy security [7] - The company is working on Lightbridge Fuel™, a next-generation nuclear fuel technology that improves reactor safety, economics, and proliferation resistance [7] - Lightbridge has established long-term agreements with Battelle Energy Alliance and has received support from the Department of Energy for its fuel development [8][9] Industry Context - The Russell indexes are recalibrated annually to reflect the largest US stocks, ensuring they accurately represent the market [2][4] - FTSE Russell, the provider of the Russell indexes, is adapting to the evolving US economy and plans to transition to a semi-annual reconstitution frequency starting in 2026 [4]

Core Insights - The recent Executive Orders signed by President Trump represent a significant policy shift towards nuclear energy, creating opportunities for Lightbridge Corporation's advanced fuel technology and business strategy [2][9] Group 1: Executive Orders and Opportunities - The Executive Orders include provisions that align closely with Lightbridge's technology capabilities, particularly in enhancing the nuclear industrial base [2][3] - The order "Reinvigorating the Nuclear Industrial Base" directs the Department of Energy to prioritize collaboration with the nuclear energy industry for power uprates in existing reactors [3] - Lightbridge Fuel™ is positioned to provide additional power uprate opportunities, potentially enabling power uprates of up to 17% in existing reactors [5][4] Group 2: National Security and Market Expansion - The Executive Orders create new opportunities in the national security sector, with potential for building reactors on military bases, which could expedite the construction process [6] - The emphasis on nuclear energy as essential for national security and technological advancement may open new market segments, including dedicated nuclear power supply for data centers [6] Group 3: Funding and Political Environment - The Executive Orders establish promising funding opportunities, with the Department of Energy prioritizing nuclear power projects and supporting companies with technological maturity and financial backing [8] - The favorable political environment, bolstered by bipartisan support for nuclear power, aligns with Lightbridge's capabilities, particularly in power uprate potential and safety features [9] Group 4: Company Overview - Lightbridge Corporation focuses on developing advanced nuclear fuel technology aimed at delivering clean energy and enhancing energy security [10] - The company is developing Lightbridge Fuel™, which enhances reactor safety, economics, and proliferation resistance for existing and new reactors [10] - Lightbridge has established long-term agreements with the Department of Energy and is involved in various research initiatives to support its fuel technology development [11]

Financial Data and Key Metrics Changes - The company's working capital position increased to $56.5 million as of March 31, 2025, compared to $39.9 million at December 31, 2024 [16] - Total cash and cash equivalents rose to $56.9 million from $40 million at December 31, 2024, marking an increase of $16.9 million for the first quarter [17] - Net loss for the first quarter was $4.8 million, compared to $2.8 million for the same period in 2024 [19] Business Line Data and Key Metrics Changes - Total R&D expenses for the first quarter amounted to $1.7 million, up from $1 million in the first quarter of 2024, primarily due to increased labor costs and employee compensation [19][20] - Total G&A expenses increased to $3.5 million from $2.2 million in the first quarter of 2024, driven by higher employee compensation and consulting fees [20] Market Data and Key Metrics Changes - The nuclear energy sector is experiencing significant momentum, with increasing government support and public acceptance driving demand for nuclear power [5][12] - Major technology companies are increasingly interested in nuclear power to meet energy demands, particularly for data centers [7][13] Company Strategy and Development Direction - The company is focused on executing its development plan and demonstrating the capabilities of its proprietary Lightbridge Fuel technology [8][15] - Lightbridge aims to capitalize on the growing demand for advanced nuclear technologies, particularly in the context of energy security and decarbonization goals [12][15] Management's Comments on Operating Environment and Future Outlook - Management highlighted a favorable environment for nuclear energy, driven by the global imperative to achieve net-zero emissions and increasing energy security needs [12][15] - The company is well-positioned to benefit from the growing recognition of nuclear