Company: VGASW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052351
Chunk: 49

Company: Verde Clean Fuels, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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4. The increase was primarily due to additional stock options granted during 2025 and additional employee headcount, which was largely offset by lower outside services and insurance expenses.

Of our general and administrative expenses for the three months ended September 30, 2025 and 2024, $134 and $1, respectively, were business development costs. The increase was primarily due to increased activities related to the identification and evaluation of potential opportunities to deploy our technology. 

Research and Development

Research and development expenses increased by $37, or 40%, for the three months ended September 30, 2025 as compared to the same period in 2024. The increase was primarily due to higher engineering software costs.

Other Income

Other income increased by $359, or 123%, for the three months ended September 30, 2025 as compared to the same period in 2024. The increase was primarily due to higher interest and dividend income earned on our cash and cash equivalents resulting from the net proceeds received from the closing of the PIPE Investment in January 2025.

27

Comparison of the nine months ended September 30, 2025 and 2024

Nine Months EndedSeptember 30,(in thousands)20252024General and administrative expenses$8,844 $8,472 Research and development expenses457350Total operating loss9,301 8,822 Other (income)(1,846)(954)Loss before income taxes(7,455)(7,868)Income tax expense (benefit)129 (14)Net loss$(7,584)$(7,854)

General and Administrative

General and administrative expenses increased by $372, or 4%, for the nine months ended September 30, 2025 as compared to the same period in 2024. The increase was primarily due to additional employee headcount and additional stock options granted during 2025, which was partially offset by lower outside services and insurance expenses. 

Of our general and administrative expenses for the nine months ended September 30, 2025 and 2024, $207 and $308, respectively, were business development costs. The decrease was primarily due to development costs associated with the Permian Basin Project incurred in the comparative period prior to our entry into the JDA, partially offset by increased activities related to the identification and evaluation of potential opportunities to deploy our technology.

Research and Development

Research and development expenses increased by $107, or 30%, for the nine months ended September 30,