ASP Isotopes 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 OF1934 For the quarterly period endedSeptember 30,2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period from __________________ to __________________Commission File Number:001-41555 ASP Isotopes Inc. (Exact Name of Registrant as Specified in its Charter) 87-2618235(I.R.S. Employer Identification No.) 20004(Zip Code) Registrant’s telephone number, including area code:(202)756-2245 Not Applicable(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on whichregisteredTheNasdaqStock Market LLC Common Stock, par value $0.01per share Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to filesuch 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 besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorterperiod that the registrant 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, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☒Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying 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 November 19, 2025, the registrant had110,840,122shares of common stock, $0.01 par value per share, outstanding. Table of Contents PagePART I.FINANCIAL INFORMATION5Item 1.Financial Statements (Unaudited)5Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 20245Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine MonthPeriods ended September 30, 2025 and 20246Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine MonthPeriods ended September 30, 2025 and 20247Condensed Consolidated Statements of Cash Flows for the Nine Month Periods ended September 30, 2025and 20249Notes to Unaudited Condensed Consolidated Financial Statements10Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations35Item 3.Quantitative and Qualitative Disclosures About Market Risk46Item 4.Controls and Procedures46PART II.OTHER INFORMATION47Item 1.Legal Proceedings47Item 1A.Risk Factors47Item 2.Unregistered Sales of Equity Securities and Use of Proceeds48Item 3.Defaults Upon Senior Securities48Item 4.Mine Safety Disclosures48Item 5.Other Information48Item 6.Exhibits49Signatures50 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws.All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statementsregarding our future results of operations and financial position, business strategy and plans and objectives of management forfuture operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties and otherimportant factors that may cause our actual results, performance or achievements to be materially different from any future results,performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “would,” “expects,” “plans,”“anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue”or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Qare only predictions. We have based these forward-looking statements largely on our current expectations and projections aboutfuture events and financial trends that we believe may affect our business, financial condition and results of operations. Theseforward-looking statements speak only as of the d