# EDGAR Filing Document

**Accession Number:** 0001023459
**File Stem:** 0001023459-25-000059
**Filing Date:** 2025-12
**Character Count:** 39329
**Document Hash:** 9972e1d6830c4efe03e0790428c4ed00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001023459-25-000059.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001023459-25-000059

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251201

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Simulations Plus, Inc.
- **CENTRAL INDEX KEY:** 0001023459
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 954595609
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32046
- **FILM NUMBER:** 251539677

**BUSINESS ADDRESS:**
- **STREET 1:** 800 PARK OFFICES DRIVE, SUITE 401
- **CITY:** RESEARCH TRIANGLE PARK
- **STATE:** NC
- **ZIP:** 27709
- **BUSINESS PHONE:** 661-723-7723

**MAIL ADDRESS:**
- **STREET 1:** 800 PARK OFFICES DRIVE, SUITE 401
- **CITY:** RESEARCH TRIANGLE PARK
- **STATE:** NC
- **ZIP:** 27709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIMULATIONS PLUS INC
- **DATE OF NAME CHANGE:** 19960923

?xml version='1.0' encoding='ASCII'? slp-20251201

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**December 1, 2025**

(Date of the earliest event reported)

![SLP_TopLogo.gif](slp-20251201_g1.gif)

**Simulations Plus, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **California** | **001-32046** | **95-4595609** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**800 Park Offices Drive, Suite 401, Research Triangle Park, NC 27709**

(Address of principal executive offices) (Zip Code)

**661-723-7723**

Registrant's telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, par value $0.001 per share | SLP | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On December 1, 2025, Simulations Plus, Inc., a California corporation (the "Company"), issued a press release announcing financial results for its fourth quarter and fiscal year ended August 31, 2025. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this "Report").

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure**

On December 1, 2025, the Company held an investor conference call reporting its financial results for its fourth quarter and fiscal year ended August 31, 2025. The PowerPoint presentation, which was used for this investor conference call, is attached as Exhibit 99.2 to this Report.

In accordance with General Instructions B.2 of Form 8-K, the information in this Report, including Exhibits 99.1 and 99.2 (together, the "Exhibits"), is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Report.

**CAUTION REGARDING FORWARD-LOOKING STATEMENTS**

This Report, including the disclosures set forth herein and in the Exhibits attached hereto, contains certain forward-looking statements that involve substantial risks and uncertainties. When used herein, the terms "anticipates," "expects," "estimates," "believes" and similar expressions, as they relate to us or our management, are intended to identify such forward-looking statements.

Forward-looking statements in this Report or reports hereafter furnished, including in other publicly available documents filed with the Securities and Exchange Commission (the "Commission"), to the Company's stockholders and other publicly available statements issued or released by us involve known and unknown risks, uncertainties and other factors which could cause our actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. Such future results are based upon management's best estimates based upon current conditions and the most recent results of operations. These risks include, but are not limited to, the risks set forth herein and in such other documents filed with the Commission, each of which could adversely affect our business and the accuracy of the forward-looking statements contained herein. Our actual results, performance or achievements may differ materially from those expressed or implied by such forward-looking statements.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

---

| | |
|:---|:---|
| 99.1 | <u>[Press release issued on](slp-2025831xexx991x254.htm)[December 1](slp-2025831xexx991x254.htm)[, 2025.](slp-2025831xexx991x254.htm)</u> |
| 99.2 | <u>[PowerPoint presentation used at the Investor Conference Call on December 1, 2025.](slpearningscalldeck254.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| | **SIMULATIONS PLUS, INC.** |
| Dated: December 1, 2025 | <u>By: /s/</u> *<u>Will Frederick</u>* |
|  | Will Frederick |
|  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![slp_toplogoa.gif](slp_toplogoa.gif)

**Simulations Plus Reports Fourth Quarter and Fiscal 2025 Financial Results**

*Reaffirms fiscal 2026 revenue guidance of $79 to $82 million and adjusted diluted EPS guidance of $1.03 to $1.10*

*Investor Day on January 21, 2026, to present new product vision and AI solutions* 

**RESEARCH TRIANGLE PARK, NC, December 1, 2025** – Simulations Plus, Inc. (Nasdaq: SLP) ("Simulations Plus" or the "Company"), a global leader in cheminformatics, biosimulation, clinical operations solutions and medical communications that accelerate biopharma innovation, today reported financial results for its fourth quarter and fiscal 2025, ended August 31, 2025.

