Author: Ravi Shankar

ST. LOUIS, Nov. 10, 2026 (GLOBE NEWSWIRE) — Stereotaxis (NYSE: STXS), a pioneer and global leader in surgical robotics for minimally invasive endovascular intervention, today reported business updates and financial results for the third quarter ended September 30, 2026.

“Our near-term priority is to drive forward two major business model transformations,” said David Fischel, Chairman and CEO. “The first is shifting from capital systems that require long sales and construction timelines, to having a portfolio of systems that are significantly more accessible and scalable. The second is developing and commercializing a portfolio of disposable interventional catheters that enhance the value of our robots and provide a robust recurring revenue opportunity.”

“System revenue of $3 million in the quarter was up 60% compared to last year, benefiting from partial revenue recognition from the first GenesisX system in the US, the first Genesis system in China, and multiple Synchrony digital operating room systems in the US. Recurring revenue increased 6% over the previous year with a significant increase in revenue from our new portfolio of robotically-navigated catheters, countered by general pressure on procedures due to supply shortages. We entered the fourth quarter with a backlog of approximately $1.9 million in disposable orders we did not convert to revenue because of supply constraints.”

“In parallel to our commercial efforts, we continue to invest in a broad pipeline of innovations that expand our technology into a platform across endovascular surgery, enhance our competitiveness in electrophysiology, and deliver digital connectivity, automation and intelligence to the operating room. We were pleased during the past quarter to close the acquisition of Robocath and announce a collaboration with Canon.”

2026 Third Quarter Financial Results
Revenue for the third quarter of 2026 totaled $8.9 million, a 20% increase compared to $7.5 million in the prior year third quarter and a 16% increase sequentially compared to $7.7 million in the second quarter of 2026. System revenue of $3.0 million increased from $1.9 million in the prior year third quarter. System revenue benefited from partial revenue recognition on the shipment of the first GenesisX system sold in the United States, the first Genesis system sold in China, and the first full quarter of Synchrony system sales. Recurring revenue of $5.9 million increased 6% compared to the prior year third quarter and declined 4% sequentially. Recurring revenue reflects increasing contributions from Stereotaxis’ portfolio of robotically-navigated catheters countered by general procedural pressure due to limited catheter supply.

Gross margin for the third quarter was 45% of revenue. Recurring revenue gross margin was 59%, and system gross margin was 15%. Gross margins for both recurring and system revenue remain impacted by fixed overhead allocated over low production volume. Operating expenses in the third quarter of $10.4 million included $1.3 million in non-cash charges for stock compensation expense, mark-to-market adjustment for acquisition related contingent earnout consideration, and amortization of acquired intangible assets. Excluding these non-cash charges, adjusted operating expenses were $9.1 million, an increase from $6.6 million in the prior year third quarter due to one-time acquisition transaction costs and the absorption of Robocath operating expense.

Operating loss and net loss in the third quarter of 2026 were ($6.5) million, compared with ($6.6) million and ($6.5) million, respectively, in the previous year. Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash charges, were ($5.1) million and ($5.2) million, respectively, compared with ($2.5) million and ($2.4) million in the previous year, with the increase predominantly driven by one-time transaction costs and the absorption of Robocath operating expense. Negative cash flow for the third quarter was ($6.5) million, of which ($2.6) million was associated with the core Stereotaxis business and ($3.9) million were payments associated with the acquisition of Robocath.

Cash Balance and Liquidity
At September 30, 2026, Stereotaxis had cash and cash equivalents of $4.0 million. Concurrent with these financial results, Stereotaxis announced a convertible note financing of up to $24 million, with an initial upfront closing of $12 million and an additional $12 million draw available at Stereotaxis’ option following certain regulatory milestones. Incorporating the proceeds from this financing, Stereotaxis’ pro forma cash balance would be $16 million, with access to an additional $12 million providing for total availability of $28 million.

Forward Looking Expectations
Stereotaxis expects growing recurring revenue and more consistent capital sales in the coming quarters. Near-term milestones that support these growth expectations include installing the first commercial GenesisX systems and resolving the supply constraints with MAGiC.

Adjusted operating expenses, excluding non-cash and one-time items, are expected to approximate $8 million per quarter going forward. Growth in revenue combined with stable operating expenses provide a pathway to cash-flow profitability within the next year.

Conference Call and Webcast
Stereotaxis will host a conference call and webcast today, November 10, 2026, at 4:30 p.m. Eastern Time. To access the conference call, dial 800-715-9871 (US and Canada) or 646-307-1963 (International) and give the participant pass code 2568629. To access the live and replay webcast, please visit the investor relations section of the Stereotaxis website at www.Stereotaxis.com.

About Stereotaxis
Stereotaxis (NYSE: STXS) is a pioneer and global leader in innovative surgical robotics for minimally invasive endovascular intervention. Its mission is the discovery, development and delivery of robotic systems, instruments, and information solutions for the interventional laboratory. These innovations help physicians provide unsurpassed patient care with robotic precision and safety, expand access to minimally invasive therapy, and enhance the productivity, connectivity, and intelligence in the operating room. Stereotaxis technology has been used to treat over 150,000 patients across the United States, Europe, Asia, and elsewhere. For more information, please visit www.Stereotaxis.com.

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe”, “estimate”, “project”, “expect” or similar expressions. These forward-looking statements include without limitation statements regarding the recently completed acquisition of Robocath, including the Company’s ability to advance its strategy, integrate Robocath, and grow revenue significantly without having to subject investors to substantial dilution; the completion of the Company’s offering convertible note financing; the ability to draw additional funds under the convertible note financing following receipt of required regulatory approvals; and the anticipated use of proceeds therefrom, usually containing the words “believe”, “estimate”, “project”, “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially. Factors that would cause or contribute to such differences include, but are not limited to, uncertainties involving the following: the Company’s ability to manage expenses at sustainable levels; acceptance of the Company’s products in the marketplace; the effect of global economic conditions, including tariffs, on the ability and willingness of customers to purchase its technology; competitive factors; changes resulting from healthcare policy; dependence upon third-party vendors; timing of regulatory approvals, including as it relates to Robocath’s products and our ability to make further draws on the convertible note financing; the impact of pandemics or other disasters; statements generally relating to our recent acquisition of Robocath or our recently announced convertible note financing, including any benefits expected from either of those transactions, as well as any plans, forecasts and other expectations with respect to Robocath’s business following the completion of the transaction; and the other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission.

By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. Additional information will also be set forth in future filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control and may be revised, modified, delayed, or canceled.

Company Contacts:
David L. Fischel
Chairman and Chief Executive Officer

Kimberly R. Peery
Chief Financial Officer

314-678-6100
Investors@Stereotaxis.com

Stereotaxis, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per share amounts)	Three Months Ended September 30,										Nine Months Ended September 30,
		2026				2025						2026				2025
Revenue:
Systems	$	2,976			$	1,861					$	5,774			$	6,863
Disposables, service and accessories		5,949				5,603						17,112				16,872
Total revenue		8,925				7,464						22,886				23,735
Cost of revenue:
Systems		2,524				1,510						4,384				5,543
Disposables, service and accessories		2,445				1,853						6,265				5,448
Total cost of revenue		4,969				3,363						10,649				10,991
Gross margin		3,956				4,101						12,237				12,744
Operating expenses:
Research and development		3,523				2,546						8,310				6,673
Sales and marketing		2,856				2,934						8,068				9,351
General and administrative		4,048				5,178						12,879				13,675
Other		–				–						–				(492				)
Total operating expenses		10,427				10,658						29,257				29,207
Operating loss		(6,471	)			(6,557		)				(17,020	)			(16,463				)
Other income		–				3						(5	)			2
Interest expense		(44	)			–						(44	)			–
Interest income		33				91						258				349
Net loss	$	(6,482	)		$	(6,463		)			$	(16,811	)		$	(16,112				)
Cumulative dividend on convertible preferred stock		(316	)			(322		)				(941	)			(953				)
Net loss attributable to common stockholders	$	(6,798	)		$	(6,785		)			$	(17,752	)		$	(17,065				)
Net loss per share attributed to common stockholders:
Basic	$	(0.07	)		$	(0.07		)			$	(0.18	)		$	(0.19				)
Diluted	$	(0.07	)		$	(0.07		)			$	(0.18	)		$	(0.19				)
Weighted average number of common shares and equivalents:
Basic		102,547,843				92,013,791						100,525,085				89,260,628
Diluted		102,547,843				92,013,791						100,525,085				89,260,628

STEREOTAXIS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)	September 30, 2026				December 31, 2025
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	3,976			$	13,421
Accounts receivable, net of allowance of $808 and $541 at 2026 and 2025, respectively		5,585				5,847
Insurance receivable		9,982				4,316
Inventories, net		13,272				9,567
Prepaid expenses and other current assets		1,628				698
Total current assets		34,443				33,849
Investment in affiliate		1,701				–
Property and equipment, net		4,116				3,019
Goodwill		29,276				3,764
Intangible assets, net		6,988				6,429
Operating lease right-of-use assets		4,931				4,912
Prepaid and other non-current assets		657				278
Total assets	$	82,112			$	52,251
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	7,718			$	4,768
Accrued liabilities		2,419				2,065
Accrued legal liabilities		9,982				4,316
Current portion of long-term debt		548				–
Deferred revenue		5,423				5,675
Current contingent consideration		4,854				4,894
Current portion of operating lease liabilities		816				642
Total current liabilities		31,760				22,360
Long-term debt		1,922				–
Long-term deferred revenue		406				555
Long-term contingent consideration		14,928				4,724
Operating lease liabilities		4,624				4,794
Other liabilities		1,941				1,097
Total liabilities		55,581				33,530
Series A – Convertible preferred stock:
Convertible preferred stock, Series A, par value $0.001; 10,000,000 shares authorized, 20,733 and 21,008 shares outstanding at 2026 and 2025, respectively		5,171				5,240
Stockholders’ equity:
Common stock, par value $0.001; 300,000,000 shares authorized, 100,833,120 and 95,339,628 shares issued at 2026 and 2025, respectively		101				95
Additional paid-in capital		621,818				596,960
Treasury stock, 4,015 shares at 2026 and 2025		(206	)			(206	)
Accumulated deficit		(600,179	)			(583,368	)
Accumulated other comprehensive income (loss)		(174	)			–
Total stockholders’ equity		21,360				13,481
Total liabilities and stockholders’ equity	$	82,112			$	52,251

– KOMZIFTI^® (ziftomenib) net product revenue grew 53% sequentially to $13.9 million; new patient starts increased 30% and total prescriptions grew 65% –

– KOMZIFTI maintained majority share of new patient starts of the menin inhibitor class in the R/R NPM1-mutated AML market –

– Eight abstracts accepted for ASH 2026, including two oral presentations on FLT3 inhibitor combinations, highlighting expanding development of ziftomenib in AML –

– FDA alignment for approximately 40-patient monotherapy registrational study of darlifarnib in HRAS-mutated salivary gland cancer; study initiation targeted for 1H 2027 –

– Darlifarnib combination studies in renal cell and pancreatic cancers expected to reach key development milestones in 2027 –

– Strong financial position, supported by $492.1 million in cash, cash equivalents and short-term investments, anticipated Kyowa Kirin collaboration payments and up to $300 million additional financing capacity from Oberland Capital –

– Management to host webcast and conference call today at 4:30 p.m. ET / 1:30 p.m. PT –

SAN DIEGO, Nov. 10, 2026 (GLOBE NEWSWIRE) — Kura Oncology, Inc. (Nasdaq: KURA), a biopharmaceutical company focused on precision medicines for cancer, today reported third quarter 2026 financial results and provided a corporate update.

“KOMZIFTI delivered strong commercial performance this quarter, with 53% sequential revenue growth, a 30% increase in new patients starts, and continued majority share of new patient starts,” said Troy Wilson, Ph.D., J.D., President and Chief Executive Officer of Kura Oncology. “We believe these results demonstrate the growing commercial potential of KOMZIFTI and provide a strong foundation as we advance ziftomenib into the substantially larger frontline AML opportunity. We have also reached FDA alignment on our planned registrational study of darlifarnib in HRAS-mutant salivary gland cancer, providing a potential path to our second product approval as we continue to pursue broader opportunities with combinations in solid tumors. With a strengthened financial position, we believe we are well positioned to execute on these priorities and build two differentiated precision oncology franchises.”

KOMZIFTI 3Q 2026 Commercial Performance

• $13.9 million in net product revenue, a 53% increase from 2Q 2026
• Approximately 150 new patient starts (NPS), a 30% increase from 2Q 2026
• More than 420 total prescriptions (TRx), including repeat prescriptions, a 65% increase from 2Q 2026
• KOMZIFTI maintained a majority share of NPS in the relapsed or refractory (R/R) NPM1-m AML menin inhibitor class

Advancing Two Precision Oncology Franchises

• Advancing the Phase 3 KOMET-017 frontline registrational program with ziftomenib-based combinations in newly diagnosed AML; site activation and patient enrollment continue across studies for patients eligible for intensive and non-intensive chemotherapy.
• Alignment reached with the U.S. Food and Drug Administration (FDA) on the design of a planned darlifarnib single-arm monotherapy registrational study in patients with HRAS-mutant salivary gland cancer (SGC) to support potential approval.
• An August publication in Blood described the discovery and preclinical characterization of ziftomenib, including its potency, selectivity, menin binding properties, and activity against certain resistance-associated mutations. These findings provide a preclinical rationale for continued evaluation of ziftomenib across genetically defined acute leukemias.

