Category: Accesswire

$50 million milestone payment triggered by FDA approval; Protagonist is eligible to receive 6 – 10% royalties on sales and up to $580 million in future milestone payments

Webcast and conference call to be held at 8:30 am ET on March 18

NEWARK, CA / ACCESS Newswire / March 18, 2026 / Protagonist Therapeutics, Inc. (NASDAQ:PTGX) (“Protagonist” or “the Company”) announced today that Johnson & Johnson received U.S. Food and Drug Administration (FDA) approval for ICOTYDE^™ (icotrokinra), an interleukin-23 (IL-23) receptor antagonist for the treatment of moderate-to-severe plaque psoriasis in adults and pediatric patients 12 years of age and older who weigh at least 40 kg who are candidates for systemic therapy or phototherapy. ICOTYDE is the first and only targeted oral peptide that precisely blocks the IL-23 receptor.

ICOTYDE will be commercialized by Johnson & Johnson under the license and collaboration agreement established in 2017 between Protagonist and Janssen Biotech, Inc., a Johnson & Johnson company. ICOTYDE was jointly discovered by Protagonist and Johnson & Johnson scientists, with Protagonist having primary responsibility for the development of ICOTYDE through Phase 1, and Johnson & Johnson assuming responsibility for further development and commercialization.

FDA approval of ICOTYDE triggers a $50 million milestone payment to Protagonist. Protagonist is eligible to receive up to $580 million in potential additional regulatory and sales milestone payments, as well as tiered royalties ranging from 6% to 10% on global net sales, corresponding to 7.25% on a weighted-average basis at $4 billion in annual sales, with the top royalty tier of 10% applying to sales above $4 billion.

“ICOTYDE offers a novel plaque psoriasis treatment that combines the established efficacy and safety of IL-23 pathway blockade with the convenience of a once-daily oral pill. The FDA approval of ICOTYDE reflects a successful culmination of years of groundbreaking research and clinical development that began over 13 years ago in our laboratories and demonstrates the strength of our peptide technology platform to generate innovative therapies,” said Dinesh V. Patel, PhD, President and Chief Executive Officer of Protagonist Therapeutics. “I am incredibly proud of our team’s dedication and commitment to addressing unmet medical needs and making a meaningful difference in the lives of patients.”

“I would also like to congratulate Johnson & Johnson for maintaining a productive and seamless collaboration ongoing since 2017 as this novel medicine was advanced from discovery through development and finally to FDA approval,” Patel continued. “We look forward to results from ongoing clinical studies evaluating ICOTYDE in additional IL-23-driven diseases, including psoriatic arthritis, ulcerative colitis, and Crohn’s disease. With the pending FDA decision for rusfertide this year, and the financial resources for accelerating pipeline investment, we’re confident this is the beginning of a multi-year product-driven growth cycle for Protagonist Therapeutics.”

ICOTYDE was developed using Protagonist’s proprietary peptide technology platform. The Company continues to invest in its discovery engine and development pipeline, with multiple programs moving towards proof-of-concept trials designed to produce therapeutics with clinically relevant competitive differentiation.

Clinical evidence summary
ICOTYDE met all primary endpoints and demonstrated a favorable safety profile across four Phase 3 studies including 2,500 patients. The approval is based on an unprecedented body of evidence from the ICONIC clinical development program, which simultaneously evaluated ICOTYDE in adults and adolescents, high impact sites such as scalp and genital PsO, and in duplicate head-to-head trials versus an active comparator. In the head-to-head studies, approximately 70% of patients achieved clear or almost clear skin (IGA 0/1) and 55% of patients achieved a Psoriasis Area and Severity Index (PASI)90 response at Week 16. Rates of adverse reactions for ICOTYDE treated patients were within 1.1% of placebo through Week 16 and no new safety signals were identified through Week 52.

Additional studies underway in other disease areas include: ICONIC-PsA 1 (NCT06878404) and ICONIC-PsA 2 (NCT06807424) in active psoriatic arthritis; ICONIC-UC (NCT071196748) in moderately to severely active ulcerative colitis; and ICONIC-CD (NCT7196722) in moderately to severely active Crohn’s disease.

