Financial Performance - Net income for Q2 2025 was $151.4 million, or $0.26 per diluted share, down 7% from the previous quarter and up 22% year-over-year[3]. - Adjusted net income decreased by 21% to $254.4 million, with adjusted diluted earnings per share at $0.47, a 20% decline from the previous quarter[3]. - Operating revenues for the quarter were $2,111.4 million, a 6% decrease from the previous quarter[8]. - Total operating revenues for the three months ended March 31, 2025, were $2,111.4 million, a decrease of 2% compared to $2,152.8 million in the same period of 2024[14]. - Investment management fees decreased by 2% to $1,673.6 million for the three months ended March 31, 2025, compared to $1,713.9 million in the same period of 2024[14]. - Net income attributable to Franklin Resources, Inc. was $151.4 million for the three months ended March 31, 2025, representing a 22% increase from $124.2 million in the same period of 2024[14]. - Earnings per share (EPS) for the three months ended March 31, 2025, were $0.26, up 13% from $0.23 in the same period of 2024[14]. - Operating income increased by 13% to $145.6 million for the three months ended March 31, 2025, compared to $129.3 million in the same period of 2024[14]. - Total operating expenses decreased by 3% to $1,965.8 million for the three months ended March 31, 2025, compared to $2,023.5 million in the same period of 2024[14]. - Compensation and benefits expenses decreased by 11% to $920.0 million for the three months ended March 31, 2025, compared to $1,028.2 million in the same period of 2024[14]. - The operating margin improved to 6.9% for the three months ended March 31, 2025, compared to 6.0% in the same period of 2024[14]. - Dividends declared per share increased by 3% to $0.32 for the three months ended March 31, 2025, compared to $0.31 in the same period of 2024[14]. - Adjusted operating income for the three months ended March 31, 2025, was $377.2 million, compared to $412.8 million for the previous quarter and $419.6 million for the same period last year[26]. - Total operating revenues for the three months ended March 31, 2025, were $2,111.4 million, down from $2,251.6 million in the previous quarter and $2,152.8 million in the same period last year[26]. - Adjusted net income for the three months ended March 31, 2025, was $254.4 million, compared to $320.5 million in the previous quarter and $306.6 million in the same period last year[27]. - Diluted earnings per share for the three months ended March 31, 2025, were $0.26, down from $0.29 in the previous quarter and $0.23 in the same period last year[27]. - Adjusted diluted earnings per share for the three months ended March 31, 2025, were $0.47, compared to $0.59 in the previous quarter and $0.56 in the same period last year[27]. - The company reported an operating margin of 6.9% for the three months ended March 31, 2025, compared to 9.7% in the previous quarter and 6.0% in the same period last year[26]. - The adjusted operating margin for the three months ended March 31, 2025, was 23.4%, down from 24.5% in the previous quarter and 25.2% in the same period last year[26]. Assets Under Management (AUM) - Total Assets Under Management (AUM) was $1,540.6 billion, a decrease of $35.1 billion during the quarter, primarily due to $26.2 billion in long-term net outflows[8]. - The company's beginning AUM for the three months ended March 31, 2025, was $1,575.7 billion, compared to $1,455.5 billion for the same period in 2024, reflecting a year-over-year increase of 8.2%[16]. - Long-term inflows for the three months ended March 31, 2025, were $86.8 billion, up from $84.9 billion in the same period of 2024, indicating a growth of 2.2%[16]. - Long-term outflows increased significantly to $113.0 billion for the three months ended March 31, 2025, compared to $78.0 billion in the same period of 2024, representing a rise of 44.9%[16]. - The total net flows for the three months ended March 31, 2025, were negative at $(23.5) billion, contrasting with positive net flows of $2.1 billion in the same period of 2024[16]. - The ending AUM as of March 31, 2025, was $1,540.6 billion, down 2.2% from $1,575.7 billion at the end of December 2024[17]. - The average AUM for the three months ended March 31, 2025, was $1,570.5 billion, a decrease of 4% from $1,634.5 billion in the previous quarter[17]. - The AUM by asset class showed a decline in equity AUM to $598.1 billion, down 4% from $620.0 billion at the end of December 2024[17]. - The AUM in fixed income also decreased by 5% to $446.0 billion from $469.5 billion at the end of December 2024[17]. - Cash management AUM increased by 9% to $68.9 billion, up from $63.4 billion at the end of December 2024[17]. - The total AUM in the United States was $1,071.3 billion, a decrease of 3% from $1,102.5 billion at the end of December 2024[18]. - As of March 31, 2025, the company had $1.54 trillion in assets under management (AUM)[29]. Business Operations - Long-term inflows increased by 9% quarter-over-quarter, with multi-asset and alternatives generating $9.7 billion in positive net flows[3]. - The ETF business achieved $4.1 billion in positive net flows, marking the 14th consecutive quarter of growth[3]. - Fundraising in alternatives generated $6.8 billion, with private market assets totaling $6.1 billion, including the launch of the Franklin Lexington Private Markets Fund[4]. - The institutional pipeline of won-but-unfunded mandates rose by $2.3 billion to $20.4 billion, the highest level since 2022[3]. - Cash and cash equivalents were $5.0 billion, with total stockholders' equity at $13.2 billion[9]. - The company repurchased 0.5 million shares for a total cost of $10.0 million during the quarter[9]. - The company serves clients in over 150 countries, leveraging its expertise in equity, fixed income, alternatives, and multi-asset solutions[29]. - The company has over 1,500 investment professionals and more than 75 years of investment experience[29].