Strategic Financing

• Entered into a strategic financing agreement with affiliates of Oberland Capital providing up to $300 million in potential funding, including up to $275 million in debt financing and $25 million in equity investments, subject to applicable conditions. The financing is expected to support continued investment in KOMZIFTI, ziftomenib development, and darlifarnib monotherapy registrational and combination studies.
• Received $55 million at closing, comprised of $50 million in debt funding, before fees, and a $5 million equity investment. Additional funding is available through company-option and milestone-based tranches, and an additional tranche of funding is available upon mutual agreement.
• The debt financing agreement has a seven-year term. Each term loan advanced under the agreement will bear interest at a rate between 6.95% and 8.95%, with 50% of interest capitalized during the first three years following the applicable advance date. The financing also provides for a single-digit royalty tied to U.S. KOMZIFTI net sales, capped at 20% of the aggregate principal amount of term loans advanced under the agreement.

Other Corporate Highlights

• Jennifer Fulk joined Kura in September 2026 as Chief Financial Officer. Ms. Fulk brings more than 20 years of financial and operating leadership experience spanning biopharmaceuticals, public companies, and high-growth businesses. After more than 15 years at Eli Lilly and Company, she served in a series of senior finance and operating leadership roles at Talkspace, 120Water, and, most recently, Soleno Therapeutics.
• Launched Caspian Therapeutics, Inc., a separately financed company established to advance menin inhibitors for diabetes and cardiometabolic diseases. Caspian completed a $50 million financing led by BVF Partners with participation from T1D Fund, Invus, Montanova, Eli Lilly and Company, Kura Oncology, and other investors.

Upcoming Milestones and Priorities

• KOMZIFTI Commercial Priorities
  • Expand the number of prescribing accounts.
  • Increase repeat prescribing within existing accounts.
  • Drive consistent quarter-over-quarter growth.
  • Strengthen leadership in the R/R NPM1-mutated AML menin inhibitor market.

• Ziftomenib Development Milestones
  • Initial topline results from the frontline KOMET-017 registrational program are anticipated in 2028, representing a key milestone in evaluating the potential to expand ziftomenib into newly diagnosed AML.
  • Eight ziftomenib abstracts will be presented at the 2026 American Society of Hematology (ASH) Annual Meeting, including:
    • FLT3 inhibitor combinations: Two oral presentations will report encouraging preliminary results for ziftomenib plus quizartinib and 7+3 intensive chemotherapy in newly diagnosed NPM1-m/FLT3-ITD+ AML (KOMET-007) and ziftomenib plus gilteritinib in R/R NPM1/FLT3 co-mutated AML (KOMET-008).
    • Longer-term frontline outcomes: A KOMET-007 poster will report updated durability, survival, and MRD outcomes with ziftomenib plus venetoclax and azacitidine, supporting continued evaluation of the ziftomenib-based low-intensity combination in the global randomized phase 3 study in newly diagnosed NPM1-m AML.
    • Additional molecular subtypes: A KOMET-001 poster will provide data supporting prospective evaluation of ziftomenib-based therapy in molecularly defined AML populations most likely to benefit from menin inhibitor therapy beyond the current US FDA-approved indication. A separate oral presentation will demonstrate findings supporting further investigation of ziftomenib in additional molecularly defined AML populations.
    • Pediatric development: An oral presentation from Blood Cancer United and Princess Maxima Center’s Phase 1 PedAL trial with ziftomenib plus fludarabine and cytarabine in pediatric patients with R/R acute leukemias will describe early efficacy signals in a heavily pre-treated population, including patients with previous revumenib exposure.
• Darlifarnib Registration and Combination Milestones
  • Initiate the planned single-arm monotherapy registrational study of darlifarnib in approximately 40 HRAS-mutant SGC patients in 1H 2027.
  • Complete enrollment in the randomized Phase 1b portion of FIT-001 in evaluating darlifarnib plus cabozantinib in cabozantinib-naïve clear cell renal carcinoma in 1H 2027 and report initial clinical data in 2H 2027.
  • Initiate a Phase 1 study of darlifarnib plus daraxonrasib in second-line or later KRAS-mutated pancreatic ductal adenocarcinoma in 1H 2027, with a goal to provide preliminary data in 2H 2027.

Third Quarter 2026 Financial Results

• Net product revenue: $13.9 million, compared to none for 3Q 2025
• Collaboration revenue: $8.9 million, compared to $20.8 million for 3Q 2025
• R&D expenses: $66.9 million, compared to $67.9 million for 3Q 2025
• SG&A expenses: $30.2 million, compared to $32.8 million for 3Q 2025
• Net loss: $70.2 million, compared to $74.1 million for 3Q 2025. Net loss includes $8.2 million in non-cash, share-based compensation expense compared to $11.0 million for the same period in 2025.

As of September 30, 2026, Kura had $492.1 million in cash, cash equivalents and short-term investments, compared with $667.2 million as of December 31, 2025.

Kura’s financial position, supported by anticipated collaboration milestone payments from Kyowa Kirin totaling $180 million and additional conditional financing capacity under its agreement with Oberland Capital, is expected to enable continued investment in the KOMZIFTI commercial launch, the Phase 3 KOMET-017 frontline AML program, and the advancement of darlifarnib toward first potential registration and broader development in solid tumors. Based on its current operating plan, Kura expects its financial resources to support operations beyond anticipated initial topline results from the pivotal Phase 3 KOMET-017 study in 2028.

Kura has updated 2026 collaboration revenue guidance to $40 million to $45 million for 2026 and is maintaining guidance of $90 million to $110 million in each of 2027 and 2028. This guidance reflects non-cash accounting recognition as Kura fulfills performance obligations under its agreement with Kyowa Kirin and does not reflect the timing of cash receipts.

Conference Call and Webcast

Kura’s management will host a webcast and conference call at 4:30 p.m. ET / 1:30 p.m. PT today, November 10, 2026, to discuss financial results and to provide a corporate update. A live webcast and archived replay of the event will be available on the Investors section of the Company’s website at www.kuraoncology.com.

About Kura Oncology

Kura Oncology is a biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer. Kura’s pipeline of small molecule drug candidates is designed to target cancer signaling pathways and address high-need hematologic malignancies and solid tumors. Kura developed and is commercializing KOMZIFTI^® (ziftomenib), the FDA-approved once-daily, oral menin inhibitor for the treatment of adults with relapsed or refractory NPM1-mutated acute myeloid leukemia, and continues to pioneer advancements in menin inhibition and farnesyl transferase inhibition. For additional information, please visit the Kura website and follow us on X and LinkedIn.

Forward-Looking Statements

This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, the commercial potential of KOMZIFTI and Kura’s commercial priorities, including expanding prescribing accounts, increasing repeat prescribing and sustaining growth; Kura’s research, preclinical and clinical development activities; plans and projected timelines for ziftomenib and darlifarnib; the potential to expand ziftomenib into newly diagnosed AML and additional molecularly defined AML populations; the market opportunity for ziftomenib; darlifarnib’s potential for registration in HRAS-mutant salivary gland cancer and broader development in solid tumors, including in combination with other therapies; the expected timing and presentation of results and data from clinical trials; Kura’s collaboration revenue guidance; anticipated collaboration milestone payments from Kyowa Kirin; the availability of additional funding under the Oberland Capital financing agreement and its expected benefits; and Kura’s anticipated cash runway. Factors that may cause actual results to differ materially include risks associated with market competition, market acceptance and commercialization of KOMZIFTI and Kura’s product candidates; risks associated with the conduct of preclinical studies and clinical trials; the risk that Kura may not obtain access to third-party compounds Kura seeks to evaluate in combination with its product candidates; the risk of the FDA not permitting Kura’s planned trials to proceed; the risk that Kura’s product candidates may not receive regulatory approval; the potential for KOMZIFTI or Kura’s product candidates to have unexpected adverse side effects; risks that Kura’s actual future financial and operating results may differ from its expectations or goals; the risk that Kura may not be able to obtain additional financing, including if the conditions to additional funding under the Oberland Capital financing agreement are not satisfied; the risk that the collaboration with Kyowa Kirin is unsuccessful; and other risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. You are urged to consider statements that include the words “may,” “will,” “would,” “could,” “should,” “believes,” “estimates,” “projects,” “potential,” “expects,” “plans,” “anticipates,” “intends,” “continues,” “designed,” “goal,” or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties the Company faces, please refer to the Company’s periodic and other filings with the Securities and Exchange Commission, which are available at www.sec.gov. Such forward-looking statements are current only as of the date they are made, and Kura assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

KURA ONCOLOGY, INC.
Statements of Operations Data
(unaudited)
(in thousands, except per share data)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026				2025				2026				2025
Revenue
Product revenue, net	$	13,922			$	—			$	28,810			$	—
Collaboration revenue		8,917				20,750				33,168				50,146
Total revenue		22,839				20,750				61,978				50,146
Operating expenses
Cost of product sales		371				—				876				—
Research and development		66,878				67,908				194,032				186,666
Selling, general and administrative		30,248				32,839				93,553				80,843
Total operating expenses		97,497				100,747				288,461				267,509
Other income, net		4,443				5,881				14,621				19,922
Income tax expense		—				—				13				226
Net loss	$	(70,215	)		$	(74,116	)		$	(211,875	)		$	(197,667	)
Net loss per share, basic and diluted	$	(0.78	)		$	(0.85	)		$	(2.38	)		$	(2.26	)
Weighted average number of shares used in computing net loss per share, basic and diluted		89,817				87,645				89,098				87,550

KURA ONCOLOGY, INC.
Balance Sheet Data
(unaudited)
(in thousands)
	September 30,				December 31,
	2026				2025
Cash, cash equivalents and short-term investments	$	492,096			$	667,240
Working capital		385,966				591,689
Total assets		566,497				738,363
Long-term liabilities		399,807				447,254
Accumulated deficit		(1,385,963	)			(1,174,088	)
Stockholders’ equity		17,960				174,135

About KOMZIFTI^® (ziftomenib)
KOMZIFTI (ziftomenib) is an oral menin inhibitor approved for the treatment of adult patients with relapsed or refractory acute myeloid leukemia (AML) with a susceptible NPM1 mutation who have no satisfactory alternative treatment options.

Ziftomenib is in development for the treatment of frontline and R/R AML harboring NPM1 mutations, KMT2A translocations and FLT3 mutations, with the potential to be combined with approved therapies and benefit a broad spectrum of patients.

IMPORTANT SAFETY INFORMATION FOR KOMZIFTI FROM THE U.S. PRESCRIBING INFORMATION

Boxed WARNING: DIFFERENTIATION SYNDROME

Differentiation syndrome, which can be fatal, has occurred with KOMZIFTI. Signs and symptoms may include fever, joint pain, hypotension, hypoxia, dyspnea, rapid weight gain or peripheral edema, pleural or pericardial effusions, pulmonary infiltrates, acute kidney injury, and rashes. If differentiation syndrome is suspected, interrupt KOMZIFTI, and initiate oral or intravenous corticosteroids with hemodynamic and laboratory monitoring until symptom resolution; resume KOMZIFTI upon symptom improvement.

WARNINGS AND PRECAUTIONS

Differentiation Syndrome

KOMZIFTI can cause fatal or life-threatening differentiation syndrome (DS). DS is associated with rapid proliferation and differentiation of myeloid cells. Symptoms of DS, including those seen in patients treated with KOMZIFTI, may include fever, hypoxia, joint pain, hypotension, dyspnea, rapid weight gain or peripheral edema, pleural or pericardial effusions, acute kidney injury, and rashes.

In the clinical trial, DS occurred in 29 (26%) of 112 patients with R/R AML with an NPM1 mutation who were treated with KOMZIFTI at the recommended dosage. DS was Grade 3 in 13% and fatal in two patients. In broader evaluation of all patients with any genetic form of AML treated with KOMZIFTI monotherapy in clinical trials, DS occurred in 25% of patients. Four fatal cases of DS occurred out of 39 patients with KMT2A-rearranged AML treated with KOMZIFTI. KOMZIFTI is not approved for use in patients with KMT2A-rearranged AML.

In the 112 patients with an NPM1 mutation, DS was observed with and without concomitant hyperleukocytosis, in as early as 3 days and up to 46 days after KOMZIFTI initiation. The median time to onset was 15 days. Two patients experienced more than one DS event. Treatment was interrupted and resumed in 15 (13%) patients, while it was permanently discontinued in 2 (2%) patients.

Prior to starting treatment with KOMZIFTI, reduce the WBC counts to less than 25 x 10⁹/L. If DS is suspected, interrupt KOMZIFTI, initiate oral or intravenous corticosteroids (e.g., dexamethasone 10 mg every 12 hours) for a minimum of 3 days with hemodynamic and laboratory monitoring. Resume treatment with KOMZIFTI at the same dose level when signs and symptoms improve and are Grade 2 or lower. Taper corticosteroids over a minimum of 3 days after adequate control or resolution of symptoms. Symptoms of DS may recur with premature discontinuation of corticosteroid treatment.

QTc Interval Prolongation

KOMZIFTI can cause QTc interval prolongation. In the clinical trial, QTc interval prolongation was reported as an adverse reaction in 12% of 112 patients treated with KOMZIFTI at the recommended dosage for R/R AML with an NPM1 mutation. QTc interval prolongation was Grade 3 in 8% of patients. The heart-rate corrected QT interval (using Fridericia’s method) (QTcF) was greater than 500 msec in 9% of patients, and the increase from baseline QTcF was greater than 60 msec in 12% of patients. KOMZIFTI dose reduction was required for 1% of patients due to QTc interval prolongation. QTc prolongation occurred in 14% of the 42 patients less than 65 years of age and in 10% of the 70 patients 65 years of age or older.

