Neptune Insurance Holdings Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
NP$28.22+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
| September 30, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $12,184 | $7,094 |
| Fiduciary cash | 46,861 | 20,971 |
| Fiduciary receivable | 4,486 | 4,096 |
| Commissions and fees receivable | 3,674 | 2,612 |
| IPO transaction costs shareholder reimbursement receivable | 8,474 | - |
| Prepaid expenses and other current assets | 638 | 452 |
| Total current assets | 76,317 | 35,225 |
| Intangible assets, net | 486 | 476 |
| Internally developed software, net | 5,943 | 5,756 |
| Goodwill | 3,793 | 3,793 |
| Deferred tax assets | 2,979 | 2,803 |
| Deferred financing asset | 109 | 99 |
| Total assets | $89,627 | $48,152 |
| Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit | ||
| Current liabilities: | ||
| Accounts payable | 11,246 | 7,165 |
| Commissions payable | 5,010 | 2,528 |
| Insurance company payables | 21,741 | 13,257 |
| Income tax payable | 1,021 | 4,781 |
| Accrued expenses | 1,458 | 475 |
| Premium deposits | 29,606 | 11,810 |
| Current portion of debt | 15,050 | 8,550 |
| Total current liabilities | 85,132 | 48,566 |
| Debt, less current portion | 247,589 | 125,101 |
| Early exercise deposit liability | 15,578 | - |
| Total liabilities | $348,299 | $173,667 |
| Commitments and contingencies (Note 11) | ||
| Redeemable, convertible preferred stock, $0.00001 par value, 5% cumulative dividend; 41,850,000 shares authorized, issued and outstanding at September 30, 2025 and December 31, 2024 (liquidation preference of $259,027) | 250,877 | 240,473 |
| Stockholders’ deficit: | ||
| Common stock, $0.00001 par value, 154,300,000 and 154,300,000 shares authorized; 96,185,000 and 93,350,000 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 1 | 1 |
| Accumulated deficit | (518,660) | (366,326) |
| Additional paid-in capital | 9,110 | 337 |
| Total stockholders’ deficit | (509,549) | (365,988) |
| Total liabilities, redeemable, convertible preferred stock, and stockholders’ deficit | $89,627 | $48,152 |
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