Author: Ravi Shankar

FORTIFY, a Phase 1b indication expansion trial of PLN-101095, continues strong enrollment 

Pliant’s proprietary selective, targeted, integrin-mediated delivery platform
demonstrates encouraging initial preclinical results

Strengthened leadership team with appointments of David Raben, M.D., as Chief Medical Officer and Craig Blanchette, Ph.D., as Senior Vice President, Research (RNAi)

SOUTH SAN FRANCISCO, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Pliant Therapeutics, Inc. (Nasdaq: PLRX), a clinical-stage biotechnology company focused on the discovery and development of integrin-based therapeutics, today provided a corporate update and reported third quarter 2026 financial results.

“The third quarter reflected continued strong execution across the Organization, including robust FORTIFY enrollment and compelling proof-of-concept data generated from our integrin-mediated drug delivery platform,” said Bernard Coulie, M.D., Ph.D., President and Chief Executive Officer of Pliant. “FORTIFY continues to enroll ahead of schedule, with a number of European sites onboarded during the quarter. In addition, we continue to explore the potential of our proprietary drug delivery platform with cross-species preclinical data demonstrating successful selective delivery of siRNA payloads to extrahepatic tissues. With emerging data continuing to inform our next steps, potential therapeutic applications and paths forward, we will provide a comprehensive overview of the program in the coming months.”

Oncology Program
PLN-101095 is an oral, small molecule, dual selective inhibitor of αvβ8 and αvβ1 integrins designed to overcome checkpoint resistance by blocking TGF-β activation in the tumor microenvironment. Pliant is currently conducting FORTIFY, a Phase 1a/1b open-label, dose-escalation and indication expansion trial (NCT06270706), to evaluate the safety, tolerability, pharmacokinetics, and preliminary evidence of antitumor activity of PLN-101095, in combination with pembrolizumab, in patients with immune checkpoint inhibitor (ICI)-refractory advanced or metastatic solid tumors.

• Strong enrollment continues in FORTIFY, a Phase 1b indication expansion trial. FORTIFY will enroll up to 102 patients across three cohorts including non-small cell lung cancer (NSCLC), clear cell renal cell carcinoma (ccRCC) and tumors with high tumor mutational burden. Patients are treated for 14 days with PLN-101095 dosed at 1,000 mg twice daily as monotherapy, after which pembrolizumab is added as combination therapy. Enrollment remains strong, progressing ahead of schedule with active sites in the United States and Spain with additional countries onboarding in the next several months. Interim data is expected in 2027.
• Presentations at Annual Meeting of the Society for Immunotherapy of Cancer (SITC) highlight PLN-101095 Phase 1 biomarker data and mechanism of action.
  
  • Researchers from Pliant presented new biomarker data from the Phase 1 trial showing that early induction of immune activation biomarkers during PLN-101095 monotherapy was associated with subsequent clinical response following pembrolizumab initiation. These findings support the hypothesis that TGF-β pathway inhibition promotes immune activation, T-cell recruitment into the tumor microenvironment, and enhanced cytotoxic effector function.
  • Researchers from the National Cancer Institute presented data demonstrating that the blockade of integrins αvβ8 and αvβ1 in combination with anti-PD-1 reduced TGF-β signaling leading to modulation of fibroblastic cell populations in the tumor microenvironment and increased infiltration and activation of cytotoxic CD8+ T cells. This resulted in an improvement in anti-tumor activity and survival.

Selective, Targeted, Integrin-mediated Delivery Platform
Utilizing our fully annotated library of 15,000+ integrin binding molecules, as well as our biological knowledge of cell-specific integrin receptor expression, Pliant has created a selective, targeted integrin-mediated delivery platform for cell- and tissue-selective extrahepatic delivery of drug payloads, including RNAi. The platform has broad applicability across multiple disease areas utilizing a variety of drug payloads.

• Tissue Specificity, Potency and Durability – Pliant has initiated multiple RNAi delivery programs targeting specific tissues through unique integrin expression profiles. The most advanced compounds to date selectively target skeletal and skeletal/cardiac muscle, respectively. In non-human primate studies, we have observed >75% target gene knockdown at eight weeks while avoiding liver and other non-targeted tissues. 
• Plug-and-Play Compatibility – Pliant’s integrin-directed small molecule delivery compounds can be loaded with RNAi payloads directed at any gene of interest. This allows a single compound to serve as the basis for rapid development of tissue-specific therapies to a broad array of indications. Additionally, while initial efforts are directed at RNAi, the platform is potentially capable of delivering a variety of therapeutic payloads. 
• Initial Indications – Based on early findings showing the successful selective delivery of Pliant’s skeletal and cardiac muscle compounds, the Company plans to accelerate development with initial therapeutic programs focused in areas of high unmet need including neuromuscular diseases and rare cardiomyopathies where gene suppression modalities show promise.

Pliant plans to share additional details regarding muscle and cardiac, as well as other RNAi programs, including detailed preclinical data and specific indication and gene targets for development over the coming months.

A presentation on the platform, including preclinical data, titled “Pliant’s Selective Targeted Integrin-Mediated Drug Delivery Platform” can be found in the “Investors & Media” section of Pliant’s website at www.PliantRx.com.

Corporate Highlights

• Appointment of David Raben, M.D., as Chief Medical Officer. Dr. Raben is a leader in targeted immuno-oncology drug development and brings three decades of academic and biopharmaceutical oncology expertise. Most recently, Dr Raben served as Chief Medical Officer at Bicara Therapeutics.
• Appointment of Craig Blanchette, Ph.D., as Senior Vice President, Research (RNAi). Dr. Blanchette is a recognized leader in RNAi drug discovery with a track record of advancing novel delivery platforms and therapeutics. Dr. Blanchette brings more than two decades of drug discovery and development expertise, having most recently served as Chief Scientific Officer at Switch Therapeutics.

Third Quarter 2026 Financial Results

• Research and development expenses were $17.9 million in the current and prior-year quarter. Expenses remained consistent as increased spending on PLN-101095 development in the current period was offset by decreased costs resulting from the termination of bexotegrast development in IPF and reduced personnel-related expenses, including stock based compensation, driven by decreased headcount compared to prior year.
• General and administrative expenses were $7.8 million, as compared to $10.3 million for the prior-year quarter. The decrease was primarily due to personnel-related expenses, including stock-based compensation, driven by decreased headcount compared to prior year.
• Net loss was $24.4 million as compared to $26.3 million for the prior-year quarter. The decrease was primarily due to lower operating expenses following the termination of bexotegrast development in IPF in 2025 and decreased personnel-related expenses, including stock-based compensation, driven by reduced headcount compared to prior year.
• As of September 30, 2026, the Company had cash, cash equivalents and short-term investments of $142.6 million which the Company expects to be sufficient to fund operations to mid-2028.

About Pliant Therapeutics, Inc.
Pliant Therapeutics is a clinical-stage biopharmaceutical company focused on the discovery and development of integrin-based therapeutics. Pliant’s lead program is PLN-101095, a small molecule, dual-selective inhibitor of αvß8 and αvß1 integrins, that is being developed for the treatment of ICI-refractory advanced or metastatic solid tumors. PLN-101095 is being investigated in FORTIFY, a Phase 1a/1b indication expansion trial, enrolling patients with NSCLC, tumors with high tumor mutational burden or clear cell renal cell carcinoma. Pliant’s preclinical research is focused on tissue-specific delivery and internalization of drug payloads utilizing integrin receptor-binding molecules with programs focused on delivering siRNAs to skeletal muscle cells, adipocytes, as well as other tissue types.

For additional information, please visit: www.PliantRx.com. Follow Pliant on social media at X, LinkedIn and Facebook.

Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “anticipate,” “estimate,” “intend,” and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. These statements include express or implied statements regarding ongoing clinical trial development of PLN-101095, including timing of enrollment and data; the potential benefits of PLN-101095; and Pliant’s plans for the continued development of PLN-101095; and plans for its integrin-based drug delivery platform, including timing of additional details, including initial treatment indications; among others. Because such statements deal with future events and are based on Pliant’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Pliant could differ materially from those described in or implied by the statements in this press release. These risks and uncertainties, including those related to the development and commercialization of Pliant’s product candidates, including any delays in Pliant’s ongoing or planned preclinical studies or clinical trials, the impact of current macroeconomic, geopolitical and marketplace conditions on Pliant’s business, operations, clinical supply and plans, Pliant’s reliance on single-source third parties located in foreign jurisdictions, including China, for critical aspects of Pliant development operations, the risks inherent in the drug development process, the risks regarding the accuracy of Pliant’s estimates of expenses and timing of development, its capital requirements and the sufficiency of its cash to support Pliant’s planned operations, and Pliant’s ability to obtain and maintain intellectual property protection for Pliant’s product candidates. These and additional risks are discussed in the sections titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Pliant’s Quarterly Report on Form 10-Q for the period ended September 30, 2026, which Pliant is filing with the Securities and Exchange Commission (SEC) today, and which will be available on the SEC’s website at www.sec.gov, as well as other risks or uncertainties set forth in Pliant’s future SEC filings. Unless otherwise noted, Pliant is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

Investor and Media Contact:
Christopher Keenan
Vice President, Investor Relations and Corporate Communications
Pliant Therapeutics, Inc.
ir@pliantrx.com

Pliant Therapeutics, Inc.
Condensed Statements of Operations
(Unaudited)
(In thousands, except number of shares and per share amounts)
	Three Months Ended September 30, 2026								Nine Months Ended September 30, 2026
		2026				2025				2026				2025
Operating expenses:
Research and development	$	(17,932	)		$	(17,938	)		$	(48,243	)		$	(93,572	)
General and administrative		(7,810	)			(10,331	)			(23,133	)			(39,224	)
Total operating expenses		(25,742	)			(28,269	)			(71,376	)			(132,796	)
Loss from operations		(25,742	)			(28,269	)			(71,376	)			(132,796	)
Interest and other income (expense), net		1,365				2,783				4,588				9,452
Interest expense		—				(815	)			—				(2,423	)
Net loss	$	(24,377	)		$	(26,301	)		$	(66,788	)		$	(125,767	)
Net loss per share – basic and diluted	$	(0.39	)		$	(0.43	)		$	(1.08	)		$	(2.05	)
Shares used in computing net loss per share – basic and diluted		61,943,959				61,406,475				61,889,401				61,339,118

Pliant Therapeutics, Inc.
Condensed Balance Sheets
(Unaudited)
(In thousands)
	September 30,				December 31,
	2026				2025
Assets
Current assets
Cash and cash equivalents	$	26,568			$	45,445
Short-term investments		114,516				145,499
Prepaid expenses and other current assets		2,725				4,464
Property and equipment held for sale		400				1,040
Total current assets		144,209				196,448
Property and equipment, net		2,183				2,940
Operating lease right-of-use assets		21,435				23,966
Restricted cash		1,482				1,482
Other non-current assets		568				392
Total assets	$	169,877			$	225,228
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	3,067			$	480
Accrued research and development		8,002				4,804
Accrued liabilities		4,397				9,634
Lease liabilities, current		2,455				1,447
Total current liabilities		17,921				16,365
Lease liabilities, non-current		25,324				27,658
Total liabilities		43,245				44,023
Commitments and Contingencies
Stockholders’ equity
Preferred stock		—				—
Common stock		6				6
Additional paid-in capital		1,053,340				1,040,610
Accumulated deficit		(926,184	)			(859,396	)
Accumulated other comprehensive loss		(530	)			(15	)
Total stockholders’ equity		126,632				181,205
Total liabilities and stockholders’ equity	$	169,877			$	225,228

Expanded Rockies Portfolio Positioned to Drive Production Growth in 2027

HOUSTON, Nov. 12, 2026 (GLOBE NEWSWIRE) — PEDEVCO Corp. (NYSE American: PED) (“PEDEVCO” or the “Company”), a publicly traded energy company engaged in the acquisition and development of strategic oil and gas assets in the Rocky Mountain region, today reported unaudited financial results for the third quarter ended September 30, 2026.

Financial & Operational Highlights

($000s except as noted)	Q3 2026	Q3 2025	Q2 2026	Change YoY	Change QoQ
Average Daily Production (Boe/d)	5,850	1,471	6,801	+298%	(14)%
Revenue	$35,540	$6,961	$46,113	+411%	(23)%
Net Income (Loss)	$(9,242)	$(325)	$17,454	NM(2)	NM(2)
Adjusted EBITDA(1)	$14,680	$4,325	$18,669	+239%	(21)%
(1) Adjusted EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP Financial Information” and the reconciliation table at the end of this release. Commencing with the quarter ended September 30, 2026, Adjusted EBITDA also excludes severance costs, which totaled $2.1 million in the third quarter of 2026 and related to the Company’s previously announced leadership transition. No severance costs were excluded in the comparative periods presented. (2) “NM” means “Not Meaningful.”

• Third quarter 2026 production increased 298% to 538,231 Boe (average 5,850 Boe/d), compared to 135,266 Boe (1,471 Boe/d) in the third quarter of 2025, reflecting contribution from the asset base acquired in the Q4 2025 merger.
• Oil and gas revenue increased 411% to $35.5 million, compared to $7.0 million in the prior year period, driven by significantly higher production volumes and a 31% increase in the average realized oil price to $83.81 per barrel.
• Third quarter 2026 net loss of $9.2 million or $(0.70) per common share, compared to a net loss of $0.3 million or $(0.07) per share in the third quarter of 2025. Higher operating income from the expanded asset base, including a $4.7 million net gain on the sale of oil and gas properties, was more than offset by a $16.6 million net loss on derivative contracts, of which $12.0 million was non-cash and unrealized.
• Adjusted EBITDA increased 239% to $14.7 million, compared to $4.3 million in the third quarter of 2025, reflecting higher production volumes from the expanded asset base and a higher average realized oil price.
• Development activity accelerated during the quarter with the completion of a previously drilled well in the D-J Basin, the drilling of a new well in the Powder River Basin and the addition of Mowry acreage through a BLM lease sale. With post-merger optimization well advanced, the Company is increasingly focused on developing its extensive Rockies inventory, which it expects will drive meaningful production growth in 2027 while preserving balance sheet strength.
• Subsequent to quarter-end, the Company’s borrowing base and elected commitments under its revolving credit facility were reaffirmed at $125 million in October 2026.
• The Chief Executive Officer search is active and the Company is considering a wide variety of qualified candidates to best lead the organization into the season of growth ahead. The Company hopes to make an announcement soon.

