Abpro Holdings Inc 2025年季度报告

FORM10-Q (MARK ONE)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter endedMarch 31,2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number:001-41224 Abpro Holdings, Inc.(Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) 68 Cummings Park DriveWoburn,MA01801(Address of principal executive offices) 1-800-396-5890(Issuer’s telephone number) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See definitions of “large, accelerated filer”, “accelerated filer”, “smaller reportingcompany”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large, accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of May 15, 2025, there were60,787,272shares of common stock, par value $0.0001 per share, issued and outstanding. ABPRO HOLDINGS, INC.FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025 TABLE OF CONTENTS PagePart I. Financial InformationItem 1. Financial Statements1Condensed Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 20241Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and20242Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Deficit for the Three MonthsEnded March 31, 2025 and 20243Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and20244Notes to Unaudited Condensed Consolidated Financial Statements5Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations29Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk34Item 4. Controls and Procedures35Part II. Other InformationItem 1. Legal Proceedings36Item 1A. Risk Factors36Item 2. Unregistered Sales of Equity Securities and Use of Proceeds37Item 3. Defaults Upon Senior Securities37Item 4. Mine Safety Disclosures37Item 5. Other Information37Item 6. Exhibits38Part III. Signatures39 PART I - FINANCIAL INFORMATION ABPRO HOLDINGS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands except for share and per share data)(unaudited) March 31,December31,20252024 ABPRO HOLDINGS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands except for share and per share data)(unaudited) ABPRO HOLDINGS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands except share and per share data)(unaudited) For the Three MonthsEndedMarch 31, Cash Flows from Operating Activities:Net income (loss) ABPRO HOLDINGS, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Amounts in thousands, except share and per share data)(unaudited) 1.Organization and Description of the Business Organization Abpro Holdings, Inc. and its subsidiaries, (the “Company”) is a biotechnology company headquartered in Woburn, Massachusetts,dedicated to developing next-generation antibody therapeutics to improve the lives of patients with severe and life-threateningdiseases. The Company is focused on the development of novel antibodies using its proprietary discovery and engineering platforms,primarily in the areas of immuno-oncology, ophthalmology and infectious disease. On November 13, 2024 (the “Closing Date”), Atlantic Costal Acquisition Corp. II (“ACAB”) consummated a merger (the “Merger”)pursuant to the terms of the Merger Agreement, dated as of December 11, 2023 (the “Merger Agreement”) by and among AbproCorporation (“Legacy Abpro”), ACAB, and Abpro Merger Sub Corp., a Delaware corporation (“Merger Sub”) and wholly ownedsubsidiary of ACAB prior to the