**Fourth Quarter 2025 Financial Highlights (as compared to fourth quarter 2024)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue decreased 6% to $17.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Software revenue decreased 9% to $9.0 million, representing 52% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Services revenue decreased 3% to $8.4 million, representing 48% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit was $9.8 million; gross margin was 56%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $0.7 million and diluted loss per share of $0.03, compared to net income of $0.8 million and diluted EPS of $0.04

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $3.5 million, representing 20% of total revenue, compared to $4.1 million, representing 22% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income of $2.0 million and adjusted diluted EPS of $0.10 compared to adjusted net income of $3.6 million and adjusted diluted EPS of $0.18

**Full Year 2025 Financial Highlights (as compared to full year 2024)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue increased 13% to $79.2 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Software revenue increased 12% to $45.8 million, representing 58% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Services revenue increased 15% to $33.4 million, representing 42% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit was $46.2 million; gross margin was 58%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $64.7 million and diluted loss per share of $3.22, including a non-cash impairment charge of $77.2 million compared to net income of $10.0 million and diluted EPS of $0.49

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $22.0 million, representing 28% of total revenue, compared to $20.3 million, representing 29% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income of $20.7 million and adjusted diluted EPS of $1.03, compared to adjusted net income of $19.4 million and adjusted diluted EPS of $0.95

**Management Commentary**

"By successfully meeting our revised fiscal 2025 guidance, we have demonstrated Simulations Plus' resilience and agility in navigating evolving market dynamics," said Shawn O'Connor, CEO of Simulations Plus. "We delivered 13% revenue growth and achieved 8% growth in both adjusted EBITDA and adjusted EPS. Looking ahead to fiscal 2026, we anticipate low single-digit revenue growth at the mid-point of the guidance range, assuming current market conditions remain. Importantly, we believe we are well-positioned to capture upside should the spending environment improve for our pharmaceutical and biotech clients."

"The demand environment remains cautious, but we believe adoption of cloud deployment, interoperability, and AI-driven workflows is accelerating across our customer base. Following our successful transition to a functionally optimized structure, our product and technology team is launching an ambitious product vision that links our validated modeling engines with cloud-scale compute, AI-assisted workflows, and a stronger compliance and identity framework. Cloud-scale performance for intensive modeling, AI copilots that simplify complex workflows, and federated data capabilities aligned with enterprise and regulatory expectations will cut cycle times, increase cross-product adoption, and open new enterprise opportunities — all while preserving the accuracy and scientific depth our customers depend on. With validated science at the core of every product, we believe Simulations Plus is well positioned to lead the next chapter of AI-enabled drug development. We look forward to sharing more of our integrated product vision at Investor Day in January, concluded O'Connor."

**Fiscal 2026 Guidance** 

Simulations Plus is reaffirming its previously provided fiscal year 2026 guidance as follows:

---

| | |
|:---|:---|
| | **Fiscal 2026 Guidance** |
| Total Revenue | $79M - $82M |
| Total Revenue Growth | 0 - 4% |
| Software Revenue Mix | 57 - 62% |
| Adjusted EBITDA Margin | 26 - 30% |
| Adjusted Diluted EPS | $1.03 - $1.10 |

---

**Webcast and Conference Call Details**

Shawn O'Connor, Chief Executive Officer, and Will Frederick, Executive Vice President and Chief Financial Officer, will host a conference call and webcast today, December 1<sup>st</sup> at 5:00 p.m. Eastern Time to discuss the results and certain forward-looking information. The call may be accessed by registering here or by calling 1-877-451-6152 (domestic) or 1-201-389-0879 (international). The webcast can be accessed on the investor relations page of the Simulations Plus website https://www.simulations-plus.com/investorscorporate-profile/corporate-profile/ where it will also be available for replay approximately one hour following the call.