Correct electrolyte abnormalities, including hypokalemia and hypomagnesemia, prior to treatment with KOMZIFTI. Perform an ECG prior to initiation of treatment with KOMZIFTI, and do not initiate KOMZIFTI in patients with QTcF > 480 msec. Perform an ECG at least once weekly for the first four weeks on treatment, and at least monthly thereafter. Interrupt KOMZIFTI if the QTc interval is > 500 ms or the change from baseline is > 60 ms (Grade 3). In patients with congenital long QTc syndrome, congestive heart failure, electrolyte abnormalities, or those who are taking medications known to prolong the QTc interval, more frequent ECG monitoring may be necessary. Concomitant use of KOMZIFTI with drugs known to prolong the QTc interval may increase the risk of QTc interval prolongation, result in a greater increase in the QTc interval and adverse reactions associated with QTc interval prolongation, including Torsades de Pointes, other serious arrhythmias, and sudden death.

Embryo-Fetal Toxicity

Based on findings in animals and its mechanism of action, KOMZIFTI can cause embryo-fetal harm when administered to a pregnant woman. Advise pregnant women of the potential risk to the fetus. Advise females of reproductive potential to use effective contraception during treatment with KOMZIFTI and for 6 months after the last dose. Advise males with female partners of reproductive potential to use effective contraception during treatment with KOMZIFTI and for 3 months after the last dose.

ADVERSE REACTIONS

Fatal adverse reactions occurred in 4 (4%) patients who received KOMZIFTI, including 2 with differentiation syndrome, 1 with infection, and 1 with sudden death. Serious adverse reactions were reported in 79% of patients who received KOMZIFTI. Serious adverse reactions occurring in ≥ 5% of patients included infection without an identified pathogen (29%), febrile neutropenia (18%), bacterial infection (16%), differentiation syndrome (16%), and dyspnea (6%).

Dosage interruption of KOMZIFTI due to an adverse reaction occurred in 54% of patients. Adverse reactions that required dose interruption in ≥ 2% of patients included infection without an identified pathogen (15%), differentiation syndrome (13%), febrile neutropenia (5%), pyrexia (4%), electrocardiogram QT prolonged (4%), leukocytosis (4%), bacterial infection (3%), cardiac failure (2%), cholecystitis (2%), diarrhea (2%), pruritus (2%), and thrombosis (2%). Dose reduction of KOMZIFTI due to an adverse reaction occurred in 4% of patients. Permanent discontinuation of KOMZIFTI due to an adverse reaction occurred in 21% of patients. Adverse reactions that required permanent discontinuation of KOMZIFTI in ≥ 2% of patients were infection without an identified pathogen (8%), bacterial infection (4%), cardiac arrest (2%), and differentiation syndrome (2%).

Most common (≥ 20%) adverse reactions, including laboratory abnormalities, were aspartate aminotransferase increased (53%), infection without an identified pathogen (52%), potassium decreased (52%), albumin decreased (51%), alanine aminotransferase increased (50%), sodium decreased (49%), creatinine increased (45%), alkaline phosphatase increased (41%), hemorrhage (38%), diarrhea (36%), nausea (35%), fatigue (34%), edema (30%), bacterial infection (28%), musculoskeletal pain (28%), bilirubin increased (27%), potassium increased (26%), differentiation syndrome (26%), pruritus (23%), febrile neutropenia (22%), and transaminases increased (21%).

DRUG INTERACTIONS

Drug interactions may occur when KOMZIFTI is concomitantly used with:

• Strong or Moderate CYP3A4 Inhibitors: Monitor patients more frequently for KOMZIFTI-associated adverse reactions.
• Strong or Moderate CYP3A4 Inducers: Avoid concomitant use of KOMZIFTI.
• Gastric Acid Reducing Agents: Avoid concomitant use of KOMZIFTI with proton pump inhibitors (PPIs), H2 receptor antagonists (H2RAs), or locally acting antacids. If concomitant use with H2RAs or locally acting antacids cannot be avoided, modify KOMZIFTI administration time.
  • Take KOMZIFTI 2 hours before or 10 hours after administration of an H2 receptor antagonist.
  • Take KOMZIFTI 2 hours before or 2 hours after administration of a locally acting antacid.
• Drugs that Prolong the QTc Interval: Avoid concomitant use of KOMZIFTI. If concomitant use cannot be avoided, obtain ECGs when initiating, during concomitant use, and as clinically indicated. Interrupt KOMZIFTI if the QTc interval is > 500 ms or the change from baseline is > 60 ms.

USE IN SPECIFIC POPULATIONS

Pregnancy: Based on findings in animals and its mechanism of action, KOMZIFTI can cause embryo-fetal harm when administered to a pregnant woman. Advise pregnant women of the potential risk to a fetus. Verify pregnancy status in females of reproductive potential prior to starting KOMZIFTI.

Lactation: Because of the potential for adverse reactions in the breastfed child, advise women not to breastfeed during treatment with KOMZIFTI and for 2 weeks after the last dose.

Infertility: Based on findings in animals, KOMZIFTI may impair fertility in females and males of reproductive potential.

Please see full Prescribing Information, including Boxed WARNING.

Contacts

Investors and media:
Greg Mann
gmann@kuraoncology.com

Mechelen, Belgium; November 10, 2026, 22.01 CET; Lakefront Biotherapeutics NV (Euronext & NASDAQ: LKFT) today announced that the Company will host a fireside chat at the 2026 Jefferies Global Healthcare Conference in London at 2:00 pm GMT (9:00 am ET) on Tuesday, November 17, 2026.

A live webcast of the presentation will be accessible on the Investors page of the Company’s website at Webcasts & Events – Lakefront Biotherapeutics. A replay of the webcast will be available following the completion of the event and will be archived for up to 90 days.

About Lakefront Biotherapeutics
Lakefront Biotherapeutics is a biotechnology company dedicated to building a differentiated pipeline of medicines for patients with serious diseases in areas of high unmet need. The Company has established a clinical‑stage portfolio in immunology and inflammation, anchored by gamgertamig, a potential first‑in‑class and best-in-class BCMAxCD3 T‑cell engager for autoimmune diseases. Backed by deep deal‑making expertise, operational flexibility, and a strong capital position, Lakefront identifies, acquires, and advances high‑quality assets with clear potential to deliver meaningful patient impact and long‑term shareholder value. For more information, visit https://www.lakefrontbio.com or follow us on LinkedIn or X.

For further information, contact Lakefront Biotherapeutics:
Investor Relations

Sherri Spear
+1 412 522 6418
sherri.spear@lakefrontbio.com

Richie Livingston
+1 312 636 7072
richie.livingston@lakefrontbio.com 

Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, all of which involve certain risks and uncertainties. These statements are often, but are not always, made through the use of words or phrases such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “upcoming,” “future,” “estimate,” “may,” “will,” “could,” “would,” “potential,” “forward,” “goal,” “next,” “continue,” “should,” “encouraging,” “aim,” “progress,” “remain,” “explore,” and “further,” as well as similar expressions. These statements include, but are not limited to, statements regarding Lakefront’s plans to present at the 2026 Jefferies Global Healthcare Conference. Lakefront cautions the reader that forward-looking statements are based on its management’s current expectations and beliefs and are not guarantees of future performance. Forward-looking statements may involve known and unknown risks, uncertainties and other factors which might cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to, those risks and uncertainties that can be found in its filings and reports with the Securities and Exchange Commission (“SEC”), including in its most recent annual report on Form 20-F filed with the SEC and our subsequent filings and reports filed with the SEC. Given these risks and uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this release. Lakefront expressly disclaims any obligation to update any such forward-looking statements in this release to reflect any change in its expectations or any change in events, conditions or circumstances, unless specifically required by law or regulation.

Attachment

• 2026.11.10 Jefferies Curtain Raiser EN

Gevo Carbon Business Drives Net Income of $23 million and Adjusted EBITDA¹ of $44 million for Third Quarter

ENGLEWOOD, Colo., Nov. 10, 2026 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) today announced its financial results for the third quarter ended September 30, 2026, reporting record revenue of $83 million, net income of $23 million, non-GAAP Adjusted EBITDA¹ of $44 million and cash flow from operations of $41 million.

“The quarter marked our strongest financial performance to date, with record revenue, net income, Adjusted EBITDA¹ and cash flow from operations,” said Gevo Chief Executive Officer Paul Bloom. “We said we would build a carbon business that stands on its own in 2026. These results show it’s working. By selling into both compliance and voluntary carbon markets, we’ve built a durable business from the carbon we capture and store today, contributing to both revenue and cash flow, ending the third quarter with $68 million in cash and setting the stage for our next phase of growth.”

Third Quarter 2026 Financial Highlights

• Revenue of $83 million in the third quarter of 2026, compared to $43 million in the same quarter last year.
  • The quarter included approximately $29.4 million of revenue from sales of Canadian Clean Fuel Regulation (CFR) credits, the majority of which had been generated in 2025 and the first half of 2026.
• Gross profit of $48 million in the third quarter of 2026, compared to $13 million in the same quarter last year.
• Net income attributable to Gevo of $23 million, or $0.09 per share on a diluted basis in the third quarter of 2026, compared to a net loss of $8 million in the same quarter last year. Non-GAAP adjusted net income attributable to Gevo² was $29 million, or $0.12 per share, in the third quarter of 2026, compared to an adjusted net loss attributable to Gevo of $5 million, or $0.02 per share, in the same quarter last year.
• Non-GAAP Adjusted EBITDA¹ of $44 million in the third quarter of 2026, compared to $7 million in the same quarter last year.
• Cash flow from operations of $41 million in the third quarter of 2026 and $12 million for the nine months ended September 30, 2026.
• Ended the quarter with cash and cash equivalents of $68 million.

Business and Operations Highlights

“Gevo has a powerful growth platform built on low-carbon fuels, carbon and maximizing incentives,” said Bloom. “We have focused development around our existing operations, improving margins and near-term cash flow, with a portfolio of growth projects we believe will create substantial shareholder value.”

• Improved non-GAAP Adjusted EBITDA¹ outlook: Gevo now expects full year 2026 non-GAAP Adjusted EBITDA¹ to be greater than $90 million and 2027 non-GAAP Adjusted EBITDA¹ to be greater than $70 million. The improved outlook is supported by:
  • Non-recurring revenue of approximately $20 million from banked CFR credits recognized in the third quarter of 2026.
  • Recent improvements to the 45ZCF GREET model for renewable natural gas (RNG) that provides greater recognition for avoided methane emissions from dairy manure, which we expect to create more than $10 million of additional 45Z value to our gross profit from our existing RNG assets annually, based on current estimates and subject to third-party validation.
• Carbon business: As announced in October, Gevo expects its carbon business to generate more than $50 million of revenue in 2026.
  • The carbon business generates revenue based on the volume of carbon capture and sequestration (CCS) Gevo delivers to regulatory and voluntary carbon credits, and the average realized price of carbon across those various markets.
• Section 45Z Clean Fuel Production Credit monetization: In October, Gevo announced that it had contracted sales of $70 million worth of Section 45Z tax credits, representing substantially all of its expected credits from ethanol and RNG production for 2026. Gevo expects these sales to grow further in 2027, as a result of increased production from its debottlenecking project.
• Debottlenecking: The Company is nearing completion of its debottlenecking project at Gevo North Dakota, which is expected to increase low-carbon ethanol production to a nameplate capacity of approximately 75 million gallons per year, plus associated coproducts, carbon capture and incentives. The project remains on track for completion by year-end 2026.
• Expansion: The Company made progress to secure financing for an expansion that would approximately double low-carbon ethanol production and carbon capture, starting in 2028, and secured long lead time capital equipment in the third quarter.
• Project Northstar: The Company continues its path of securing sufficient fixed or floor price commercial offtake agreements for sustainable aviation fuel (SAF) to enable Project Northstar (also known as ATJ-30), a long-term initiative to convert a portion of the Company’s ethanol production into SAF.

• Low-carbon ethanol production: Gevo produced 19 million gallons of low-carbon ethanol during the third quarter of 2026, compared to 17 million gallons in the same quarter last year, primarily due to the timing of scheduled maintenance, which was completed prior to the third quarter this year but during the third quarter last year.
• RNG production: Gevo produced 91,729 MMBtu of RNG during the third quarter of 2026, compared to 92,396 MMBtu in the same quarter last year.

Webcast and Conference Call Information

Hosting today’s conference call at 4:30 p.m. ET will be Paul Bloom, chief executive officer, Leke Agiri, chief financial officer and Eric Frey, vice president of finance and strategy. They will also be joined by Greg Hanselman, chief operating officer and Kyle James, chief commercial and risk officer. They will review Gevo’s financial results and provide an update on recent corporate highlights.

To participate in the live call, please register through the following event weblink: https://registrations.events/direct/Q4I39798VIPxW5nsSJ16f5S3f.

To listen to the conference call (audio only, non-participating), please register through the following event weblink: https://events.q4inc.com/attendee/990337405.

A webcast replay will be available after the conference call ends on November 10, 2026. The archived webcast along with the earnings press release and slide presentation will be available in the Investor Relations section of Gevo’s website at www.gevo.com.

