UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 15, 2025 CABALETTA BIO, INC. (Exact name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation) Delaware 001-39103 82-1685768 (Commission File Number) (IRS Employer 2929 Arch Street Suite 600 Philadelphia, Pennsylvania 19104 (Address of Principal Executive ...

Financial Performance - Net sales for Q4 FY2025 decreased by $38.1 million, or 5.8%, to $615.8 million compared to $653.8 million in the prior year quarter[3] - For FY2025, net sales increased by $29.8 million, or 1.0%, to $2,904.2 million, driven by growth in the Infiltrator business and Allied products portfolio[8] - Net sales for the three months ended March 31, 2025, were $615,761,000, a decrease of 5.8% compared to $653,840,000 for the same period in 2024[24] Profitability - Adjusted EBITDA for Q4 FY2025 decreased by $14.5 million, or 7.6%, to $176.7 million, representing 28.7% of net sales compared to 29.2% in the prior year[7] - Gross profit for FY2025 decreased by $51.7 million, or 4.5%, to $1,094.2 million, primarily due to unfavorable pricing and material costs[9] - Net income attributable to ADS for the three months ended March 31, 2025, was $77,157,000, a decline of 18.7% from $94,822,000 in the prior year[24] - Adjusted EBITDA for the three months ended March 31, 2025, was $176,695, down from $191,178 in the same period of 2024[38] - Net income for the fiscal year ended March 31, 2025, was $452,573, down from $513,291 in 2024, a decline of 11.8%[38] Cash Flow and Debt - Free cash flow for FY2025 decreased by $165.6 million to $368.5 million, compared to $534.1 million in the prior year[13] - The company reported a net cash provided by operating activities of $581,491,000 for the fiscal year ended March 31, 2025, down from $717,928,000 in 2024, a decrease of 19.0%[28] - As of March 31, 2025, the company's net debt was $962.3 million, an increase of $101.4 million from the previous year[13] - Long-term debt obligations, net, were $1,251,589,000 as of March 31, 2025, compared to $1,259,522,000 in 2024, showing a slight decrease of 0.6%[26] Expenses - Selling, general and administrative expenses for FY2025 increased by $9.7 million, or 2.6%, to $380.4 million, representing 13.1% of sales[10] - Operating expenses for the fiscal year ended March 31, 2025, were $380,378,000, slightly higher than $370,714,000 in 2024, reflecting an increase of 2.0%[24] - Interest expense for the fiscal year ended March 31, 2025, was $91,803, slightly up from $88,862 in 2024[38] Capital Expenditures - Capital expenditures for the fiscal year ended March 31, 2025, were $212,944,000, compared to $183,812,000 in 2024, an increase of 15.9%[28] - Capital expenditures for the fiscal year ended March 31, 2025, were $212,944, an increase from $183,812 in 2024[40] Dividends and Shareholder Returns - The company declared cash dividends of $0.16 per share for the three months ended March 31, 2025, up from $0.14 per share in the same period of 2024[24] Acquisition - The company completed the acquisition of Orenco on October 1, 2024, which is expected to enhance its Infiltrator segment[14] Assets - Total assets increased to $3,690,360,000 as of March 31, 2025, compared to $3,268,913,000 as of March 31, 2024, representing a growth of 12.9%[26] - Cash and restricted cash at the end of the fiscal year was $469,271,000, down from $495,848,000 in the previous year, indicating a decrease of 5.4%[28] Earnings Per Share - Diluted earnings per share for the three months ended March 31, 2025, was $0.99, down from $1.21 in 2024, reflecting a decline of 18.2%[42] - Adjusted earnings per share for the fiscal year ended March 31, 2025, was $5.89, compared to $6.39 in 2024, representing a decrease of 7.8%[42]

Financial Performance - Total revenues decreased by approximately $4.4 million, or 13.0%, to approximately $29.8 million for the year ended December 31, 2024, compared to approximately $34.2 million for the same period in 2023[324]. - Revenues from sewage treatment systems installations decreased by approximately $3.9 million, or 11.9%, to approximately $28.4 million for the year ended December 31, 2024[326]. - Gross profit decreased by approximately $0.1 million, or 1.2%, to approximately $11.2 million for the year ended December 31, 2024[332]. - Total operating expenses increased by approximately $6.5 million, or 233.5%, to approximately $9.2 million for the year ended December 31, 2024[334]. - Net income decreased by approximately $5.6 million, or 80.0%, to approximately $1.4 million for the year ended December 31, 2024, from approximately $7.0 million for the same period in 