ReAlta Life Sciences Strengthens Management Team with the Appointment of Biotechnology Business Leader Ellen Lubman, MBA as Chief Business Officer
'Ellen is a highly respected executive with a strong track record of building partnerships, raising capital, and developing successful corporate strategies for biotech and pharmaceutical companies,' said David Marek, Chief Executive Officer of ReAlta. 'We are excited to welcome Ellen at such a pivotal moment for our business with all three clinical programs reading out this year. Her deep strategic and transactional expertise strengthens our team, and she will play a key leadership role as we forge partnerships with pharmaceutical companies and investors alike to advance our transformative therapies for patients across numerous severe inflammatory diseases with high unmet need.'
'I am thrilled to join ReAlta and build on the company's accomplishments in developing the EPICC platform and its lead asset pegtarazimod, which has the potential for clarity this year on a path to approval in hypoxic ischemic encephalopathy (HIE), a devastating disease where no pharmacologic treatment exists,' said Ms. Lubman. 'It is a privilege to contribute to the advancement of this differentiated approach to support the delivery of innovative therapies treating neuroinflammation in newborns with HIE, acute graft-versus-host disease (aGvHD), and acute Chronic Obstructive Pulmonary Disease (COPD).'
Ms. Lubman brings seasoned leadership and broad experience across small to large-cap private and public biopharmaceutical companies, with a strong track record in strategic, transactional, and operational roles to ReAlta. She joins ReAlta from Werewolf Therapeutics where she was Chief Business Officer, ushering the company through multiple financings, including an Initial Public Offering, as well as business development transactions. Prior to Werewolf, she was Chief Business Officer of Impel Pharmaceuticals and Vice President of External Science & Innovation at Allergan, where she was responsible for strategic expansion of the company's diverse pipeline of therapeutics in a variety of disease areas. Ms. Lubman has held numerous other executive and leadership roles at Kadmon Pharmaceuticals, Bristol Myers Squibb, Celtic Pharma Management, L.P., Robertson Stephens Investment Bank, and Abbott Labs. She serves on the Board of Directors of Reunion Neuroscience and Cytovation ASA and is a Strategic Advisor to Two Bear Capital. Ms. Lubman earned her M.B.A. from Stanford Graduate School of Business with a focus on Global Management and her B.A. in Biology from Rutgers College.
About ReAlta Life Sciences
ReAlta Life Sciences, Inc. is a clinical mid-stage biopharmaceutical company dedicated to addressing life threatening rare and acute inflammatory diseases by rebalancing the inflammatory response. The Company's EPICC peptide platform leverages discoveries from the human astrovirus (HAstV-1), which uniquely inhibits components of the innate immune system. ReAlta's therapeutic peptides employ the dual-targeting mechanisms of HAstV-1 to modulate both complement and innate inflammatory pathways by inhibiting complement cascade activation and two key neutrophil-driven mechanisms: myeloperoxidase (MPO) and neutrophil extracellular traps (NETs). The Company's lead candidate, RLS-0071 (pegtarazimod), has received FDA Orphan Drug Designation and Fast Track Designations for hypoxic ischemic encephalopathy (HIE), a devastating disease that causes brain damage and high mortality in oxygen-deprived newborns; Orphan Drug Designation by the European Medicines Agency for HIE; FDA Orphan Drug and Fast Track Designations for acute graft-versus-host disease (aGvHD) associated with bone marrow and stem cell transplants; and FDA IND clearance for acute exacerbations of chronic obstructive pulmonary disease (COPD). Founded in 2018, ReAlta operates in Norfolk, Virginia and Aguadilla, Puerto Rico. For more information, please visit www.realtalifesciences.com.