**2026 Investor Day**

Simulations Plus will hold a Virtual Investor Day on Wednesday, January 21, 2026, to present its new product vision and AI solutions. More details will be provided closer to the event.

**Non-GAAP Financial Measures**

This press release contains "non-GAAP financial measures," which are measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP").

A further explanation and reconciliation of these non-GAAP financial measures is included below and in the financial tables in this release.

The Company believes that the non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results between periods. The Company's management uses non-GAAP financial measures to, among other things, evaluate its ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation. Adjusted EBITDA and Adjusted Diluted EPS represent measures that we believe are customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP

measures that we present. Our management also believes that these measures are useful in evaluating our core operating results. However, Adjusted EBITDA and Adjusted Diluted EPS are not measures of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to net income, operating income, or diluted EPS as indicators of our operating performance or to net cash provided by operating activities as a measure of our liquidity. We believe the Company's Adjusted EBITDA and Adjusted Diluted EPS measures provide information that is directly comparable to that provided by other peer companies in our industry, but other companies may calculate non-GAAP financial results differently, particularly related to nonrecurring, unusual items.

Please note that the Company has not reconciled the adjusted EBITDA or adjusted diluted earnings per share forward-looking guidance included in this press release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, financings, and employee stock compensation programs, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

<u>Adjusted EBITDA</u> 

Adjusted EBITDA represents net income excluding the effect of interest expense (income), provision (benefit) for income taxes, depreciation and amortization, equity-based compensation expense, loss (gain) on currency exchange, impairment charges, change in fair value of contingent consideration, reorganization expense, acquisition and integration expense and other items not indicative of our ongoing operating performance.

<u>Adjusted Net Income and Adjusted Diluted EPS</u>

Adjusted net income and adjusted diluted earnings per share exclude the effect of amortization, equity-based compensation expense, loss (gain) on currency exchange, impairment charges, change in fair value of contingent consideration, reorganization expense, acquisition and integration expense and other items not indicative of our ongoing operating performance as well as the income tax provision adjustment for such charges.

The Company excludes the above items because they are outside of the Company's normal operations and/or, in certain cases, are difficult to forecast accurately.

**About Simulations Plus, Inc.**

With more than 25 years of experience serving clients globally, Simulations Plus stands as a premier provider in the biopharma sector, offering advanced software and consulting services that enhance drug discovery, development, research, clinical trial operations, regulatory submissions, and commercialization. Our comprehensive biosimulation solutions integrate artificial intelligence/machine learning (AI/ML), physiologically based pharmacokinetics, physiologically based biopharmaceutics, quantitative systems pharmacology/toxicology, and population PK/PD modeling approaches. We also deliver simulation-enabled performance and intelligence solutions alongside medical communications support for clinical and commercial drug development. Our cutting-edge technology is licensed and utilized by leading pharmaceutical, biotechnology, and regulatory agencies worldwide. For more information, visit our website at www.simulations-plus.com. Follow us on LinkedIn \| X \| YouTube.

**Environmental, Social, and Governance**

We focus our Environmental, Social, and Governance (ESG) efforts where we can have the most positive impact. To learn more about our latest initiatives and priorities, please visit our website at SLP ESG Updates.

**Forward-Looking Statements**

Except for historical information, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties. Words like "believe," "will", "can", "believe", "expect," "anticipate" and similar expressions (or the negative of such terms, as well as other words or expressions referencing future events, conditions or circumstances) mean that these are our best estimates as of this writing, but there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. These forward-looking statements are based on current assumptions and expectations that involve risks and uncertainties that could cause the actual results to differ materially from those expressed or implied. Factors that could cause or contribute to such differences include, but are not limited to: effectiveness of our new internal operational structure, our ability to maintain our competitive advantages and commercialize AI and cloud-enabled solutions, evolving regulatory and data privacy standards governing AI technologies, acceptance of new software and improved versions of our existing software by our customers, the general economics of the pharmaceutical industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, market conditions, macroeconomic factors, and a sustainable market. Further information on our risk factors is contained in our quarterly, annual and current reports and filed with the U.S. Securities and Exchange Commission.