2023[340]. - Total revenues increased by approximately $5.4 million, or 18.6%, to approximately $34.2 million for the year ended December 31, 2023, compared to approximately $28.8 million for the same period in 2022[342]. - Revenues from sewage treatment systems increased by approximately $5.7 million, or 21.5%, to approximately $32.3 million for the year ended December 31, 2023[344]. - Gross profit increased by approximately $1.1 million, or 11.0%, to approximately $11.4 million for the year ended December 31, 2023[349]. - Total operating expenses decreased by approximately $1.1 million, or 28.9%, to approximately $2.8 million for the year ended December 31, 2023[351]. Cash Flow and Working Capital - Net cash used in operating activities was approximately $1.99 million for the year ended December 31, 2024, a decrease from $3.13 million in 2023[361]. - Working capital as of December 31, 2024, was approximately $26.0 million, with current assets of approximately $77.7 million and current liabilities of approximately $51.6 million[358]. - Net cash provided by investing activities was $545,167 in 2024, an increase from $243,586 in 2023[361]. - Net cash provided by financing activities was approximately $1.0 million for the year ended December 31, 2024, consisting of $2.5 million from loans and $4.3 million from net IPO proceeds[387]. Accounts Receivable and Credit Losses - Accounts receivable increased by approximately $23.1 million in 2024, primarily due to a longer collection cycle caused by delays in government billing approvals[366]. - Days sales outstanding (DSO) increased to 455 days by December 31, 2024, reflecting prolonged delays in the government payment approval process amid economic downturn[368]. - The allowance for doubtful accounts was 14.2% of total accounts receivable as of December 31, 2024[372]. - The allowance for credit loss against accounts receivable was $9,267,851, $3,009,363, and $3,189,642 as of December 31 for the years 2024, 2023, and 2022, representing 17.0%, 9.4%, and 13.7% of gross accounts receivable respectively[400]. Contract Assets and Liabilities - Contract assets increased by approximately $1.4 million, $13.6 million, and $12.2 million for the years ended December 31, 2024, 2023, and 2022, respectively[377]. - As of December 31, 2024, contract assets totaled approximately $40.0 million, with $29.3 million aged over 720 days[380]. - Accounts payable increased by approximately $13.0 million, $9.2 million, and $5.6 million for the years ended December 31, 2024, 2023, and 2022, respectively, primarily due to raw material purchases[384]. - Total contractual obligations as of December 31, 2024, amounted to $5,660,179, with $5,446,210 due within one year[421]. Tax and Other Expenses - Income tax expense decreased by approximately $0.9 million to approximately $0.5 million for the year ended December 31, 2024[339]. - Other expenses, net, amounted to approximately $0.2 million for the year ended December 31, 2023, compared to other income of approximately $41,000 for the same period in 2022[354]. - Income tax expense increased by approximately $0.2 million to approximately $1.4 million for the year ended December 31, 2023[355]. Research and Development - Research and development expenses were $61,786 for the year ended December 31, 2024, $80,948 for 2023, and $112,668 for 2022, indicating a continued investment in R&D to enhance market position[409]. - The company is focused on improving the efficiency of microorganisms in sewage treatment systems and exploring new technologies to enhance water treatment[408]. Company Outlook and Strategy - The company anticipates that current cash resources will be insufficient to execute its business plan for the next twelve months, raising concerns about its ability to operate as a going concern[361]. - The company plans to invest in rural sewage treatments, including building sewage treatment equipment, and explore potential mergers and acquisitions[362]. - The company has enforceable rights to payments for work performed under sewage treatment service contracts, with revenue recognized based on labor costs incurred[398]. - Provisions for estimated losses on uncompleted contracts are recorded in the period when such losses are determined, ensuring accurate financial reporting[401]. - The company has a long history of sewage treatment services, allowing for reasonable estimates of service hours and progress towards completion on fixed-price contracts[399]. - The company has elected to take advantage of the extended transition period for complying with new or revised accounting standards under the JOBS Act[419].