About Gevo

Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates an ethanol plant with an adjacent CCS facility and Class VI carbon-storage well. Gevo also owns and operates one of the largest dairy-based RNG facilities in the United States, turning by-products into clean, reliable energy. Additionally, Gevo developed the world’s first production facility for specialty alcohol-to-jet (ATJ) fuels and chemicals, operating since 2012. Gevo is currently developing the world’s first large-scale ATJ facility to be co-located at its North Dakota site. Gevo’s market-driven “pay-for-performance” approach regarding carbon and other sustainability attributes helps deliver value to our local economies. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring, and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

For more information, see www.gevo.com.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, expected growth and results of our carbon business, expected future monetization of Section 45Z and other carbon credits, the financing and timing of our ethanol and CCS debottlenecking and expansion projects, our financial condition, our results of operation and liquidity, our business plans, our business development activities, financial projections related to our business, our ability to successfully develop, construct, and finance our operations and growth projects, our ability to achieve cash flow from our planned projects, and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in our most recent Annual Report on Form 10-K and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Non-GAAP Financial Information

This press release contains financial measures that do not comply with U.S. generally accepted accounting principles (GAAP), including non-GAAP adjusted net income (loss) and Adjusted EBITDA. Non-GAAP adjusted net income excludes impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance from GAAP net income (loss). Non-GAAP Adjusted EBITDA excludes depreciation and amortization, impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance from GAAP net income (loss) from operations. Management believes it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. This non-GAAP financial information also facilitates management’s internal comparisons to Gevo’s historical performance as well as comparisons to the operating results of other companies. In addition, Gevo believes this non-GAAP financial information is useful to investors because it allows for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Gevo’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided below.

Gevo has not provided a reconciliation of forward-looking non-GAAP adjusted EBITDA guidance measures to the most directly comparable GAAP measures because of the inherent difficulty in accurately forecasting certain items excluded from GAAP, which have not yet occurred, are dependent on various factors, are out of the company’s control, or cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.

^{__________________________}

¹ Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss) from operations. A reconciliation of non-GAAP adjusted EBITDA to GAAP is provided in the financial statement tables following this release. See Non-GAAP Financial Information above.

² Adjusted net income (loss) is a non-GAAP measure calculated by adding back impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss). A reconciliation of non-GAAP adjusted net income (loss) from operations to GAAP is provided in the financial statement tables following this release. See Non-GAAP Financial Information above.

Gevo, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share amounts)

	September 30, 2026				December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	67,554			$	81,163
Restricted cash		—				28,770
Trade accounts receivable, net		27,342				8,394
Inventories		20,176				19,076
Prepaid expenses and other current assets		4,897				6,001
Total current assets		119,969				143,404
Property, plant and equipment, net		256,345				353,577
Long-term restricted cash		—				7,006
Operating right-of-use assets		2,449				1,964
Finance right-of-use assets		649				430
Intangible assets, net		86,094				95,003
Goodwill		43,558				43,558
Deposits and other assets		31,172				73,987
Total assets	$	540,236			$	718,929
Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	24,200			$	36,508
Deferred clean fuel production tax credits		33,609				41,115
Operating lease liabilities		900				689
Finance lease liabilities		94				273
Total current liabilities		58,803				78,585
Bonds payable, net		—				64,247
Loans payable		167,769				100,503
Operating lease liabilities		1,736				1,416
Finance lease liabilities		600				394
Asset retirement obligation		2,788				2,250
Other long-term liabilities		—				365
Total liabilities		231,696				247,760
Redeemable non-controlling interest		10,144				4,832
Equity
Common stock, $0.01 par value per share; 500,000,000 shares authorized; 247,376,240 and 242,464,470 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively.		2,474				2,425
Additional paid-in capital		1,305,920				1,298,064
Accumulated deficit		(1,009,998	)			(834,152	)
Total stockholders’ equity		298,396				466,337
Total liabilities and stockholders’ equity	$	540,236			$	718,929

Gevo, Inc.
Consolidated Statements of Operations
(In thousands, except share and per share amounts)

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Total revenues	$	82,953			$	42,710			$	172,402			$	115,232
Cost of production		28,216				22,285				68,366				60,996
Depreciation and amortization		6,925				7,404				20,569				20,239
Gross profit		47,812				13,021				83,467				33,997
Operating expenses:
Research and development expense		1,141				1,273				3,080				3,259
General and administrative expense		13,712				11,647				42,809				33,514
Project development costs		2,259				3,229				7,702				9,062
Acquisition related costs		—				90				—				4,528
Facility idling costs		—				472				—				1,667
Impairment of long-lived assets		—				—				135,788				—
Allowance for credit losses on refundable deposits		500				—				40,282				—
Loss on disposal of assets, net		—				—				210				—
Total operating expenses		17,612				16,711				229,871				52,030
Income (loss) from operations		30,200				(3,690	)			(146,404	)			(18,033	)
Other (expense) income
Interest expense		(5,548	)			(5,207	)			(16,349	)			(12,846	)
Loss on extinguishment of bonds		—				—				(10,304	)			—
Interest and investment income		449				988				1,892				4,080
Other expense, net		(32	)			332				(1378	)			178
Total other expense, net		(5,131	)			(3,887	)			(26,139	)			(8,588	)
Net income (loss)		25,069				(7,577	)			(172,543	)			(26,621	)
Net income attributable to redeemable non-controlling interest		2355				377				3381				917
Net income (loss) attributed to Gevo, Inc.	$	22,714			$	(7,954	)		$	(175,924	)		$	(27,538	)
Net income (loss) per share – basic	$	0.10			$	(0.03	)		$	(0.74	)		$	(0.12	)
Net income (loss) per share – diluted	$	0.09			$	(0.03	)		$	(0.74	)		$	(0.12	)
Weighted-average common shares outstanding – basic		236,676,417				232,684,017				238,260,945				233,338,776
Weighted-average common shares outstanding – diluted		240,892,929				232,684,017				238,260,945				233,338,776

Gevo, Inc.
Consolidated Statements of Stockholders’ Equity
(In thousands, except share amounts)

	For the Three Months Ended September 30, 2026 and 2025
	Stockholders’ Equity																			Mezzanine Equity
	Common Stock							Additional Paid-In Capital				Accumulated Deficit				Stockholders’ Equity				Redeemable Non-Controlling Interest
	Shares			Amount
Balance, June 30, 2026	247,237,104			$	2,472			$	1,303,403			$	(1,032,712	)		$	273,163			$	7,789
Non-cash stock-based compensation	—				—				2,435				—				2,435				—
Stock-based awards and related share issuances, net	57,705				1				(1	)			—				—				—
Exercise of stock options	81,431				1				92				—				93				—
Payments for tax withholdings on employee equity awards	—				—				(9	)			—				(9	)			—
Net income	—				—				—				22,714				22,714				2,355
Balance, September 30, 2026	247,376,240			$	2,474			$	1,305,920			$	(1,009,998	)		$	298,396			$	10,144
Balance, June 30, 2025	241,841,590			$	2,419			$	1,291,630			$	(819,945	)		$	474,104			$	5,664
Non-cash stock-based compensation	—				—				2,362				—				2,362				—
Stock-based awards and related share issuances, net	283,050				2				272				—				274				—
Change in redemption value of redeemable non-controlling interest	—				—				—				85				85				(85	)
Net income (loss)	—				—				—				(7,954	)			(7,954	)			377
Balance, September 30, 2025	242,124,640			$	2,421			$	1,294,264			$	(827,814	)		$	468,871			$	5,956
	For the Nine Months Ended September 30, 2026 and 2025
	Stockholders’ Equity																			Mezzanine Equity
	Common Stock							Additional Paid-In Capital				Accumulated Deficit				Stockholders’ Equity				Redeemable Non-Controlling Interest
	Shares			Amount
Balance, December 31, 2025	242,464,470			$	2,425			$	1,298,064			$	(834,152	)		$	466,337			$	4,832
Issuance of redeemable non-controlling interest	—				—				—				—				—				2,009
Non-cash stock-based compensation	—				—				7,096				—				7,096				—
Stock-based awards and related share issuances, net	4,900,880				48				1,021				—				1,069				—
Exercise of stock options	291,671				4				341				—				345				—
Payments for tax withholdings on employee equity awards	(280,781	)			(3	)			(602	)			—				(605	)			—
Change in redemption value of redeemable non-controlling interest	—				—				—				78				78				(78	)
Net income (loss)	—				—				—				(175,924	)			(175,924	)			3,381
Balance, September 30, 2026	247,376,240			$	2,474			$	1,305,920			$	(1,009,998	)		$	298,396			$	10,144
Balance, December 31, 2024	239,176,293			$	2,392			$	1,287,333			$	(800,237	)		$	489,488			$	—
Issuance of redeemable non-controlling interest	—				—				—				—				—				5,000
Non-cash stock-based compensation	—				—				6,504				—				6,504				—
Stock-based awards and related share issuances, net	2,948,347				29				427				—				456				—
Change in redemption value of redeemable non-controlling interest	—				—				—				(39	)			(39	)			39
Net income (loss)	—				—				—				(27,538	)			(27,538	)			917
Balance, September 30, 2025	242,124,640			$	2,421			$	1,294,264			$	(827,814	)		$	468,871			$	5,956

Gevo, Inc.
Consolidated Statements of Cash Flows
(In thousands)

	Nine Months Ended September 30,
		2026				2025
Operating Activities
Net loss	$	(172,543	)		$	(26,621	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Impairment of long-lived assets		135,788				—
Allowance for credit losses on refundable deposits		40,282				—
Loss on disposal of property and equipment		210				—
Loss on extinguishment of bonds		10,304				369
Stock-based compensation		7,096				6,504
Depreciation and amortization		20,569				20,239
Change in fair value of derivative instruments		968				(15	)
Production tax credits generated		(49,448	)			(34,006	)
Amortization of deferred financing costs		1,576				1,334
Other non-cash expense (income)		1,806				(793	)
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable		(18,948	)			(361	)
Inventories		(1,452	)			(4,108	)
Prepaid expenses and other current assets, deposits and other assets		3,873				(7,455	)
Accounts payable, accrued expenses and non-current liabilities		(9,145	)			6907
Proceeds from production tax credit sale		41,089				4,650
Net cash provided by (used in) operating activities		12,025				(33,356	)
Investing Activities
Acquisitions of property, plant and equipment		(51,587	)			(18,907	)
Acquisition of Red Trail Energy, net of cash acquired		—				(198,461	)
Capitalization of patent costs		(388	)			—
Equity investment in an unconsolidated entity		(1,500	)			—
Issuance of note receivable		(250	)			—
Net cash used in investing activities		(53,725	)			(217,368	)
Financing Activities
Proceeds from issuance of bonds		—				40,000
Redemption of bonds		(68,155	)			(40,000	)
Term loan proceeds		70,000				105,000
Payment of debt issuance costs		(2,612	)			(9,425	)
Non-controlling interest		—				5,000
Payment of prepayment penalty on redemption of bonds		(6,506	)			—
Proceeds from the exercise of stock options		345				456
Payment of finance lease liabilities		(152	)			(945	)
Payments for tax withholdings on employee equity awards		(605	)			—
Net cash (used in) provided by financing activities		(7,685	)			100,065
Net decrease in cash and cash equivalents		(49,385	)			(150,659	)
Cash, cash equivalents and restricted cash at beginning of period		116,939				259,033
Cash, cash equivalents and restricted cash at end of period	$	67,554			$	108,374

Gevo, Inc.
Reconciliation of GAAP to Non-GAAP Financial Information
(In thousands)

		Three Months Ended September 30,							Nine Months Ended September 30,
			2026			2025				2026				2025
Non-GAAP Adjusted EBITDA (Consolidated):
Income (loss) from operations (GAAP)		$	30,200		$	(3,690	)		$	(146,404	)		$	(18,033	)
Impairment of long-lived assets			—			—				135,788				—
Allowance for credit losses on refundable deposits			500			—				40,282				—
Loss on disposal of assets, net			—			—				210				—
Depreciation and amortization			6,925			7,404				20,569				20,239
Other amortization			403			—				1,155				—
Stock-based compensation			2,435			2,362				7,096				6,504
Change in fair value of derivative instruments			3,658			637				968				(15	)
Executive severance			—			—				3,293				—
Non-recurring debt modification costs			—			—				771				—
Non-GAAP Adjusted EBITDA (Consolidated)		$	44,121		$	6,713			$	63,728			$	8,695

		Three Months Ended September 30,							Nine Months Ended September 30,
			2026			2025				2026				2025
Non-GAAP Adjusted Net Income (Loss) (Consolidated):
Net income (loss) attributable to Gevo, Inc.		$	22,714		$	(7,954	)		$	(175,924	)		$	(27,538	)
Impairment of long-lived assets			—			—				135,788				—
Allowance for credit losses on refundable deposits			500			—				40,282				—
Loss on disposal of assets, net			—			—				210				—
Stock-based compensation			2,435			2,362				7,096				6,504
Change in fair value of derivative instruments			3,658			637				968				(15	)
Executive severance			—			—				3,293				—
Non-recurring debt modification costs			—			—				771				—
Non-GAAP adjusted net income (loss) attributable to Gevo, Inc.		$	29,307		$	(4,955	)		$	12,484			$	(21,049	)
Non-GAAP adjusted net income (loss) attributable to Gevo, Inc. per share		$	0.12		$	(0.02	)		$	0.05			$	(0.09	)

	Three Months Ended September 30, 2026
	Gevo				GevoFuels				GevoRNG			GevoND			Consolidated
Non-GAAP Adjusted EBITDA (Consolidated):
(Loss) Income from operations	$	(11,067	)		$	(953	)		$	319		$	41,901		$	30,200
Allowance for credit losses on refundable deposits		—				500				—			—			500
Depreciation and amortization		907				—				1,101			4,917			6,925
Other amortization		13				—				235			155			403
Allocated intercompany expenses for shared service functions		(1,253	)			—				250			1,003			—
Stock-based compensation		2,396				—				11			28			2,435
Change in fair value of derivative instruments		—				—				—			3,658			3,658
Non-GAAP adjusted EBITDA (Consolidated)	$	(9,004	)			(453	)		$	1,916		$	51,662		$	44,121