**Investor Relations Contact**:

Lisa Fortuna

Financial Profiles

310-622-8251

slp@finprofiles.com

------

**SIMULATIONS PLUS, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME**

---

| | | | |
|:---|:---|:---|:---|
| | **Years ended August 31,** | **Years ended August 31,** | **Years ended August 31,** |
|<br>(in thousands, except per common share amounts) | **2025** | **2024** | **2023** |
| **Revenues** |  |  |  |
| &nbsp;&nbsp;Software | $45828 | $41024 | $36517 |
| &nbsp;&nbsp;Services | 33351 | 28989 | 23060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 79179 | 70013 | 59577 |
| **Cost of revenues** |  |  |  |
| &nbsp;&nbsp;Software | 9652 | 6478 | 3627 |
| &nbsp;&nbsp;Services | 23306 | 20384 | 8003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues | 32958 | 26862 | 11630 |
| **Gross profit** | 46221 | 43151 | 47947 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Research and development | 6884 | 5754 | 4504 |
| &nbsp;&nbsp;Sales and marketing | 11904 | 8915 | 6558 |
| &nbsp;&nbsp;General and administrative | 20941 | 22351 | 27660 |
| &nbsp;&nbsp;Impairments | 77221 |  | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 116950 | 37020 | 39222 |
| **(Loss) income from operations** | (70729) | 6131 | 8725 |
| &nbsp;&nbsp;Other income, net | 1352 | 6280 | 2970 |
| **(Loss) income before income taxes** | (69377) | 12411 | 11695 |
| &nbsp;&nbsp;Income tax benefit (expense) | 4659 | (2457) | (1734) |
| **Net (loss) income** | $**(64718)** | $**9954** | $**9961** |
| **(Loss) Earnings per share** |  |  |  |
| &nbsp;&nbsp;Basic | $(3.22) | $0.50 | $0.50 |
| &nbsp;&nbsp;Diluted | $(3.22) | $0.49 | $0.49 |
| **Weighted-average common shares outstanding** |  |  |  |
| &nbsp;&nbsp;Basic | 20101 | 19987 | 20075 |
| &nbsp;&nbsp;Diluted | 20101 | 20301 | 20465 |
| **Other comprehensive (loss) income, net of tax** |  |  |  |
| &nbsp;&nbsp;Foreign currency translation adjustments | (24) | (105) | 167 |
| &nbsp;&nbsp;Unrealized gains (losses) on available-for-sale securities | 4 | (5) |  |
| **Comprehensive (loss) income** | $(64738) | $9844 | $10128 |