2026 Guidance

• Full-year 2026 guidance for net capital expenditures: The Company is updating its full-year 2026 guidance for net capital expenditures to a range of $37 million to $42 million. This compares to prior guidance of up to $20 million, which reflected only first-half activity. The increase is primarily driven by lease acquisitions that expanded the Company’s position in the Mowry Shale and by development activity through the fourth quarter.
• Full-year 2026 guidance for Adjusted EBITDA: The Company is reiterating its full-year 2026 guidance for Adjusted EBITDA of $60 million to $70 million⁽³⁾.

^{(3) The Company has not provided a reconciliation of its full-year 2026 Adjusted EBITDA guidance to net income (loss), the most directly comparable GAAP measure, because it is unable to do so without unreasonable efforts. Net income (loss) includes items that cannot be predicted with reasonable certainty and that may be significant, including unrealized gains and losses on derivative contracts, which depend on future commodity prices; impairment of oil and gas properties; gains and losses on the sale of oil and gas properties; severance and merger-related costs; and income taxes. The variability of these items could have a significant impact on the Company’s net income (loss) as reported under GAAP. The reiterated guidance reflects the revised definition of Adjusted EBITDA described in footnote (1) above, which excludes severance costs. See “Use of Non-GAAP Financial Information” below.}

Management Commentary

Reagan (R.T.) Dukes, Interim President, Interim Chief Executive Officer, and Chief Operating Officer of PEDEVCO, commented:

“Over the past year, we have assembled a Rockies-focused platform with the scale, operating control and inventory depth to support years of organic development. With substantial progress made integrating our assets and our optimization program well underway, PEDEVCO is entering its next phase: translating that inventory into production growth.

“Our actions over the last few months have reflected our priorities. We have expanded our position in some of the most attractive areas of our Rockies portfolio while accelerating development and optimization activity. Although these optimizations temporarily weighed on third-quarter production, the affected wells have since returned online, and we expect sequentially stronger production results in the fourth quarter. Our future budgets will reflect our commitment to concentrating capital where we see the greatest potential for growth and returns, which is in the Rocky Mountain region. These efforts are laying the foundation for a more focused, higher-growth business capable of creating meaningful long-term shareholder value.”

Third Quarter Financial Summary

Revenue. Total crude oil, natural gas and NGL revenues for the three-month period ended September 30, 2026 increased 411% to $35.5 million, compared to $7.0 million for the prior year period. The increase was primarily driven by higher production volumes reflecting the consolidation of the assets acquired in the October 2025 merger with certain portfolio companies controlled by Juniper Capital Advisors, L.P. (the “Juniper Merger”), together with a higher average realized oil price. Of the $28.6 million increase, $26.7 million was attributable to higher sales volumes and $1.9 million to higher realized pricing.

Lease Operating Expenses. Lease operating costs were $14.3 million for the third quarter of 2026, compared to $2.1 million for the prior year period, primarily as a result of operating costs from the acquired assets, compared to no costs from those assets in the prior year period, as the Juniper Merger closed on October 31, 2025.

General and Administrative Expenses. Total G&A expenses (including share-based compensation) were $4.9 million, compared to $1.5 million for the prior year period, primarily due to $2.1 million of severance costs incurred in September 2026 in connection with the Company’s leadership transition and additional payroll expenses associated with the Juniper Merger.

Depreciation, Depletion, Amortization and Accretion. DD&A was $9.7 million for the three months ended September 30, 2026, compared to $4.0 million in the prior year period, driven by higher production volumes and a significantly expanded asset base following the Juniper Merger.

Net Loss on Derivative Contracts. The Company recognized a net loss of $16.6 million on its derivative contracts during the three months ended September 30, 2026, consisting of $4.6 million in realized settlement losses and a non-cash unrealized loss of $12.0 million, primarily due to the increase in commodity pricing from June 30, 2026 to September 30, 2026 related to unsettled periods.

Interest Expense. The Company incurred $1.7 million of interest expense, consisting of $1.5 million in interest on borrowings under its credit facility and $0.2 million in amortization of deferred financing costs, compared to $0.1 million of interest expense in the prior year period.

Net Income (Loss). The Company reported a net loss of $9.2 million or $(0.70) per common share for the three months ended September 30, 2026, compared to a net loss of $0.3 million or $(0.07) per share for the prior year period, as higher operating income, including a $4.7 million net gain on the sale of oil and gas properties, was more than offset by a $16.6 million net loss on derivative contracts and $1.6 million of higher interest expense.

Adjusted EBITDA. Adjusted EBITDA was $14.7 million for the three months ended September 30, 2026, compared to $4.3 million in the prior year period, reflecting a significant increase driven by higher production volumes from the assets acquired in the Juniper Merger and a higher average realized oil price.

Production and Realized Price Summary

	Quarter Ended	Quarter Ended	% Change
	09/30/2026	09/30/2025
Production Volumes:
Crude Oil (Bbls)	387,878	96,864	300%
Natural Gas (Mcf)	469,754	128,369	266%
NGL (Bbls)	72,061	17,007	324%
Total (Boe)	538,231	135,266	298%
Average Daily (Boe/d)	5,850	1,471	298%
Average Realized Prices (excluding derivatives):
Crude Oil ($/Bbl)	$83.81	$63.76	31%
Natural Gas ($/Mcf)	$1.94	$2.94	(34%)
NGL ($/Bbl)	$29.44	$24.00	23%

Operational Update

Third quarter 2026 production of 538,231 Boe, or 5,850 Boe/d, declined 14% on an average daily basis compared to the second quarter, primarily as a result of temporary offset shut-ins associated with drilling and completion activity in the D-J Basin and the Powder River Basin, together with the Company’s decision to accelerate into the third quarter a series of rod conversions originally planned for the fourth quarter, and the Company’s sale of non-core acreage in the Northern PRB and related crude oil production. The temporary shut-ins and accelerated rod conversions curtailed over 200 barrels of oil per day of production during the quarter, and the affected wells have since returned to production.

D-J Basin. The Company holds approximately 85,898 net acres and holds interests in 74 gross (66.9 net) operated wells and 110 gross (12.5 net) non-operated wells in the D-J Basin. During the third quarter, the Company completed its previously disclosed D-J Basin drilled but uncompleted (“DUC”) well and accelerated several rod conversions into the quarter. In addition, in July 2026, the Company sold its interests in certain properties in Weld County, Colorado, for $2.5 million.

Powder River Basin (“PRB”). The Company holds approximately 183,829 net acres and holds interests in 39 gross (28.2 net) wells in the PRB, of which 8 gross (0.3 net) are non-operated. During the quarter, the Company drilled a new operated well, which is not expected to be brought online before year-end. The Company also acquired approximately 5,678 net acres of leasehold for approximately $5.9 million through a BLM lease sale, nearly doubling its Mowry position in this specific prospect area to approximately 12,000 net acres, one of the highest-growth areas in its portfolio. The Company is also participating in additional non-operated development, including three recently completed wells that began contributing production in early November and additional wells that were spud prior to quarter-end.

Permian Basin. The Company holds approximately 14,505 net acres and holds interests in 38 gross (34.5 net) wells in the Permian Basin, all of which the Company operates.

Liquidity and Capital Structure

As of September 30, 2026, the Company had cash of $4.7 million and restricted cash of $1.1 million. During the quarter, revolver borrowings under the Company’s Senior Secured Revolving Credit Facility declined to $80.0 million from $85.0 million as of June 30, 2026. As of September 30, 2026, the Company also had $45.0 million of additional availability under the facility.

Earnings Conference Call

PEDEVCO management will host a conference call today, Thursday, November 12, 2026, at 4:30 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2026, followed by a question-and-answer period.

Date: Thursday, November 12, 2026
Time: 4:30 p.m. Eastern time
Dial-in registration link: here
Webcast registration link: here

The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://www.pedevco.com/investors.

About PEDEVCO Corp.

PEDEVCO Corp. (NYSE American: PED) is a publicly traded energy company engaged in the acquisition and development of strategic oil and gas assets in the Rocky Mountain region. The Company holds over 284,000 net acres, with principal assets in the D-J Basin of southeastern Wyoming and northern Colorado, as well as the Powder River Basin of northeastern Wyoming. PEDEVCO is headquartered in Houston, Texas. More information about PEDEVCO can be found at www.pedevco.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from those expressed or implied. Forward-looking statements in this release include, but are not limited to, statements regarding the Company’s full-year 2026 guidance for net capital expenditures and Adjusted EBITDA, the Company’s 2027 development plan and expected production growth, the expected recovery of production in the fourth quarter of 2026, the Company’s search for a permanent Chief Executive Officer, expected benefits of the Juniper Merger including cost savings and operational synergies, expected operational efficiencies and cost reductions, expected production levels, development plans, permitting and other regulatory matters affecting the Company’s acreage, estimated reserves, and the Company’s ability to fund its operations and service its obligations. Factors that could cause actual results to differ include, among others: volatility in oil and natural gas prices; the Company’s ability to successfully integrate the acquired operations; the Company’s ability to service its credit facility obligations; results of development and production activities; changes in operating costs; regulatory developments including those affecting federal and state leases; availability and costs of services and materials; and the risks described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, its Quarterly Reports on Form 10-Q, and other filings with the SEC. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date of this release.

Use of Non-GAAP Financial Information

This press release includes EBITDA and Adjusted EBITDA, which are presented as supplemental measures of the Company’s performance. These are not recognized in accordance with generally accepted accounting principles (“GAAP”) and should not be viewed as an alternative to GAAP measures of performance.

EBITDA represents net income before interest, taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted to exclude share-based compensation, impairment of oil and gas properties, unrealized (gain) loss on derivative contracts, gain on sale of oil and gas properties, net, merger acquisition costs, note receivable – credit loss and severance costs. The Company believes these measures provide additional useful information to investors and are frequently used by analysts, investors and other interested parties to evaluate companies in the oil and gas industry. Management uses Adjusted EBITDA to evaluate the Company’s operating performance and cash-generating capacity across periods on a consistent basis, to assist in capital allocation decisions and to facilitate comparisons with other companies in the oil and gas industry, some of which calculate similarly titled measures differently. However, EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as substitutes for analysis of results as reported under GAAP. Additionally, the Company’s calculation of these measures may differ from similarly titled measures used by other companies. A reconciliation of net (loss) income to Adjusted EBITDA is provided at the end of this release. The most directly comparable GAAP measure is net (loss) income, which is presented with equal or greater prominence in this release.

PEDEVCO CORP. CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share data)
		September 30, 2026			December 31,
		(Unaudited)			2025
Assets
Current assets:
Cash		$	4,652		$	3,222
Restricted cash			1,090			–
Accounts receivable – oil and gas			20,216			25,666
Inventory			141			61
Derivative contract assets, current			5,744			8,368
Prepaid expenses and other current assets			1,440			434
Total current assets			33,283			37,751
Oil and gas properties:
Oil and gas properties, subject to amortization, net			291,352			303,411
Oil and gas properties, not subject to amortization, net			27,107			18,859
Total oil and gas properties, net			318,459			322,270
Derivative contract assets			4,754			9,640
Operating lease – right-of-use asset			78			213
Other assets			1,864			5,995
Total assets		$	358,438		$	375,869
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable		$	5,711		$	32,436
Accrued expenses			24,435			8,245
Revenue payable			16,421			21,480
Operating lease liabilities – current			63			182
Derivative contract liabilities – current			18,116			964
Asset retirement obligations – current			707			1,170
Total current liabilities			65,453			64,477
Long-term liabilities:
Revolving credit facility			80,000			87,000
Operating lease liabilities, net of current portion			–			32
Derivative contract liabilities			8,419			6,358
Asset retirement obligations, net of current portion			9,154			7,641
Deferred income taxes			972			800
Other long-term liabilities			3,020			2,197
Total liabilities			167,018			168,505
Commitments and contingencies
Shareholders’ equity:
Series A preferred stock, $0.001 par value, 100,000,000 shares authorized; 17,013,637 shares designated; -0- and 17,013,637 shares issued and outstanding, respectively			–			17,014
Common stock, $0.001 par value, 300,000,000 and 200,000,000 shares authorized, respectively; 13,292,013 and 4,797,239 shares issued and outstanding, respectively			13			5
Additional paid-in capital			330,682			312,205
Accumulated deficit			(139,275)			(121,860)
Total shareholders’ equity			191,420			207,364
Total liabilities and shareholders’ equity		$	358,438		$	375,869

PEDEVCO CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except share and per share data)
		Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Revenue:
Oil and gas sales		$	35,540		$	6,961		$	121,875		$	22,669
Operating expenses:
Lease operating costs			14,320			2,095			47,083			8,305
Exploration expense			29			–			53			–
Selling, general and administrative expense			4,940			1,525			11,455			4,815
Depreciation, depletion, amortization and accretion			9,703			4,010			32,305			11,213
Impairment of oil and gas properties			2,367			165			4,789			907
Total operating expenses			31,359			7,795			95,685			25,240
Gain on sale of oil and gas properties, net			4,735			–			4,787			1,021
Note receivable – credit loss			–			–			–			(1,378)
Operating income (loss)			8,916			(834)			30,977			(2,928)
Other income (expense):
Interest expense			(1,734)			(102)			(5,702)			(102)
Interest income			140			69			274			196
Net income (loss) on derivative contracts			(16,571)			–			(42,823)			–
Other income (expense)			23			378			34			395
Total other income (expense)			(18,142)			345			(48,217)			489
Income (loss) before income taxes			(9,226)			(489)			(17,240)			(2,439)
Income tax benefit (expense)			(16)			164			(175)			578
Net income (loss)		$	(9,242)		$	(325)		$	(17,415)		$	(1,861)
Earnings (loss) per common share:
Basic		$	(0.70)		$	(0.07)		$	(1.51)		$	(0.41)
Diluted		$	(0.70)		$	(0.07)		$	(1.51)		$	(0.41)
Weighted average number of common shares outstanding:
Basic			13,291,506			4,608,082			11,520,368			4,574,125
Diluted			13,291,506			4,608,082			11,520,368			4,574,125