	Nine Months Ended September 30, 2026
	Gevo				GevoFuels				GevoRNG			GevoND			Consolidated
Non-GAAP Adjusted EBITDA (Consolidated):
(Loss) Income from operations	$	(45,099	)		$	(176,282	)		$	2,465		$	72,512		$	(146,404	)
Impairment of long-lived assets		1,382				134,406				—			—			135,788
Allowance for credit losses on refundable deposits		—				40,282				—			—			40,282
Loss on disposal of assets, net		—				—				210			—			210
Depreciation and amortization		2,732				—				3,106			14,731			20,569
Other amortization		13				—				748			394			1,155
Allocated intercompany expenses for shared service functions		(3,863	)			—				855			3,008			—
Stock-based compensation		7,012				—				32			52			7,096
Change in fair value of derivative instruments		—				—				—			968			968
Executive severance		3,293				—				—			—			3,293
Non-recurring debt modification costs		—				—				8			763			771
Non-GAAP adjusted EBITDA (Consolidated)	$	(34,530	)		$	(1,594	)		$	7,424		$	92,428		$	63,728

	Three Months Ended September 30, 2025
	Gevo				GevoFuels				GevoRNG			GevoND			Consolidated
Non-GAAP Adjusted EBITDA (Consolidated):
(Loss) Income from operations	$	(15,947	)		$	(547	)		$	483		$	12,321		$	(3,690	)
Depreciation and amortization		808				—				1,776			4,820			7,404
Allocated intercompany expenses for shared service functions		(315	)			—				315			—			—
Stock-based compensation		2,355				—				3			4			2,362
Change in fair value of derivative instruments		—				—				—			637			637
Non-GAAP adjusted EBITDA (Consolidated)	$	(13,099	)		$	(547	)		$	2,577		$	17,782		$	6,713

	Nine Months Ended September 30, 2025
	Gevo				GevoFuels				GevoRNG				GevoND				Consolidated
Non-GAAP Adjusted EBITDA (Consolidated):
(Loss) Income from operations	$	(49,297	)		$	(1,647	)		$	2,408			$	30,503			$	(18,033	)
Depreciation and amortization		2,334				—				4,553				13,352				20,239
Allocated intercompany expenses for shared service functions		(946	)			—				946				—				—
Stock-based compensation		6,522				—				(24	)			6				6,504
Change in fair value of derivative instruments		—				—				—				(15	)			(15	)
Non-GAAP adjusted EBITDA (Consolidated)	$	(41,387	)		$	(1,647	)		$	7,883			$	43,846			$	8,695

Media Contact
PR@gevo.com

Investor Contact
Eric Frey, PhD
Vice President of Finance and Strategy
IR@Gevo.com

CALGARY, Alberta, Nov. 10, 2026 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces results for the three and nine months ended September 30, 2026.

Third Quarter Highlights

• Total production of 15,758 boe/d⁽¹⁾ including crude oil and natural gas liquids production of 10,275 bbls/d, representing a 65% liquids weighting in the quarter;
• Royalty and other revenue of $100 million, with over 91% from crude oil and natural gas liquids;
• Funds from operations of $80 million ($0.49/share) ⁽²⁾⁽⁴⁾, a 37% increase from Q3-2025;
• Reduced long-term debt by $34 million and net debt⁽⁵⁾ by $17 million, ending the quarter at $249 million and $234 million, respectively;
• Returned $44 million ($0.27/share)⁽³⁾ to shareholders through monthly dividends, representing a payout ratio⁽⁴⁾ of 55%;
• Invested $17 million in acquisitions and related expenditures, focused on strategic, inventory-rich undeveloped mineral title and royalty lands in the Permian Basin;
• Continued an active leasing program with 63 new leases signed contributing $3.1 million of bonus consideration and lease rental revenue; and
• Net wells totaled 4.2 in Q3-2026, 8% higher than the 3.9 net wells drilled in Q3-2025, as operators increased activity in a stronger year-over-year oil price environment.

President’s Message

Freehold delivered a strong third quarter highlighted by stable royalty production, increased drilling activity levels across the portfolio and robust revenue and funds from operations supported by a constructive commodity price environment.

Production averaged 15,758 boe/d⁽¹⁾ with a 65% liquids weighting, representing a modest increase from last quarter’s production levels. Canadian production held consistent quarter-over-quarter, highlighted by strong production in the Clearwater that reached nearly 7% of our Canadian production in Q3-2026, supported by active drilling and waterflood implementation. U.S. production showed modest growth for the third consecutive quarter, largely driven by increased Permian Basin production.

Strong realized pricing together with $3.1 million of bonus consideration and lease rental revenue contributed to funds from operations of $80 million, or $0.49 per share, representing a 37% increase from Q3-2025.

Freehold continued to benefit from increased operator activity on our lands, highlighting the depth of development opportunities within our asset base. Net drilling increased 56% from Q2-2026 and 8% from Q3-2025, as operators continue to target oil-focused plays in Canada and the U.S.

We have entered into an agreement today to acquire a 3% gross overriding royalty interest in the West Duvernay on lands operated by Refraction Energy Corp (the “Transaction”). Upon closing, the Transaction adds a high-quality, liquids-rich asset that supports our Canadian growth ambitions. We look forward to working with our partner to grow the asset to its full potential over the next several years.

Looking ahead, Freehold is well positioned. Our asset base is exposed to the most economic oil-weighted developments in North America, supported by a well-financed operator base and a strong balance sheet. We expect this combination to continue supporting our dividend, funding growth opportunities and delivering attractive long-term value to our shareholders.

David M. Spyker, President and Chief Executive Officer

Duvernay Transaction Announcement

On November 10, 2026, Freehold entered into an agreement to acquire a gross overriding royalty interest of 3% across a contiguous, undeveloped land base of over 179 sections of prospective Duvernay lands located in West Central Alberta with Refraction Energy Corp. as the operator. The total cash consideration of up to $65 million is to be paid in staged tranches that coincide with various stages of development on the lands over the next several years. Freehold’s initial investment of $20 million will be payable on closing of the Transaction, with the remaining tranches expected to be phased over 2027 and 2028. The total consideration includes a $5 million performance payment tied to certain production milestones expected to be met in 2028. Closing of the Transaction is subject to the satisfaction of customary closing conditions and is expected to occur in the fourth quarter of 2026.

We believe production from the Transaction will have the potential to become 5-10% of our total Canadian production over the next decade. As part of the Transaction, Freehold will have the option to invest alongside the operator to acquire additional lands in the surrounding area, providing an opportunity to further expand our royalty footprint.

Dividend Announcement

The Board of Directors of Freehold has declared a monthly dividend of $0.09 per share to be paid on December 15, 2026, to shareholders of record on November 30, 2026. The dividend is designated as an eligible dividend for Canadian income tax purposes.

Third Quarter Operating and Financial Highlights

	Three Months Ended
FINANCIAL($ millions, except as noted)	Q3-2026	Q2-2026	Q3-2025
Royalty and other revenue	100.3	100.3	74.4
Funds from operations	80.4	77.8	58.9
Funds from operations per share, basic ($)(2)(4)	0.49	0.47	0.36
Dividends paid per share ($)(3)	0.27	0.27	0.27
Dividend payout ratio (%)(4)	55%	57%	75%
Long-term debt	248.8	283.2	283.6
Net debt(5)	234.0	251.1	263.3
Net debt to funds from operations for the trailing 12 months (times)(5)	0.9x	1.0x	1.1x
OPERATING
Total production (boe/d)(1)	15,758	15,622	16,054
Canadian production (boe/d)(1)	8,445	8,510	8,680
U.S. production (boe/d)(1)	7,313	7,112	7,374
Liquids weighting (%)	65%	66%	65%
Petroleum and natural gas realized price ($/boe)(1)	66.83	69.11	48.92
Cash costs ($/boe)(1)(4)	5.31	6.55	5.58
Netback ($/boe)(1) (4)	61.85	61.71	42.82
BENCHMARK PRICES
West Texas Intermediate (US$/bbl)	85.79	92.79	64.93
NYMEX natural gas (US$/Mcf)	3.06	3.01	3.18
AECO 5A Monthly Index (Cdn$/Mcf)	1.57	1.63	0.63
ROYALTY INTEREST DRILLING(gross / net)
Canada	120 / 3.4	74 / 1.8	83 / 3.2
U.S.	292 / 0.8	226 / 0.9	199 / 0.7

(1) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)
(2) Calculated based on the basic weighted average number of shares outstanding during the period
(3) Based on the number of shares issued and outstanding at each record date
(4) See Non-GAAP and Other Financial Measures
(5) Net debt and net debt to trailing funds from operations are capital management measures; see Non-GAAP and Other Financial Measures

Drilling and Leasing Activity 

Third-party drilling activity on Freehold’s royalty lands resulted in a total of 412 gross wells (4.2 net) drilled in the third quarter, an increase of 37% (56% on a net basis) compared to the previous quarter.

	Three Months Ended
	Q3-2026		Q2-2026		Q3-2025
	Gross	Net(1)	Gross	Net(1)	Gross	Net(1)
Canada	120	3.4	74	1.8	83	3.2
United States	292	0.8	226	0.9	199	0.7
Total	412	4.2	300	2.7	282	3.9

(1) Equivalent net wells are the aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage; U.S. wells on Freehold’s lands generally come on production at approximately 10 times the volume that of an average Canadian well in our portfolio.

Canada

Drilling activity ramped up through the quarter with the focus primarily on oil weighted plays. Activity in southeast Saskatchewan continues to increase, with smaller operators actively drilling recently issued leases, adding 42 gross wells in the quarter, while Mannville Heavy Oil saw 14 gross wells across Freehold lands. Operators continue to deploy open-hole multilaterals across both plays.

In the Clearwater, operators drilled 18 gross wells in the quarter. Waterflood activity continues to expand across Freehold’s Clearwater position, with several projects underway at our core Nipisi and Figure Lake assets. Two Belly River wells were also drilled, as the play continues to attract capital alongside growing operator interest in liquids-rich opportunities across the broader Cardium fairway.

Freehold entered into 52 new leases with 10 counterparties during the quarter, driven largely by continued leasing activity in southeast and southwest Saskatchewan.

U.S.

Gross drilling on Freehold lands reached a record high in Q3-2026, driven primarily by the Permian, which accounted for 82% of gross wells drilled in the U.S. during the quarter. The use of surfactants, lightweight proppants and other drilling and completion techniques, continue to improve well productivity. Longer laterals are also contributing to stronger well results, with average lateral lengths on Freehold’s Permian lands approaching three miles, up 10% year-over-year. While net royalty interests are typically lower in the Permian, Freehold’s extensive land position provided royalty exposure to one in every three wells drilled in the Midland Basin during the quarter.

Approximately 44 gross wells were drilled on Freehold’s Eagle Ford lands in Q3-2026, where there was also an increase in permitting activity near the end of the quarter. This ramp-up in permitting is expected to support drilling and production contributions through next year.

Freehold entered into 11 new leases in the U.S. during the quarter, where operators continue to focus on the deeper rights which include the Barnett formation in the Permian Basin.

Credit Facility Renewal

On November 10, 2026, Freehold amended and restated its revolving facility and operating facility, (collectively, the “Credit Facilities”) with its existing syndicate of Canadian banks, extending the maturity date from November 2028 to November 2030. The Credit Facilities provide total available borrowing capacity of $500 million and includes an accordion feature that permits the Company to increase its borrowing capacity by up to an additional $100 million, subject to lender(s)’ consent.

Conference Call Details

A webcast to discuss financial and operational results for the period ended September 30, 2026, will be held for the investment community on Tuesday, November 10, 2026, beginning at 4:30 PM Alberta Time (5:30 PM Eastern Time).

The live audio webcast will be accessible through the link below and on Freehold’s website under “Events & Presentations” at www.freeholdroyalties.com. To participate in the live webcast in listen-only mode, you can register using the following link: https://edge.media-server.com/mmc/p/43aoaeu5

For sell-side analysts intending to ask questions on the webcast, please register in advance at: https://register-conf.media-server.com/register/BId337730ef5e746efbe979a65ff16283a

Once registered, you will receive a unique PIN to access the call.

