Range Impact, Inc.

Revenue net of returns was $140,000 in Q3 2025 versus $126,000 in Q3 2024; for the first nine months, revenue was $302,000 versus $600,000. Cost of sales was $291,000 versus $82,000 in the quarter, driven mainly by a $230,000 inventory reserve; gross margin excluding that reserve was 42% versus 35% a year ago. Operating expenses were $2,300,000 versus $1,500,000, and net loss was $2,600,000 versus $1,400,000. For the first nine months, operating expenses were $5,900,000 versus $4,400,000 and net loss was $6,000,000 versus $4,200,000. Cash and cash equivalents were $3,500,000 at 09/30/2025 versus $2,000,000 at 12/31/2024, and the company said there is no debt. Management also said it closed additional tranches of the company’s $8,400,000 financing, totaling $3,800,000 in net proceeds during Q3, and expects these funds plus remaining preferred purchase agreement tranches to support GMP manufacturing validation for entolimod.

Jennifer Ernst framed the quarter as part of a broader transformation that began in February, with Tivic moving from bioelectronics into biologic pharmaceuticals centered on immune-system therapies. She emphasized entolimod as the company’s first commercial opportunity, particularly for acute radiation syndrome, while also highlighting new opportunities in neutropenia, lymphocyte exhaustion, and oncology. Her tone was upbeat but pragmatic: she repeatedly pointed to progress, while acknowledging manufacturing delays caused by financial stress at a contract manufacturer and saying the VNS program may require a rethink of its commercial focus.

Lisa Wolf said the quarter and nine-month results reflect the company’s transition away from consumer devices and toward the biopharmaceutical market. She cited $230,000 of inventory reserves in Q3 cost of sales, $117,000 of asset write-offs tied to ClearUp, and said Tivic does not expect additional significant costs from the consumer exit. She also noted gross margin excluding the reserve improved to 42% from 35% in the quarter, while nine-month gross margin excluding the reserve was 37% versus 40% last year. Cash and cash equivalents were $3,500,000, there was no debt, and she said the balance sheet plus remaining financing tranches should allow progress toward GMP manufacturing validation.

There was no live Q&A, but management addressed likely investor concerns in the prepared remarks: the manufacturing partner handling entolimod has faced financial stress, which delayed the original schedule, though Tivic said it is working with the team and has also advanced discussions with other manufacturing partners. Management also acknowledged the VNS program produced “surprise findings” and may lead to a reassessment of the initial commercial focus, while still saying the noninvasive approach could match or exceed implanted devices. On the opportunity side, they said BARDA-related discussions and potential stockpiling could open a military countermeasure path for entolimod.