15 unchanged sentences
● our ability to meet management goals;
−Removed: ● our ability to maintain compliance with the continued listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”);
+Added: ● our ability to regain and maintain compliance with the continued listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”);
● our estimates of our expenses, ongoing losses, future revenue and capital requirements, including
31 unchanged sentences
Since our inception in 2009, we have devoted substantial resources to the research and development of materials and production processes for the manufacture of organic thin film transistors and the enhancement of our intellectual property.
−Removed: Our loss before income taxes was $4.5 million and $4.8 million for the six months ended June 30, 2025 and 2024.
−Removed: As of June 30, 2025, our accumulated deficit was $119.2 million.
+Added: Our loss before income taxes was $8.5 million and $7.6 million for the nine months ended September 30, 2025 and 2024.
+Added: As of September 30, 2025, our accumulated deficit was $123.1 million.
Substantially all our operating losses have resulted from expenses incurred in connection with research and development activities and from general and administrative costs associated with our operations.
−Removed: Results of Operations for the three and six months ended June 30, 2025
−Removed: Three months ended June 30, 2025 compared with three months ended June 30, 2024
+Added: As a result of our need for additional capital, we have significantly curtailed our operations and delayed payments to our vendors as a part of our plan to conserve cash.
+Added: Consequently, our accounts payable have increased significantly since September 30, 2025.
+Added: We will require significant additional capital in order to pay vendors and to resume normal operations.
+Added: Results of Operations for the three and nine months ended September 30, 2025
+Added: Three months ended September 30, 2025 compared with three months ended September 30, 2024
Revenue and Cost of revenue
−Removed: We had revenue of $32.0 thousand and $40.0 thousand and cost of revenue of $28.0 thousand and $32.0 thousand in the three months ended June 30, 2025 and 2024, respectively.
−Removed: Both revenue and related cost of revenue for the three months ended June 30, 2025 and 2024 are a result of sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.
+Added: We had revenue of $81.0 thousand and cost of revenue of $5.0 thousand in the three months ended September 30, 2025, compared to no revenue or cost of revenue for the same period of 2024.
+Added: Both revenue and related cost of revenue for the three months ended September 30, 2025 are a result of sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.
Other operating income
−Removed: Other operating income was $0.3 million in the three months ended June 30, 2025, compared to $0.2 million in the same period of 2024.
+Added: Other operating income was $0.2 million in the three months ended September 30, 2025, compared to $0.3 million in the same period of 2024.
The primary source of other operating income is related to multiple research grants from Innovate UK and research and development tax credits.
Operating expenses
−Removed: Operating expenses were $4.7 million for the three months ended June 30, 2025 compared to $3.0 million for the three months ended June 30, 2024, an increase of $1.7 million, or 54.1%.
+Added: Operating expenses were $3.4 million for the three months ended September 30, 2025, compared to $3.1 million for the three months ended September 30, 2024, an increase of $0.3 million, or 10.3%.
Research and development expenses are incurred for the development and process validation for TRUFLEX® inks to make OTFT circuits and OTFT based display concepts integrating novel display technology, and to provide dielectric solutions for packaging applications.
The expenses consist primarily of payroll, technical facilities overheads, and development consumables costs.
−Removed: Research and development expenses were $2.4 million for the three months ended June 30, 2025, compared to $1.2 million for the same period of 2024, an increase of $1.3 million, or 109.5%.
−Removed: This increase primarily resulted from an $800,000 increase in costs in the second quarter of 2025 pursuant to the terms of the extension of the CPI Framework agreement.
+Added: Research and development expenses were $2.1 million for the three months ended September 30, 2025, compared to $1.5 million for the same period of 2024, an increase of $0.6 million, or 36.7%.
+Added: This increase primarily resulted from a $0.7 million increase in costs in the third quarter of 2025 pursuant to the terms of the extension of the CPI Framework agreement.
As noted above, we expect those increased costs to continue in future periods.
The increase in research and development expenses also resulted in part from higher personnel expenses.
−Removed: The research and development expenses represent 52.1% and 38.4% of the total operating expenses for the three months ended June 30, 2025 and 2024, respectively.
+Added: The research and development expenses represent 59.7% and 48.1% of the total operating expenses for the three months ended September 30, 2025 and 2024, respectively.
General and administrative expenses consist primarily of payroll and professional services such as investor relations, accounting and legal services .
−Removed: General and administrative expenses were $2.4 million for the three months ended June 30, 2025, compared to $1.8 million for the same period of 2024, an increase of $0.6 million, or 28.0%.
−Removed: These expenses represent 50.7% and 61.0% of our total operating expenses for the three months ended June 30, 2025 and 2024, respectively.
−Removed: This increase primarily resulted from an increase in professional service fees principally related to investor relations support and consulting agreements, including $0.3 million in non-cash expenses.
+Added: General and administrative expenses were $1.3 million for the three months ended September 30, 2025, compared to $1.6 million for the same period of 2024, a decrease of $0.3 million, or 15.7%.