For further information contact
Freehold Royalties Ltd.
Todd McBride	Katie Freeman
Capital Markets	Capital Markets
t. 403.221.0833	t. 403.221.0874
e. tmcbride@freeholdroyalties.com	e. kfreeman@freeholdroyalties.com

Select Quarterly Information

	2026			2025				2024
Financial ($millions, except as noted)	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Royalty and other revenue	100.3	100.3	77.8	69.8	74.4	78.3	91.1	76.9
Net income (loss)	46.5	57.0	35.1	14.1	34.2	6.2	37.3	51.1
Per share, basic ($)(1)	0.28	0.35	0.21	0.09	0.21	0.04	0.23	0.33
Cash flows from operations	95.8	71.6	46.2	55.0	60.0	57.4	62.9	59.1
Funds from operations	80.4	77.8	59.0	51.1	58.9	56.6	68.1	61.3
Per share, basic ($)(1)(3)	0.49	0.47	0.36	0.31	0.36	0.35	0.42	0.40
Acquisitions & related expenditures	16.9	8.8	20.0	9.3	5.8	15.2	13.9	277.0
Dividends paid	44.3	44.3	44.3	44.3	44.3	44.3	44.3	40.7
Per share ($)(2)	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27
Dividends declared	44.3	44.3	44.3	44.3	44.3	44.3	44.3	41.9
Per share ($)(2)	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27
Dividend payout ratio (%)(3)	55%	57%	75%	87%	75%	78%	65%	66%
Long-term debt	248.8	283.2	301.4	282.9	283.6	292.6	294.3	300.9
Net debt(4)	234.0	251.1	275.3	268.3	263.3	270.6	272.2	282.3
Net debt to trailing funds from operations(4)	0.9	1.0	1.2	1.1	1.1	1.1	1.1	1.2
Average shares outstanding, basic (millions)(5)	164.0	164.0	164.0	164.0	164.0	164.0	164.0	153.4
Operating
Light and medium crude oil (bbl/d)	6,115	6,384	6,432	6,456	6,661	6,940	6,880	6,296
Heavy crude oil (bbl/d)	1,540	1,475	1,459	1,619	1,481	1,557	1,552	1,516
NGL (bbl/d)	2,620	2,418	2,245	2,690	2,335	2,550	2,203	2,066
Total liquids (bbl/d)	10,275	10,277	10,136	10,765	10,477	11,047	10,635	9,878
Natural gas (Mcf/d)	32,899	32,070	32,392	33,180	33,459	33,220	33,678	32,564
Total production (boe/d)(6)	15,758	15,622	15,533	16,294	16,054	16,584	16,248	15,306
Crude oil and NGL (%)	65%	66%	65%	66%	65%	67%	65%	65%
Petroleum and natural gas realized price ($/boe)(6)	66.83	69.11	54.97	45.88	48.92	50.36	59.29	53.80
Cash costs ($/boe)(3)(6)	5.31	6.55	7.02	7.26	5.58	7.38	7.00	5.93
Netback ($/boe)(3)(6)	61.85	61.71	46.66	37.42	42.82	42.68	53.01	47.25
Benchmark Prices
West Texas Intermediate crude oil (US$/bbl)	85.79	92.79	71.93	59.14	64.93	63.74	71.42	70.27
Exchange rate (Cdn$/US$)	1.38	1.38	1.37	1.39	1.38	1.38	1.43	1.40
Edmonton Light Sweet crude oil (Cdn$/bbl)	119.12	131.74	93.49	76.57	86.39	84.25	95.32	94.90
Western Canadian Select crude oil (Cdn$/bbl)	100.56	107.97	79.22	66.89	75.10	73.96	84.30	80.75
NYMEX natural gas (US$/Mcf)	3.06	3.01	5.23	3.68	3.18	3.57	3.79	2.86
AECO 5A Monthly Index (Cdn$/Mcf)	1.57	1.63	2.01	2.23	0.63	1.69	2.17	1.48

(1) Calculated based on the basic weighted average number of shares outstanding during the period
(2) Based on the number of shares issued and outstanding at each record date
(3) See Non-GAAP and Other Financial Measures
(4) Net debt and net debt to trailing funds from operations are capital management measures; see Non-GAAP and Other Financial Measures
(5) Weighted average number of shares outstanding during the period, basic
(6) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)

Forward-Looking Statements

This news release offers our assessment of Freehold’s future plans and operations as of November 10, 2026, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:

• our expectations with respect to the Transaction, including that it will be completed in the fourth quarter of 2026 on the anticipated terms, that the initial $20 million tranche will be paid on closing, that the remaining tranches will be phased over 2027 and 2028, that the production milestones associated with the $5 million performance payment will be met in 2028, that the Transaction will add a high-quality, liquids-rich asset that will support the Company’s Canadian growth ambitions, that the asset will be developed over the next several years, that production from the Transaction has the potential to grow to become 5-10% of the Company’s total Canadian production over the next decade, and that the option to invest alongside the operator to acquire additional lands in the surrounding area will provide opportunities to further expand the Company’s royalty footprint;
• our belief that, looking ahead, Freehold is well-positioned as a result of, among other things, the exposure of our asset base to the most economic oil-weighted developments in North America, supported by a well-financed operator base, and Freehold’s strong balance sheet;
• our expectations that with respect to continued advances in drilling and completion strategies, including the continued deployment of open-hole multilaterals by operators;
• our expectation that we will be in a position to continue supporting our dividend, funding growth opportunities and delivering attractive long-term value to our shareholders;
• the expectation that U.S. wells on Freehold’s lands will generally come on production at approximately 10 times the volume of an average Canadian well in our portfolio;
• the expectation that the ramp-up in permitting activity on Freehold’s Eagle Ford lands will support drilling and production contributions through next year; and
• other similar statements.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including general economic conditions, volatility in market prices for crude oil, NGL and natural gas, risks and impacts of tariffs (or other retaliatory trade measures) imposed by Canada or the U.S. (or other countries) on exports and/or imports into and out of such countries, the risks that, following the July 1, 2026 joint review of the United States-Mexico-Canada Agreement (“USMCA”), the parties are unable to agree on future amendments to or an extension of USMCA, a party ultimately withdraws from USMCA, or USMCA is renegotiated and renewed on terms that are less favourable to Canada and the impacts of any of the foregoing on the Canadian economy and the Company’s business, inflation and supply chain issues, the impacts of the ongoing conflict involving the U.S., Israel and Iran (and other Middle-East conflicts), the Russia-Ukraine war (and any associated sanctions) and actions taken by OPEC+ on the global economy and commodity prices, geopolitical instability, political instability, industry conditions, volatility of commodity prices, future production levels, future capital expenditure levels, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, inaccurate assumptions on supply and demand factors affecting the consumption of crude oil, NGLs and natural gas, inaccurate expectations for industry drilling levels on our royalty lands, the failure to complete acquisitions, including the Transaction, on the timing and terms expected or at all, the failure to satisfy conditions of closing for any acquisitions, the failure of the operator of the Duvernay lands to achieve the development and production milestones contemplated by the Transaction on the timing expected or at all, the lack of availability of qualified personnel or management, stock market volatility, our inability to come to agreement with third parties on prospective opportunities and the results of any such agreement and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our Annual Information Form for the year-ended December 31, 2025, available at www.sedarplus.ca.

With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future commodity prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future legislation, the cost of developing and producing our assets, the quality of our counterparties and the plans thereof, the satisfaction of the conditions to closing of the Transaction, the ability of the operator of the Duvernay lands to achieve the applicable development and production milestones, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our crude oil and natural gas successfully to current and new customers, the performance of current wells and future wells drilled by our royalty payors, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our expectation for completion of wells drilled, our ability to obtain financing on acceptable terms, shut-in production, production additions from our audit function, our ability to execute on prospective opportunities and our ability to add production and reserves through development and acquisition activities.

You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.

You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises, requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

Conversion of Natural Gas to Barrels of Oil Equivalent (boe)

To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

Non-GAAP and Other Financial Measures

Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry, which do not have any standardized meanings prescribed by Canadian GAAP. We believe that netback and cash costs are useful non-GAAP financial ratios, and dividend payout ratio and funds from operations per share are useful supplementary financial measures, for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations. However, as these terms do not have any standardized meanings prescribed by GAAP, such terms may not be comparable with the calculations of similar measures for other entities. This news release also contains the capital management measures net debt and net debt to funds from operations for the trailing 12 months, as defined in note 12 to the unaudited interim condensed consolidated financial statements as at and for the three and nine months ended September 30, 2026.

Net Revenue, which is calculated on a boe basis, is comprised of royalty and other revenue less ad valorem and production taxes (as incurred in the U.S. at the state level, largely Texas, which do not charge corporate income taxes but do assess flat tax rates on commodity revenues in addition to property tax assessments) and details the net amount Freehold receives from its royalty payors, largely after state withholdings.

Netback, which is calculated on a boe basis, is comprised of royalty and other revenue less production and ad valorem taxes, operating expenses, general and administrative expense, cash-based management fees, cash-based interest charges and share-based payouts, represents the per boe netback amount which allows us to benchmark how changes in commodity pricing, net of production and ad valorem taxes, and our cash-based cost structure compare against prior periods.

Cash costs, which is calculated on a boe basis, is comprised of the recurring cash-based costs, excluding taxes, reported on the statements of operations. For Freehold, cash costs are identified as operating expense, general and administrative expense, cash-based interest charges, cash-based management fees and share-based compensation payouts. Cash costs allow Freehold to benchmark how changes in its manageable cash-based cost structure compare against prior periods.

The following table presents the computation of Net Revenue, Cash costs and Netback for the periods indicated:

/boe	Q3-2026	Q2-2026	Q3-2025
Royalty and other revenue	$69.18	$70.52	$50.35
Production and ad valorem taxes	(2.02)	(2.26)	(1.95)
Net revenue	$67.16	$68.26	$48.40
Less:
General and administrative expense	(2.67)	(2.44)	(2.51)
Operating expense	(0.10)	(0.11)	(0.11)
Interest and financing cash expense	(2.54)	(2.86)	(2.96)
Cash payout on share-based compensation	–	(1.14)	–
Cash costs	(5.31)	(6.55)	(5.58)
Netback	$61.85	$61.71	$42.82

Dividend payout ratios are often used for dividend paying companies in the oil and gas industry to identify dividend levels in relation to funds from operations that are also used to finance debt repayments and/or acquisition opportunities. Dividend payout ratio is a supplementary financial measure and is calculated as dividends paid as a percentage of funds from operations. The following table shows the calculation of dividend payout ratio for the periods indicated:

($000s, except as noted)	Q3-2026	Q2-2026	Q3-2025
Dividends paid	$44,269	$44,270	$44,269
Funds from operations	$80,370	$77,841	$58,854
Dividend payout ratio (%)	55%	57%	75%

Funds from operations per share, which is calculated as funds from operations divided by the weighted average shares outstanding during the period, provides direction if changes in commodity prices, cash costs, and/or acquisitions were accretive on a per share basis. Funds from operations per share is a supplementary financial measure.

WILMINGTON, Del., Nov. 10, 2026 (GLOBE NEWSWIRE) — Inhibikase Therapeutics, Inc. (Nasdaq: IKT) (“Inhibikase” or “Company”), a clinical-stage pharmaceutical company developing IKT-001, a novel once-daily oral anti-proliferative for Pulmonary Arterial Hypertension (“PAH”), today reported financial results for the quarter ended September 30, 2026, and highlighted recent developments.

“During our third quarter and in recent weeks we continued to advance our Phase 3 IMPROVE-PAH study, for which we have obtained 28 country regulatory approvals in the U.S. and E.U., with 79 clinical sites activated across a range of countries,” said Mark Iwicki, Chief Executive Officer of Inhibikase. “We continue to expand our clinical footprint and look forward to additional country and site activations over the coming months. Supported by the $50 million proceeds from the sale of shares to RA Capital in July, Inhibikase is well-positioned to advance IKT-001 toward its potential as the first once-daily oral anti-proliferative offering significant potential benefits to the PAH patient population.”

Recent Developments

• As of November 2026, regulatory approvals for the IMPROVE-PAH (IKT-001 for Measuring Pulmonary Vascular Resistance and Outcome Variables in a Phase 3 Evaluation of PAH; NCT07365332) have been obtained in 28 countries globally; 79 of a planned 180 clinical sites have been activated.
  • The global IMPROVE-PAH trial is a two-part adaptive Phase 3 study. Part A of IMPROVE-PAH is a double blind, placebo-controlled study in approximately 140 patients with a primary endpoint of change in Pulmonary Vascular Resistance (“PVR”) at Week 24. Part B of IMPROVE-PAH seamlessly begins following the enrollment of the last patient in Part A and adopts an identical format to Part A except the primary endpoint of Part B is change in 6-minute walk distance (“6MWD”) at Week 24 in approximately 346 patients.
  • An interim safety readout for Part A of the Phase 3 IMPROVE-PAH study (n=50) is planned for the first half of 2027.
• In October 2026, the Company announced the appointment of Scott M. Wasserman, MD, to the Company’s Board of Directors. Dr. Wasserman is currently the Chief Medical Officer of Kailera Therapeutics, a clinical-stage company developing GLP-1-based therapeutics for obesity and related conditions. Dr. Wasserman is a cardiologist with more than two decades of experience in clinical development and company leadership.
• In July 2026, the Company sold 25,000,000 shares of the Company’s common stock to new shareholder RA Capital Management through its at-the-market (“ATM”) facility for gross proceeds of $50 million. Subsequently, in July 2026, 18,030,000 of these shares of common stock were exchanged for pre-funded warrants to purchase shares of common stock.
• In July 2026, the FDA’s Office of Orphan Products Development granted Orphan Drug Designation (“ODD”) for IKT-001. ODD provides potential development incentives, including eligibility for tax credits on qualified clinical trial costs, exemption from certain FDA user fees, and the potential for seven years of market exclusivity upon regulatory approval.

Nonclinical and Development Update

Over the last few months and extending into 2027, the Company has enhanced its focus on additional nonclinical activities that have the potential to broaden the scientific rationale for IKT-001 across the following themes:

• Sotatercept Combination: Building on previously published nonclinical evidence supporting the potential to provide PAH patients with additive hemodynamic improvements via the complementary combination of IKT-001 and an active signaling inhibitor, Inhibikase’s additional nonclinical studies are focused on deepening the mechanistic and translational rationale for combining IKT-001 with sotatercept with results expected progressively, starting in the first quarter of 2027.   Additionally, the Company has begun regulatory filings to support combination therapy within Part B of the ongoing Phase 3 program.
• Group 2 Potential: Beyond the Company’s current single pivotal Phase 3 in Group 1 PAH patients, Inhibikase is undertaking various nonclinical activities to explore the potential of IKT-001 to improve myocardial fibrosis and diastolic function. These efforts will evaluate the potential of IKT-001 to address both pulmonary vascular remodeling and underlying cardiac dysfunction in HFpEF-associated pulmonary hypertension with results expected during 2027.
• Group 3 Potential: The Company is also evaluating whether IKT-001 has the potential to reduce pulmonary vascular resistance and vascular remodeling, improve right-heart function, and provide therapeutic benefit in PH-ILD (Group 3) nonclinical models. These studies will explore the potential of IKT-001 to reduce the abnormal remodeling of pulmonary arteries, as well as a possible direct antifibrotic effect, with results expected during late 2027 or early 2028.