PEDEVCO CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands)
		Nine Months Ended September 30,
		2026			2025
Cash Flows From Operating Activities:
Net income (loss)		$	(17,415)		$	(1,861)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion			32,305			11,213
Impairment of oil and gas properties			4,789			907
Note receivable – credit loss			–			1,378
Amortization of right-of-use asset			135			122
Amortization of deferred financing costs			504			102
Amortization of debt discount			39			–
Stock-based compensation expense			1,515			1,486
Net loss (gain) on derivative contracts			42,823			–
Cash received (paid) for derivative settlements, net			(11,454)			–
Deferred income tax expense (benefit)			175			(578)
Gain on sale of oil and gas properties			(8,460)			(1,021)
Loss on disposal of subsidiaries			3,673			–
Changes in operating assets and liabilities:
Accounts receivable – oil and gas			5,076			2,882
Note receivable accrued interest			–			(41)
Inventory			(80)			–
Prepaid expenses and other current assets			416			(62)
Accounts payable			(21,424)			7,271
Accrued expenses			7,778			(9,835)
Revenue payable			(4,796)			942
Other liabilities			(174)			–
Net cash provided by operating activities			35,425			12,905
Cash Flows From Investing Activities:
Cash paid for drilling and completion costs			(30,339)			(8,905)
Acquisition of oil and gas leasehold costs			(6,052)			–
Proceeds from the sale of oil and gas property			8,251			2,923
Cash paid on disposal of subsidiaries, including cash disposed			(820)			–
Net cash used in investing activities			(28,960)			(5,982)
Cash Flows From Financing Activities:
Proceeds from credit facility			11,000			–
Repayments of credit facility			(18,000)			–
Reverse stock split costs			(44)			–
Proceeds from issuance of shares, net of offering costs			–			139
Net cash provided by (used in) financing activities			(7,044)			139
Net increase (decrease) in cash and restricted cash			(579)			7,062
Cash and restricted cash at beginning of period			6,321			6,607
Cash and restricted cash at end of period		$	5,742		$	13,669
Supplemental Disclosure of Cash Flow Information
Cash paid for:
Interest		$	4,491		$	–
Income taxes		$	–		$	–
Noncash investing and financing activities:
Change in accrued oil and gas development costs		$	(3,916)		$	(8,843)
Changes in estimates of asset retirement costs		$	4,660		$	476
Conversion of preferred stock into common stock		$	17,014		$	–
Asset retirement obligations disposed in sale of oil and gas properties		$	4,643		$	–
Note payable issued on disposal of subsidiaries		$	3,130		$	–
Note receivable associated with sale of oil and gas properties		$	1,000		$	–
Issuance of restricted common stock		$	–		$	4

PEDEVCO CORP. RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA (amounts in thousands)
		Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Net income (loss)		$	(9,242)		$	(325)		$	(17,415)		$	(1,861)
Add (deduct)
Interest expense			1,734			102			5,702			102
Income tax expense (benefit)			16			(164)			175			(578)
Depreciation, depletion, amortization and accretion			9,703			4,010			32,305			11,213
EBITDA			2,211			3,623			20,767			8,876
Add (deduct)
Share-based compensation (non-cash)			611			537			1,515			1,486
Merger acquisition costs			184			–			384			–
Impairment of oil and gas properties			2,367			165			4,789			907
Unrealized (gain) loss on derivative contracts			11,966			–			26,743			–
Gain on sale of oil and gas properties, net			(4,735)			–			(4,787)			(1,021)
Severance costs			2,076			–			2,076			–
Note receivable – credit loss			–			–			–			1,378
Adjusted EBITDA		$	14,680		$	4,325		$	51,487		$	11,626

PEDEVCO CORP. SCHEDULE OF OPEN DERIVATIVE CONTRACTS As of September 30, 2026 (All contracts novated in connection with the Juniper Merger on October 31, 2025, and new hedges subsequently entered into by the Company; volumes in Bbl or Mcf as noted)
Crude Oil – Three-Way Collars
	Producer Three-Way Collars (Summary of 3 separate contracts)				Participating Three-Way Collars (Summary of 3 separate contracts)
Date	Volume (Bbl)	Put Sold(1) ($/Bbl)	Put Bought ($/Bbl)	Call Sold ($/Bbl)	Volume (Bbl)	Put Bought ($/Bbl)		Call Sold ($/Bbl)		Call Bought ($/Bbl)
4Q 2026	29,700	–	$55.00	$67.65	66,900	$54.00		$62.50		$80.00
FY 2026	29,700	–	$55.00	$67.65	66,900	$54.00		$62.50		$80.00
1Q 2027	27,400	–	$55.00	$71.55	127,700	$54.00		$62.50		$80.00
2Q 2027	26,200	$45.00	$55.00	$71.55	163,700	$54.00		$62.50		$80.00
3Q 2027	25,200	$45.00	$55.00	$71.55	163,300	$54.00		$62.50		$80.00
4Q 2027	24,200	$45.00	$55.00	$71.55	129,800	$54.00		$62.50		$80.00
FY 2027	103,000	$33.03	$55.00	$71.55	584,500	$54.00		$62.50		$80.00
1Q 2028	–	–	–	–	114,100	$54.00		$62.50		$80.00
2Q 2028	–	–	–	–	128,000	$54.00		$62.50		$80.00
3Q 2028	–	–	–	–	123,000	$54.00		$62.50		$80.00
4Q 2028	–	–	–	–	39,100	$54.00		$62.50		$80.00
FY 2028	–	–	–	–	404,200	$54.00		$62.50		$80.00
(1) On July 31, 2026, the Company purchased crude oil put options with a strike price of $45.00 per Bbl, with premiums deferred and paid monthly as each period settles, covering the same volumes as its producer three-way collars for September 2026 through March 2027. The purchased puts offset the puts sold under those collars. Accordingly, the put sold price is presented as nil for the fourth quarter of 2026 and the first quarter of 2027, and the full year 2027 put sold price is a volume-weighted average that includes those offset volumes.

Crude Oil – Swaps and Costless Collars
	Swaps		Costless Collars
Date	Volume (Bbl)	Avg. Price ($/Bbl)	Volume (Bbl)	Floor Price ($/Bbl)	Ceiling Price ($/Bbl)
4Q 2026	105,000	$68.51	77,083	$57.45	$69.69
FY 2026	105,000	$68.51	77,083	$57.45	$69.69
1Q 2027	30,000	$64.90	54,900	$58.11	$68.54
2Q 2027	30,000	$64.90	9,900	$54.00	$64.00
3Q 2027	30,000	$64.90	1,700	$54.00	$64.00
4Q 2027	30,000	$64.90	1,800	$54.00	$64.00
FY 2027	120,000	$64.90	68,300	$57.30	$67.65
1Q 2028	–	–	–	–	–
2Q 2028	–	–	–	–	–
3Q 2028	–	–	–	–	–
4Q 2028	–	–	–	–	–
FY 2028	–	–	–	–	–

Natural Gas
	Swaps		Costless Collars
Date	Volume (Mcf)	Avg. Price ($/Mcf)	Volume (Mcf)	Floor Price ($/Mcf)	Ceiling Price ($/Mcf)
4Q 2026	234,100	$3.95	18,700	$3.50	$5.21
FY 2026	234,100	$3.95	18,700	$3.50	$5.21
1Q 2027	–	–	237,000	$4.00	$5.23
2Q 2027	209,000	$3.74	16,900	$3.50	$4.10
3Q 2027	201,900	$3.74	16,900	$3.50	$4.10
4Q 2027	151,200	$3.74	11,500	$3.50	$4.10
FY 2027	562,100	$3.74	282,300	$3.92	$5.05
1Q 2028	–	–	122,700	$4.00	$4.62
2Q 2028	118,100	$3.49	–	–	–
3Q 2028	115,100	$3.49	–	–	–
4Q 2028	37,900	$3.49	–	–	–
FY 2028	271,100	$3.49	122,700	$4.00	$4.62

The Company has not designated any derivative instruments as accounting hedges. Changes in fair value and cash settlements are recognized in earnings under “Net income (loss) on derivative contracts” in the Consolidated Statements of Operations. For the three months ended September 30, 2026, the Company recognized a net loss on derivative contracts of $16.6 million, comprising $4.6 million of realized settlement losses and a $12.0 million unrealized mark-to-market loss. For the nine months ended September 30, 2026, the Company recognized a net loss on derivative contracts of $42.8 million, comprising $16.1 million of realized settlement losses and $26.7 million of unrealized mark-to-market losses. The schedule above does not reflect hedges entered into after September 30, 2026, including fixed-price crude oil swaps entered into on October 1, 2026 covering an aggregate of 400,330 Bbl for January 2027 through December 2028 (60,330 Bbl in 2027 at a weighted average fixed price of $77.45 per Bbl and 340,000 Bbl in 2028 at a weighted average fixed price of $70.95 per Bbl). See Note 9 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 for complete disclosure.

CONTACTS:
Media Contact:
PEDEVCO Corp.
(713) 221-1768
PR@pedevco.com

Investor Relations Contact:
Sean Mansouri, CFA or Laurent Weil
Elevate IR
(720) 330-2829
PED@elevate-ir.com

Source: PEDEVCO Corp.

• The Company is in ongoing dialogue with the FDA regarding the submission of a Biologics License Application (BLA) for aglatimagene in prostate cancer. Due to timelines associated with certain assay refinement, the Company currently plans to submit this BLA in the middle of 2027 pending the result of that dialogue.
• Cash and cash equivalents of $203.1 million, as of September 30, 2026, are expected to be sufficient to fund the Company’s current operating plan into Q2 2028.
• Three accepted poster presentations, including a late-breaking presentation, at the Society for Immunotherapy of Cancer’s (SITC) 41st Annual Meeting, showcasing new data for aglatimagene besadenovec (aglatimagene) and linoserpaturev, in localized prostate cancer and non-small cell lung cancer (NSCLC), and recurrent high-grade glioma (rHGG), respectively.
  
  • Data presented at SITC from the PrTK05 clinical trial provided evidence of systemic activation of CD8 positive T cells after aglatimagene treatment, including an increase in proliferating cytotoxic T cells and expansion of both central memory and effector memory T cells. We also observed transient biodistribution and shedding after aglatimagene treatment.
  • SITC poster in metastatic non-squamous NSCLC progressing after immunotherapy reported longitudinal immune changes in blood and tumor tissue and additional multi-omic features associated with survival beyond 24 months. The Company also announced publication of the topline results from the phase 2a clinical trial in NSCLC in the Journal for ImmunoTherapy of Cancer.
  • SITC 2026 poster presentation updated phase 1b linoserpaturev data in patients with rHGG treated with a single administration of linoserpaturev (Arm A+B, n=50) with mOS of 12.0 months. Data reinforced the potential for durable survival with linoserpaturev, with some patients surviving beyond 3 and 4 years and encouraging early survival data observed with multiple administrations.
    

NEEDHAM, Mass., Nov. 12, 2026 (GLOBE NEWSWIRE) — Candel Therapeutics, Inc. (Candel or the Company) (Nasdaq: CADL), a clinical-stage biopharmaceutical company focused on developing multimodal immunotherapies to improve outcomes for patients with cancer, today announced financial results for the third quarter ended September 30, 2026, and provided a corporate update.

“During the quarter we continued to execute well and make significant progress across the business, as we build the foundation to potentially become a commercial-stage biopharma company,” said Paul Peter Tak, M.D., Ph.D., FMedSci, President and CEO of Candel. “On the clinical side, we were honored to have had three posters accepted for presentation at SITC, featuring data on aglatimagene in localized prostate cancer and non-small cell lung cancer, and linoserpaturev in recurrent high-grade glioma. Together, the new biomarker data provide mechanistic support for the systemic effect and long-term clinical outcomes observed in our phase 3 trial of aglatimagene in patients with intermediate- to high-risk localized prostate cancer.”

Dr. Tak continued, “On the corporate side, we continued to build commercial-stage company capabilities. We appointed Martine Zimmermann, a regulatory and quality leader with more than 30 years of experience, to our Board, and Maria Ostrovsky, who has supported multiple oncology launches and strategic partnerships, as Candel’s General Counsel. Both bring expertise that is highly relevant as we prepare for BLA submission and potential future launch. We believe we are well positioned to execute our operating plan into Q2 2028.”

Third Quarter 2026 & Recent Highlights

Aglatimagene besadenovec – Prostate Cancer

• The Company continues to advance its BLA readiness work, including Chemistry, Manufacturing, and Controls (CMC) and clinical modules.
  • Biodistribution and shedding data from the ongoing PrTK05 phase 2 trial in patients with intermediate-risk localized prostate cancer remain on track.
  • Process validation campaign for drug substance and drug product has been executed at our contract development and manufacturing organization. Validation batches are currently undergoing testing and are intended for commercial use, pending BLA approval.
  • Clinical material has been produced using the new process.
• The Company announced novel immunological biomarker data from the ongoing phase 2 PrTK05 trial (NCT07332000) in patients with intermediate-risk localized prostate cancer and presented a late-breaking poster at the SITC 2026 Annual Meeting (November 2026). See link to poster presentation.
• Key findings included:
  • Increase in CD8+ cytotoxic T cells, central memory T cells, and effector memory T cells (all p<0.05) at the 2-6-week assessments after the first aglatimagene treatment. Increase in activated, proliferating CD8+ Ki67+ GZMB+ T cells (p<0.0001) 2-3 weeks after the first injection that remained above baseline through Weeks 16-18. Importantly, no increase in any of these cell populations was observed after SoC alone.
  • Increase in serum levels of granzyme A, granzyme B, and perforin 2-3 weeks after the first injection of aglatimagene (p<0.05).

  Together, these results suggest systemic immune activation following intraprostatic administration of aglatimagene, consistent with previous observations in glioblastoma, pancreatic cancer, and NSCLC.