Conference Call and Webcast Details
The dial-in numbers for Protagonist’s investor update on March 18^th at 8:30 am ET are:
US-based Investors: 1-877-407-0752
International Investors: 1-201-389-0912
Conference Call ID: 13759426

The webcast link for the event can be found here:
https://viavid.webcasts.com/starthere.jsp?ei=1756753&tp_key=f99979a28e

A replay will be available on the Company’s Investor Relations Events and Presentations webpage following the event.

Unmet need in moderate to severe plaque psoriasis
Psoriasis affects more than eight million Americans, impacting physical comfort and quality of life, especially when lesions are on visible or sensitive areas. For many with moderate to severe disease, targeted systemic treatments are key. This aligns with International Psoriasis Council guidance to transition to systemic therapy if two cycles of topical medications applied for four weeks fail to bring meaningful improvement.

About ICOTYDE™ (icotrokinra)
ICOTYDE is the first and only targeted oral peptide designed to precisely block the IL-23 receptor, which underpins the inflammatory response in moderate to severe plaque PsO. ICOTYDE binds to the IL-23 receptor with high affinity and demonstrated potent inhibition of IL-23 signaling in human T cells. Clinical significance of these findings are unknown.

ICOTYDE is currently approved in the U.S. for the treatment of adults, and pediatric patients 12 years of age and older who weigh at least 40 kg, with moderate to severe plaque PsO who are candidates for systemic therapy or phototherapy. Patients on ICOTYDE take one pill, once a day with water upon waking, 30 minutes prior to eating food.

ICOTYDE is also currently in Phase 3 studies for active psoriatic arthritis, moderately to severely active ulcerative colitis and moderately to severely active Crohn’s disease.

FullICOTYDE^™ prescribing information will be available on the ICOTYDE^™ website.

About Plaque Psoriasis
Plaque psoriasis (PsO) is a chronic immune-mediated disease resulting in overproduction of skin cells, which causes inflamed, scaly plaques that may be itchy or painful. It is estimated that 8 million Americans and more than 125 million people worldwide live with the disease. Nearly one-quarter of all people with plaque PsO have cases that are considered moderate to severe. On Caucasian skin, plaques typically appear as raised, red patches covered with a silvery white buildup of dead skin cells or scale. On skin of color, the plaques may appear darker and thicker, and more of a purple, gray, or dark brown color. Plaques can appear anywhere on the body, although they most often appear on the scalp, knees, elbows, and torso. Living with plaque PsO can be a challenge and impact life beyond a person’s physical health, including emotional health, relationships, and handling the stressors of life. Psoriasis on highly visible areas of the body or sensitive skin, such as the scalp, hands, feet, and genitals, can have an increased negative impact on quality of life.

About Protagonist
Protagonist Therapeutics is a discovery through late-stage development biopharmaceutical company. The Company’s proprietary peptide technology platform enables de novo discovery of peptide therapeutics. Two novel peptides derived from Protagonist’s proprietary discovery platform are at or near commercialization. ICOTYDE^™ (icotrokinra) is approved in the U.S. for the treatment of moderate-to-severe plaque psoriasis in adults and pediatric patients 12 years of age and older who weigh at least 40 kg who are candidates for systemic therapy or phototherapy. ICOTYDE is the first and only targeted oral peptide that precisely blocks the Interleukin-23 receptor (IL-23R) licensed to Janssen Biotech, Inc.,a Johnson & Johnson company. ICOTYDE was jointly discovered by Protagonist and Johnson & Johnson scientists, with Protagonist having primary responsibility for the development of ICOTYDE through Phase 1, and Johnson & Johnson assuming responsibility for further development and commercialization. An NDA for rusfertide, a first-in-class hepcidin mimetic peptide that is being co-developed with Takeda Pharmaceuticals pursuant to a worldwide license and collaboration agreement entered in 2024, is under priority review with the FDA. Protagonist holds an option to co-commercialize rusfertide in the U.S. through a 50/50 profit and loss share structure or can opt-out of this structure. The Company also has a number of preclinical stage drug discovery programs addressing clinically and commercially validated targets including an oral IL-17 peptide antagonist, obesity dual and triple agonists, an oral hepcidin functional mimetic, and the recently announced IL-4 and amylin programs.