power's role in supporting energy-intensive industries [13][15] Other Important Information - The company plans to invest approximately $17 million in CapEx and operating expenditures for R&D development of its nuclear fuel in 2025 [18] - Lightbridge is exploring synergies with Ocla for potential collaboration on fuel fabrication and recycling of spent fuel [10] Q&A Session Summary Question: Can we expect to see Lightbridge receive DOE financing in the near future? - Management expressed uncertainty but indicated that the company is well-positioned for future support and is actively pursuing non-dilutive funding opportunities, including DOE funding [23] Question: Has Lightbridge gotten out of the thorium business entirely or have you just backburnered it? - Management confirmed that while they are not actively pursuing thorium-based fuel design, they still hold patents and could resume development if there is customer interest [24]

Financial Data and Key Metrics Changes - The company's working capital position increased to $56.5 million as of March 31, 2025, compared to $39.9 million at December 31, 2024 [17] - Total cash and cash equivalents rose to $56.9 million from $40 million at December 31, 2024, marking an increase of $16.9 million for the first quarter [18] - The net loss for the first quarter ended March 31, 2025, was $4.8 million, compared to $2.8 million for the same period in 2024 [20] Business Line Data and Key Metrics Changes - Total R&D expenses for the first quarter of 2025 were $1.7 million, up from $1 million in the first quarter of 2024, primarily due to increased labor costs and employee compensation [21] - Total G&A expenses increased to $3.5 million in Q1 2025 from $2.2 million in Q1 2024, driven by higher employee compensation and consulting fees [21] Market Data and Key Metrics Changes - The global nuclear energy sector is experiencing significant momentum, with increasing government support and public acceptance driving demand for nuclear power [6][8] - Major technology companies are increasingly interested in utilizing nuclear energy to meet the energy demands of data centers, indicating a shift in market dynamics [14] Company Strategy and Development Direction - The company is focused on executing its development plan and demonstrating the capabilities of its proprietary fuel technology, which is designed to enhance performance and safety in nuclear reactors [9][16] - Lightbridge is exploring collaborations, such as the MOU with Ocla, to evaluate the feasibility of co-locating fuel fabrication facilities, which could lead to cost savings [11][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the critical need for resilient baseload energy sources, particularly in light of recent events like the blackout in Spain, reinforcing the role of nuclear power [6][16] - The commitment from over 20 countries to triple global nuclear capacity by 2050 is seen as a strong signal for the industry's future [13] Other Important Information - The company plans to invest approximately $17 million in CapEx and operating expenditures for R&D development of its nuclear fuel in 2025 [19] - Lightbridge is actively pursuing government funding opportunities to support its R&D activities and commercialization efforts [24] Q&A Session Summary Question: Can we expect to see Lightbridge receive DOE financing in the near future? - Management expressed uncertainty but indicated that the company is well positioned for future support and has benefited from previous DOE funding [24] Question: Has Lightbridge gotten out of the thorium business entirely or have you just backburnered it? - Management clarified that while they are not actively pursuing thorium-based fuel designs, they still hold patents and could resume development if customer interest arises [26]

Financial Data and Key Metrics Changes - The company's working capital position increased to $56.5 million as of March 31, 2025, compared to $39.9 million at December 31, 2024 [17] - Total cash and cash equivalents rose to $56.9 million from $40 million at December 31, 2024, marking an increase of $16.9 million for the first quarter [18] - The net loss for the first quarter ended March 31, 2025, was $4.8 million, compared to $2.8 million for the same period in 2024 [20] Business Line Data and Key Metrics Changes - Total R&D expenses for the first quarter of 2025 amounted to $1.7 million, up from $1 million in the first quarter of 2024, primarily due to increased project labor costs and employee compensation [20] - Total G&A expenses increased to $3.5 million for the first quarter of 2025, compared to $2.2 million in the first quarter of 2024, driven by higher employee compensation and consulting