Financial Position - The Company had approximately $891,000 in cash and approximately $23,982,000 of negative working capital as of March 31, 2025[153]. - As of March 31, 2025, the company had approximately $891,000 in cash and $23,871,000 of negative working capital, indicating a need for additional working capital[209]. - The company incurred approximately $505,000 and $475,000 in outstanding working capital loans as of April 28, 2025, and March 31, 2025, respectively[212]. - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2025[218][219]. Business Combination - On June 17, 2024, the Company entered into a Business Combination Agreement with PubCo and Greenstone, an established gold producer[156]. - The Business Combination Agreement was amended on April 14, 2025, to extend the outside date to May 1, 2025, and remove the minimum cash condition[157]. - The proposed business combination with Greenstone is expected to create a publicly traded company operating under the name "Namib Minerals" on Nasdaq[158]. - The Company has extended its completion window to May 31, 2025, as permitted by its Amended and Restated Certificate of Incorporation[161]. - The Company is incurring significant costs in the pursuit of an initial business combination[153]. - The probability of closing a business combination has increased from 9.7% in October 2023 to 90% by March 31, 2025, impacting the fair value of the Polar Subscription Agreements significantly[229]. - The company intends to use substantially all funds held in the Trust Account to complete its initial Business Combination[201]. Stockholder Actions - Stockholders holding 3,251,056 shares of the Company's Class A common stock exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account during the Special Meeting on May 6, 2025[163]. - Stockholders approved the extension of the initial Business Combination deadline from October 1, 2023, to January 10, 2024, at the September 2023 Extension Meeting[165]. - At the January 2024 Extension Meeting, stockholders extended the deadline to September 30, 2024, allowing for further extensions up to June 30, 2025[167]. Redemptions - In October 2023, the company redeemed 8,295,189 public shares for approximately $86,171,000, or about $10.39 per share[170]. - In January 2024, the company redeemed 20,528,851 public shares for approximately $215,340,000, or about $10.49 per share[171]. - Following the September 2024 Extension Meeting, the company redeemed 1,992,461 public shares for approximately $21,400,000, or about $10.74 per share[172]. - The company recorded a liability of approximately $861,000 related to the October 2023 redemptions, and liabilities of approximately $3,229,000 and $3,230,000 for January 2024 and September 2024 redemptions, respectively[173]. - The company recorded an excise tax liability of approximately $2,368,000 related to redemptions from January 2024 and September 2024, bringing the total accrued liability for excise tax to approximately $3,230,000 as of March 31, 2025[208]. Non-Redemption Agreements - In September 2023, the company entered into non-redemption agreements with investors for 25,688,054 public shares, resulting in a deemed contribution of approximately $1,825,000[175]. - In January 2024, the company entered into non-redemption agreements for 5,112,264 public shares, with a deemed contribution of approximately $1,500,000[177]. - In September 2024, the company entered into non-redemption agreements for 3,238,379 public shares, with a deemed contribution of approximately $6,670,000[179]. Expenses and Losses - For the three months ended March 31, 2025, the company reported a loss from operations of approximately $1,369,000, including $1,007,000 in business combination costs and $267,000 in public company costs[193]. - The company incurred other expenses of approximately $1,863,000 related to changes in fair value of extension notes payable and $558,000 for warrant liabilities for the three months ended March 31, 2025[195]. - The company has incurred increased expenses due to being a public company, which are expected to continue to rise substantially[189]. Contributions and Agreements - The company entered into a subscription agreement with Polar for a $900,000 cash contribution to cover working capital expenses, with repayment options upon closing[180]. - The estimated fair value of the Polar Subscription Agreement I increased to $8,813,000 at March 31, 2025, reflecting a $1,665,000 increase over the previous three months, with a probability of an initial business combination closing of 90%[185]. - The estimated fair value of the Polar Subscription Agreement II was approximately $2,570,000 at March 31, 2025, an increase of approximately $198,000 during the three months then ended, with a probability of business combination closing of 90%[186]. - The company received proceeds of $1,750,000 under the Polar Subscription Agreement II on April 1, 2024[183]. - The company has received cash contributions of $900,000 and $1,750,000 from Polar to cover working capital expenses, which are to be repaid upon closing of an initial business combination[213][214]. Financing and Debt - The company does not expect to seek loans from parties other than its Sponsor and affiliates, indicating limited external financing options[216]. - The company may need to seek additional financing to complete its initial business combination if costs exceed expectations or if significant public shares are redeemed[217]. - The company has incurred deferred compensation obligations of approximately $1,186,000 for its executives from September 29, 2021, to March 31, 2025[224].