More information on Protagonist, its pipeline drug candidates, and clinical studies can be found on the Company’s website at https://www.protagonist-inc.com.

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the potential benefits of ICOTYDE and potential revenue from the Company’s collaboration with Johnson & Johnson. In some cases, you can identify these statements by forward-looking words such as “anticipate,” “believe,” “may,” “will,” “expect,” or the negative or plural of these words or similar expressions. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, our ability to develop and commercialize our product candidates, our ability to earn milestone payments under our collaboration agreements with Janssen and Takeda, our ability to use and expand our programs to build a pipeline of product candidates, our ability to obtain and maintain regulatory approval of our product candidates, our ability to operate in a competitive industry and compete successfully against competitors that have greater resources than we do, and our ability to obtain and adequately protect intellectual property rights for our product candidates. Additional information concerning these and other risk factors affecting our business can be found in our periodic filings with the Securities and Exchange Commission, including under the heading “Risk Factors” contained in our most recently filed periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition, and liquidity, and the development of the industry in which we operate, may differ materially from the forward-looking statements contained in this press release. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements, whether as a result of new information, future events, or otherwise, after the date of this press release.

Investor Relations Contact
Corey Davis, Ph.D.
LifeSci Advisors
cdavis@lifesciadvisors.com
+1 212 915 2577

Media Relations Contact
Virginia Amann
ENTENTE Network of Companies
virginiaamann@ententeinc.com
+1 833 500 0061 ext 1

SOURCE: Protagonist Therapeutics

View the original press release on ACCESS Newswire

While a majority of Americans say misinformation about science has worsened, 9-in-10 Republicans and Democrats agree US should play leading role in global scientific research; only 1-in-5 believe US is leading versus China

Americans primarily point to businesses (23%) and non-profits (19%) to step in, if the government cannot fund scientific research

NEW YORK CITY, NY / ACCESS Newswire / March 18, 2026 / The Harris Poll, a Stagwell (NASDAQ:STGW) agency, announced today the results from a landmark survey, “Science Under Siege: The Battle Between Viral Misinformation and Shared Belief in the Value of Science,” sponsored by Bayer. The survey revealed a profound “misinformation paradox” at the heart of American life: while 80% of Americans blame social media for false or misleading health and science information in the media and online, these platforms are the public’s top source for such news.

Underpinning this issue is the emergence of a “headline-only” culture, underscored by a staggering 75% of Americans who admit to having shared articles related to health and science with someone they know in the past month based on the headline alone and without reading the full article first. The same poll found that 71% of Americans say that online content creators are very or somewhat to blame for misinformation about science and health.

Misinformation around health and science could be affecting trust in credible sources like doctors and scientists, particularly among young adults. The majority of young adults ages 18-34 (51%) rely on social media as their primary source of science and health information and nearly 1-in-5 distrust doctors (16%) and scientists (20%) as sources of information on health and science. Misinformation also carries an emotional toll: 83% of all Americans report feeling angry when encountering false or misleading information about science and health and 82% worry about their own well-being or the well-being of their families.

Despite these challenges, the data confirms the need for innovation to improve lives, with the majority of Americans across the political spectrum respecting scientists and agreeing rigorous science is necessary for continued human progress – a rare bipartisan consensus in a divided world.

“This is more than just busy social feeds full of click-bait headlines when half of young adults are scrolling for their health information,” said John Gerzema, CEO of The Harris Poll. “This growing paradox is going to have real life health impacts if a fifth of young people continue to distrust doctors and scientists as legitimate sources.”