Sales Performance - Worldwide sales for the three months ended March 31, 2025, were $1.5 billion, a decrease of 7% compared to 2024, negatively impacted by approximately 3% or $44 million due to unfavorable foreign exchange rates [98]. - Sales in the United States increased by 11% to $412 million for the three months ended March 31, 2025, compared to $371 million in 2024 [98]. - International sales decreased by 12% to $1.1 billion for the three months ended March 31, 2025, compared to $1.25 billion in 2024 [98]. - Nexplanon sales increased by 13% to $248 million for the three months ended March 31, 2025, driven by increased demand and favorable pricing in the United States [102][103]. - NuvaRing sales declined by 43% to $22 million for the three months ended March 31, 2025, due to ongoing generic competition and increased government discount rates in the United States [104]. - Follistim AQ sales increased by 49% to $69 million for the three months ended March 31, 2025, due to a one-time buy-in and favorable discount rates in the United States [106]. - Hadlima sales reached $47 million during the three months ended March 31, 2025, reflecting continued ramp-up since its July 2023 launch in the United States [108][109]. - Atozet's loss of exclusivity negatively impacted sales by approximately $63 million during the three months ended March 31, 2025 [99]. - Ontruzant sales declined 54% to normalized levels in Brazil and lower demand in the U.S. for the three months ended March 31, 2025 [110]. - Brenzys sales decreased 39% due to the timing of international tenders in Brazil for the same period [110]. - Atozet sales fell 42% primarily due to loss of exclusivity in France and Spain, with expectations of continued decline in 2025 [112]. - Combined sales of Zetia and Vytorin decreased 4%, driven by demand decrease and pricing pressure in international markets [113]. - Cozaar and Hyzaar sales declined 18% due to decreased demand in China and Japan, along with mandatory price reductions in Japan [114]. - Singulair sales decreased 24% due to lower respiratory infections in China and reduced demand in Japan [115]. Financial Overview - Gross profit decreased 12% to $841 million for the three months ended March 31, 2025, impacted by unfavorable pricing and decreased sales [120]. - Research and development expenses decreased 14% to $96 million, primarily due to reduced clinical study activity [124]. - Restructuring costs increased to $86 million, with expected annual savings of approximately $200 million from cost-saving initiatives [126]. - Cash and cash equivalents as of March 31, 2025, were $547 million, with working capital increasing to $1.76 billion [131][132]. Market and Risk Management - No changes to market risk were reported for the quarter ended March 31, 2025 [142]. - For detailed market risk exposure, refer to the Annual Report on Form 10-K for the year ended December 31, 2024 [142]. - Recently issued accounting standards are discussed in Note 2 of the Condensed Consolidated Financial Statements [141]. Corporate Developments - The acquisition of Tofidence from Biogen includes an upfront payment of $51 million and potential milestone payments of up to $45 million based on net sales [96].