fees [21] Market Data and Key Metrics Changes - The global nuclear energy sector is experiencing significant momentum, with increasing government support and public acceptance driving demand for nuclear power [6][12] - Major technology companies are increasingly looking to nuclear power to meet energy demands, particularly for data centers, indicating a shift in market dynamics [7][13] Company Strategy and Development Direction - The company is focused on executing its development plan and demonstrating the capabilities of its proprietary Lightbridge Fuel technology, which is designed to enhance performance and safety in nuclear reactors [8][16] - Lightbridge is exploring collaborations, such as the MOU with Ocla, to evaluate the feasibility of co-locating fuel fabrication facilities, which could lead to cost savings [10][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the critical need for resilient baseload energy sources, particularly in light of recent events like the blackout in Spain, reinforcing the role of nuclear power [6][16] - The company believes it is well-positioned to capitalize on the growing demand for advanced nuclear technologies, supported by favorable government policies and investment trends [12][16] Other Important Information - The company plans to invest approximately $17 million in CapEx and operating expenditures for R&D development of its nuclear fuel in 2025 [19] - The company continues to seek government funding and strategic alliances to support its future R&D activities [19] Q&A Session Summary Question: Can we expect to see Lightbridge receive DOE financing in the near future? - Management indicated uncertainty regarding DOE actions but expressed confidence in being well-positioned for future support, having benefited from previous DOE funding [24] Question: Has Lightbridge gotten out of the thorium business entirely or have you just backburnered it? - Management clarified that while they are not actively pursuing thorium-based fuel designs, they still hold relevant patents and could resume development if customer interest arises [26]

[PART I - FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section presents unaudited financial statements for Q1 2025, showing increased assets and equity from financing activities despite ongoing net losses [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28unaudited%29) This section presents unaudited financial statements for the quarter ended March 31, 2025, highlighting increased assets and equity driven by financing activities despite ongoing net losses Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $56,930 | $39,991 | | Total Assets | $58,288 | $40,953 | | Total Current Liabilities | $966 | $425 | | Total Stockholders' Equity | $57,321 | $40,528 | Condensed Consolidated Statements of Operations (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $0 | $0 | | General and administrative | $3,480 | $2,158 | | Research and development | $1,666 | $1,024 | | **Operating Loss** | **($5,146)** | **($3,182)** | | **Net Loss** | **($4,771)** | **($2,820)** | | Net Loss Per Share | ($0.24) | ($0.21) | Condensed Consolidated Statements of Cash Flows (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | ($3,300) | ($1,878) | | Net Cash Provided by Financing Activities | $20,239 | $1,222 | | **Net Increase (Decrease) in Cash** | **$16,939** | **($656)** | - In Q1 2025, the company sold 2,605,619 shares under its At-the-Market (ATM) offering, resulting in net proceeds of **$20.2 million**, compared to 427,300 shares sold for **$1.2 million** in net proceeds in Q1 2024[55](index=55&type=chunk) - Subsequent to the quarter end, from April 1 to May 12, 2025, the company sold an additional 677,300 shares under its ATM, raising net proceeds of approximately **$5.0 million**[85](index=85&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, liquidity, and strategic developments, focusing on Lightbridge Fuel™ and future funding needs [Overview of Our Business and Development of Lightbridge Fuel™](index=16&type=section&id=Overview%20of%20Our%20Business%20and%20Development%20of%20Lightbridge%20Fuel%E2%84%A2) Lightbridge develops advanced nuclear fuel, collaborating on R&D to enhance reactor economics and safety - Signed a memorandum of understanding (MOU) with Oklo, Inc. in January 2025 to evaluate co-locating a fuel fabrication facility and explore collaboration on reprocessing spent fuel[106](index=106&type=chunk) - The total estimated cost for work with Battelle Energy Alliance (BEA) at INL under both CRADA and SPPA agreements is now approximately **$6.8 million**[114](index=114&type=chunk) - INL has indicated that due to resource and manufacturing constraints, it