Key findings from the report, Science Under Siege, include:

• First, the Good News. There’s a Bipartisan Consensus on Trust in Science: Despite deep political divides, a remarkable 88% of Republicans and 92% of Democrats agree that rigorous science is necessary for continued human progress. This shared value is rooted in a deep respect for the scientific community; there is overwhelming agreement that scientists in the US today improve people’s quality of life (80% of Republicans and 90% of Democrats). Furthermore, 90% of Republicans and 92% of Democrats believe the US should play a leading role in global scientific research.

• The Misinformation Paradox: 80% of Americans blame social media platforms for the spread of false or misleading information about science and health, and 75% are concerned about online content creators actively attacking or undermining scientific research and expertise. Yet, social media (32%) is the top primary source for health and science information, outpacing TV news (25%), newspapers/news websites/news apps (13%), AI (7%), government agencies (6%), and non-governmental organizations (2%).

• A Generational Trust Gap: The survey found that 51% of young adults (ages 18-34) use social media as their primary source for science and health information. Nearly half of young adults blame doctors (48%) and scientists (43%) for providing false or misleading information, and about 1-in-5 distrust these traditional experts.

• The Emotional Toll: Nearly 9-in-10 Americans (88%) are concerned with false or misleading information about science and health in the media and online. Large majorities of Americans are feeling angry (83%) and are worried about their well-being and the well-being of their families (82%) when encountering such information.

• Anxiety Over US Science Leadership: Americans want to lead on science, but few actually believe the US is leading. Only 19% believe the US currently leads China in scientific research, while 33% believe the US is falling behind. If the government cannot fund scientific research, Americans primarily point to businesses (23%) and non-profits (19%) to step in.

“We’ve uncovered a hidden consensus,” said John Gerzema, CEO of The Harris Poll. “Despite a fractured delivery of information, a shared belief in the value of science has rare unity across party lines.”

Ultimately, the findings of “Science Under Siege” suggest that while the impacts of misinformation are alarming, Americans remain remarkably united in their support for science and its impacts for today and the future. The data reflects clear public support for science as an essential engine for securing the nation’s future progress.

Read the full report here.

Methodology

The research was conducted online in the United States by The Harris Poll on behalf of Bayer among 2,023 US adults. The survey was conducted February 4^th to 6^th, 2026.

For complete research method, including weighting variables and subgroup sample sizes, please reach out to Kathy Steinberg at The Harris Poll.

About The Harris Poll

For more than 60 years, The Harris Poll has been a leader in social and market research, helping organizations navigate complexity and understand cultural change. From emerging technologies to generational values, Harris insights help leaders make data-driven decisions that build stronger brands and deeper connections.

About Stagwell

Stagwell is the global challenger network transforming marketing through AI. We deliver scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our specialists in 45+ countries are unified under a single purpose: to drive effectiveness and improve business results for our clients. Join us at  www.stagwellglobal.com.

# # #

Media Contacts:

The Harris Poll
Kathy Steinberg
kathy.steinberg@harrispoll.com

Bayer:
Brian Leake
brian.leake@bayer.com

SOURCE: Stagwell

View the original press release on ACCESS Newswire

Abinand Rangesh, CEO of Tecogen, commented “during the upcoming call, I will provide some significant positive updates that will include the scale of the Vertiv opportunity pipeline for our chillers, the status of our own data center opportunities and an upcoming pilot project.

On other positive news, our revenue grew 20% year on year. Although our loss widened and cash burn increased, this was because of critical expenses needed to expand margins in the service business and to develop the data center opportunities including expanding manufacturing capacity, R&D on our data center dual power source chiller and marketing.”

NORTH BILLERICA, MA / ACCESS Newswire / March 17, 2026 / Tecogen Inc. (NYSE American:TGEN), a leading manufacturer of clean energy products, reported revenues of $27.07 million and net loss of $8.25 million for the year December 31, 2025 compared to $22.62 million and net loss of $4.76 million for the same period in 2024, an increase in revenues of 19.7% year over year. For the quarter ending December 31, 2025, revenues were $5.32 million and net loss of $3.99 million compared to revenues of $6.08 million, and a net loss of $1.19 million in 2024. We used $9.91 million in cash from operations, used $0.40 million in cash to acquire property plant and equipment, principally the improvements required at our North Billerica facility, and generated $17.40 million in cash from financing activities during the year ended December 31, 2025 due to the July 2025 follow-on offering. Our cash balance was $12.43 million at December 31, 2025.