• Additional shedding data presented at SITC demonstrated transient detection of aglatimagene vector DNA in peripheral blood after intraprostatic administration of aglatimagene and clearance in urine samples at weeks 16-18. These findings are consistent with transient systemic biodistribution and shedding following administration.
• The Company presented new biomarker data from its completed phase 3 clinical trial of aglatimagene in patients with localized intermediate- to high-risk prostate cancer at the American Society for Radiation Oncology (ASTRO) Annual Meeting 2026 in September 2026.
  • AI-enabled digital pathology analysis performed on tumor biopsies evaluable for digital analysis (622 pre-treatment and 427 post-treatment collected more than two years after completion of radiation), demonstrated that aglatimagene plus EBRT significantly increased intratumoral lymphocyte infiltration and remodeled the tumor microenvironment compared with placebo plus EBRT. Among those patients with residual tumor, aglatimagene increased lymphocyte infiltration within tumor regions and enhanced lymphocyte-tumor engagement.
  • Aglatimagene significantly increased overall lymphocytic fraction compared to control (p=0.048), with both arms showing immune activation from radiation therapy (p<0.001) (calculated in all digital-pathology evaluable biopsies; 622 pre-treatment biopsies and 427 post-treatment biopsies analyzed).
  • In paired biopsies from patients with residual tumor (n=108; aglatimagene n=62, control n=46), aglatimagene significantly increased intratumoral lymphocyte fraction (p=0.006), lymphocyte-tumor enrichment (p=0.003), and lymphocyte-tumor mixing (p<0.001).
  • The Company previously reported that two years after treatment, 80% of evaluable aglatimagene patients (n=167) had negative prostate biopsies versus 63% of control patients (n=62) (p=0.0018).
  • Data from the PrTK03 trial demonstrated that with follow-up through March 15, 2026 (median, 58.0 months), patients with intermediate-risk disease treated with aglatimagene plus EBRT experienced a 41% reduction in the risk of prostate cancer recurrence or prostate cancer-specific death versus placebo plus EBRT (p=0.0034). As previously described, exploratory, descriptive analyses after extended follow-up of these patients showed 52% improvement in the time to biochemical failure, 49% reduction in the time to salvage anticancer therapy, and 90% improvement in the time to metastasis after aglatimagene treatment vs. placebo.
• The U.S. Food and Drug Administration (FDA) previously granted Fast Track Designation and Regenerative Medicine Advanced Therapy Designation to aglatimagene for the treatment of localized prostate cancer. The phase 3 clinical trial of aglatimagene in localized prostate cancer was conducted under a Special Protocol Assessment with respect to certain aspects of the study design, agreed with the FDA.

• Aglatimagene besadenovec – Non-Small Cell Lung Cancer

• The Company announced the publication of the phase 2a clinical trial results (NCT04495153) of aglatimagene plus valacyclovir in patients with stage III/IV NSCLC who had shown an inadequate response to immune checkpoint inhibitors (ICI) in the Journal for ImmunoTherapy of Cancer.
  
  • The trial demonstrated a median overall survival (mOS) of 24.5 months in the evaluable population, substantially exceeding historical benchmarks for standard-of-care docetaxel chemotherapy in this patient population.
• The Company presented additional data at the SITC 2026 Annual Meeting, during a poster presentation titled, “Multi-omics analyses reveal intratumoral and systemic immune activation to aglatimagene besadenovec + valacyclovir related to improved survival in patients with progressive NSCLC despite ICI treatment.”
  
  • In progressive non-squamous NSCLC, longitudinal immune changes in peripheral blood and tumor tissue and specific multi-omic features were associated with survival beyond 24 months.
  • Integrated biomarker analyses demonstrated broadening of the T-cell repertoire diversity over time, alongside enhanced intratumoral immune activity, including increased tissue expression of genes associated with cytotoxic T-cell activation. Increases in CD40L, NCR1, CXCL5 and granzyme B, as well as antigen-presenting cell- and monocyte/macrophage-rich tumor niches that occurred after aglatimagene treatment were associated with longer survival.
• As previously announced, the Company initiated the first clinical trial site of the global pivotal phase 3 clinical trial (AURORA) (NCT07660094), which is evaluating aglatimagene plus valacyclovir in combination with continued pembrolizumab in patients with metastatic non-squamous NSCLC whose disease has progressed despite treatment with pembrolizumab and platinum-based chemotherapy.
  • The randomized, open-label AURORA trial is expected to enroll patients with metastatic stage IV non-squamous NSCLC across approximately 150 sites worldwide, randomized 1:1 to receive either two courses of aglatimagene plus valacyclovir with continued pembrolizumab or standard-of-care docetaxel chemotherapy.
  • The study’s primary endpoint is overall survival, with secondary endpoints including safety and quality-of-life assessments (NSCLC-SAQ and EORTC QLQ-30).
• The FDA previously granted Fast Track Designation to aglatimagene for the treatment of NSCLC.

• Linoserpaturev – Recurrent high-grade glioma 

• The Company presented updated overall survival data from the single-administration and repeat-dosing cohorts of its phase 1b clinical trial of linoserpaturev (NCT03152318) in patients with rHGG in a poster presentation at the SITC 2026 Annual Meeting.          
  • In Arms A+B, 50 patients received 51 intratumoral injections, including one patient who received two injections. mOS was 12.0 months (95% CI, 8.3–14.4), with a median follow-up of 68.6 months. Durable long-term survival was observed in a subset of patients, with 11 of 50 patients (22%) alive at 18 months, 8 of 50 (16%) at 24 months, 5 of 50 (10%) at 36 months, and 2 of 50 (4%) at 48 months, as of the August 14, 2026 data cutoff.
  • In Arm C, 12 patients received repeated administrations of linoserpaturev, with up to six administrations. mOS was 14.3 months (95% CI, 8.9 months to not reached) with a median follow-up of 15.3 months. Five of 12 patients remained alive at efficacy cutoff on July 13, 2026. The Arm C survival data remain immature, with six patients having only recently initiated treatment and therefore having limited follow-up at the data cutoff.
  • The Company also presented data demonstrating that linoserpaturev could potentially be combined with vascular endothelial growth factor blockade to overcome hypoxia-associated immune suppression in glioblastoma.

• Recent Corporate Events
  
  • In September 2026, the Company appointed Martine Zimmermann, PharmD, to its Board of Directors, effective September 8, 2026. Dr. Zimmermann brings more than 30 years of global regulatory affairs and quality expertise across all phases of drug development. She recently served as Executive Vice President, Head of Regulatory Affairs, Quality and Alliance Management at Inventiva S.A., and previously held senior regulatory leadership roles at Ipsen Biopharmaceuticals and Alexion Pharma International. 
  • In October 2026, the Company appointed Maria Ostrovsky, JD, as General Counsel, effective November 3, 2026. Ms. Ostrovsky brings 20 years of legal experience, primarily in the life sciences industry, with expertise spanning corporate governance, strategic partnerships, regulatory compliance, and commercialization. Most recently, she served as Senior Vice President, General Counsel and Chief Compliance Officer at Deciphera Pharmaceuticals, where she built the healthcare compliance program and contributed to two global product launches. Her appointment strengthens the Company’s legal and compliance capabilities and supports its strategic partnering efforts. 

Financial Results for the Third Quarter Ended September 30, 2026

Research and Development Expenses: Research and development expenses were $15.6 million for the third quarter of 2026 compared to $8.5 million for the third quarter of 2025. The increase was primarily due to higher clinical trial and manufacturing costs, in support of the Company’s aglatimagene programs, and an increase in employee-related expenses. Research and development expenses included a non-cash stock compensation expense of $1.0 million for the third quarter of 2026, as compared to a non-cash stock compensation expense of $0.5 million for the third quarter of 2025.

General and Administrative Expenses: General and administrative expenses were $7.4 million for the third quarter of 2026, compared to $4.7 million for the third quarter of 2025. The increase was primarily due to an increase in employee-related expenses and higher commercial readiness costs. General and administrative expenses included non-cash stock compensation expense of $1.7 million for the third quarter of 2026, as compared to a non-cash stock compensation expense of $0.6 million for the third quarter of 2025.

Net Loss: Net loss for the third quarter of 2026 was $21.9 million compared to net loss of $11.3 million for the third quarter of 2025 and included net other income of $1.1 million and $1.9 million, respectively. The decrease in net other income was primarily related to an increase in interest expense, which was partially offset by higher interest income.

Cash Position: Cash and cash equivalents, as of September 30, 2026, were $203.1 million compared to $119.7 million as of December 31, 2025. Based on current operating plans, the Company expects that its existing cash and cash equivalents, as of September 30, 2026, will be sufficient to fund operations into Q2 2028.

About aglatimagene besadenovec 

Aglatimagene, Candel’s most advanced multimodal biological immunotherapy candidate, is an investigational, off-the-shelf, replication-defective adenovirus designed to deliver the herpes simplex virus thymidine kinase (HSV-tk) gene to a patient’s tumor. After intratumoral administration, HSV-tk enzyme activity results in conversion of prodrug (valacyclovir) into deoxyribonucleic acid (DNA)-incorporating nucleotide analogs, leading to immunogenic cell death in cells exhibiting DNA damage and proliferating cells, with subsequent release of a variety of tumor (neo)antigens in the tumor microenvironment. At the same time, the adenoviral serotype 5 capsid proteins promote inflammation through the induction of expression of pro-inflammatory cytokines, chemokines, and adhesion molecules. Together, this regimen is designed to induce an individualized and specific CD8+ T cell-mediated response against the injected tumor and uninjected distant metastases for broad anti-tumor activity, based on in situ immunization against a variety of tumor antigens. Aglatimagene has the potential to treat a broad range of solid tumors. The Company completed successful phase 2a clinical trials of aglatimagene in non-small cell lung cancer (NSCLC) with results published in the Journal for ImmunoTherapy of Cancer, and pancreatic ductal adenocarcinoma (PDAC), and a pivotal, placebo-controlled, phase 3 clinical trial of aglatimagene in localized prostate cancer, conducted under a Special Protocol Assessment agreed with the FDA and published in The Lancet Oncology. The FDA also granted Fast Track Designation and Regenerative Medicine Advanced Therapy Designation to aglatimagene for the treatment of newly diagnosed localized prostate cancer in patients with intermediate- to high-risk disease, Fast Track Designation in NSCLC, and both Fast Track Designation and Orphan Drug Designation to aglatimagene for the treatment of PDAC. More than 1,000 patients have been dosed with aglatimagene in clinical trials with a favorable tolerability profile to date, supporting the potential for use with standard of care, when indicated. Aglatimagene is currently not approved by the U.S. Food and Drug Administration (FDA) or any other regulatory authority for any use.

About linoserpaturev

Linoserpaturev is a first-in-class, replication-competent, next-generation oncolytic herpes simplex virus-1 (HSV-1) immunotherapy candidate designed for dual activity for oncolysis and immune activation in a single therapeutic. In October 2023, the Company announced that Nature published results from the ongoing clinical trial where linoserpaturev was reported to be generally well-tolerated with no dose-limiting toxicity. In the clinical trial, the investigators observed improved median overall survival compared to historical controls after a single linoserpaturev injection in this therapy-resistant condition.¹ The Company and academic collaborators are currently supported by Break Through Cancer to evaluate the effects of repeated linoserpaturev injections in patients with recurrent glioblastoma in an expansion cohort from the phase 1b clinical trial. In October 2025, an original manuscript, published in Science Translational Medicine reported collected findings from a comprehensive analysis of 97 serial tumor biopsies collected from two patients treated with repeated administrations of linoserpaturev in arm C. Lastly, in February 2026, Cell published an original manuscript showing that a single linoserpaturev treatment triggered persistent T-cell infiltration and antitumor immunity against glioblastoma, with key immune features associated with longer survival. Linoserpaturev previously received Fast Track Designation and Orphan Drug Designation for the treatment of recurrent high-grade glioma (rHGG) from the FDA.

About Candel Therapeutics

Candel is a clinical-stage biopharmaceutical company focused on developing off-the-shelf multimodal biological immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer. Candel has established two clinical-stage multimodal biological immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) gene constructs, respectively. Aglatimagene besadenovec (aglatimagene) is the lead product candidate from the adenovirus platform and is currently in an ongoing phase 3 clinical trial in NSCLC. Linoserpaturev is the lead product candidate from the HSV platform and is currently in an ongoing phase 1b clinical trial in rHGG. Finally, Candel’s enLIGHTEN™ Discovery Platform is a systematic, iterative HSV-based discovery platform leveraging human biology and advanced analytics to create new viral immunotherapies for solid tumors.

For more information about Candel, visit: www.candeltx.com.

Forward-Looking Statements

This press release includes certain disclosures that contain “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, express or implied statements regarding the timing and advancement of current and future development programs, including the timing and availability of additional data and key data readout milestones and presentations; expectations regarding the timing of the submission of the BLA for aglatimagene in intermediate- to high-risk localized prostate cancer; expectations regarding enrollment of the phase 3 AURORA trial evaluating aglatimagene in NSCLC; expectations regarding early biological readouts as predictor of clinical response; expectations regarding the therapeutic benefit of the Company’s platforms, including the ability of its platforms to improve overall survival and/or disease-free survival of patients living with difficult-to-treat solid tumors; expectations regarding the potential benefits conferred by regulatory designations; expectations regarding the potential benefits conferred by the publication of the Company’s findings in The Lancet Oncology; expectations regarding the Company’s ability to prepare and implement commercialization plans for aglatimagene (if approved) and the timing thereof; and expectations regarding cash runway and expenditures. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties related to the timing and advancement of development programs; expectations regarding the therapeutic benefit of the Company’s programs; that final data from the Company’s preclinical studies and completed clinical trials may differ materially from reported interim data from ongoing studies and trials; the Company’s ability to efficiently discover and develop product candidates; the Company’s ability to obtain and maintain regulatory approval of product candidates; the Company’s ability to maintain its intellectual property; the implementation of the Company’s business model, including strategic plans for the Company’s business and product candidates; the impact of the Company’s existing and any future indebtedness on its ability to operate its business; the Company’s ability to access any future tranches under its debt facility and to comply with all of its obligations thereunder; and other risks identified in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including the Company’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and any subsequent filings with the SEC. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent the Company’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date.