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Unaudited Consolidated Statements of Cash Flows (In thousands of U.S. dollars) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Cash flows from operating activities: Net loss $ (12,439 ) $ (16,198 ) $ (14,040 ) (28,637 ) $ (33,034 ) Adjustments to reconcile net loss to net cash used in operations: Share-based compensation 3,436 6,519 7,859 9,955 17,326 Depreciation and amortization 746 941 1,781 1,687 3,597 Amortization of right-of-use assets 509 613 662 1,122 1,305 Loss on impairment of long lived assets — — — — 186 Allowance for doubtful accounts 99 170 107 269 216 Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Other (6 ) 4 — (2 ) (10 ) Changes in operating assets and liabilities: Accounts receivable (2,365 ) (1,317 ) 923 (3,682 ) (673 ) Prepaid expenses and other assets (1,523 ) 506 (5,353 ) (1,017 ) (4,228 ) Accounts payable 363 461 (1,004 ) 824 62 Accrued expenses and other liabilities 100 396 (4,636 ) 496 (1,854 ) Accrued compensation and benefits 4,004 (3,833 ) 2,041 171 (1,926 ) Operating lease liabilities (990 ) (904 ) (491 ) (1,894 ) (1,046 ) Net cash used in operating activities $ (7,772 ) $ (12,833 ) $ (14,431 ) $ (20,605 ) $ (26,806 ) Cash flows from investing activities: Maturity of investments and term deposits 14,673 534 6,559 15,207 6,559 Purchases of investments and term deposits (19,397 ) (22,012 ) — (41,409 ) — Purchases of property and equipment (100 ) (51 ) (267 ) (151 ) (667 ) Net cash provided by (used in) investing activities $ (4,824 ) $ (21,529 ) $ 6,292 $ (26,353 ) $ 5,892 Cash flows from financing activities: Proceeds from exercise of options 47 26 235 73 461 Taxes withheld and paid related to net share settlement of equity awards (170 ) (679 ) (1,135 ) (849 ) (3,437 ) Share buyback $ (4,139 ) $ — $ — $ (4,139 ) $ — Cash paid for fractional shares related to stock split $ (4 ) $ — $ — $ (4 ) $ — Net cash used in financing activities $ (4,266 ) $ (653 ) $ (900 ) $ (4,919 ) $ (2,976 ) Effect of changes in currency exchange rates on cash and cash equivalents $ 711 $ 358 $ (78 ) 1,069 (331 ) Net decrease in cash and cash equivalents (16,151 ) (34,657 ) (9,117 ) $ (50,808 ) $ (24,221 ) Cash, cash equivalents and restricted cash, beginning of the period $ 71,599 $ 106,256 $ 130,681 $ 106,256 $ 145,785 Cash, cash equivalents and restricted cash, end of the period $ 55,448 $ 71,599 $ 121,564 $ 55,448 $ 121,564 Reconciliation of cash, cash equivalents and restricted cash to the amounts reported within the consolidated balance sheets Cash and cash equivalents 54,310 70,472 120,475 54,310 120,475 Restricted cash 1,138 1,127 1,089 1,138 1,089 Total cash, cash equivalents and restricted cash, end of the period $ 55,448 $ 71,599 $ 121,564 $ 55,448 $ 121,564 Expand FORGE GLOBAL HOLDINGS, INC. Unaudited Reconciliation of GAAP to Non-GAAP Results (In thousands of U.S. dollars) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Add: Interest expense, net (803 ) (1,042 ) (1,495 ) (1,845 ) (3,204 ) Provision for income taxes 189 1,016 258 1,205 474 Depreciation and amortization 909 986 1,781 1,895 3,597 Net loss attributable to noncontrolling interest 141 (26 ) (316 ) 115 (686 ) Loss or impairment on long lived assets — — — — 186 Share-based compensation expense 3,436 6,519 7,859 9,955 17,326 Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Acquisition-related transaction costs 1,988 — — 1,988 — Other 993 — $ — 993 $ — Adjusted EBITDA $ (5,433 ) $ (8,910 ) $ (7,917 ) $ (14,343 ) $ (21,382 ) Expand Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Add: Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Income tax (expense) benefit of adjustment (4 ) 13 48 (4 ) 108 Adjusted net loss attributable to Forge Global Holdings, Inc. $ (12,290 ) $ (16,350 ) $ (15,956 ) $ (28,653 ) $ (38,967 ) Weighted average shares - basic and diluted 12,474 12,534 12,179 12,503 12,112 EPS - basic and diluted $ (1.01 ) $ (1.29 ) $ (1.13 ) $ (2.30 ) $ (2.67 ) Adjusted EPS - basic and diluted $ (0.99 ) $ (1.30 ) $ (1.31 ) $ (2.30 ) $ (3.22 ) Expand Amounts may not recalculate due to rounding SUPPLEMENTAL FINANCIAL INFORMATION Unaudited KEY OPERATING METRICS (In thousands of U.S. dollars) Key Business Metrics Forge monitors the following key business metrics to help evaluate its business, identify trends affecting its business, formulate business plans, and make strategic decisions. 