Key Takeaways

Net Loss and Earnings Per Share

• Net loss for the quarter ended December 31, 2025 was $3.99 million compared to a net loss of $1.19 million for the same period of 2024, an increase of $2.81 million, due to the impairment of goodwill and long-lived assets, increased operating expenses and decreased gross profit from our Services segments. EPS for the quarters ended December 31, 2025 and 2024 was a loss of $0.13/share and $0.05/share, respectively.

• Net loss for the year ended December 31, 2025 was $8.25 million compared to a net loss of $4.76 million in 2024, an increase of $3.49 million, due to decreased gross profit for our Services segment due to increased labor and material costs, increased operating costs and the goodwill and long-lived asset impairment recognized in the year ended December 31, 2025. EPS for the years ended December 31, 2025 and 2024 was a loss of $0.30/share and $0.19, respectively.

Loss from Operations

• Loss from operations for the quarter ended December 31, 2025 was $4.14 million compared to a loss from operations of $1.14 million for the same period in 2024, an increase of $3.00 million, due to the impairment of goodwill and long-lived assets, increased operating expenses and decreased gross profit from our Services segments.

• Loss from operations for the year ended December 31, 2025 was $8.24 million compared to a loss from operations of $4.53 million for the same period in 2024, an increase of $3.71 million, due to the impairment of goodwill and long-lived assets, increased operating expenses and decreased gross profit from our Services segments.

Revenues

• Revenues for the quarter ended December 31, 2025 were $5.32 million compared to $6.08 million for the same period in 2024, a 12.5% decrease.

  • Products revenues in the quarter ended December 31, 2025 were $0.46 million compared to $1.44 million for the same period in 2024, a decrease of 68.1%. The decrease in revenue during the quarter ended December 31, 2025 is due to a reduction in chiller and cogeneration revenue.

  • Services revenues in the quarter ended December 31, 2025 were $4.46 million, compared to $4.08 million for the same period in 2024, an increase of 9.3% due to a $0.36 million increase in revenues from existing contracts and a $0.01 million increase in revenues from the acquired Aegis maintenance contracts.

  • Energy Production revenues in the quarter ended December 31, 2025 were $395 thousand compared to $550 thousand for the same period in 2024, an decrease of 28.3%. The decrease in Energy Production revenue is due to the expiration of contracts late in 2024 and decreased run hours at certain energy production sites.

• Revenues for the year ended December 31, 2025 were $27.07 million compared to $22.62 million for the same period in 2024, an increase of 19.7% year over year.

  • Products revenues in the year ended December 31, 2025 were $9.13 million compared to $4.44 million for the same period in 2024 an increase of 105.5%. The increase in revenue during the year ended December 31, 2025 is due to increased chiller and cogeneration sales. The relocation to our new facility in April 2024 constrained our manufacturing capacity, which impacted product revenues during the second and third quarters of 2024.

  • Services revenues in the year ended December 31, 2025 were $16.62 million compared to $16.07 million for the same period in 2024, an increase of 3.4%. The increase in revenue during the year ended December 31, 2025 is due to the addition of $0.82 million in revenues from existing contracts, offset by a $0.27 million decrease in revenue from Aegis maintenance contracts.

  • Energy Production revenues in the year ended December 31, 2025 were $1.32 million, compared to $2.10 million for the same period in 2024, a decrease of 37.0%. The decrease in Energy Production revenue is due to the expiration of contracts late in 2024 and decreased run hours at certain energy production sites.

Gross Profit

• Gross profit for the quarter ended December 31, 2025 was $1.96 million compared to $2.73 million in the same period in 2024. Gross margin decreased to 36.8% in the quarter ended December 31, 2025 compared to 45.0% for the same period in 2024. The decrease in gross margin was driven by increased labor and material costs in our Services segment, increased labor cost in our Products segment and lower Energy Production margins.