Investor Conferences

Inhibikase is participating in the following upcoming investor conferences:

Jefferies Global Healthcare Conference
November 16–19, 2026
London, United Kingdom
Format: Fireside Chat with Mark Iwicki of Inhibikase and Dennis Ding, Jefferies Research
Date: Monday, November 16
Webcast: Click here

9th Annual Evercore Healthcare Conference
November 30–December 2, 2026
Coral Gables, Florida
Mr. Iwicki will participate in one-on-one investor meetings on Tuesday, December 1. Investors interested in scheduling a meeting should contact their Evercore representative.

Financial Results

Cash Position: As of September 30, 2026, cash, cash equivalents and marketable securities were $193.3 million. In July 2026, the Company announced that it had sold 25,000,000 shares of the Company’s common stock to RA Capital Management through its ATM facility for gross proceeds of $50 million. The Company expects that the additional capital raised through this financing, together with existing cash reserves, will support operations through topline data readout in Part B of the ongoing global Phase 3 IMPROVE-PAH clinical study, assuming the full and timely exercise of the outstanding Series A and B Warrants.

As of September 30, 2026, there were 140.3 million shares of common stock and 60.6 million pre-funded warrants outstanding.

Net Loss: Net loss for the quarter ended September 30, 2026, was $20.5 million, or $0.10 per share, compared to a net loss of $11.9 million, or $0.13 per share in the quarter ended September 30, 2025. Net loss for the nine months ended September 30, 2026, was $56.4 million, or $0.31 per share, compared to a net loss of $35.5 million, or $0.40 per share, for the nine months ended September 30, 2025.

R&D Expenses: Research and development expenses were $15.0 million for the quarter ended September 30, 2026, compared to $7.6 million for the quarter ended September 30, 2025. Research and development expenses were $39.2 million for the nine months ended September 30, 2026, compared to $23.4 million for the nine months ended September 30, 2025, which included a non-cash write-off of in-process research and development of $7.4 million and $1.8 million of stock-based compensation expense, both associated with the Company’s acquisition of CorHepta in February 2025.

SG&A Expenses: Selling, general and administrative expenses for the quarter ended September 30, 2026 were $7.2 million, compared to $5.6 million for the quarter ended September 30, 2025. Selling, general and administrative expenses for the nine months ended September 30, 2026 were $22.3 million, compared to $16.8 million for the nine months ended September 30, 2025, which included $1.0 million of severance expenses for former senior executives of the Company.

About Inhibikase (www.inhibikase.com) 

Inhibikase Therapeutics, Inc. (Nasdaq: IKT) is a clinical-stage pharmaceutical company developing therapeutics to modify the course of cardiopulmonary diseases, namely, Pulmonary Arterial Hypertension (“PAH”), in which aberrant signaling through type III receptor tyrosine kinases, including platelet derived growth factor receptors and a stem cell factor receptor, known as “c-Kit,” has been implicated. Our lead product candidate is IKT-001, a prodrug of imatinib mesylate (“imatinib”), for PAH which is an orphan indication. Imatinib was first approved in the United States in 2001 for various cancers and blood disorders and, following more than 20 years of clinical use, has a well-characterized safety profile with the first reported use of imatinib in PAH occurring in 2005. PAH is a progressive, life-threatening disease characterized by pulmonary vascular remodeling and elevated pulmonary vascular resistance that affects approximately 50,000 Americans. Our single pivotal Phase 3 clinical study in PAH in approximately 180 sites around the world, named IMPROVE-PAH (IKT-001 for Measuring Pulmonary Vascular Resistance and Outcome Variables in a Phase 3 Evaluation of PAH), is actively enrolling patients.

Social Media Disclaimer

Investors and others should note that the Company announces material financial information to investors using its investor relations website, press releases, SEC filings and public conference calls and webcasts. The Company intends to also use LinkedIn as a means of disclosing information about the Company, its services and other matters and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements that express the Company’s intentions, beliefs, expectations, strategies, predictions or any other statements related to the potential of IKT-001, including its potential to become a once-daily oral anti-proliferative treatment for PAH and its potential benefits to patients with PAH, the advancement of the Company’s global pivotal Phase 3 clinical study of IKT-001 in PAH, including the timing, design, conduct and anticipated interim safety readout of the IMPROVE-PAH study and related regulatory submissions, the Company’s ability to obtain additional regulatory approvals for the IMPROVE-PAH study, including any approvals needed to evaluate combination therapy in Part B, the Company’s beliefs regarding the potential advantages of the Phase 3 clinical study of IKT-001, the Company’s nonclinical studies of IKT-001 in combination with sotatercept and its potential use in Group 2 and Group 3 pulmonary hypertension, including the expected timing and results of those studies and potential therapeutic benefits, the potential benefits of Orphan Drug Designation, the Company’s expectations regarding its cash runway and ability to fund operations through the topline data readout from Part B of IMPROVE-PAH, expectations regarding the exercise of the outstanding Series A and B Warrants, or future events or conditions. These forward-looking statements are based on Inhibikase’s current expectations and assumptions. Such statements are subject to certain risks and uncertainties, which could cause Inhibikase’s actual results to differ materially from those anticipated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include our ability to execute a Phase 3 study to evaluate IKT-001 as a treatment for PAH, as well as such other factors that are included in our periodic reports on Form 10-K and Form 10-Q that we file with the U.S. Securities and Exchange Commission. Any forward-looking statement in this release speaks only as of the date of this release. Inhibikase undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Contacts:
Investor Relations:
Michael Moyer
LifeSci Advisors
mmoyer@lifesciadvisors.com 

—tables to follow—

Inhibikase Therapeutics, Inc. Condensed Consolidated Balance Sheets (Unaudited)
		September  30, 2026				December  31, 2025
		(Unaudited)				(Note 1)
Assets						​
Current assets:						​
Cash and cash equivalents		$	51,701,197			$	139,220,208
Marketable securities			141,619,768				39,543,820
Prepaid research and development			3,998,159				1,001,993
Prepaid expenses and other current assets			1,412,941				343,374
Total current assets			198,732,065				180,109,395
Prepaid research and development, noncurrent			2,780,307				1,000,000
Other assets			239,577				95,121
Total assets		$	201,751,949			$	181,204,516
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	947,993			$	1,158,054
Accrued expenses and other current liabilities (see Note 6)			12,008,758				4,081,282
Contingent consideration liability			—				3,061,501
Total current liabilities			12,956,751				8,300,837
Total liabilities			12,956,751				8,300,837
Commitments and contingencies (see Note 13)
Stockholders’ equity:		​				​
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2026 and December 31, 2025			—				—
Common stock, $0.001 par value; 500,000,000 shares authorized at September 30, 2026 and December 31, 2025; 140,269,633 and 131,691,237 shares issued and outstanding (including 0 and 4,149,252 contingently issuable shares – see Note 9) at September 30, 2026 and December 31, 2025, respectively			140,270				131,691
Additional paid-in capital			387,883,494				315,429,986
Accumulated other comprehensive (loss) income			(109,361	)			21,802
Accumulated deficit			(199,119,205	)			(142,679,800	)
Total stockholders’ equity			188,795,198				172,903,679
Total liabilities and stockholders’ equity		$	201,751,949			$	181,204,516

Inhibikase Therapeutics, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Costs and expenses:
Research and development		$	14,999,866			$	7,649,697			$	39,232,480			$	23,434,243
Selling, general and administrative			7,229,191				5,611,503				22,262,845				16,780,525
Change in fair value contingent consideration			—				(492,827	)			(373,354	)			(2,016,111	)
Total costs and expenses			22,229,057				12,768,373				61,121,971				38,198,657
Loss from operations			(22,229,057	)			(12,768,373	)			(61,121,971	)			(38,198,657	)
Other income			1,761,723				838,093				4,682,566				2,674,119
Net loss			(20,467,334	)			(11,930,280	)			(56,439,405	)			(35,524,538	)
Other comprehensive loss
Unrealized (loss) gain on marketable securities			(36,607	)			(1,245	)			(131,163	)			33,059
Comprehensive loss		$	(20,503,941	)		$	(11,931,525	)		$	(56,570,568	)		$	(35,491,479	)
Net loss per share – basic and diluted		$	(0.10	)		$	(0.13	)		$	(0.31	)		$	(0.40	)
Weighted-average number of shares – basic and diluted			196,938,811				90,050,973				181,362,655				89,867,805

Inhibikase Therapeutics, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited)
		Nine months ended September 30,
		2026				2025
Cash flows from operating activities
Net loss		$	(56,439,405	)		$	(35,524,538	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			—				60,499
Stock-based compensation expense			16,433,584				10,776,144
Write-off of in-process research and development			—				7,357,294
Change in fair value contingent consideration			(373,354	)			(2,016,111	)
Non-cash accretion on marketable securities			(3,203,308	)			(570,503	)
Changes in operating assets and liabilities:
Operating lease right-of-use assets			—				101,437
Prepaid expenses and other current assets			(1,069,567	)			257,321
Current and non-current prepaid research and development			(4,776,473	)			(1,129,258	)
Other assets			(144,456	)			(57,913	)
Accounts payable			(210,061	)			(390,699	)
Operating lease liabilities			—				(110,517	)
Accrued expenses and other current liabilities			7,927,476				976,353
Net cash used in operating activities			(41,855,564	)			(20,270,491	)
Cash flows from investing activities
Purchases of equipment and improvements			—				(13,399	)
Purchases of investments – marketable securities			(221,303,803	)			(38,996,000	)
Maturities of investments – marketable securities			122,300,000				41,600,000
Acquired in-process research and development			—				(438,624	)
Net cash provided by (used in) investing activities			(99,003,803	)			2,151,977
Cash flows from financing activities
Deferred offering costs			—				(385,062	)
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs of $1.3 million			52,011,159				150
Proceeds from the exercise of Series A-1 warrants			1,000,100				—
Exchange of common stock for pre-funded warrants			(18,030	)			—
Issuance of common stock from exercise of options			347,127				282,553
Net cash provided by (used in) financing activities			53,340,356				(102,359	)
Net decrease in cash and cash equivalents			(87,519,011	)			(18,220,873	)
Cash and cash equivalents at beginning of period			139,220,208				56,490,579
Cash and cash equivalents at end of period		$	51,701,197			$	38,269,706
Non-cash investing and financing activities
Contingent consideration		$	—			$	2,419,332
Share forfeited and contingent consideration reclassified to additional paid-in capital		$	2,688,147			$	—
CorHepta transaction costs		$	—			$	175,000

– Third-quarter results reflect revenue of $183.5 million driven by the FDA approval of SimpleScreen™ CRC –

– Entered the public market and raised gross proceeds of $310 million –

BRISBANE, Calif., Nov. 10, 2026 (GLOBE NEWSWIRE) — Freenome, Inc. (NASDAQ: FRNM), a personalized cancer detection company using an AI-driven multiomics platform to optimize single- and multi-cancer blood tests, today reported its financial results for the third quarter ended September 30, 2026, and provided guidance for 2026.

Third Quarter Financial Highlights

• Total revenue was $183.5 million for the third quarter of 2026, driven primarily by $180.0 million recognized under our collaboration and license agreement following FDA approval of SimpleScreen CRC, compared to $1.0 million for the third quarter of 2025.
• License and collaboration revenue was $182.5 million, and service and other revenue was $0.9 million for the third quarter of 2026.
• GAAP net income was $60.1 million for the third quarter of 2026, compared to a GAAP net loss of $64.5 million for the third quarter of 2025.
• Went public on the Nasdaq Capital Market on July 21, 2026, under the ticker symbol FRNM, having raised approximately $310 million in gross proceeds from top healthcare investors.
• Cash, cash equivalents and marketable securities totaled $430.0 million as of September 30, 2026.
• Net cash provided by operating activities was $38.4 million for the third quarter of 2026.
• Adjusted EBITDA, a non-GAAP financial measure, was $117.9 million for the third quarter of 2026, compared to negative $56.3 million for the corresponding period in 2025. See “Non-GAAP Financial Measures” below.
• Completed the conversion of approximately $50.5 million of principal and accrued interest under the Abbott convertible note into approximately 3.4 million shares at $15.00 per share. Upon the closing of the business combination in July 2026, the Roche convertible note was converted into approximately 6.4 million shares at $12.00 per share.

Recent Operating Highlights

• Received FDA approval on July 24, 2026, for SimpleScreen™ CRC, a blood-based screening test for adults 45 and older at average risk for colorectal cancer, triggering a $100 million milestone payment under Freenome’s collaboration and exclusive U.S. commercial license agreement with Exact Sciences (assumed by Abbott after acquisition).
• Reported topline results from an updated version of SimpleScreen™ CRC. The study met all primary and secondary endpoints and showed improved detection of advanced precancerous lesions, including lesions with high-grade dysplasia.
• Under the commercial license agreement, the Freenome-developed SimpleScreen™ CRC test was launched by Abbott on September 30, 2026 in the United States.
• Subsequent to quarter-end in October, expanded the Personalized Cancer Detection (PCD) portfolio with the launch of SimpleScreen™ Lung and the option to add SimpleScreen CRC in a single blood draw, for individuals eligible for both screenings. SimpleScreen Lung is a protein-based laboratory-developed screening test for adults ages 50 to 80 with a significant smoking history who are not currently participating in guideline-recommended screening.
• Received FDA Breakthrough Device Designation for the multiomics version of the SimpleScreen Lung test that is currently being developed.
• Advanced development of the AI-powered multiomics discovery platform for the PCD pipeline, with the next two single-cancer readouts anticipated in December and our first asymptomatic multi-cancer detection readout in mid 2027.