Financial Performance - Net income available to common shareholders for Q1 2025 was $183.7 million, or $1.30 per diluted share, a 60% increase from $114.8 million, or $0.78 per diluted share, in Q1 2024[157]. - Total revenue for Q1 2025 was $570.9 million, a 6% increase from $537.7 million in Q1 2024[156]. - The adjusted net income available to common shareholders for the three months ended March 31, 2025, was $184.38 million, compared to $115.97 million for the same period in 2024[262]. - Net income for the three months ended March 31, 2025, was $194,872,000, compared to $124,070,000 for the same period in 2024, representing a year-over-year increase of 56.7%[263]. - Adjusted net income available to common shareholders for Q1 2025 was $184,380,000, up from $115,973,000 in Q1 2024, reflecting a growth of 58.9%[263]. Revenue and Income Sources - Non-interest revenue for Q1 2025 was $116.5 million, a decrease of $2.4 million, or 2%, compared to Q1 2024, primarily due to lower commercial sponsorship income and brokerage revenue[159]. - The company’s total non-interest revenue for the three months ended March 31, 2025, was $116.47 million, down from $118.89 million for the same period in 2024[261]. Interest Income and Margin - Net interest income for Q1 2025 was $454.4 million, an 8% increase from $418.8 million in Q1 2024, driven by lower funding costs[156]. - The net interest margin increased by 31 basis points to 3.35% compared to the same period in 2024, supported by effective deposit repricing and investment securities repositioning[158]. - Net interest income for Q1 2025 was $454.38 million, compared to $418.85 million for the same period in 2024[262]. Expenses and Efficiency - Non-interest expense decreased by 5% to $308.0 million compared to $322.7 million in the same period last year[156]. - The efficiency ratio improved to 53.81% from 59.87% in the prior year, indicating better cost management[156]. - Total non-interest expense for the first quarter of 2025 was $308.0 million, a decrease of $14.7 million, or 5%, compared to the same period in 2024, primarily due to a reduction in FDIC special assessment accrual[204]. Asset Quality and Credit Losses - Provision for credit losses decreased significantly to $10.9 million from $54.0 million in the prior year, reflecting improved credit performance[156]. - Non-performing assets ratio improved to 0.67% from 0.73% year-over-year, indicating better asset quality[156]. - The net charge-off ratio for Q1 2025 was 20 bps annualized, with net charge-offs totaling $21.4 million[162]. - As of March 31, 2025, non-performing loans (NPLs) were $286.6 million, representing 0.67% of total loans, a decrease from 0.81% a year earlier[217][215]. Capital and Ratios - The CET1 ratio as of March 31, 2025, was 10.77%, a decline of 7 bps from December 31, 2024, due to share repurchases offsetting organic earnings[164]. - The allowance for credit losses (ACL) was $528.9 million at March 31, 2025, down from $539.3 million at December 31, 2024, with an ACL to loans coverage ratio of 1.24%[221][225]. - Tangible common equity ratio improved to 7.26% in Q1 2025 from 6.67% in Q1 2024, demonstrating stronger capital efficiency[264]. Loans and Deposits - Total loans as of March 31, 2025, were $42.65 billion, an increase of $39.7 million from December 31, 2024, with C&I loans representing 52.3% of total loans[161]. - Total deposits as of March 31, 2025, were $50.8 billion, a slight decrease from $51.1 billion at the end of 2024[156]. - Total period-end deposits decreased by $252.3 million compared to December 31, 2024, primarily due to a decrease in time deposits[163]. Projections and Future Outlook - The company expects end-of-period loan growth of 3% to 5% and adjusted revenue growth of 3% to 6% for 2025[171]. - Synovus projects net interest income to increase by 3.7% and 1.8% if interest rates rise by 200 bps and 100 bps, respectively, and to decrease by 1.8% and 3.5% if rates fall by 100 bps and 200 bps, respectively[246].