• Gross profit for the year ended December 31, 2025 was $9.82 million compared to $9.87 million in the same period of 2024. Gross margin decreased to 36.3% in the year ended December 31, 2025 compared to 43.6% for the same period in 2024. The decrease in gross margin was driven by increased labor and material costs in our Services segment and lower Energy Production margins in the year ended December 31, 2025.

Operating Expenses

• Operating expenses increased $2.22 million, or 57.4%, to $6.10 million in the quarter ended December 31, 2025 compared to $3.87 million in the same period in 2024, due to the $1.11 million goodwill and long-lived asset impairment and increases in payroll, benefits, recruitment costs, freight costs and sales commissions.

• Operating expenses increased $3.67 million, or 25.4%, to $18.07 million in the year ended December 31, 2025 compared to $14.40 million in the same period in 2024 due to the $1.11 million goodwill and long-lived asset impairment and increases in payroll, benefits, recruitment costs, freight costs and sales commissions.

Adjusted EBITDA was negative $2.43 million for the quarter ended December 31, 2025 compared to negative $0.69 million for the quarter ended December 31, 2025. Adjusted EBITDA was negative $5.64 million for the year ended December 31, 2025 compared to negative $3.63 million for the year ended December 31, 2025. (Adjusted EBITDA is defined as net income or loss attributable to Tecogen, adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges or gains including abandonment of intangible assets and asset impairment. See the table following the Condensed Consolidated Statements of Operations for a reconciliation from net income (loss) to Adjusted EBITDA, as well as important disclosures about the Company’s use of Adjusted EBITDA).

Conference Call Scheduled for March 18, 2026, at 9:30 am ET

Tecogen will host a conference call on March 18, 2026 to discuss the fourth quarter results beginning at 9:30 am eastern time. To listen to the call please dial (877) 407-7186 within the U.S. and Canada, or +1 (201) 689-8052 from other international locations. Participants should ask to be joined to the Tecogen Fourth Quarter and Year-End 2025 earnings call. Please begin dialing 10 minutes before the scheduled starting time. The earnings press release will be available on the Company website at www.Tecogen.com in the “News and Events” section under “About Us.” The earnings conference call will be webcast live. To view the associated slides, register for and listen to the webcast, go to https://ir.tecogen.com/ir-calendar. Following the call, the recording will be archived for 14 days.

The earnings conference call will be recorded and available for playback one hour after the end of the call. To listen to the playback, dial (877) 660-6853 within the U.S. and Canada, or (201) 612-7415 from other international locations and use Conference Call ID#: 13752231.

About Tecogen

Tecogen Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company provides cost effective, environmentally friendly and reliable products for energy production that nearly eliminate criteria pollutants and significantly reduce a customer’s carbon footprint. In business for over 35 years, Tecogen has shipped more than 3,200 units, supported by an established network of engineering, sales, and service personnel in key markets in North America. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.

Forward Looking Statements

This press release and any accompanying documents, contain “forward-looking statements” which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, income, returns or other financial measures, that may include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “target,” “potential,” “will,” “should,” “could,” “likely,” or “may” and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.

In addition to those factors described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and on our Current Reports on Form 8-K, under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.

In addition to GAAP financial measures, this press release includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation. We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures.

Tecogen Media & Investor Relations Contact Information:

Abinand Rangesh
P: 781-466-6487
E: Abinand.Rangesh@tecogen.com

TECOGEN INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)

TECOGEN INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

TECOGEN INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

⁽¹⁾ Non-GAAP Financial Measures

In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, this news release contains information about Adjusted EBITDA (net income (loss) attributable to Tecogen Inc adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges including abandonment of certain intangible assets), which is a non-GAAP measure. The Company believes Adjusted EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results. Adjusted EBITDA is not calculated through the application of GAAP. Accordingly, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.

TECOGEN INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

SOURCE: Tecogen, Inc.

View the original press release on ACCESS Newswire