---

------

**SIMULATIONS PLUS, INC.**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| (in thousands, except share and per share amounts) | **August 31, 2025** | **August 31, 2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $30853 | $10311 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $187 and $149 | 9717 | 9136 |
| &nbsp;&nbsp;Prepaid income taxes | 1777 | 2197 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 7702 | 7753 |
| &nbsp;&nbsp;Short-term investments | 1500 | 9944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 51549 | 39341 |
| **Long-term assets** |  |  |
| &nbsp;&nbsp;&nbsp;Capitalized computer software development costs, net of accumulated amortization of $21,863 and $18,727 | 11117 | 12499 |
| &nbsp;&nbsp;Property and equipment, net | 880 | 812 |
| &nbsp;&nbsp;Operating lease right-of-use assets | 407 | 1027 |
| &nbsp;&nbsp;&nbsp;Intellectual property, net of accumulated amortization of $9,021 and $5,490 | 6197 | 23130 |
| &nbsp;&nbsp;&nbsp;Other intangible assets, net of accumulated amortization of $4,399 and $3,177 | 11896 | 23210 |
| &nbsp;&nbsp;Goodwill | 43717 | 96078 |
| &nbsp;&nbsp;Deferred tax assets, net | 4774 |  |
| &nbsp;&nbsp;Other assets | 1399 | 542 |
| **Total assets** | $**131936** | $**196639** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;Accounts payable | $470 | $602 |
| &nbsp;&nbsp;Accrued compensation | 2010 | 4513 |
| &nbsp;&nbsp;Accrued expenses | 1343 | 2043 |
| &nbsp;&nbsp;Contracts payable - current portion |  | 2440 |
| &nbsp;&nbsp;Operating lease liability - current portion | 206 | 475 |
| &nbsp;&nbsp;Deferred revenue | 2696 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 6725 | 12069 |
| **Long-term liabilities** |  |  |
| &nbsp;&nbsp;Deferred tax liabilities, net |  | 1608 |
| &nbsp;&nbsp;Operating lease liability - net of current portion | 410 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 7135 | 14208 |
| Commitments and contingencies - Note 5 |  |  |
| Shareholders' equity |  |  |
| Preferred stock, $0.001 par value — 10,000,000 shares authorized; no shares issued and outstanding | $— | $— |
| &nbsp;&nbsp;Common stock, $0.001 par value; 50,000,000 shares authorized, 20,137,480 and 20,051,134 shares issued and outstanding | 20 | 20 |
| &nbsp;&nbsp;Additional paid-in capital | 159416 | 152308 |
| &nbsp;&nbsp;(Accumulated deficit) retained earnings | (34364) | 30354 |
| &nbsp;&nbsp;Accumulated other comprehensive loss | (271) | (251) |
| &nbsp;&nbsp;Total shareholders' equity | 124801 | 182431 |
| **Total liabilities and shareholders' equity** | $**131936** | $**196639** |

---

------

**SIMULATIONS PLUS, INC.**

**Reconciliation of Adjusted EBITDA to Net Income** <sup>(1)</sup>

(Unaudited)

*(in thousands)*

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | **August 31, 2024** |
| **Net (loss) income** | $(64718) | $9954 |
| Excluding: |  |  |
| &nbsp;&nbsp;Interest income and expense, net | (722) | (4375) |
| &nbsp;&nbsp;Provision for income taxes | (4659) | 2457 |
| &nbsp;&nbsp;Depreciation and amortization | 8211 | 5665 |
| &nbsp;&nbsp;Stock-based compensation | 5814 | 5940 |
| &nbsp;&nbsp;(Gain) loss on currency exchange | (13) | (386) |
| &nbsp;&nbsp;Impairments | 77221 |  |
| &nbsp;&nbsp;Loss from disposal of fixed assets | 23 |  |
| &nbsp;&nbsp;Change in value of contingent consideration | (640) | (1639) |
| &nbsp;&nbsp;Reorganization expense | 1462 |  |
| &nbsp;&nbsp;Mergers & Acquisitions expense | (9) | 2641 |
| **Adjusted EBITDA** | $21970 | $20257 |

---

<sup>(1)</sup> *Numbers may not add due to rounding*

------

**SIMULATIONS PLUS, INC.**

**Reconciliation of Adjusted Diluted EPS to Diluted EPS** <sup>(1)</sup>

(Unaudited)

*(in thousands, except Diluted EPS and Adjusted Diluted EPS)*

---

| | | |
|:---|:---|:---|
| | **August 31, 2025** | **August 31, 2024** |
| Net (loss) Income | $(64718) | $9954 |
| Excluding: |  |  |
| &nbsp;&nbsp;Amortization | 7667 | 5163 |
| &nbsp;&nbsp;Stock-based compensation | 5814 | 5940 |
| &nbsp;&nbsp;(Gain) loss on currency exchange | (13) | (386) |
| &nbsp;&nbsp;Mergers & Acquisitions expense | (9) | 2641 |
| &nbsp;&nbsp;Change in value of contingent consideration | (640) | (1639) |
| &nbsp;&nbsp;Reorganization expense | 1462 |  |
| &nbsp;&nbsp;Impairments | 77221 |  |
| &nbsp;&nbsp;Loss from disposal of fixed assets | 23 |  |
| Tax effect on above adjustments | (6146) | (2320) |
| Adjusted Net income | $20661 | $19353 |
| Weighted-avg. common shares outstanding: |  |  |
| Diluted weighted-avg. common shares outstanding | 20101 | 20301 |
| Diluted EPS | $(3.22) | $0.49 |
| Adjusted Diluted EPS | $1.03 | $0.95 |