may not meet the company's preferred project timeline, and total project costs will exceed the current budget[115](index=115&type=chunk) - The company expects to begin demonstrating lead test assemblies (LTAs) in commercial reactors in the **2030s** and anticipates receiving initial purchase orders **15-20 years** from now[125](index=125&type=chunk) [Operations Review](index=19&type=section&id=Operations%20Review) Q1 2025 net loss increased 71% to $4.8 million, driven by a 63% rise in total operating expenses Comparison of Operating Results (in millions) | Expense Category | Q1 2025 | Q1 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | General and administrative | $3.5 | $2.2 | $1.3 | 59% | | Research and development | $1.7 | $1.0 | $0.7 | 70% | | **Total Operating Expenses** | **$5.2** | **$3.2** | **$2.0** | **63%** | | **Net Loss** | **($4.8)** | **($2.8)** | **($2.0)** | **71%** | - The **$1.3 million** increase in G&A expenses was primarily due to a **$0.7 million** increase in stock-based compensation (including **$0.5 million** for accelerated vesting for a former employee), a **$0.4 million** increase in professional fees, and a **$0.2 million** increase in employee compensation[131](index=131&type=chunk)[132](index=132&type=chunk) - The **$0.7 million** increase in R&D expenses was driven by a **$0.4 million** increase in INL project labor costs and a **$0.6 million** increase in allocated employee compensation and stock-based compensation, partially offset by the completion of two R&D studies in 2024[134](index=134&type=chunk) - The company anticipates investing approximately **$17.0 million** in R&D for the full year 2025[135](index=135&type=chunk) [Liquidity, Capital Resources, and Financial Position](index=20&type=section&id=Liquidity%2C%20Capital%20Resources%2C%20and%20Financial%20Position) Cash increased to $56.9 million from ATM offerings, sufficient for 12 months, though significant future funding is required for commercialization - Cash and cash equivalents increased by **$16.9 million** during the quarter to **$56.9 million** at March 31, 2025[139](index=139&type=chunk) - The company raised net proceeds of **$20.2 million** from its ATM offering in Q1 2025 and believes current cash is sufficient for the next **12 months**[139](index=139&type=chunk)[138](index=138&type=chunk) - Total R&D and capital expenditure investment to reach commercial deployment is estimated to be in the range of **$200 million to $300 million** over the next **10-15 years**[141](index=141&type=chunk) - Projected total expenditures for the full year 2025 are approximately **$25.0 million**, with R&D expenses expected to increase over the next **12 months**[144](index=144&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is a "smaller reporting company" and is therefore not required to provide this information - As a "smaller reporting company," the Company is not required to provide quantitative and qualitative disclosures about market risk[156](index=156&type=chunk) [Item 4. Controls and Procedures](index=22&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - Based on an evaluation by management, the CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[160](index=160&type=chunk) - There were no changes in the company's internal control over financial reporting during Q1 2025 that have materially affected, or are reasonably likely to materially affect, its internal controls[161](index=161&type=chunk) [PART II - OTHER INFORMATION](index=23&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section provides additional information on legal proceedings, risk factors, equity sales, and filed exhibits [Item 1. Legal Proceedings](index=23&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently aware of any legal proceedings that would have a material adverse effect on its business, financial condition, or results of operations - The company is not currently aware of any legal proceedings or claims that are expected to have a material adverse effect on its business[162](index=162&type=chunk) [Item 1A. Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes have been made to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[163](index=163&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=23&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period - None reported for the period[164](index=164&type=chunk) [Item 5. Other Information](index=23&type=section&id=Item%205.