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 June 30, 2025 ☐ 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 001-35476 Air T, Inc. (Exact name of registrant as specified in its charter) Delaware 52-1206400 (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year 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: 001-41407 TOP Financial Group Limited ...

财务数据关键指标变化 - 2025年第二季度研发费用为1310万美元，较2024年同期增加910万美元（增幅226%）[10][14] - 2025年第二季度净亏损1440万美元，较2024年同期540万美元扩大167%[10][14] - 2025年第二季度行政费用270万美元，较2024年同期增加70万美元（增幅35%）[10][14] - 截至2025年6月30日，短期投资从2024年底1202万美元大幅增至1.158亿美元[16] - 公司总资产从2024年底7750万美元增至2025年6月的1.475亿美元，主要因现金及投资增加[16] 业务线表现 - ARD-101的3期HERO试验预计2026年第三季度公布顶线数据，计划扩展纳入13岁以下患者[6][10] - ARD-201的2期POWER试验（针对GLP-1RA停药后体重反弹）预计2025年下半年启动，目标维持15%减重效果[10] - ARD-201的2期STRENGTH试验（单药及联合GLP-1RA的持续减重）预计2026年上半年启动[10] - ARD-101的2期HONOR试验（下丘脑性肥胖）预计2025年下半年启动，2026年下半年公布数据[10] 资金状况 - 公司现金及短期投资总额为1.418亿美元，预计可支持运营至2027年[6][10]

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 June 30, 2025 ☐ 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 001-41092 Firefly Neuroscience, Inc. (Exact name of registrant as specified in its charter) (State or othe ...

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 June 30, 2025 ☐ 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 001-41092 Firefly Neuroscience, Inc. (Exact name of registrant as specified in its charter) (State or othe ...

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 June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-40625 RELATIVITY ACQUISITION CORP. (Exact name of registrant as specified in its charter) Delaware 86-3244927 (State ...

财务风险与历史表现 - 公司历史上存在重大运营亏损、调整后运营亏损和负现金流，未来能否实现运营收入、调整后运营收入或正现金流无保证[119] - 公司需按《萨班斯-奥克斯利法案》404条款每年评估财务报告内部控制，若发现重大缺陷可能导致财务报告不准确或延迟，影响股价[120] 运营依赖与风险 - 公司依赖第三方云计算服务，中断或干扰可能导致业务运营受损且切换成本高昂[124] - 公司依赖关联方（Sphere Entertainment和MSG Sports）履行协议义务，若对方违约可能导致运营困难或重大损失[132][134] 网络安全风险 - 公司面临持续演变的网络安全风险，可能导致数据泄露、业务中断及财务损失，2016年曾发生支付卡信息泄露事件[125] - 公司每年需投入大量成本加强网络安全措施，但仍无法完全消除风险，潜在事件可能导致法律诉讼及股价下跌[126] - 公司需依法及时披露重大网络安全事件，但披露可能引发负面舆论或客户信心丧失[128][129] 法律与知识产权风险 - 公司过去曾面临知识产权侵权索赔，未来类似索赔可能导致高额成本或业务中断[130] 税务与财务义务 - 根据税务分离协议，公司可能需向Sphere Entertainment承担重大税务赔偿义务，影响财务状况[135] - 若公司被认定为美国房地产控股公司（USRPHC），非美股东持有的A类普通股可能面临不利税务影响[136] 股权结构与控制权 - 截至2025年6月30日，Dolan家族集团持有公司全部B类普通股、约3.6%的流通A类普通股（含60天内可行权期权和限制性股票单位）及约64.0%的总投票权（不含董事选举事项）[137] - Dolan家族信托（Excluded Trusts）持有约76.5%的流通B类普通股[137] - B类普通股股东需以66.67%多数票批准新增B类股票发行或不利条款修订[141][142] - B类普通股在私有化或控制权变更交易中需Excluded Trusts持有三分之二多数票批准[138] - 公司因Dolan家族控股地位豁免NYSE部分治理规则，包括不设多数独立董事[144] 董事会关联 - 8名董事会成员同时在Sphere Entertainment、MSG Sports任职，3名兼任AMC Networks董事[148] 利率与财务成本 - 利率上升200个基点将导致公司信贷设施利息支出增加12,188美元[283] 养老金与退休后计划 - 公司养老金计划采用Willis Towers Watson折现率模型及即期利率法（Spot Rate Approach）计算负债[285] - 公司养老金计划和退休后计划的加权平均折现率分别为5.52%和4.96%，用于确定2025年6月30日的福利义务[286] - 假设折现率下降25个基点，公司养老金计划和退休后计划的预计福利义务将分别增加2920美元和20美元[286] - 2025财年养老金计划的服务成本、利息成本和预计福利义务的加权平均折现率分别为5.67%、5.41%和5.55%[287] - 2025财年退休后计划的服务成本、利息成本和预计福利义务的加权平均折现率分别为5.49%、5.38%和5.40%[287] - 假设折现率下降25个基点，2025财年养老金计划的总净周期性福利成本将增加60美元，退休后计划不受影响[287] - 2025财年公司养老金计划的加权平均长期预期资产回报率为6.73%[288] - 假设养老金计划资产的长期回报率下降25个基点，2025财年的净周期性养老金福利成本将增加280美元[289] 股权协议 - 公司注册权协议涉及约840万股A类普通股（含可转换B类普通股及可行权期权）[146]

For the quarterly period ended June 30, 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 . Commission file number 001-41944 _________________________ 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 Alto Neuroscience, Inc. (Exact name of registrant a ...

Exhibit 99.1 Opus Genetics Announces Financial Results for Second Quarter 2025 and Provides Corporate Update - Positive 12-month Phase 1/2 clinical data in adult cohort and early pediatric clinical data support potential for meaningful vision restoration with OPGx-LCA5 - - FDA grants Regenerative Medicine Advanced Therapy (RMAT) designation for OPGx-LCA5 - - Positive topline results reported from VEGA-3 and LYNX-2 Phase 3 trials with Phentolamine Ophthalmic Solution 0.75% - - OPGx-BEST1 on track to enter Ph ...

Exhibit 99.1 Opus Genetics Announces Financial Results for Second Quarter 2025 and Provides Corporate Update - Positive 12-month Phase 1/2 clinical data in adult cohort and early pediatric clinical data support potential for meaningful vision restoration with OPGx-LCA5 - - FDA grants Regenerative Medicine Advanced Therapy (RMAT) designation for OPGx-LCA5 - - Positive topline results reported from VEGA-3 and LYNX-2 Phase 3 trials with Phentolamine Ophthalmic Solution 0.75% - - OPGx-BEST1 on track to enter Ph ...