---

<sup>(1)</sup> *Numbers may not add due to rounding*

## Exhibit 99.2

![](slpearningscalldeck254001.jpg)

Earnings Call: Q4 - FY25 December 1, 2025

------

![](slpearningscalldeck254002.jpg)

Safe Harbor Statement Except for historical information, the matters discussed in this presentation are forward-looking statements that involve risks and uncertainties. Words like "believe," "will", "can", "expect," "anticipate" and similar expressions (or the negative of such terms, as well as other words or expressions referencing future events, conditions or circumstances) mean that these are our best estimates as of this writing, but there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: effectiveness of our new operational structure, our ability to maintain our competitive advantages and commercialize AI and cloud-enabled solutions, evolving regulatory and data privacy standards governing AI technologies, acceptance of new software and improved versions of our existing software by our customers, the general economics of the pharmaceutical industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, market conditions, macroeconomic factors, and a sustainable market. Further information on our risk factors is contained in our quarterly, annual and current reports and filed with the U.S. Securities and Exchange Commission. Non-GAAP Financial Measures This press release includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") such as Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted EPS and certain ratios and other metrics derived there from. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. We believe (i) these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends; and (ii) that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing financial measures with other similar companies, many of which present similar non- GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are set forth in the appendix to this presentation.

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![](slpearningscalldeck254003.jpg)

Fourth Quarter 2025 Highlights ($0.03) Diluted EPS $17.5M Revenue 20% Adj. EBITDA Margin -6% Revenue Decline Current period Prior Year Comparison (FY24) $0.10 Adj. Diluted EPS $18.7M Revenue $0.04 Diluted EPS 22% Adj. EBITDA Margin +19% $0.18 Revenue Growth Adj. Diluted EPS

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![](slpearningscalldeck254004.jpg)

Full year 2025 Highlights ($3.22) Diluted EPS (1) $79.2M Revenue 28% Adj. EBITDA Margin +13% Revenue Growth Current period Prior Year Comparison (FY24) $1.03 Adj. Diluted EPS $70.0M Revenue $0.49 Diluted EPS 29% Adj. EBITDA Margin +18% Revenue Growth $0.95 (1) Diluted EPS includes a non-cash impairment charge of $77.2 million Adj. Diluted EPS

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![](slpearningscalldeck254005.jpg)

Software Highlights $18.7M Revenue $0.04 Diluted EPS 22% Adj. EBITDA Margin +19% Revenue Growth $0.18 Adj. Diluted EPS -10% Q4 Revenue Decline -3% Q4 Revenue Decline +3% Q4 Revenue Growth +22% Q4 Revenue Growth -63% Q4 Revenue Decline +5% FY Revenue Growth +1% FY Revenue Growth +14% FY Revenue Growth +26% FY Revenue Growth +206% FY Revenue Growth General – Overall software revenue decline of 9% for 4Q25 and 12% growth for full year – Renewal rates impacted by client consolidations and site closures GastroPlus® DEVELOPMENT MonolixSuite™ DEVELOPMENT QSP/QST Software DEVELOPMENT Pro-ficiency® CLINICAL OPS ADMET Predictor® DISCOVERY

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![](slpearningscalldeck254006.jpg)