+Added: These expenses represent 38.6% and 50.5% of our total operating expenses for the three months ended September 30, 2025 and 2024, respectively.
+Added: This decrease primarily resulted from a decrease in professional service fees principally related to investor relations support and consulting agreements, including $34 thousand in non-cash expenses.
+Added: As a result of the stock issuances described under Note 14.
+Added: Subsequent Events – Stock Issuances, we expect that our investor relations expenses will increase significantly in the fourth quarter of 2025.
Non-Operating income/(expense)
−Removed: Non-operating income was $2.0 million for the three months ended June 30, 2025, compared to non-operating expenses of $0.3 million for the same period of 2024, an increase of $2.3 million, or 714.6%.
−Removed: The increase is primarily due to a gain on foreign currency related to the revaluation of the intercompany loans and related interest.
−Removed: The change in the foreign exchange spot rate of 1.3724 as of June 30, 2025 compared to 1.2944 as of March 31, 2025 resulted in a foreign exchange gain.
−Removed: The offset of this gain is recorded in other comprehensive income.
−Removed: Six months ended June 30, 2025 compared with six months ended June 30, 2024
+Added: Non-operating expense was $0.7 million for the three months ended September 30, 2025, with no comparable expense for the same period of 2024, for an increase of $0.7 million.
+Added: The increase is primarily due to a loss on foreign currency related to the revaluation of the intercompany loans and related interest.
+Added: The change in the foreign exchange spot rate of 1.3434 as of September 30, 2025 compared to 1.3724 as of June 30, 2025 resulted in a foreign exchange loss.
+Added: The offset of this loss is recorded in other comprehensive income.
+Added: Nine months ended September 30, 2025 compared with nine months ended September 30, 2024
Revenue and Cost of revenue
−Removed: We had revenue of $55.0 thousand and $40.0 thousand and cost of revenue of $29.0 thousand and $32.0 thousand in the six months ended June 30, 2025 and 2024, respectively.
+Added: We had revenue of $136.0 thousand and $40.0 thousand and cost of revenue of $34.0 thousand and $32.0 thousand in the nine months ended September 30, 2025 and 2024, respectively.
Both revenue and related cost of
−Removed: revenue for the six months ended June 30, 2025 and 2024 are a result of sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.
+Added: revenue for the nine months ended September 30, 2025 and 2024 resulted from sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.
Other operating income
−Removed: Other operating income was $0.5 million in the six months ended June 30, 2025, compared to $0.4 million in the same period of 2024.
+Added: Other operating income was $0.7 million in the nine months ended September 30, 2025, compared to $0.7 million in the same period of 2024.
The primary source of other operating income is related to multiple research grants from Innovate UK and research and development tax credits.
Operating expenses
−Removed: Operating expenses were $8.1 million for the six months ended June 30, 2025 compared to $5.7 million for the six months ended June 30, 2024, an increase of $2.4 million, or 42.2%.
+Added: Operating expenses were $11.5 million for the nine months ended September 30, 2025 compared to $8.8 million for the nine months ended September 30, 2024, an increase of $2.7 million, or 30.9%.
Research and development expenses are incurred for the development and process validation for TRUFLEX® inks to make OTFT circuits and OTFT based display concepts integrating novel display technology and provide dielectric solutions for packaging applications.
The expenses consist primarily of payroll, technical facilities overheads, and development consumables costs.
−Removed: Research and development expenses were $3.9 million for the six months ended June 30, 2025, compared to $2.4 million for the same period of 2024, an increase of $ 1.5 million or 61.2% .
−Removed: This increase primarily resulted from an $800,000 increase in costs in the second quarter of 2025 pursuant to the terms of the extension of the CPI Framework agreement.
+Added: Research and development expenses were $6.0 million for the nine months ended September 30, 2025, compared to $3.9 million for the same period of 2024, an increase of $ 2.1 million, or 51.8% .
+Added: This increase primarily resulted from a $1.7 million increase in costs in the second and third quarters of 2025 pursuant to the terms of the extension of the CPI Framework agreement.
As noted above, we expect those increased costs to continue in future periods.
The increase in research and development expenses also resulted in part from higher personnel expenses.
−Removed: The research and development expenses represent 48.6% and 42.9% of the total operating expenses for the six months ended June 30, 2025 and 2024, respectively.
+Added: The research and development expenses represent 51.9% and 44.8% of the total operating expenses for the nine months ended September 30, 2025 and 2024, respectively.
General and administrative expenses consist primarily of payroll and professional services such as investor relations, accounting and legal services .
−Removed: General and administrative expenses were $4.4 million for the six months ended June 30, 2025, compared to $3.2 million for the same period of 2024, an increase of $1.2 million, or 36.3%.
−Removed: These expenses represent 54.2% and 56.5% of our total operating expenses for the six months ended June 30, 2025 and 2024, respectively.
+Added: General and administrative expenses were $5.7 million for the nine months ended September 30, 2025, compared to $4.8 million for the same period of 2024, an increase of $0.9 million, or 19.1%.
