- PainReform **reduced its net loss to $2.3 million** for the six months ended June 30, 2025, a significant decrease from $12.8 million in the prior-year period, and maintained **$3.5 million in cash** and **$1.5 million in positive working capital** as of June 30, 2025.  **[1801834_911fe4062efa461c92162f02284e1c22_0]** **[1801834_911fe4062efa461c92162f02284e1c22_4]** 
- The company completed a **majority investment in LayerBio** in August 2025, adding OcuRing™-K, a breakthrough dropless cataract therapy targeting a **~$9 billion global market**.  **[1801834_911fe4062efa461c92162f02284e1c22_0]** **[1801834_911fe4062efa461c92162f02284e1c22_2]** 
- The DeepSolar division achieved key milestones, including the completion of the **Smart Energy Management app**, acceptance into the **NVIDIA Connect Program**, and the successful transition of a **92MW pilot project with Econergy into its first commercial agreement**.  **[1801834_911fe4062efa461c92162f02284e1c22_0]** **[1801834_911fe4062efa461c92162f02284e1c22_3]**

PainReform Provides Business Update for H1 2025

- PainReform **reduced its net loss to approximately $2.3 million** for the six months ended June 30, 2025, a significant improvement from $12.8 million in the prior-year period, and reported **$3.5 million in cash and cash equivalents** with **$1.5 million in positive working capital** as of June 30, 2025.  **[1801834_0001178913-25-003458_exhibit_99-3.htm:0]** **[1801834_0001178913-25-003458_exhibit_99-1.htm:0]** **[1801834_0001178913-25-003458_exhibit_99-3.htm:1]** **[1801834_0001178913-25-003458_exhibit_99-1.htm:3]** 
- The company completed a **majority investment in LayerBio in August 2025**, acquiring OcuRing™-K, a breakthrough dropless cataract therapy targeting a **$9 billion global market**.  **[1801834_0001178913-25-003458_exhibit_99-3.htm:0]** **[1801834_0001178913-25-003458_exhibit_99-3.htm:1]** **[1801834_0001178913-25-003458_exhibit_99-2.htm:1]** **[1801834_0001178913-25-003458_exhibit_99-2.htm:3]** **[1801834_0001178913-25-003458_exhibit_99-1.htm:11]** 
- PainReform also acquired the **DeepSolar business operations in March 2025**, which has since secured its **first commercial agreement with Econergy** for a 92MW project, transitioning from pilot to initial commercial deployment.  **[1801834_0001178913-25-003458_exhibit_99-3.htm:0]** **[1801834_0001178913-25-003458_exhibit_99-3.htm:1]** **[1801834_0001178913-25-003458_exhibit_99-2.htm:1]** **[1801834_0001178913-25-003458_exhibit_99-1.htm:3]** **[1801834_0001178913-25-003458_exhibit_99-2.htm:4]** 
- The company **has not generated significant revenue** to date and explicitly states it **does not have sufficient resources to fund operations for at least one year**, raising **substantial doubt about its ability to continue as a going concern**.  **[1801834_0001178913-25-003458_exhibit_99-1.htm:3]** **[1801834_0001178913-25-003458_exhibit_99-2.htm:6]**

PAINREFORM (PRFX)