Investor Contact
Theodore Jenkins
Vice President, Investor Relations and Business Development
Candel Therapeutics, Inc.
tjenkins@candeltx.com

Media Contact
Ben Shannon
ICR Healthcare
CandelPR@icrhealthcare.com
______________________________
¹ Ling AL, et al. Nature. 2023;623(7985):157-16

Candel Therapeutics, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)

		THREE MONTHS ENDED SEPTEMBER 30,								NINE MONTHS ENDED SEPTEMBER 30,
			2026				2025				2026				2025
Operating expenses:
Research and development		$	15,587			$	8,461			$	45,228			$	19,468
General and administrative			7,394				4,746				20,783				13,046
Total operating expenses			22,981				13,207				66,011				32,514
Loss from operations			(22,981	)			(13,207	)			(66,011	)			(32,514	)
Other income (expense):
Grant income			23				—				67				—
Interest income			1,816				953				4,810				2,813
Interest expense			(1,591	)			(161	)			(4,730	)			(703	)
Change in fair value of warrant liabilities			860				1,146				(3,775	)			21,718
Total other income (expense), net			1,108				1,938				(3,628	)			23,828
Net loss and comprehensive loss		$	(21,873	)		$	(11,269	)		$	(69,639	)		$	(8,686	)
Net loss per share, basic and diluted		$	(0.28	)		$	(0.21	)		$	(0.98	)		$	(0.17	)
Weighted-average common shares outstanding, basic and diluted			77,385,453				54,894,347				71,347,891				52,305,013

Candel Therapeutics, Inc.
Consolidated Balance Sheet Data
(in thousands)

		SEPTEMBER 30, 2026 (Unaudited)				DECEMBER 31, 2025
Cash and cash equivalents		$	203,116			$	119,731
Working capital (1)			179,965				112,392
Total assets			211,110				125,195
Warrant liabilities			19,373				15,598
Total other liabilities			60,146				57,675
Accumulated deficit			(300,026	)			(230,387	)
Total stockholders’ equity		$	131,591			$	51,922
(1) Working capital is calculated as current assets less current liabilities

PORTLAND, Maine, Nov. 12, 2026 (GLOBE NEWSWIRE) — ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), an animal health biologics company that develops, manufactures and markets products to improve calf health and productivity, today announced its unaudited financial results for the quarter ended September 30, 2026.

Management’s Discussion:

“Today we are reporting net income of $953,000 for the third quarter of 2026, a $1.1 million increase compared to the third quarter of 2025,” commented Timothy C. Fiori, Chief Financial Officer of ImmuCell. “Revenue grew 46.0% to $8.0 million in the third quarter of 2026 compared to the third quarter of 2025, a comparison aided in part by the absence of distributor restocking headwinds that had adversely affected the third quarter sales in 2025. Gross margin was 44.2% in the third quarter of 2026, which is 130 basis points higher than the third quarter of 2025 and reflects higher pricing and manufacturing execution partially offset by the previously discussed shift of certain product development expenses to costs of goods sold.”

“We are pleased with our third quarter revenue and with distributor out-the-door volume growth of 18% over 2025,” commented Bobbi Jo Brockmann, Senior Vice President of Sales & Marketing. “Growth remained broad-based across our sales territories and product lines, supported by an increase in sales activity and continued progress in customer acquisition. We are also encouraged by inventory levels heading into our peak season as we shift our focus to the cow-calf market.”

“ImmuCell had a strong quarter. The expanded commercial team is delivering solid revenue growth as we reach more customers with our value propositions,” said Olivier te Boekhorst, President and CEO. “Increased commercial activity was supported by increased output from the manufacturing team. We are investing in capacity expansion and colostrum sourcing capabilities for future demand, and those efforts are projected to be completed on time and within budget.”

“We have negotiated a new, larger $3 million line of credit with our bank, which we expect to sign during the fourth quarter of 2026,” continued Mr. Fiori. “Additionally, given our strong cash position, we have terminated our At-The-Market offering.”

Certain Financial Results:

• Third quarter 2026 product sales increased 46.0%, to approximately $8.0 million, compared to the quarter ended September 30, 2025.
• Third quarter 2026 gross margin increased to 44.2% of product sales compared to 42.9% during the quarter ended September 30, 2025.
• Net income was $953,000, or $0.10 per diluted share, during the quarter ended September 30, 2026, compared to a net loss of $140,000, or ($0.02) per basic share, during the quarter ended September 30, 2025.
• Adjusted EBITDA (calculation methodology shown below) was $1.9 million in the three months ended September 30, 2026, as compared to $0.8 million in the three months ended September 30, 2025.

Balance Sheet Data as of September 30, 2026:

• Cash and cash equivalents increased to $7.9 million as of September 30, 2026, from $3.8 million as of December 31, 2025, such increase benefiting in part from the $2 million settlement payment received in May 2026.
• Net working capital increased to approximately $16.9 million as of September 30, 2026 from $13.0 million as of December 31, 2025.
• Stockholders’ equity increased to $32.8 million as of September 30, 2026 from $27.1 million as of December 31, 2025.

Condensed Statements of Income (Unaudited)
	Three Months Ended September 30,									Nine Months Ended September 30,
(In thousands, except per share amounts)		2026				2025				2026				2025
Product sales	$8,040				$5,506				$25,584				$20,018
Costs of goods sold		4,485				3,143				14,934				11,483
Gross profit		3,555				2,363				10,650				8,535
Sales, marketing and administrative expenses		2,420				1,649				7,174				4,545
Product development expenses		177				694				614				2,283
Other operating income		–				–				(2,000)				–
Operating expenses		2,597				2,343				5,788				6,828
NET OPERATING INCOME		958				20				4,862				1,707
Other (expenses) income, net		(22)				(155)				(92)				110
INCOME (LOSS) BEFORE INCOME TAXES		936				(135)				4,770				1,817
Income tax (benefit) expense		(17)				5				41				8
NET INCOME (LOSS)	$953					($140)			$4,729				$1,809
Basic weighted average common shares outstanding		9,084				9,046				9,065				9,019
Basic net income (loss) per share	$0.10					($0.02)			$0.52				$0.20
Diluted weighted average common shares outstanding		9,298				9,046				9,189				9,019
Diluted net income (loss) per share	$0.10					($0.02)			$0.51				$0.20

Selected Balance Sheet Data (In thousands) (Unaudited)
	As of			As of
	September 30, 2026			December 31, 2025
Cash and cash equivalents	$7,914			$3,807
Inventory	$9,857			$9,267
Net working capital	$16,897			$12,967
Total assets	$47,958			$42,532
Stockholders’ equity	$32,774			$27,055

Selected Cash Flow Data (In thousands) (Unaudited)
	Nine Months Ended September 30,
		2026				2025
Operating Activities	$7,348				$1,993
Investing Activities		(2,247)				(1,047)
Financing Activities		(994)				(818)
Net Change in Cash		4,107				128
Cash at Beginning of Period		3,807				3,758
Cash at End of Period	$7,914				$3,886

Non-GAAP Financial Measures: Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures included in this press release should be considered in addition to, and not as a substitute for or superior to, the comparable measure prepared in accordance with GAAP.

We believe that considering the non-GAAP measure of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) assists management and investors by looking at our performance across reporting periods on a consistent basis excluding certain charges from our reported income before income taxes. We calculate adjusted EBITDA as described in the following table and reconciled to the most comparable GAAP financial measure:

	Three Months Ended September 30,									Nine Months Ended September 30,
(In thousands)		2026				2025				2026			2025
Net income (Loss)	$953					($140)			$4,729			$1,809
Income tax (benefit) expense		(17)				4				41			8
Interest expense (excluding debt issuance and debt discount costs)		89				105				278			336
Depreciation		459				674				1,458			2,009
Amortization (including debt issuance and debt discount costs)		3				34				9			66
Stock-based compensation expense		397				73				774			192
Adjusted EBITDA	$1,884				$750				$7,289			$4,420

Cash payments to satisfy debt repayment obligations and to make capital expenditure investments are other uses of cash that are not included in the calculation of EBITDA, but which management also does consider when assessing its cash flows.

Webcast / Conference Call:

The Company is planning to host a conference call and webcast on November 13, 2026, at 9:00 AM ET to review the unaudited financial results. Interested parties may access the conference call by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international). 

The live webcast can be accessed at: https://app.webinar.net/JL8AEda3K5D

The live webcast will feature a set of accompanying presentation slides that will subsequently be available in the Investors section of the Company’s website at: https://immucell.com/investors/ 

A teleconference replay of the conference call will be available through November 20, 2026, by dialing (855) 669-9658 (toll free) or (412) 317-0088 (international) and utilizing replay access code #2589057.

About ImmuCell:

ImmuCell Corporation (Nasdaq: ICCC) is an animal-health biologics company that operates in the fast-growing market for calf health solutions. It develops, manufactures and commercializes the First Defense^® line of products that provides Immediate Immunity™ through colostrum-derived, orally delivered antibodies against the principal viral and bacterial causes of scours. Scours (neonatal calf diarrhea) is one of the most prevalent and deadly diseases in neonatal calves worldwide. Press releases and other information about the Company are available at:
http://www.immucell.com/investors.

Cautionary Note Regarding Forward-Looking Statements (Safe Harbor Statement):
This Press Release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and will often include words such as “expects”, “may”, “anticipates”, “aims”, “intends”, “would”, “could”, “should”, “will”, “plans”, “believes”, “estimates”, “targets”, “projects”, “forecasts”, “seeks” and similar words and expressions. Such statements include, but are not limited to, any forward-looking statements relating to:

• our business plans, goals and strategies;
• projections of future financial and operational performance, expense ratios and margins;
• future demand for our products, including the First Defense® product line;
• the sequence, duration, costs and goals of our program to repurpose our former Re-Tain^® facility and equipment for First Defense^® production; cost recoveries on Re-Tain^® equipment no longer in service; and other elements of projected depreciation expense affecting future income for book and tax return purposes;
• capital expenditures, contractual commitments, and the anticipated sources and uses of cash to fund them;
• anticipated timing and terms of a new line of credit;

and any other statements that are not historical facts. projections about depreciation expense and its impact on income for book and tax return purposes; and any other statements that are not historical facts. These statements reflect management’s current expectations as of the date hereof, are based on management’s estimates, projections, beliefs and assumptions as of such date; and are not guarantees of future performance. Such statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to differ materially, including risks relating to: competition in our markets; customer acceptance and product performance; alignment between our manufacturing resources and product demand; supply chain disruptions affecting our operations and our customer and supplier relationships; the commercial and operational risks of our current and planned expansion of production capacity; difficulties or delays in development, testing, regulatory approval, production and marketing of our products, and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission (SEC), including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. There can be no assurance that the risks or developments we anticipate will be those that actually affect us. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise.

Contacts:	Olivier te Boekhorst, President and CEO
	Timothy C. Fiori, Chief Financial Officer
	ImmuCell Corporation
	investor.relations@immucell.com
	Joe Diaz, Robert Blum and Joe Dorame
	Lytham Partners, LLC
	iccc@lythampartners.com

FREMONT, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — SoundThinking, Inc. (Nasdaq: SSTI), a leading public safety technology company, today reported financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Financial and Operational Highlights

• Revenues of $25.0 million remained relatively flat year over year, compared to $25.1 million for the same quarter of 2025.
• Gross profit decreased 13% to $11.9 million (48% of revenues), compared to $13.6 million (54% of revenues) for the same quarter of 2025.
• GAAP net loss totaled $8.5 million, compared to GAAP net loss of $2.0 million for the same quarter of 2025.
• Adjusted EBITDA¹ totaled $2.2 million (9% of revenues), compared to $3.5 million (14% of revenues) for the same quarter of 2025.
• Expanded with three existing customers.

_{¹ See the section below titled “Non-GAAP Financial Measures” for more information about Adjusted EBITDA and its reconciliation to GAAP net (loss).}

Transaction with Transom

As previously announced on September 29, 2026, SoundThinking entered into a definitive merger agreement (the “Merger Agreement”) under which certain affiliates of Transom Capital Group, LLC (“Transom”) will acquire SoundThinking through a tender offer for $8.00 per share in cash, and one non-transferable contingent value right (“CVR”) worth up to $3.00 per share, for aggregate potential consideration of up to $11.00 per share in cash. The implied enterprise value of SoundThinking based solely on the up-front cash consideration is approximately $114 million and the total enterprise value with payment of the maximum CVR payment is approximately $159 million. SoundThinking expects to close the transaction, which is referred to herein as the “Transom Transaction,” in the fourth quarter of 2026, subject to the satisfaction of customary closing conditions, including SoundThinking’s stockholders validly tendering shares of SoundThinking’s common stock representing at least a majority of the outstanding shares of SoundThinking common stock. Following closing of the Transom Transaction, SoundThinking will become a privately held company.

Third Quarter 2026 Financial Results

Revenues for the third quarter of 2026 were $25.0 million, compared to $25.1 million for the same quarter of 2025. The decrease in revenues was primarily attributable to a reduction in revenue of approximately $1.0 million resulting from the non-renewal or delays of renewals of our contracts with multiple customers, partially offset by $0.7 million in new bookings and expansions with existing customers and $0.2 million in catch-up revenue from various customers.

Gross profit for the third quarter of 2026 was $11.9 million (48% of revenues), compared to $13.6 million (54% of revenues) for the same period in 2025 reflecting lower revenue volume, including lower catch-up revenue, and an increase in information technology and facility costs.

Total operating expenses for the third quarter of 2026 were $20.1 million, compared to $15.7 million for the same period in 2025. The increase was primarily due to increased acquisition-related costs for the Transom Transaction and increased sales and marketing expenses, partially offset by decreased research and development costs related to a decrease in headcount.