Services Highlights $18.7M Revenue $0.04 Diluted EPS 22% Adj. EBITDA Margin +19% Revenue Growth $0.18 Adj. Diluted EPS -10% Q4 Revenue Decline +18% Q4 Revenue Growth -50% Q4 Revenue Decline +70% Q4 Revenue Growth FY Revenue Decline FY Revenue Growth FY Revenue Decline FY Revenue Growth -14% +5% -26% +622% – Overall services revenue decline of 3% for 4Q25 and revenue growth of 15% for FY25 – Total backlog $18.0M, over 91% expected to be converted to revenue within 12 months General PKPD Services DEVELOPMENT QSP/QST Services DEVELOPMENT Med Comm Services COMMERCIALIZATION PBPK Services DEVELOPMENT

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![](slpearningscalldeck254007.jpg)

$18.7M Revenue $0.04 Diluted EPS 22% Adj. EBITDA Margin +19% Revenue Growth $0.18 Adj. Diluted EPS Financial Results

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![](slpearningscalldeck254008.jpg)

Revenue - Q4 FY25 52% 48% Software Services 53% 47% Software Services (in millions) Software Revenue Decline Total Revenue Decline Services Revenue Decline -6% -9% -3% 4Q25 Mix 4Q24 Mix $9.3 $9.9 $9.0 $6.3 $8.8 $8.4 $15.6 $18.7 $17.5 Software Services 4Q23 4Q24 4Q25

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![](slpearningscalldeck254009.jpg)

Revenue - Fiscal 2025 58% 42% Software Services 59% 41% Software Services (in millions) Software Revenue Growth Total Revenue Growth Services Revenue Growth +13% +12% +15% FY25 Mix FY24 Mix $36.5 $41.0 $45.8 $23.1 $29.0 $33.4$59.6 $70.0 $79.2 Software Services FY23 FY24 FY25

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![](slpearningscalldeck254010.jpg)

Software Solutions as % of Software Revenue 18% 77% 5% 4Q25 17% 75% 8% FY25 GastroPlus® • 11 new clients • 8 upsells to existing clients ADMET Predictor® • 9 new clients • 5 upsells to existing clients MonolixSuite™ • 7 new clients • 5 upsells to existing clients Fourth Quarter Highlights Discovery Development Discovery Development Clinical Ops Discovery Development Clinical Ops

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![](slpearningscalldeck254011.jpg)

Software Performance Metrics - Q4 FY25 $88 $89 $94 4Q23 4Q24 4Q25 Avg. Revenue per Client (in thousands) Commercial Clients Renewal Rate (fee based) 85% 87% 83% 4Q23 4Q24 4Q25

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![](slpearningscalldeck254012.jpg)

Software Performance Metrics - Fiscal 2025 Avg. Revenue per Client (in thousands) Renewal Rate (fee based) $126 $129 $143 FY23 FY24 FY25 92% 93% 88% FY23 FY24 FY25 283 302 311 FY23 FY24 FY25 Commercial Clients Clients (end of period)

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![](slpearningscalldeck254013.jpg)

Services Solutions as % of Services Revenue 23% 77% 4Q25 24% 76% FY25 Development Commercialization Development Commercialization

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![](slpearningscalldeck254014.jpg)

Services Performance Metrics $19.5 $12.3 $14.6 $1.8 $3.4 $19.5 $14.1 $18.0 Development Commercialization 4Q23 4Q24 4Q25 212 153 138 97 53 212 250 191 Development Commercialization 4Q23 4Q24 4Q25 Total Projects Backlog (in millions)

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![](slpearningscalldeck254015.jpg)

Income Statement Summary - Q4 FY25 (1) (in millions, except Diluted EPS and Adjusted Diluted EPS) 4Q25 % of Rev 4Q24 % of Rev Revenue $17.5 100% $18.7 100% Cost of revenue 7.6 44% 11.8 63% Gross profit 9.8 56% 6.8 37% R&D 1.7 10% 1.9 10% S&M 2.7 15% 2.6 14% G&A excluding nonrecurring 4.8 27% 1.8 9% Nonrecurring 0.1 —% 1.7 9% Total operating expense 9.2 53% 8.0 43% Income (loss) from operations 0.7 4% (1.2) (6%) Income before income taxes 0.9 5% 0.9 5% Income tax benefit (1.6) (9%) — —% Net (loss) income ($0.7) (4%) $0.8 5% Diluted EPS ($0.03) $0.04 Adjusted EBITDA $3.5 20% $4.1 22% Adjusted Diluted EPS $0.10 $0.18 (1) Numbers may not add due to rounding