“Freenome made meaningful progress in its first quarter as a public company, executing on our strategic partnerships and strengthening our operating foundation,” said Aaron Elliott, Ph.D., CEO of Freenome. “With SimpleScreen CRC approved by the FDA and our lung program advancing, we remain focused on expanding access to blood-based early cancer detection. Looking ahead, we believe the opportunity is substantial as our multiomics AI platform positions us to build a portfolio of single-cancer and multi-cancer tests that has the potential to truly transform how cancer is detected.”

	Three Months Ended September 30, (Unaudited)									Nine Months Ended September 30, (Unaudited)
	2026			2025			%			2026			2025			%
Revenue ($ in thousands)
License and Collaboration	$	182,547		$	–		100	%		$	187,702		$	–		100	%
Service and Other	$	942		$	1,035		(9	)%		$	2,283		$	2,530		(10	)%
Total Revenue	$	183,489		$	1,035		17,628	%		$	189,985		$	2,530		7,409	%

Third Quarter 2026 Financial Results

For the three months ended September 30, 2026, total revenue was $183.5 million, compared to $1.0 million for the same period in 2025, an increase of $182.5 million. License and Collaboration revenue was $182.5 million, compared to none in 2025. Service and Other revenue was $0.9 million, compared to $1.0 million in 2025.

Total operating costs and expenses were $113.5 million for the third quarter of 2026, compared to $66.3 million for the third quarter of 2025, an increase of $47.2 million that was primarily driven by transaction and stock-based compensation costs related to the closing of the business combination. Research and development expense was $68.4 million and general, and administrative expense was $44.6 million for the third quarter of 2026.

GAAP net income was $60.1 million for the third quarter of 2026, compared to a GAAP net loss of $64.5 million for the corresponding period in 2025. Non-GAAP net income was $114.0 million for the third quarter of 2026, compared to a non-GAAP net loss of $61.4 million for the corresponding period in 2025.

Adjusted EBITDA was $117.9 million for the third quarter of 2026, compared to negative $56.3 million for the corresponding period in 2025.

Net cash provided by operating activities was $38.4 million for the third quarter of 2026, compared to net cash used in operating activities of $42.0 million for the same period in 2025. Free cash flow was $35.7 million for the third quarter of 2026, compared to negative $44.8 million for the same period in 2025. Non-GAAP net income (loss), Adjusted EBITDA and free cash flow are non-GAAP financial measures.

See “Non-GAAP Financial Measures” below for definitions of these measures and the tables following the condensed consolidated financial statements for reconciliations to the most directly comparable GAAP financial measures.

2026 Guidance

Freenome expects full year 2026 total revenue of $192 million to $194 million, reflecting contributions from license and collaboration agreements, research and development services, and early commercial activities.

Webcast and Conference Call Information

Freenome will host a conference call and webcast to discuss its third-quarter 2026 financial results on November 10, 2026, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Investors interested in listening to the conference call are required to register online. The webcast will be available through the “News & Events” section of Freenome’s investor relations website at investors.freenome.com. A replay will be available following the call.

Non-GAAP Financial Measures

Freenome prepares its financial statements in accordance with U.S. generally accepted accounting principles (GAAP). To supplement its GAAP financial results, this press release also contains certain measures, on a non-GAAP basis. The non-GAAP measures presented in this release are non-GAAP net income (loss), Adjusted EBITDA and free cash flow. These non-GAAP financial measures are not prepared in accordance with, and are not alternative to, GAAP, and should be read only in conjunction with Freenome’s financial statements prepared in accordance with GAAP.

Non-GAAP net income (loss) is adjusted as shown in the reconciliation below. The adjustments include stock-based compensation and amortization of acquisition-related intangible assets. The reconciliation separately identifies the loss on remeasurement of the convertible note. Ordinary depreciation is not excluded from non-GAAP net income (loss).

Adjusted EBITDA is defined as net income (loss) adjusted for interest and investment income, interest expense, other income (expense), net, depreciation and amortization, stock-based compensation, and the convertible-note remeasurement loss, which is presented as a separate adjustment in the reconciliation. We believe Adjusted EBITDA provides supplemental information to help investors evaluate financial performance across periods. The reconciliation of GAAP net income (loss) to Adjusted EBITDA is provided below.

Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment in the period. Freenome believes free cash flow is a useful supplemental liquidity measure for investors because it reflects the cash generated from (used in) its operations after investment in property and equipment. Free cash flow does not represent the residual cash flow available for discretionary expenditures because it does not deduct all mandatory payments or other contractual obligations, including any required debt principal repayments. Free cash flow should not be considered in isolation from, or as a substitute for, net cash provided by (used in) operating activities, investing activities or financing activities.

Freenome believes non-GAAP net income (loss), when considered with GAAP net income (loss), is useful to investors because it provides a supplemental way to assess period-to-period changes in reported net income by showing the effects of stock-based compensation, acquisition-related intangible amortization and convertible-note remeasurement. Stock-based compensation is recurring and expected to remain a significant cost of our business.

Non-GAAP financial measures are not uniformly defined, and Freenome’s non-GAAP financial measures may be calculated differently from, and therefore may not be comparable to, similarly titled measures reported by other companies.

These non-GAAP financial measures should not be considered in isolation or as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. Among other limitations, these financial measures exclude certain expenses, and gains and losses that are required to be recorded by GAAP and therefore do not reflect all costs of Freenome’s business.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, as applicable, are provided in the tables following the condensed consolidated financial statements.

About Freenome

Freenome is an early cancer detection company developing blood-based screening tests to identify cancer in its earliest, most treatable stages. The company’s proprietary AI-driven multiomics discovery platform analyzes circulating cell-free DNA methylation patterns at single-base resolution alongside additional biomarkers to detect multiple cancers. Freenome’s development of FDA-approved SimpleScreen CRC for colorectal cancer screening and a pipeline of tests for lung cancer and additional single- and multi-cancer indications is designed to increase cancer screening participation among millions of at-risk individuals.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements include, without limitation, statements regarding the anticipated benefits of Freenome’s strategic partnerships, collaboration and license agreements; the design and conduct of clinical trials with Freenome’s product candidates, including expected timelines for clinical data readouts; the commercialization, adoption and potential impact of SimpleScreen CRC; the development, clinical evaluation and regulatory review of SimpleScreen Lung and other tests; ongoing and planned regulatory interactions and Freenome’s beliefs regarding those interactions; the potential benefits of Freenome’s multiomics and artificial intelligence platform; the timing and potential benefits of operating-efficiency initiatives, including the transition of facility-management services; Freenome’s expectations and assumptions regarding the future of its business, including its expectations for full-year 2026 total revenue, expenses, cash use and liquidity; Freenome’s cash runway and the sufficiency of its cash and cash equivalents to fund its operations; and Freenome’s business strategy and prospects.

These statements are based on Freenome’s current views, plans, intentions, expectations, strategies and prospects, which are based on information currently available to Freenome and assumptions it has made. Although Freenome believes these statements are reasonable, it cannot guarantee that its plans, intentions, expectations, strategies or prospects will be attained or achieved. Many actual events and circumstances are beyond the control of Freenome. Actual results may differ materially from those described in these statements because of risks and uncertainties, including risks related to regulatory approval and review timelines; clinical studies and validation; reimbursement and market adoption; competition; partnerships and commercialization; manufacturing, laboratory operations and supply; protection of intellectual property; the ability to attract and retain personnel; the ability to raise additional capital; changes in domestic and foreign business, economic, political and legal conditions; litigation; and the other risks described in documents that Freenome has filed or will file with the Securities and Exchange Commission.

In addition, forward-looking statements reflect Freenome’s expectations, plans, forecasts of future events or views as of the date of this press release and are qualified in their entirety by reference to the cautionary statements herein. Freenome anticipates that subsequent events and developments will cause its assessments to change. These forward-looking statements should not be relied upon as any guarantee, assurance, prediction or definitive statement of fact or probability or as representing Freenome’s assessments as of any date subsequent to the date of this press release. Freenome undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contacts

Investor Contact
Gilmartin Group LLC
investor-relations@freenome.com

Media Contact
Ryan Flinn
The Grace Group
ryan@gracegroup.us
media@gracegroup.us

FREENOME, INC. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share amounts)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue:
License and collaboration revenue	$	182,547			$	—			$	187,702			$	—
Service and other revenue		942				1,035				2,283				2,530
Total revenue		183,489				1,035				189,985				2,530
Operating costs and expenses:
Cost of services		478				611				1,415				1,494
Research and development		68,417				50,627				174,804				145,486
General and administrative		44,628				15,055				71,252				41,070
Total operating costs and expenses		113,523				66,293				247,471				188,050
Income (loss) from operations		69,966				(65,258	)			(57,486	)			(185,520	)
Other income (expense), net:
Interest and investment income		2,969				1,420				5,698				5,137
Interest expense		(1,188	)			(644	)			(8,951	)			(646	)
Convertible note remeasurement loss		(11,631	)			—				(11,731	)			—
Other income (expense), net		(6	)			13				(8	)			(45	)
Net income (loss)	$	60,110			$	(64,469	)		$	(72,478	)		$	(181,074	)
Net income (loss) per share of common stock outstanding
Basic		0.60				(0.95	)			(0.92	)			(2.66	)
Diluted		0.58				(0.95	)			(0.92	)			(2.66	)
Weighted-average shares outstanding
Basic		100,174,038				68,016,817				78,885,912				67,998,124
Diluted		103,221,841				68,016,817				78,885,912				67,998,124

FREENOME, INC. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except shares and par value data)
	September 30, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	180,379			$	78,558
Marketable securities		249,593				138,106
Accounts receivable		8,821				1,307
Inventory		1,885				—
Prepaid expenses and other current assets		20,307				8,520
Total current assets		460,985				226,491
Property and equipment, net		154,537				155,776
Operating lease right-of-use assets, net		95,171				97,055
Intangible assets, net		2,486				3,300
Goodwill		10,513				10,513
Other long-term assets		279				4,800
Restricted cash		9,560				9,118
Total assets	$	733,531			$	507,053
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	8,279			$	6,084
Accrued compensation and other related benefits		12,466				13,424
Accrued expenses and other current liabilities		3,689				3,783
Deferred revenue, current						7,123
Current portion of lease liabilities		11,765				10,114
Total current liabilities		36,199				40,528
Long-term liabilities:
Lease liabilities, net of current portion		189,894				199,015
Convertible note, at fair value		—				41,600
Convertible note, related party		—				60,895
Deferred revenue, non-current		24,594				49,138
Other long-term liabilities		1,515				15,433
Total liabilities		252,202				406,609
Commitments and contingencies (Note 13)
Stockholders’ equity
Preferred stock, $0.0001 par value – 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2026 and December 31, 2025		—				—
Common stock, $0.0001 par value – 1,000,000,000 shares authorized; 110,870,300 and 67,944,192 shares issued and outstanding as of September 30, 2026, and December 31, 2025, respectively.		11				7
Additional paid-in capital		1,901,263				1,447,410
Accumulated other comprehensive gain (loss)		(362	)			132
Accumulated deficit		(1,419,583	)			(1,347,105	)
Total stockholders’ equity		481,329				100,444
Total liabilities and stockholders’ equity	$	733,531			$	507,053

FREENOME, INC Reconciliation of Selected GAAP Measures to Non-GAAP Measures (Unaudited) (Amounts in thousands)
	Three Months Ended September 30,							Nine Months Ended September 30,
		2026			2025				2026				2025
GAAP net income (loss)	$	60,110		$	(64,469	)		$	(72,478	)		$	(181,074	)
Amortization of intangible assets		271			272				815				800
Stock-based compensation expense		41,944			2,831				47,581				7,845
Convertible note remeasurement loss		11,631			—				11,731				—
Non-GAAP net income (loss)	$	113,956		$	(61,366	)		$	(12,351	)		$	(172,429	)

FREENOME, INC U.S. GAAP to Non-GAAP Reconciliation Adjusted EBITDA (Unaudited) (Amounts in thousands)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
GAAP net income (loss)	$	60,110			$	(64,469	)		$	(72,478	)		$	(181,074	)
Interest and investment income		(2,969	)			(1,420	)			(5,698	)			(5,137	)
Interest expense		1,188				644				8,951				646
Other income (expense), net		6				(13	)			8				45
Convertible note remeasurement loss		11,631				—				11,731				—
Amortization of intangible assets		271				272				815				800
Depreciation		5,715				5,852				17,481				17,338
Stock-based compensation expense		41,944				2,831				47,581				7,845
Adjusted EBITDA	$	117,896			$	(56,303	)		$	8,391			$	(159,537	)

FREENOME, INC. U.S. GAAP to Non-GAAP Reconciliation Operating Cash Flow to Free Cash Flow (Unaudited) (Amounts in thousands)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net cash provided by (used in) operating activities	$	38,414			$	(42,036	)		$	(58,696	)		$	(141,682	)
Purchases of property and equipment		(2,760	)			(2,785	)			(15,248	)			(20,349	)
Free cash flow	$	35,654			$	(44,821	)		$	(73,944	)		$	(162,031	)