Net loss for the third quarter of 2026 totaled $8.5 million or $(0.64) per basic and diluted share (based on 13.2 million basic and diluted weighted-average shares outstanding), compared to net loss of $2.0 million or $(0.16) per basic and diluted share (based on 12.8 million basic and diluted weighted-average shares outstanding) for the same period in 2025.

Adjusted EBITDA for the third quarter of 2026 totaled $2.2 million, compared to $3.5 million in the same period last year.

At quarter end, the company had $9.5 million in cash and cash equivalents, $29.2 million in accounts receivable and contract assets, net, $41.7 million in deferred revenue, $4.0 million in debt and approximately $36.0 million available on its credit facility.

Business Outlook and Earnings Conference Call

In light of the pending Transom Transaction, SoundThinking will not be providing forward-looking guidance or updates to previously issued guidance and will not host an earnings conference call or webcast for its third quarter 2026 financial results and does not expect to do so for any future quarters. Earnings materials are publicly available on SoundThinking’s Investor Relations website at https://ir.soundthinking.com/.

Non-GAAP Financial Measures

Adjusted EBITDA: Adjusted EBITDA, a non-GAAP financial measure, represents the company’s net income (loss) before interest (income) expense, income taxes, depreciation, amortization and impairment, restructuring expense, acquisition-related expenses and stock-based compensation expense. Adjusted EBITDA is a measure used by management internally to understand and evaluate the company’s core operating performance and trends across accounting periods and in connection with developing future operating plans, making strategic decisions regarding the allocation of capital and considering initiatives focused on cultivating new markets for its solutions. In particular, the exclusion of these expenses in calculating Adjusted EBITDA facilitates comparisons of the company’s operating performance on a period-to-period basis.

SoundThinking believes Adjusted EBITDA also provides useful information to investors and others in understanding and evaluating its operating results in the same manner as its management and board of directors. For example, SoundThinking adjusts EBITDA for stock-based compensation expense because such expenses often vary for reasons that are generally unrelated to financial and operational performance in a particular period. Stock-based compensation is utilized by SoundThinking to attract and retain employees with a goal of long-term retention and the alignment of employee interests with those of the company and its stockholders, rather than to address operational performance for any particular period’s financial performance measures, in particular net loss, or its other GAAP financial results.

The following table presents a reconciliation of GAAP net loss, the most directly comparable GAAP measure, to Adjusted EBITDA for each of the periods indicated (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
		(Unaudited)								(Unaudited)
GAAP net loss		$	(8,472	)		$	(2,044	)		$	(20,228	)		$	(6,648	)
Less:
Interest expense, net			11				(14	)			(17	)			18
Income taxes			27				(158	)			89				28
Depreciation, amortization and impairment			2,929				2,648				8,301				7,689
Stock-based compensation expense			2,463				3,052				7,382				10,297
Restructuring expense			123				—				658				—
Acquisition-related expenses			5,126				—				7,080				—
Adjusted EBITDA		$	2,207			$	3,484			$	3,265			$	11,384

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the anticipated completion and timing of the Transom Transaction, the consideration payable in connection with the Transom Transaction and the company becoming a privately held company upon closing of the Transom Transaction. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “could,” “intend,” or variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the company’s control. The company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the satisfaction of closing conditions to the potential transaction in the anticipated timeframe or at all; uncertainty as to how many of the company’s stockholders will tender their shares and the possibility that the potential acquisition does not close; the expected timing of the potential acquisition; the effect of the announcement of the potential acquisition on the company’s business relationships, including with partners, customers and employees; the diversion of management’s time and attention from ongoing business operations and opportunities; the company’s ability to enter into new contracts or renew its contracts with key customers and the timing of such entry or renewal; the company’s ability to successfully negotiate and execute contracts with new and existing customers in a timely manner, if at all; the company’s ability to maintain and increase sales, including sales of the company’s newer product lines and through expansion into new vertical markets; the availability of funding for the company’s customers to purchase the company’s solutions; the complexity, expense and time associated with contracting with government entities; the company’s ability to maintain and expand coverage of existing public safety customer accounts and further penetrate the public safety market; the potential effects of negative publicity; the company’s ability to sell its solutions into international and other new markets; the lengthy sales cycle for the company’s solutions; changes in federal funding available to support local law enforcement; the company’s ability to deploy and deliver its solutions; the company’s ability to maintain and enhance its brand; and the impact of global macroeconomic conditions on the company’s business, including tariffs and trade measures, as well as other risk factors included in the company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q and other SEC filings. These forward-looking statements are made as of the date of this press release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the company undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in its expectations.

About SoundThinking, Inc.

SoundThinking, Inc. (Nasdaq: SSTI) is a leading public safety technology company that delivers AI- and data-driven solutions for law enforcement, civic leadership, and security professionals. SoundThinking is trusted by more than 300 customers and has worked with approximately 2,100 agencies to drive more efficient, effective, and equitable public safety outcomes. The company’s SafetySmart^TM platform includes ShotSpotter^®, the leading acoustic gunshot detection system; CrimeTracer^TM, the leading law enforcement search engine; CaseBuilder^TM, a one-stop investigation management system; ResourceRouter^TM, software that directs patrol and community anti-violence resources to help maximize their impact; PlateRanger^TM powered by Rekor, a leading ALPR solution; Field Agent^TM, an AI layer that transforms public safety data into actionable intelligence; and SafePointe^®, an AI-based weapons detection system. SoundThinking has been designated a Great Place to Work^® company.

Company Contact:
Alan Stewart, CFO
SoundThinking, Inc.
+1 (510) 794-3100
astewart@soundthinking.com

Investor Relations Contacts:
Ankit Hira
Solebury Strategic Communications for SoundThinking, Inc.
+1 (203) 546 0444
SSTI@soleburystrat.com

SoundThinking, Inc. Condensed Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues		$	25,010			$	25,100			$	73,077			$	79,338
Costs
Cost of revenues			12,537				11,229				37,269				35,005
Impairment of property and equipment			565				237				1,105				310
Total costs			13,102				11,466				38,374				35,315
Gross profit			11,908				13,634				34,703				44,023
Operating expenses
Sales and marketing			6,024				5,796				18,431				19,580
Research and development			3,918				4,097				12,314				11,908
General and administrative			10,033				5,797				23,000				18,738
Restructuring expense			123				—				658				—
Total operating expenses			20,098				15,690				54,403				50,226
Operating loss			(8,190	)			(2,056	)			(19,700	)			(6,203	)
Other expense, net
Interest income (expense), net			(11	)			14				17				(18	)
Other expense, net			(244	)			(160	)			(456	)			(399	)
Total other expense, net			(255	)			(146	)			(439	)			(417	)
Loss before income taxes			(8,445	)			(2,202	)			(20,139	)			(6,620	)
Provision (benefit) for income taxes			27				(158	)			89				28
Net loss		$	(8,472	)		$	(2,044	)		$	(20,228	)		$	(6,648	)
Net loss per share, basic and diluted		$	(0.64	)		$	(0.16	)		$	(1.55	)		$	(0.52	)
Weighted-average shares used in computing net loss per share, basic and diluted			13,187,692				12,760,595				13,024,566				12,707,463

SoundThinking, Inc. Condensed Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited)
		September 30,				December 31,
		2026				2025
Assets
Current assets
Cash and cash equivalents		$	9,533			$	15,797
Accounts receivable and contract assets, net			29,212				28,570
Prepaid expenses and other current assets			4,804				4,225
Total current assets			43,549				48,592
Property and equipment, net			16,936				18,816
Operating lease right-of-use assets			1,883				1,904
Goodwill			34,213				34,213
Intangible assets, net			26,470				29,335
Other assets			2,633				2,894
Total assets		$	125,684			$	135,754
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable		$	4,207			$	3,789
Accrued expenses and other current liabilities			13,589				9,578
Line of credit			4,000				4,000
Deferred revenue, short-term			39,268				40,035
Total current liabilities			61,064				57,402
Deferred revenue, long-term			2,458				3,845
Deferred tax liability			1,444				1,359
Operating lease liabilities, net of current portion			1,188				976
Total liabilities			66,154				63,582
Stockholders’ equity
Common stock: $0.005 par value; 500,000,000 shares authorized; 13,240,518 and 12,825,960 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			65				64
Additional paid-in capital			193,737				186,115
Accumulated deficit			(133,946	)			(113,718	)
Accumulated other comprehensive loss			(326	)			(289	)
Total stockholders’ equity			59,530				72,172
Total liabilities and stockholders’ equity		$	125,684			$	135,754

LITTLE ROCK, Ark., Nov. 12, 2026 (GLOBE NEWSWIRE) — Dillard’s, Inc. (TXSE: DDS) (the “Company” or “Dillard’s”) announced operating results for the 13 and 39 weeks ended October 31, 2026. This release contains certain forward-looking statements.   Please refer to the Company’s cautionary statements included below under “Forward-Looking Information.”

Dillard’s Chief Executive Officer William T. Dillard, II commented on the quarter, “We achieved 1% sales growth on top of last year’s 3% increase, supporting a strong 45.3% retail gross margin. As we head into the holidays, our stores and dedicated team are ready to welcome and serve our customers.”

Highlights of the Third Quarter (compared to the prior year third quarter):

• Total retail sales increased 1%
  • Comparable store sales increased 1%
  • Net income of $130.9 million compared to $129.8 million
  • Earnings per share of $8.38 compared to $8.31
  • Retail gross margin of 45.3% of sales compared to 45.3% of sales
  • Operating expenses were $448.9 million (30.3% of sales) compared to $440.4 million (30.0% of sales)
  • Cash and short-term investments of approximately $1.385 billion compared to $1.334 billion
  • Ending inventory increased 4%

Third Quarter Results

Dillard’s reported net income for the 13 weeks ended October 31, 2026 of $130.9 million, or $8.38 per share, compared to $129.8 million, or $8.31 per share, for the 13 weeks ended November 1, 2025.

Sales – Third Quarter

Net sales for the 13 weeks ended October 31, 2026 and November 1, 2025 were $1.480 billion and $1.469 billion, respectively. Net sales includes the operations of the Company’s construction business, CDI Contractors, LLC (“CDI”).

Total retail sales (which excludes CDI) for the 13 weeks ended October 31, 2026 and November 1, 2025 were $1.418 billion and $1.401 billion, respectively. Total retail sales increased 1% for the 13 weeks ended October 31, 2026 compared to the 13 weeks ended November 1, 2025. Sales in comparable stores for the same period increased 1%.

Compared to the prior year third quarter as a percentage, sales increased moderately in home and furniture, men’s apparel and accessories, ladies’ accessories and lingerie, and juniors’ and children’s apparel. Sales in cosmetics increased slightly. Sales were essentially flat in shoes and decreased slightly in ladies’ apparel.

Gross Margin – Third Quarter

Consolidated gross margin for the 13 weeks ended October 31, 2026 was 43.6% of sales compared to 43.4% of sales for the 13 weeks ended November 1, 2025.

Retail gross margin for the 13 weeks ended October 31, 2026 was 45.3% of sales compared to 45.3% of sales for the 13 weeks ended November 1, 2025.

Compared to the prior year third quarter as a percentage, retail gross margin increased moderately in men’s apparel and accessories and home and furniture. Retail gross margin increased slightly in shoes and decreased slightly in ladies’ apparel, cosmetics and ladies’ accessories and lingerie. Retail gross margin declined moderately in juniors’ and children’s apparel.

Selling, General & Administrative Expenses – Third Quarter

Consolidated selling, general and administrative expenses (“operating expenses”) for the 13 weeks ended October 31, 2026 were $448.9 million (30.3% of sales) and $440.4 million (30.0% of sales) for the 13 weeks ended November 1, 2025. The increase is largely due to higher payroll expense.

Highlights of the 39 Weeks (compared to the prior year 39 Weeks):

• Total retail sales increased 2%
  • Comparable store sales increased 2%
  • Net income of $479.1 million compared to $366.5 million
  • Earnings per share of $30.68 compared to $23.39
  • Retail gross margin of 44.0% of sales compared to 42.9% of sales
  • Operating expenses were $1,336.5 million (29.3% of sales) compared to $1,296.3 million (28.7% of sales)

39-Week Results

Dillard’s reported net income for the 39 weeks ended October 31, 2026 of $479.1 million, or $30.68 per share, compared to $366.5 million, or $23.39 per share, for the 39 weeks ended November 1, 2025. Included in net income for the 39 weeks ended October 31, 2026 are these items:

• $37.2 million ($28.4 million after tax, or $1.82 per share) in refunds of International Emergency Economic Powers Act (IEEPA) tariffs
• a pre-tax gain on litigation settlement, net of legal fees, of $104.1 million ($79.6 million after tax or $5.10 per share) related to the Company’s favorable settlement of a long-standing lawsuit involving payment card interchange fees

Included in net income for the 39 weeks ended November 1, 2025 is a pretax gain of $5.5 million ($4.2 million after tax or $0.27 per share) primarily related to the sale of four properties.

Sales – 39 Weeks

Net sales for the 39 weeks ended October 31, 2026 and November 1, 2025 were $4.556 billion and $4.511 billion, respectively.

Total retail sales for the 39 weeks ended October 31, 2026 and November 1, 2025 were $4.391 billion and $4.315 billion, respectively. Total retail sales increased 2% for the 39 weeks ended October 31, 2026 compared to the 39 weeks ended November 1, 2025. Sales in comparable stores for the same period increased 2%.

Gross Margin – 39 Weeks

Consolidated gross margin for the 39 weeks ended October 31, 2026 was 42.6% of sales compared to 41.3% of sales for the 39 weeks ended November 1, 2025.

Retail gross margin for the 39 weeks ended October 31, 2026 was 44.0% of sales compared to 42.9% of sales for the 39 weeks ended November 1, 2025. Retail gross margin was positively impacted (80 basis points of sales) by the aforementioned $37.2 million IEEPA tariff refunds.

Selling, General & Administrative Expenses – 39 Weeks

Operating expenses for the 39 weeks ended October 31, 2026 were $1.337 billion (29.3% of sales) and $1.296 billion (28.7% of sales) for the 39 weeks ended November 1, 2025. The increase is largely due to higher payroll expenses.