+Added: These expenses represent 49.5% and 54.4% of our total operating expenses for the nine months ended September 30, 2025 and 2024, respectively.
This increase primarily resulted from an increase in professional service fees principally related to investor relations support and consulting agreements, including $0.4 million in non-cash expenses.
+Added: As a result of the stock issuances described under Note 14.
+Added: Subsequent Events – Stock Issuances, we expect that our investor relations expenses will increase significantly in the fourth quarter of 2025.
Non-Operating income/(expense)
−Removed: Non-operating income was $3.0 million for the six months ended June 30, 2025, compared to non-operating income of $0.4 million for the same period of 2024, an increase of $2.6 million, or 583.3%.
+Added: Non-operating income was $2.2 million for the nine months ended September 30, 2025, compared to non-operating income of $0.4 million for the same period of 2024, an increase of $1.8 million, or 418.9%.
$2.5 million of the increase is primarily due to a gain on foreign currency.
The increase is primarily due to a gain on foreign currency related to the revaluation of the intercompany loans and related interest.
−Removed: The change in the foreign exchange spot rate of 1.3724 as of June 30, 2025 compared to 1.2567 as of December 31, 2024 resulted in a foreign exchange gain.
+Added: The change in the foreign exchange spot rate of 1.3434 as of September 30, 2025 compared to 1.2567 as of December 31, 2024 resulted in a foreign exchange gain.
The offset of this gain is recorded in other comprehensive income.
−Removed: Such gain was offset by a loss of $0.7 million in the six months ended June 30, 2024 related to changes in certain of our warrants that occurred as a result of the listing of our common stock on the Nasdaq Capital Market on May 31, 2024.
+Added: Such gain was offset by a loss of $0.7 million in the nine months ended September 30, 2024 related to changes in certain of our warrants that occurred as a result of the listing of our common stock on the Nasdaq Capital Market on May 31, 2024.
Those warrants were accounted for as an equity instrument beginning on that date and as a result there was no similar gain or loss in the same period of 2025.
Liquidity and Capital Resources
−Removed: As of June 30, 2025, our cash and cash equivalents were $1.2 million compared with $7.1 million as of December 31, 2024.
−Removed: We believe our cash balance at June 30, 2025 will be sufficient to fund our operations through September 30, 2025 and that we will require additional capital funding to continue our operations and research development activity.
−Removed: It is possible this period could be shortened if there are any significant increases in spending or more rapid progress of development programs than anticipated.
+Added: As of September 30, 2025, our cash and cash equivalents were $0.9 million compared with $7.1 million as of December 31, 2024.
+Added: We believe our cash balance at September 30, 2025 will not be sufficient to fund our operations through December 31, 2025 and that we will require additional capital funding to continue our operations and research development activity.
In the event that we are unable to raise additional capital in the near term, we may have to curtail our operations or seek protection under applicable bankruptcy or insolvency laws.
+Added: As described under Note 14.
+Added: Subsequent Events --Senior Secured Loan, on October 31, 2025, we obtained $1,000,000 of bridge financing in exchange for the issuance of $1,100,000 principal amount of its Senior
+Added: Secured Notes due April 30, 2026 (the “Senior Secured Notes”) and five-year warrants to purchase up to 400,000 shares of common stock at an exercise price of $2.75 per share.
+Added: There can be no assurance that we will be able to raise sufficient funds to repay the Senior Secured Notes which are secured by substantially all of our company and its subsidiaries.
+Added: As a result of our need for additional capital, we have significantly curtailed our operations and delayed payments to our vendors as a part of our plan to conserve cash.
+Added: Consequently, our accounts payable have increased significantly since September 30, 2025.
+Added: We will require significant additional capital in order to pay vendors and to resume normal operations.
Our expected cash payments over the next twelve months include (a) $4.9 million to satisfy accounts payable and accrued expenses and (b) $0.3 million to satisfy the lease liabilities.
8 unchanged sentences
The precise amount and timing of the funding needs cannot be determined accurately at this time, and will depend on a number of factors, including the market demand for our products and services, the quality of product development efforts, management of working capital, and continuation of normal payment terms and conditions for purchase of services.
−Removed: Net cash used in operating activities was $6.1 million for the six months ended June 30, 2025, compared to $4.4 million for the six months ended June 30, 2024, an increase of $1.7 million.
−Removed: The increase resulted primarily from an increase in our comprehensive net loss, offset in part by an increase in accounts payable.
−Removed: During the six months ended June 30, 2025, we had no cash flows from investing or financing activities .
+Added: Net cash used in operating activities was $6.3 million for the nine months ended September 30, 2025, compared to $7.0 million for the nine months ended September 30, 2024, a decrease of $0.7 million.
+Added: The decrease resulted primarily from an increase in our comprehensive net loss, offset in part by a significant increase in accounts payable.
+Added: Net cash used in investing activities was $0.1 million for the nine months ended September 30, 2025.
+Added: During the nine months ended September 30, 2025, we had no cash flows financing activities .
Contractual Payment Obligations
15 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.