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Fees are earned from the overall maintenance activities of all assets and are not charged on the basis of the dollar value of Assets Under Custody, but Forge believes that Assets Under Custody is a useful metric for assessing the relative size and scope of its business. Custodial Client Cash, previously called Custodial Cash Balance, is a component of Assets Under Custody representing the value of cash held on behalf of clients held under Forge's agreements. These assets are held at various financial institutions. Fees are earned from the administration activities performed with respect to these balances. The amount of Custodial Client Cash is a determining factor in Forge's revenue. Please note that starting in the first quarter of 2025, Forge has added Custodial Client Cash as a key business metric for its custody solution as cash administration fee revenue is highly correlated to this metric. Custodial Client Cash has been provided as a metric in Forge's quarterly supplemental information furnished with the SEC since the third quarter of 2022 and was previously called Custodial Cash Balance. Forge has not adjusted methodology, assumptions, or otherwise changed any aspects of this metric and it is comparable to prior period presentations of Custodial Cash Balance in Forge's quarterly supplemental information. Custodial Client Cash represents the value of cash held on behalf of clients held under Forge's custody solution agreements. Forge believes that disclosing Custodial Client Cash provides investors with valuable insight into custody solution revenue as cash administration fees currently make up the majority of Forge's custodial administration fee revenue. Cash administration fees are based on prevailing interest rates and custodial client cash balances. Forge has included Custodial Client Cash balances for all periods presented to facilitate comparability and trend analysis.
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- Business Wire
LINEAGE INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Files Class Action Lawsuit Against Lineage, Inc. and Announces Opportunity for Investors with Substantial Losses to Lead the Lineage Class Action Lawsuit
SAN DIEGO--(BUSINESS WIRE)-- Robbins Geller Rudman & Dowd LLP announces that purchasers of Lineage, Inc. (NASDAQ: LINE) common stock in or traceable to the registration statement used in connection with Lineage's July 2024 initial public offering (the 'IPO'), have until September 30, 2025 to seek appointment as lead plaintiff of the Lineage class action lawsuit. Captioned City of St. Clair Shores Police and Fire Retirement System v. Lineage, Inc., No. 25-cv-12383 (E.D. Mich.), the Lineage class action lawsuit charges Lineage and certain of its top executives, directors, IPO underwriters, and IPO sponsor with violations of the Securities Act of 1933. If you suffered substantial losses and wish to serve as lead plaintiff of the Lineage class action lawsuit, please provide your information here: CASE ALLEGATIONS: Lineage is a Maryland REIT focused on temperature-controlled cold-storage facilities. In the July 2024 IPO, Lineage sold over 65 million shares of Lineage common stock to investors at $78 per share, raising more than $5 billion in gross offering proceeds. The Lineage class action lawsuit alleges that the registration statement was false and/or misleading and/or failed to disclose that: (i) Lineage was then experiencing sustained weakening in customer demand, as additional cold-storage supply had come on line, Lineage's customers destocked a glut of excessive inventory built up during the COVID-19 pandemic, and Lineage's customers shifted to maintaining leaner cold-storage inventories on a go-forward basis in response to changed consumer trends; (ii) Lineage had implemented price increases in the lead-up to the IPO that could not be sustained in light of the weakening demand environment facing Lineage; (iii) Lineage was unable to effectively counteract the adverse trends listed above through the use of minimum storage guarantees or as a result of operational efficiencies, technological improvements, or its purported competitive advantages; (iv) as a result, rather than enjoying stable revenue growth, high occupancy rates, and steady rent escalation as represented in the registration statement, Lineage was in fact suffering from stagnant or falling revenue, occupancy rates, and rent prices; and (v) consequently, Lineage's financial results, business operations, and prospects were materially impaired. Since the IPO, the price of Lineage stock has fallen to lows near $40 per share. The price of Lineage stock has remained substantially below the IPO price at the time of the filing of the complaint. The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here. THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Lineage common stock in or traceable to the registration statement issued in connection with Lineage's IPO to seek appointment as lead plaintiff in the Lineage class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Lineage class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Lineage class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Lineage class action lawsuit. ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information: Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices.