Store Information

The Company has announced the upcoming closure of its Boynton Beach Mall Clearance Center in Boynton Beach, Florida (50,000 square feet). The store is expected to close in January 2027.

The Company operates 272 Dillard’s stores, including 28 clearance centers, spanning 30 states (totaling 46.1 million square feet) and an Internet store at dillards.com.  

Dillard’s, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In Millions, Except Per Share Data)

		13 Weeks Ended														39 Weeks Ended
		October 31, 2026							November 1, 2025							October 31, 2026							November 1, 2025
						% of							% of							% of							% of
						Net							Net							Net							Net
		Amount				Sales			Amount				Sales			Amount				Sales			Amount				Sales
Net sales		$	1,480.4			100.0%			$	1,468.8			100.0%			$	4,556.4			100.0%			$	4,511.5			100.0%
Service charges and other income			22.9			1.5				22.2			1.5				66.0			1.4				62.5			1.4
			1,503.3			101.5				1,491.0			101.5				4,622.4			101.4				4,574.0			101.4
Cost of sales			835.0			56.4				831.6			56.6				2,614.7			57.4				2,648.6			58.7
Selling, general and administrative expenses			448.9			30.3				440.4			30.0				1,336.5			29.3				1,296.3			28.7
Depreciation and amortization			44.0			3.0				44.5			3.0				131.7			2.9				133.5			3.0
Rentals			3.7			0.3				4.4			0.3				11.5			0.3				13.5			0.3
Interest and debt (income) expense, net			(4.2)			(0.3)				(3.1)			(0.2)				(7.7)			(0.2)				(5.3)			(0.1)
Other expense			5.0			0.3				5.0			0.3				15.0			0.3				15.8			0.3
Gain on litigation settlement			—			—				—			—				104.1			2.3				—			—
Gain on disposal of assets			—			—				0.6			0.0				0.3			0.0				5.5			0.1
Income before income taxes and equity in earnings of joint ventures			170.9			11.5				168.8			11.5				625.1			13.7				477.1			10.6
Income taxes			40.3							39.0							146.8							110.6
Equity in earnings of joint ventures			0.3			0.0				—			—				0.8			0.0				—			—
Net income		$	130.9			8.8%			$	129.8			8.8%			$	479.1			10.5%			$	366.5			8.1%
Basic and diluted earnings per share		$	8.38						$	8.31						$	30.68						$	23.39
Basic and diluted weighted average shares outstanding			15.6							15.6							15.6							15.7

Dillard’s, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In Millions)

		October 31,			November 1,
		2026			2025
Assets
Current assets:
Cash and cash equivalents		$	896.8		$	1,149.2
Accounts receivable			46.6			44.9
Short-term investments			488.7			185.2
Merchandise inventories			1,781.4			1,718.1
Other current assets			63.7			71.6
Total current assets			3,277.2			3,169.0
Property and equipment, net			850.1			943.7
Operating lease assets			33.9			27.3
Deferred income taxes			80.5			65.6
Other assets			93.3			92.5
Total assets		$	4,335.0		$	4,298.1
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable and accrued expenses		$	1,228.2		$	1,214.0
Current portion of long-term debt			80.0			96.0
Current portion of operating lease liabilities			9.4			10.0
Federal and state income taxes			20.0			125.4
Total current liabilities			1,337.6			1,445.4
Long-term debt			145.8			225.7
Operating lease liabilities			24.2			16.9
Other liabilities			379.8			365.0
Subordinated debentures			200.0			200.0
Stockholders’ equity			2,247.6			2,045.1
Total liabilities and stockholders’ equity		$	4,335.0		$	4,298.1

Dillard’s, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In Millions)

		39 Weeks Ended
		October 31,				November 1,
		2026				2025
Operating activities:
Net income		$	479.1			$	366.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and other deferred costs			132.8				134.6
Gain on disposal of assets			(0.3)				(5.5)
Accrued interest on short-term investments			(10.1)				(7.0)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable			(6.9)				10.8
Increase in merchandise inventories			(580.3)				(546.0)
Decrease in other current assets			7.5				22.5
Decrease in other assets			—				2.0
Increase in trade accounts payable and accrued expenses and other liabilities			463.7				426.1
(Decrease) increase in income taxes			(5.7)				101.8
Net cash provided by operating activities			479.8				505.8
Investing activities:
Purchase of property and equipment and capitalized software			(67.7)				(73.8)
Proceeds from disposal of assets			0.3				7.6
Proceeds from insurance			—				1.5
Investments related to joint ventures			—				(34.3)
Purchase of short-term investments			(741.6)				(396.3)
Proceeds from maturities of short-term investments			474.5				543.7
Net cash (used in) provided by investing activities			(334.5)				48.4
Financing activities:
Principal payments on long-term debt			(96.0)				—
Cash dividends paid			(14.0)				(11.8)
Purchase of treasury stock			—				(107.8)
Issuance cost of line of credit			—				(3.3)
Net cash used in financing activities			(110.0)				(122.9)
Increase in cash and cash equivalents			35.3				431.3
Cash and cash equivalents, beginning of period			861.5				717.9
Cash and cash equivalents, end of period		$	896.8			$	1,149.2
Non-cash transactions:
Accrued capital expenditures		$	10.7			$	9.8
Accrued purchase of treasury stock and excise taxes			—				1.1
Stock awards			1.4				1.3
Lease assets obtained in exchange for new operating lease liabilities			5.3				2.5

Estimates for 2026

The Company is providing the following estimates for certain financial statement items for the 52-week period ending January 30, 2027 based upon current conditions. Actual results may differ significantly from these estimates as conditions and factors change – See “Forward-Looking Information.”

		In Millions
		2026				2025
		Estimated				Actual
Depreciation and amortization		$	175			$	179
Rentals			17				19
Interest and debt (income) expense, net			(12)				(6)
Capital expenditures			100				93

Forward-Looking Information

This report contains certain forward-looking statements. The following are or may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995: (a) statements including words such as “may,” “will,” “could,” “should,” “believe,” “expect,” “future,” “potential,” “anticipate,” “intend,” “plan,” “estimate,” “continue,” or the negative or other variations thereof; (b) statements regarding matters that are not historical facts; and (c) statements about the Company’s future occurrences, plans and objectives, including those statements under the heading “Estimates for 2026” regarding certain financial statement items for the 52-week period ended January 30, 2027. The Company cautions that forward-looking statements contained in this report are based on estimates, projections, beliefs and assumptions of management and information available to management at the time of such statements and are not guarantees of future performance. The Company disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information or otherwise. Forward-looking statements of the Company involve risks and uncertainties and are subject to change based on various important factors. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements made by the Company and its management as a result of a number of risks, uncertainties and assumptions. Representative examples of those factors include (without limitation) general retail industry conditions and macro-economic conditions including inflation, economic recession and changes in traffic at malls and shopping centers; economic and weather conditions for regions in which the Company’s stores are located and the effect of these factors on the buying patterns of the Company’s customers, including the effect of changes in prices and availability of oil and natural gas; the availability of and interest rates on consumer credit; the impact of competitive pressures in the department store industry and other retail channels including specialty, off-price, discount and Internet retailers; changes in the Company’s ability to meet labor needs amid nationwide labor shortages and an intense competition for talent; changes in consumer spending patterns, debt levels and their ability to meet credit obligations; high levels of unemployment; changes in tax legislation; trade disputes and changes in trade policies including the imposition (or threat) of new or increased duties, taxes, tariffs and other charges impacting our products or supply chain; changes in legislation and governmental regulations; adequate and stable availability and pricing of materials, production facilities and labor from which the Company sources its merchandise; changes in operating expenses, including employee wages, commission structures and related benefits; system failures or data security breaches; inability to effectively utilize advancements in technology, including artificial intelligence; possible future acquisitions of store properties from other department store operators; the continued availability of financing in amounts and at the terms necessary to support the Company’s future business; fluctuations in SOFR and other base borrowing rates; potential disruption from terrorist activity and the effect on ongoing consumer confidence; epidemic, pandemic or public health issues and their effects on public health, our supply chain, the health and well-being of our employees and customers and the retail industry in general; potential disruption of international trade and supply chain efficiencies; global conflicts (including the ongoing conflicts in the Middle East and Ukraine) and the possible impact on consumer spending patterns and other economic and demographic changes of similar or dissimilar nature, and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, particularly those set forth under the caption “Item 1A, Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026.

CONTACT:
Dillard’s, Inc.
Julie J. Guymon
501-376-5965
julie.guymon@dillards.com

• Third quarter 2026 revenue of $44.6 million; adjusted EBITDA loss of approximately $0.4 million, within the Company’s guidance range of negative $1 million to positive $2 million.
• Adjusted EBITDA improved approximately $3.1 million sequentially from an adjusted EBITDA loss of $3.5 million in the second quarter of 2026, driven primarily by a 34% sequential reduction in selling and marketing expenses and reduction of overall non-clinical expenses.
• GAAP net loss from continuing operations attributable to common stockholders of $5.2 million, or $0.11 per share, compared with $8.4 million, or $0.18 per share, in the second quarter of 2026.
• Total active subscribers increased 13% year-over-year to approximately 350,000.
• LifeMD Pharmacy shipment volume grew 58.3% year-over-year.
• Exited the quarter with $21.9 million of cash and no debt; subsequent to quarter-end, closed on a $12.5 million senior secured term loan to replace the Company’s previous credit facility.
• Entered into arrangements with both Novo Nordisk and Eli Lilly, enabling LifeMD’s pharmacy to begin dispensing self-pay branded GLP-1 medications, including Wegovy, Wegovy Pill, Ozempic, Zepbound, and Foundayo, to patients nationwide.
• Entered into an exclusive relationship with AT&T to provide its 100 million wireless and fiber customers and 110,000 U.S. employees access to LifeMD’s healthcare and pharmacy services.
• Expecting fourth quarter 2026 revenue of between $46 million and $49 million, and Adjusted EBITDA of between negative $4 million to negative $2 million.

Conference call begins at 4:30 p.m. Eastern time today

NEW YORK, Nov. 12, 2026 (GLOBE NEWSWIRE) — LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual primary care and pharmacy services, today reported financial results for the third quarter ended September 30, 2026.

Management Commentary

“We ended the quarter with approximately 350,000 active subscribers, up 13% from a year ago and nearly flat from the second quarter, despite spending $9.5 million less on marketing,” said Justin Schreiber, Chairman and CEO of LifeMD. “We’re helping more people access high-quality healthcare, and we’re getting more efficient at doing it. From May to September, cost per acquisition fell 32% while monthly media spend declined 45%. Adjusted EBITDA improved approximately $3.1 million sequentially to roughly breakeven, and we expect to sustain or improve these unit economics going forward.

“Revenue of $44.6 million was below our guidance, and we are resetting our outlook for the fourth quarter and full year. We deliberately reduced marketing spend and prioritized longer patient commitments, and our partnerships took longer to ramp than we expected. Those factors weighed on revenue this quarter, but we believe our decisions put us in a stronger position to grow profitably.

“Our pharmacy has begun dispensing branded GLP-1 medications from Eli Lilly and Novo Nordisk. Our exclusive relationship with AT&T gives its 100 million wireless and fiber customers and 110,000 U.S. employees access to our healthcare and pharmacy services. We also made significant progress on our enterprise healthcare offering, which we will begin marketing to businesses across the country in the fourth quarter. Our women’s health program continued to improve, and we added experienced leadership to accelerate its growth. Our focus now is turning this work into revenue growth while maintaining the operating discipline we established this quarter.”

“Gross margin was approximately 82% in the quarter, compared with approximately 89% in the second quarter and 85% a year ago. The decline primarily reflects a change in presentation, not economics: under our new branded fulfillment arrangements, medications fulfilled by our own pharmacy are recognized on a gross revenue basis,” said Atul Kavthekar, Chief Financial Officer of LifeMD. “We reduced selling and marketing expense by $9.5 million sequentially to $18.5 million. General and administrative expense increased slightly from the second quarter to $14.7 million, reflecting clinical capacity added to support our new partnerships, partially offset by efficiencies in non-clinical functions. We ended the quarter with $21.9 million of cash and no debt. Subsequent to quarter end, we closed a $12.5 million non-convertible senior secured term loan with Avenue Capital. It replaces our prior revolving credit facility and gives us significantly greater flexibility to fund the working capital our branded fulfillment arrangements may require.”

Third Quarter 2026 Financial Highlights

All comparisons are with the third quarter of 2025 on a continuing operations basis (excluding WorkSimpli, which was divested on November 4, 2025, and is reported as discontinued operations for all periods presented). Non-GAAP financial measures referenced below are defined and reconciled to the most directly comparable GAAP measures at the end of this press release.

• Total revenue was $44.6 million, compared with $47.7 million in the prior-year period, a decrease of approximately 7%.
• Gross profit was $36.4 million, compared with $40.7 million in the prior-year period. Gross margin was approximately 82%, compared with approximately 85% in the prior-year period, a decline of approximately 370 basis points, primarily reflecting the gross revenue presentation of branded medications fulfilled by our pharmacy.
• Selling and marketing expenses decreased 18% year-over-year, and 34% sequentially, to $18.5 million.
• General and administrative expenses increased 6% year-over-year to $14.7 million, reflecting added clinical capacity.
• GAAP net loss from continuing operations attributable to common stockholders was $5.2 million, or $0.11 per share, compared with a GAAP net loss from continuing operations attributable to common stockholders of $5.4 million, or $0.12 per share, in the prior-year period.
• Adjusted EBITDA was a loss of approximately $0.4 million, compared with adjusted EBITDA of approximately $2.8 million in the prior-year period.
• Cash totaled $21.9 million as of September 30, 2026, and the Company had no debt at quarter end.
• The number of active subscribers increased 13% year-over-year to approximately 350,000 at quarter end.

($ in 000s)	Three Months Ended September 30,						Y-o-Y
Key Performance Metrics	2026			2025			% Growth
Revenue	$	44,625		$	47,728		-7	%
Gross Profit	$	36,376		$	40,666		-11	%
Gross Margin %	82		%	85		%	-370bpts
Adjusted EBITDA	$	(413	)	$	2,787		-115	%
Active Subscribers	349,744			310,818			13	%

Financial Guidance

For the fourth quarter of 2026, the Company expects:

• Revenue in the range of $46 million to $49 million.
• Adjusted EBITDA in the range of negative $4 million to negative $2 million.