Financial Performance - The company reported a net loss of $69.3 million for the three months ended March 31, 2025, with an accumulated deficit of $906.0 million[101]. - Net loss for the three months ended March 31, 2025, was $69.3 million, compared to a net loss of $39.6 million for the same period in 2024[120]. - Net cash used in operating activities for the three months ended March 31, 2025, was $53.0 million, compared to $20.9 million for the same period in 2024[135]. - Total operating expenses for the three months ended March 31, 2025, were $74.7 million, up from $42.3 million in 2024[120]. - Collaboration revenue decreased by $0.4 million to $0 for the three months ended March 31, 2025, due to the completion of research service obligations under the Collaboration Agreement with UCB[121]. Research and Development - Research and development expenses for the three months ended March 31, 2025, totaled $60.8 million, a significant increase from $27.0 million in the same period of 2024[112]. - The Cerebrum™ platform incurred $42.8 million in research and development expenses for the first quarter of 2025, compared to $12.9 million in the prior year[112]. - Research and development expenses increased by $33.8 million to $60.8 million for the three months ended March 31, 2025, primarily driven by increased spending on the Cerebrum™ platform[122]. - The company plans to initiate the Phase 3 registrational study for elsunersen (formerly PRAX-222) in mid-2025, with topline results expected in the first half of 2026[99]. - The EMPOWER study for vormatrigine in epilepsy patients was initiated in Q3 2024, with topline results expected by mid-2025[97]. - The company anticipates nominating a development candidate for PRAX-100 by mid-2025, with additional candidates expected by the end of 2025[99]. - The company relies on external consultants and organizations for its research and development activities, operating in a "virtual" model since inception[100]. - The Independent Data Monitoring Committee recommended stopping the ulixacaltamide study for futility, but the company will continue both studies to completion[97]. Financial Position and Resources - The company has cash, cash equivalents, and marketable securities of $472.0 million as of March 31, 2025, expected to fund operations into 2028[106]. - Cash, cash equivalents, and marketable securities as of March 31, 2025, totaled $472.0 million[126]. - The company expects substantial increases in expenses related to ongoing research and development activities, particularly for clinical trials[139]. - The company anticipates that its cash resources will be sufficient to fund operations into 2028, based on current estimates[140]. - The company currently lacks committed external sources of funds, which may impact its ability to access capital during market volatility[145]. - If additional funds are raised through collaborations or licensing, the company may have to relinquish valuable rights to its technologies or future revenue streams[146]. - The company raised $1.2 billion in aggregate cash proceeds from various transactions since inception through March 31, 2025[126]. Accounting and Risk - The management's financial analysis is based on condensed consolidated financial statements prepared under U.S. GAAP, requiring estimates and assumptions that may differ from actual results[147]. - There have been no changes to critical accounting policies from those described in the Annual Report on Form 10-K filed on February 28, 2025, except as disclosed in the quarterly report[148]. - Recently issued accounting standards are not expected to have a material impact on the company's financial statements or operations[149]. - The company is exposed to market risk related to interest rate changes, but an immediate change of 100 basis points would not materially impact its financial position[150].

Financial Performance - Praxis reported a net loss of $69.3 million for Q1 2025, compared to a net loss of $39.6 million in Q1 2024[12]. - Net loss for Q1 2025 was $69,296,000, compared to a net loss of $39,553,000 in Q1 2024, representing an increase in loss of approximately 75.3%[26]. - Net loss per share attributable to common stockholders increased from $2.84 in Q1 2024 to $3.29 in Q1 2025, a rise of about 15.8%[26]. - Accumulated deficit grew from $836,740,000 on December 31, 2024, to $906,036,000 on March 31, 2025, an increase of about 8.3%[24]. Research and Development - Research and development expenses increased to $60.8 million for Q1 2025, up from $27.0 million in Q1 2024, primarily due to increased expenses related to the Cerebrum™ platform[10]. - Research and development expenses increased to $60,806,000 in Q1 2025, up from $26,984,000 in Q1 2024, reflecting a rise of approximately 125.5%[26]. - Total operating expenses rose to $74,728,000 in Q1 2025, compared to $42,317,000 in Q1 2024, an increase of about 76.4%[26]. - Praxis plans to initiate pivotal studies for relutrigine and elsunersen by mid-2025, targeting developmental and epileptic encephalopathy[1]. Cash and Investments - Praxis reported cash and investments of $472 million as of March 31, 2025, maintaining a runway into 2028[1]. - Cash and cash equivalents decreased by $49,805,000, from $215,372,000 to $165,567,000, representing a decrease of about 23.1%[24]. - Total assets decreased from $483,110,000 on December 31, 2024, to $478,736,000 on March 31, 2025, a decline of approximately 0.8%[24]. Collaboration Revenue - Praxis did not recognize any collaboration revenue in Q1 2025, a decrease from $0.4 million in Q1 2024, due to the completion of obligations under an agreement with UCB[9]. - Collaboration revenue dropped to $0 in Q1 2025, down from $431,000 in Q1 2024, indicating a significant decline[26]. Clinical Studies and Results - The registrational cohort of the EMBOLD study is on track for topline results no later than the first half of 2026[2]. - Topline results for vormatrigine from the RADIANT study are expected by mid-2025, with additional results from the POWER1 study anticipated in the second half of 2025[2]. - The EMPOWER registrational study has over 3,000 patients registered to date, supporting recruitment for the RADIANT and POWER1 studies[5]. - The Phase 1 food effect study for vormatrigine demonstrated that food intake does not significantly impact its absorption, enhancing dosing flexibility[3]. - The Essential3 study for ulixacaltamide is expected to complete topline readout in Q3 2025, despite an interim analysis recommending study stoppage for futility[5]. Other Income - Other income increased from $2,333,000 in Q1 2024 to $5,432,000 in Q1 2025, reflecting an increase of approximately 133.5%[26].