Financial Position - The Company had approximately $891,000 in cash and approximately $23,982,000 of negative working capital as of March 31, 2025[153]. - As of March 31, 2025, the Company had approximately $891,000 in cash and approximately $23,871,000 of negative working capital, indicating a need for additional working capital[209]. - The Company has received cash contributions of $900,000 and $1,750,000 from Polar to cover working capital expenses, which are to be repaid upon closing of an initial business combination[213][214]. - The Company incurred approximately $505,000 and $475,000 in outstanding working capital loans as of April 28, 2025, and March 31, 2025, respectively[212]. - The Company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2025[218][219]. Business Combination - On June 17, 2024, the Company entered into a Business Combination Agreement with PubCo and Greenstone, an established gold producer with three high-grade, low-cost gold mines in Zimbabwe[156]. - The Business Combination Agreement was amended on April 14, 2025, to extend the outside date to May 1, 2025, and remove the minimum cash condition[157]. - The Company intends to consummate the Proposed Business Combination as soon as possible, subject to the satisfaction of all closing conditions[163]. - The probability of closing a business combination has increased from 9.7% in October 2023 to 90% by March 31, 2025, impacting the fair value of subscription agreements by approximately $7,913,000 and $820,000 respectively[229]. Stockholder Actions - Stockholders holding 3,251,056 shares of the Company's Class A common stock exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account during the Special Meeting on May 6, 2025[163]. - Stockholders approved the extension of the initial Business Combination deadline from October 1, 2023, to January 10, 2024, at the September 2023 Extension Meeting[165]. - At the January 2024 Extension Meeting, stockholders approved extending the deadline to September 30, 2024[166]. - The September 2024 Extension Meeting resulted in an extension to March 31, 2025, with the possibility of further extensions up to June 30, 2025[167]. Redemptions - In October 2023, the company redeemed 8,295,189 public shares for approximately $86,171,000, or about $10.39 per share[170]. - In January 2024, the company redeemed 20,528,851 public shares for approximately $215,340,000, or about $10.49 per share[171]. - Following the September 2024 Extension Meeting, the company redeemed 1,992,461 public shares for approximately $21,400,000, or about $10.74 per share[172]. - The company recorded a liability of approximately $861,000 related to the October 2023 redemptions, and approximately $3,229,000 and $3,230,000 for the January 2024 and September 2024 redemptions, respectively[173]. - The company recorded a total accrued liability for excise tax of approximately $3,230,000 as of March 31, 2025, related to the 2023 and 2024 redemptions[208]. Expenses and Liabilities - The company incurred increased expenses due to being a public company, which are expected to continue to rise substantially[189]. - The Company is incurring significant costs in the pursuit of an initial business combination and cannot assure that its plans to raise capital will be successful[153]. - The Company has incurred significant costs in pursuing an initial business combination and may need additional financing if costs exceed expectations[217]. - The Company compensates its executives with a total of $29,000 per month, with deferred compensation obligations amounting to approximately $1,186,000 as of March 31, 2025[224]. SEC and Nasdaq Notices - The Company received a delisting notice from Nasdaq on April 2, 2025, due to failure to complete a business combination within 36 months of its initial public offering[154]. - The SEC declared the Registration Statement effective on March 14, 2025, and the post-effective amendment on April 14, 2025[162]. - The Company anticipates that its securities will be delisted following the completion of Nasdaq's applicable procedures[161]. Fair Value of Agreements - The estimated fair value of the Polar Subscription Agreement I was $7,148,000 at December 31, 2024, reflecting an increase of $6,248,000 during the year[185]. - The estimated fair value of the Polar Subscription Agreement II was approximately $2,372,000 at December 31, 2024, an increase of approximately $622,000 during the year[186]. Loss from Operations - For the three months ended March 31, 2025, the company reported a loss from operations of approximately $1,369,000, including costs associated with the business combination of approximately $1,007,000[193]. - For the three months ended March 31, 2024, the company reported a loss from operations of approximately $2,322,000, primarily due to estimated fair value costs of founder shares of approximately $1,500,000[194].

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 Commission file number: 001-41788 LITHIUM AMERICAS CORP. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | ...

Financial Performance - The company reported a loss from continuing operations of approximately $2.3 million on total revenue of $110,310 for Q1 2025, compared to a loss of $3.6 million in Q1 2024[1][11] - Revenue increased significantly from $4,858 in Q1 2024 to $110,310 in Q1 2025, primarily due to the completion of a tumor-specific 3D model[8][11] - Loss per common share from continuing operations improved to $0.32 in Q1 2025 from $0.88 in Q1 2024[8][11] Cash and Expenses - The company concluded Q1 2025 with $3.1 million in cash and cash equivalents, up from $611,822 as of December 31, 2024[8] - General and administrative expenses decreased by $497,464 to $1,828,200 in Q1 2025, compared to $2,325,664 in Q1 2024[8][11] - Net cash used in operating activities decreased to $985,840 in Q1 2025 from $2.7 million in Q1 2024, reflecting lower cash operating losses[8] Product Development and Partnerships - The company identified three promising compounds for repurposing in new cancer indications, including Afuresertib for breast cancer and Alisertib for colon cancer[4] - The company launched its ChemoFx drug response assay in Europe and expanded its availability in the United States, initially focusing on ovarian and gynecological cancers[3][4] - The company partnered with Tecan Group Ltd. to expand high-throughput drug screening capabilities using human tumor spheroids[4] Strategic Focus - The company completed the sale of Skyline Medical assets to DeRoyal Industries, which sharpened its focus on core AI-driven drug discovery capabilities[4]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ 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 Commission File Number: 001-40523 Elevation Oncology, Inc. (Exact name of registrant as specified in its charter) Delaware 84-1771427 (St ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ 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 Commission File Number 001-33624 SINTX Technologies, Inc. (Exact name of registrant as specified in its charter) DELAWARE 84-1375299 (State or other jurisdiction (IRS Employer of incorporat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ 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 __________ Commission file number: 001-42479 HENNESSY CAPITAL INVESTMENT CORP. VII (Exact Name of Registrant as Specified in Its Charter) | Caym ...