For the full year 2026, the Company expects (revised from previous guidance):

• Revenue in the range of $188 million to $191 million, compared with previous guidance of $205.5 million to $212.5 million.
• Adjusted EBITDA in the range of negative $12.6 million to negative $10.6 million, compared with previous guidance of negative $6.0 million to breakeven.

Conference Call
LifeMD’s management will host a conference call today at 4:30 p.m. Eastern time to discuss the Company’s financial results and outlook, and answer questions. Details for the call are as follows:

Toll-free dial-in number:	(877) 270-2148
International dial-in number:	+1 (412) 902-6510
Conference ID:	LifeMD, Inc. Third Quarter 2026 Results

A live and archived webcast will be available in the Investors section of the Company’s website at ir.lifemd.com.

About LifeMD, Inc.

LifeMD® is a leading virtual care company making high-quality healthcare more accessible, convenient, and affordable. Through its vertically integrated platform, LifeMD connects patients with a 50-state affiliated medical group, laboratory services, a state-of-the-art in-house pharmacy, and a U.S.-based patient care center. Together, these capabilities support care across more than 200 conditions, including primary care, men’s and women’s health, weight management, and hormone therapy. For more information, please visit LifeMD.com.

Cautionary Note Regarding Forward Looking Statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: “believe,” “expect,” “anticipate,” “project,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” “predict,” “continue,” and “potential,” or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, regulatory developments, legal events or outcomes, ability to comply with complex and evolving regulations, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.

Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, “Risk Factors” identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.

Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.

Investor Contact
ir@lifemd.com

Media Contact
press@lifemd.com

Tables to Follow

LIFEMD, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
	September 30, 2026				December 31, 2025
ASSETS
Current Assets
Cash	$	21,921,769			$	36,786,318
Receivables, net		13,249,849				2,485,882
Product deposit		218,690				320,217
Inventory, net		10,348,601				2,773,576
Other current assets		3,522,349				2,646,077
Total Current Assets		49,261,258				45,012,070
Non-current Assets
Equipment, net		1,905,154				2,444,717
Right of use assets, net		4,622,463				5,267,857
Capitalized software, net		10,329,573				10,604,946
Intangible assets, net		166,583				262,334
Total Non-current Assets		17,023,773				18,579,854
Total Assets	$	66,285,031			$	63,591,924
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Current Liabilities
Accounts payable	$	37,736,899			$	14,149,154
Accrued expenses		12,842,607				14,214,393
Current operating lease liabilities		691,719				642,422
Deferred revenue		10,433,507				10,573,442
Total Current Liabilities		61,704,732				39,579,411
Long-term Liabilities
Non-current operating lease liabilities		5,159,954				5,681,374
Total Liabilities		66,864,686				45,260,785
Commitments and Contingencies
Stockholders’ (Deficit) Equity
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding as of September 30, 2026 and December 31, 2025		140				140
Common Stock, $0.01 par value; 100,000,000 shares authorized, 48,358,877 and 46,760,016 shares issued, 48,255,837 and 46,656,976 outstanding as of September 30, 2026 and December 31, 2025, respectively		483,589				467,600
Additional paid-in capital		255,443,609				251,455,616
Accumulated deficit		(256,343,292	)			(233,428,516	)
Treasury stock, 103,040 shares, at cost, as of September 30, 2026 and December 31, 2025		(163,701	)			(163,701	)
Total LifeMD, Inc. Stockholders’ (Deficit) Equity		(579,655	)			18,331,139
Total Liabilities and Stockholders’ (Deficit) Equity	$	66,285,031			$	63,591,924

LIFEMD, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Telehealth revenue, net	$	44,625,086			$	47,727,942			$	142,048,848			$	146,861,697
Cost of telehealth revenue		8,249,469				7,061,651				19,605,877				21,627,901
Gross profit		36,375,617				40,666,291				122,442,971				125,233,796
Expenses
Selling and marketing expenses		18,500,609				22,563,994				76,411,416				66,988,030
General and administrative expenses		14,654,524				13,800,377				43,468,661				42,995,255
Other operating expenses		3,453,051				2,800,013				9,673,184				8,072,564
Customer service expenses		2,351,426				2,784,320				8,103,717				9,086,549
Development costs		1,882,508				1,844,269				5,470,005				5,526,379
Total expenses		40,842,118				43,792,973				143,126,983				132,668,777
Operating loss from continuing operations		(4,466,501	)			(3,126,682	)			(20,684,012	)			(7,434,981	)
Interest (expense) income, net		(3,212	)			(260,621	)			98,924				(1,385,046	)
Loss on debt extinguishment		–				(1,155,851	)			–				(1,155,851	)
Loss from continuing operations before income taxes		(4,469,713	)			(4,543,154	)			(20,585,088	)			(9,975,878	)
Income tax provision		–				(31,823	)			–				(31,823	)
Net loss from continuing operations		(4,469,713	)			(4,574,977	)			(20,585,088	)			(10,007,701	)
Net income from discontinued operations		–				935,013				–				4,821,519
Net loss		(4,469,713	)			(3,639,964	)			(20,585,088	)			(5,186,182	)
Net income attributable to noncontrolling interests of discontinued operations		–				249,462				–				1,286,382
Net loss attributable to LifeMD, Inc.		(4,469,713	)			(3,889,426	)			(20,585,088	)			(6,472,564	)
Preferred stock dividends		(776,563	)			(776,563	)			(2,329,688	)			(2,329,688	)
Net loss attributable to LifeMD, Inc. common stockholders	$	(5,246,276	)		$	(4,665,989	)		$	(22,914,776	)		$	(8,802,252	)
Basic (loss) earnings per share attributable to LifeMD, Inc. common stockholders
Continuing operations	$	(0.11	)		$	(0.12	)		$	(0.48	)		$	(0.28	)
Discontinued operations		–				0.01				–				0.08
Basic loss per share	$	(0.11	)		$	(0.10	)		$	(0.48	)		$	(0.20	)
Diluted (loss) earnings per share attributable to LifeMD, Inc. common stockholders
Continuing operations	$	(0.11	)		$	(0.12	)		$	(0.48	)		$	(0.28	)
Discontinued operations		–				0.01				–				0.08
Diluted loss per share	$	(0.11	)		$	(0.10	)		$	(0.48	)		$	(0.20	)
Weighted average number of common shares outstanding:
Basic		48,182,152				46,162,625				47,772,180				44,575,553
Diluted		48,182,152				46,162,625				47,772,180				44,575,553

LIFEMD, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(4,469,713	)		$	(3,639,964	)		$	(20,585,088	)		$	(5,186,182	)
Less: Net income from discontinued operations		–				935,013				–				4,821,519
Net loss from continuing operations		(4,469,713	)			(4,574,977	)			(20,585,088	)			(10,007,701	)
Adjustments to reconcile net loss from continuing operations to net cash (used in) provided by operating activities:
Amortization of debt discount		–				33,481				–				234,369
Amortization of capitalized software		1,727,834				1,597,030				5,116,366				4,712,732
Amortization of intangibles		31,917				31,917				95,751				62,084
Loss on debt extinguishment		–				1,155,851				–				1,155,851
Depreciation of fixed assets		301,049				253,031				883,294				583,915
Noncash operating lease expense		217,495				217,495				645,394				743,207
Stock compensation expense		1,684,445				3,198,036				3,923,462				7,841,178
Changes in Assets and Liabilities
Receivables		(9,507,862	)			(10,338	)			(10,763,967	)			2,618,396
Product deposit		25,069				(119,518	)			101,527				(329,755	)
Inventory		(7,392,457	)			(181,027	)			(7,575,025	)			(635,024	)
Other current assets		(1,035,546	)			(1,382,528	)			(876,272	)			(558,239	)
Operating lease liabilities		(165,451	)			(23,535	)			(472,123	)			(171,841	)
Deferred revenue		(357,714	)			(2,322,589	)			(139,935	)			(4,864,738	)
Accounts payable		19,579,987				(4,591,851	)			23,587,745				3,896,078
Accrued expenses		(1,588,687	)			4,529,660				(1,371,786	)			(1,109,939	)
Net cash (used in) provided by operating activities of continuing operations		(949,634	)			(2,189,862	)			(7,430,657	)			4,170,573
Net cash provided by operating activities of discontinued operations		–				2,042,726				–				7,390,125
Net cash (used in) provided by operating activities		(949,634	)			(147,136	)			(7,430,657	)			11,560,698
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for capitalized software costs		(1,322,921	)			(1,937,544	)			(4,840,993	)			(5,884,672	)
Purchase of equipment		(170,728	)			(785,748	)			(343,731	)			(1,679,963	)
Net cash used in investing activities of continuing operations		(1,493,649	)			(2,723,292	)			(5,184,724	)			(7,564,635	)
Net cash used in investing activities of discontinued operations		–				(871,188	)			–				(2,596,766	)
Net cash used in investing activities		(1,493,649	)			(3,594,480	)			(5,184,724	)			(10,161,401	)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of debt instruments		–				(16,667,433	)			–				(18,719,721	)
Sale of common stock under ATM, net		–				8,721,717				–				8,721,717
Preferred stock dividends		(776,563	)			(776,563	)			(2,329,688	)			(2,329,688	)
Cash proceeds from exercise of warrants		–				464,950				–				464,950
Cash proceeds from exercise of options		–				5,950				80,520				5,950
Net cash used in financing activities of continuing operations		(776,563	)			(8,251,379	)			(2,249,168	)			(11,856,792	)
Net cash used in financing activities of discontinued operations		–				(449,539	)			–				(761,658	)
Net cash used in financing activities		(776,563	)			(8,700,918	)			(2,249,168	)			(12,618,450	)
Net decrease in cash		(3,219,846	)			(12,442,534	)			(14,864,549	)			(11,219,153	)
Cash at beginning of period		25,141,615				36,228,305				36,786,318				35,004,924
Cash at end of period		21,921,769				23,785,771				21,921,769				23,785,771
Less: Cash of discontinued operations at end of period		–				2,838,484				–				2,838,484
Cash of continuing operations at end of period	$	21,921,769			$	20,947,287			$	21,921,769			$	20,947,287
Cash paid for interest and taxes
Cash paid during the period for interest	$	–			$	241,464			$	–			$	1,461,032
Cash paid during the period for taxes	$	–			$	14,617			$	361,230			$	482,471
Non-cash investing and financing activities
Cashless exercise of options	$	–			$	253			$	–			$	1,315
Cashless exercise of warrants	$	3,204			$	–			$	3,204			$	3,901
Stock issued for debt conversion	$	–			$	–			$	–			$	1,000,000
Stock issued for asset acquisition	$	–			$	–			$	–			$	303,000

About the Use of Non-GAAP Financial Measures
To supplement our financial information presented in accordance with GAAP, we use adjusted EBITDA as a non-GAAP financial measure to clarify and enhance an understanding of past performance. We believe that the presentation of this financial measure enhances an investor’s understanding of our financial performance. We further believe that this financial measure is a useful financial metric to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors.

Adjusted EBITDA is defined as net loss attributable to LifeMD, Inc. common stockholders before interest, taxes, depreciation, amortization, extraordinary litigation costs, severance and restructuring costs, acquisition expenses, insurance acceptance readiness expenses, preferred stock dividends, stock-based compensation expense, net income from discontinued operations and net income attributable to noncontrolling interests of discontinued operations. We have provided below a reconciliation of adjusted EBITDA to net loss attributable to LifeMD, Inc. common stockholders, its most directly comparable GAAP financial measure.

We believe the above financial measure is commonly used by investors to evaluate our performance and that of our competitors. However, our use of the term adjusted EBITDA may vary from that of others in our industry. Adjusted EBITDA should not be considered as an alternative to net loss before taxes, net loss per share, operating loss or any other performance measures derived in accordance with GAAP as measures of performance.

Reconciliation of Net Loss Attributable to LifeMD, Inc. Common Stockholders to Adjusted EBITDA
(in whole numbers, unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Net loss attributable to LifeMD, Inc. common stockholders	$	(5,246,276	)		$	(4,665,989	)		$	(22,914,776	)		$	(8,802,252	)
Interest (income) expense, net	3,212				227,140				(98,924		)		1,150,677
Depreciation and amortization expense	2,060,800				1,881,978				6,095,411				5,358,731
Amortization of debt discount	–				33,481				–				234,369
Loss on debt extinguishment	–				1,155,851				–				1,155,851
Financing transactions expense	–				97,699				–				97,699
Litigation costs (a)	64,328				959,803				1,112,269				1,699,462
Severance and restructuring costs	243,885				–				992,879				102,417
Acquisitions expenses	–				(231,571		)		–				1,783,206
Insurance acceptance readiness	–				8,190				–				183,330
Taxes	–				31,823				–				31,823
Preferred stock dividends	776,563				776,563				2,329,688				2,329,688
Stock compensation expense	1,684,445				3,198,036				3,923,462				7,841,178
Net income from discontinued operations	–				(935,013		)		–				(4,821,519		)
Net income attributable to noncontrolling interests of discontinued operations	–				249,462				–				1,286,382
Adjusted EBITDA	$	(413,043	)		$	2,787,452			$	(8,559,991	)		$	9,631,041
(a) For the three and nine months ended September 30, 2026 and 2025, the Company included costs related to: (1) a class action complaint  captioned Johnston v. LifeMD, Inc., et al., against the Company and certain executive officers alleging: (i) violations of Section 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder by all defendants for making false and misleading statements; and (ii) violations of Section 20(a) of the Securities Exchange Act of 1934, as amended, by the individual officer defendants for violating their duty to disseminate accurate and truthful information, and (2) a heavily negotiated executive separation agreement. For the three and nine months ended September 30, 2025, the Company also included costs related to a class action complaint alleging, inter alia, unauthorized disclosure of certain information of class members to third parties (the Marden v. LifeMD, Inc. case).