Loan Originations and Portfolio Performance - Loan originations totaled $605.9 million, while the fee-based servicing portfolio increased slightly to $33.48 billion[290]. - The structured loan and investment portfolio balance increased to $11.49 billion from $11.30 billion, driven by loan originations exceeding loan runoff by $325.2 million[301]. - The company originated loans totaling $747.1 million in Q1 2025, with a weighted average interest rate of 8.64%[303]. - The company experienced a decrease in loan originations and an increase in loan delinquencies due to the prolonged high interest rate environment[296]. - Delinquent loans totaled $582.5 million as of March 31, 2025, compared to $524.5 million at December 31, 2024[309]. Financial Performance - Net income attributable to common stockholders for Q1 2025 was $30.4 million, down $27.4 million (47%) from $57.9 million in Q1 2024[312]. - Interest income for Q1 2025 was $240.7 million, a decrease of $80.6 million (25%) compared to Q1 2024[312]. - Distributable earnings for Q1 2025 were $57.3 million, a decrease of 40.7% from $96.7 million in Q1 2024[359]. - The decrease in gain on sales, including fee-based services, was primarily due to a 33% decrease in loan sales volume, amounting to $354.5 million[318]. - The decrease in income from mortgage servicing rights (MSRs) was primarily due to a 31% decrease in loan commitment volume, totaling $288.8 million[319]. Interest Rates and Economic Conditions - The Federal Reserve lowered the federal funds rate three times in 2024, totaling a reduction of 100 basis points, which may continue to impact net interest income[291]. - The current high interest rate environment may lead to decreased origination volumes and increased delinquencies, potentially affecting future financial performance[350]. - The weighted average current interest pay rate for the portfolio was 6.94%, with a weighted average funding cost of 6.47%[302]. Asset Management and Debt - The company modified 21 loans with a total unpaid principal balance (UPB) of $949.8 million, with 19 borrowers investing additional capital for temporary rate relief[294]. - Credit and repurchase facilities increased by $1.22 billion, primarily due to refinancing loans from the unwind of two CLOs with a new $1.15 billion repurchase facility[304]. - Securitized debt decreased by $1.34 billion, mainly due to the unwind of CLO 14 and CLO 19 totaling $1.08 billion and paydowns on remaining securitizations of $260.1 million[304]. - Total structured debt outstanding was $9.49 billion as of March 31, 2025, with 52% or $4.98 billion not containing mark-to-market provisions[334]. Cash Flow and Liquidity - Cash flows provided by operating activities totaled $150.5 million for the three months ended March 31, 2025, driven by net cash inflows from loan sales[337]. - Cash flows used in investing activities amounted to $314.8 million, primarily due to loan originations of $733.1 million[338]. - Cash flows used in financing activities totaled $146.5 million, including $1.34 billion in payoffs on securitizations[339]. - The company had approximately $315 million in cash and liquidity as of April 29, 2025, alongside a $33.48 billion agency servicing portfolio generating $126 million annually[335]. Regulatory and Market Environment - The FHFA set 2025 Caps for Fannie Mae and Freddie Mac at $73 billion each, totaling $146 billion, an increase from 2024 Caps[300]. - The ongoing adverse economic conditions have created liquidity constraints, impacting the ability to execute investments on attractive terms[330]. - The company is subject to REIT distribution requirements, mandating at least 90% of REIT-taxable income to be distributed annually, impacting its ability to retain earnings[336].

Arbor Realty Trust Reports First Quarter 2025 Results and Declares Dividend of $0.30 per Share Company Highlights: Uniondale, NY, May 2, 2025 -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the first quarter ended March 31, 2025. Arbor reported net income for the quarter of $30.4 million, or $0.16 per diluted common share, compared to net income of $57.9 million, or $0.31 per diluted common share for the quarter ended March 31, 2024. Distributable earnings for the quarter was ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission File Number 001-35023 iBio, Inc. ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ (Exact name of registrant as specified in its charter) Delaware 26-2797813 (State or other juris ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Delaware 20-5446972 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 433 West Van Buren Street, C ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _____________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 (I.R.S. Employer Identification No.) Registrant's telephone number, including area code: (646) 481-9832 Not Applicable OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition per ...