%20Other%20Information) This section discloses the adoption of Rule 10b5-1 trading plans by several directors and the Chief Financial Officer during the first quarter of 2025 Rule 10b5-1 Trading Plan Adoptions in Q1 2025 | Name | Title | Date Adopted | Aggregate of Securities to be Sold | | :--- | :--- | :--- | :--- | | Jesse Funches | Director | 1/9/2025 | 6,250 | | Mark Tobin | Director | 1/13/2025 | 6,000 | | Sherri Goodman | Director | 1/24/2025 | 7,000 | | Larry Goldman | CFO | 3/7/2025 | Indeterminable (covers 140,349 shares) | [Item 6. Exhibits](index=24&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the 10-Q report, including amendments to incorporation articles, modifications to R&D agreements with Battelle Energy Alliance, and various certification documents - Filed exhibits include modifications to project task statements under the CRADA and SPPA agreements with Battelle Energy Alliance, LLC[169](index=169&type=chunk) - Other filed exhibits include the Certificate of Designation and Withdrawal of Series X Preferred Stock, amended Articles of Incorporation, and the Form of Performance-Based Restricted Stock Award Agreement[169](index=169&type=chunk) [Signatures](index=25&type=section&id=SIGNATURES) The report is duly signed by the President, Chief Executive Officer, and Director, Seth Grae, and the Chief Financial Officer, Larry Goldman, on May 12, 2025 - The report was signed on May 12, 2025, by Seth Grae (CEO) and Larry Goldman (CFO)[175](index=175&type=chunk)

Financial Performance - Net loss for the first quarter of 2025 was $4.8 million, compared to a net loss of $2.8 million for the same period in 2024[15] - Cash used in operating activities was $3.3 million for Q1 2025, an increase of $1.4 million compared to $1.9 million in Q1 2024[7] - General and administrative expenses amounted to $3.5 million for Q1 2025, compared to $2.2 million in Q1 2024[6] Assets and Liabilities - Total assets were $58.3 million, while total liabilities were $1.0 million at March 31, 2025[5] - Working capital increased to $56.5 million as of March 31, 2025, up from $39.9 million at December 31, 2024[3] - Cash and cash equivalents rose to $56.9 million, reflecting an increase of $16.9 million compared to $40.0 million at December 31, 2024[4] Research and Development - Research and development expenses increased to $1.7 million for Q1 2025, up from $1.0 million in Q1 2024, primarily due to higher project labor costs[15] Financing Activities - Cash provided by financing activities surged to $20.2 million in Q1 2025, compared to $1.2 million in Q1 2024, mainly due to net proceeds from common stock issuance[7] Strategic Initiatives - Lightbridge Corporation is positioned to support the U.S. goal of tripling nuclear power capacity globally by 2050, potentially increasing nuclear's share of U.S. electricity from 19% to over 50%[2] - The company has established a memorandum of understanding with Oklo to explore synergies in fuel fabrication and recycling of spent uranium-zirconium fuel[2]

Core Insights - Lightbridge Corporation reported significant advancements in its fuel development program, including a successful co-extrusion demonstration of a depleted uranium-zirconium alloy coupon sample, which is crucial for future production of enriched uranium samples for testing [2] - The company is strategically positioned to meet the growing global demand for reliable energy, particularly in the context of decarbonization and AI technologies, with its Lightbridge Fuel™ technology [2] - Lightbridge aims to support the U.S. commitment to increase nuclear power capacity, potentially raising its share of U.S. electricity from 19% to over 50% by 2050 [2] Financial Highlights - Working capital increased to $56.5 million as of March 31, 2025, from $39.9 million at December 31, 2024 [3] - Cash and cash equivalents rose to $56.9 million, up from $40.0 million at the end of 2024, marking an increase of $16.9 million [4] - Total assets were reported at $58.3 million, with total liabilities at $1.0 million, resulting in stockholders' equity of $57.3 million as of March 31, 2025 [4] Cash Flow Summary - Cash used in operating activities for Q1 2025 was $3.3 million, an increase of $1.4 million compared to $1.9 million in Q1 2024, primarily due to higher R&D and administrative expenses [6] - Cash provided by financing activities surged to $20.2 million, up from $1.2 million in Q1 2024, mainly due to increased net proceeds from common stock issuance [6] Operating Expenses - General and administrative expenses rose to $3.5 million in Q1 2025 from $2.2 million in Q1 2024, driven by higher employee compensation and consulting fees [7] - Total R&D expenses increased to $1.7 million in Q1 2025 from $1.0 million in Q1 2024, attributed to higher project labor costs and employee compensation [8] Net Loss - The net loss for Q1 2025 was $4.8 million, compared to a net loss of $2.8 million in Q1 2024, reflecting increased operating expenses [15][19]