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![](slpearningscalldeck254016.jpg)

Income Statement Summary - Fiscal 2025 (1) (in millions, except Diluted EPS and Adjusted Diluted EPS) FY25 % of Rev FY24 % of Rev Revenue $79.2 100% $70.0 100% Cost of revenue 33.0 42% 26.9 38% Gross profit 46.2 58% 43.2 62% R&D 6.9 9% 5.8 8% S&M 11.9 15% 8.9 13% G&A excluding nonrecurring 19.5 25% 19.7 28% Nonrecurring 78.7 99% 2.6 4% Total operating expense 117.0 148% 37.0 53% (Loss) income from operations (70.7) (89%) 6.1 9% (Loss) income before income taxes (69.4) (88%) 12.4 18% Income tax benefit (expense) 4.7 6% (2.5) (4%) Net (loss) income ($64.7) (82%) $10.0 14% Diluted EPS ($3.22) $0.49 Adjusted EBITDA $22.0 28% $20.3 29% Adjusted Diluted EPS $1.03 $0.95 (1) Numbers may not add due to rounding

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![](slpearningscalldeck254017.jpg)

Balance Sheet Summary (1) (in millions) (1) Numbers may not add due to rounding August 31, 2025 August 31, 2024 Cash and short-term investments $32.4 $20.3 Other current assets 19.2 19.1 Long term assets 80.4 157.3 Total assets $131.9 $196.6 Current liabilities 6.7 12.1 Long-term liabilities 0.4 2.1 Total liabilities 7.1 14.2 Shareholders' equity 124.8 182.4 Total liabilities and shareholders' equity $131.9 $196.6

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![](slpearningscalldeck254018.jpg)

Fiscal 2026 Guidance Guidance Total Revenue $79M - $82M Total Revenue Growth 0% - 4% Software Revenue Mix 57% - 62% Adjusted EBITDA (1) Margin 26% - 30% Adjusted Diluted EPS (2) $1.03 - $1.10 (1) Adjusted EBITDA represents net income excluding the effect of interest expense (income), provision (benefit) for income taxes, depreciation and amortization, equity-based compensation expense, loss (gain) on currency exchange, impairment charges, change in fair value of contingent consideration, reorganization expense, acquisition and integration expense and other items not indicative of our ongoing operating performance. (2) Adjusted net income and adjusted diluted earnings per share exclude the effect of amortization, equity-based compensation expense, loss (gain) on currency exchange, impairment charges, change in fair value of contingent consideration, reorganization expense, acquisition and integration expense and other items not indicative of our ongoing operating performance as well as the income tax provision adjustment for such charges.

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![](slpearningscalldeck254019.jpg)

Adjusted EBITDA Non-GAAP Reconciliation (1) 4Q25 4Q24 FY25 FY24 Net (loss) income ($681) $843 ($64,718) $9,954 Excluding: Interest income and expense, net (239) (213) (722) (4,375) Provision for income taxes 1,570 20 (4,659) 2,457 Depreciation and amortization 1,354 2,206 8,211 5,665 Stock-based compensation 1,389 1,387 5,814 5,940 (Gain) loss on currency exchange 9 (431) (13) (386) Impairments — — 77,221 — Loss from disposal of fixed assets — — 23 — Change in value of contingent consideration — (1,370) (640) (1,639) Reorganization expense 202 — 1,462 — Mergers & Acquisitions expense (142) 1,706 (9) 2,641 Adjusted EBITDA $3,462 $4,148 $21,970 $20,257 (in thousands) (1) Numbers may not add due to rounding

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Adjusted Diluted EPS Non-GAAP Reconciliation (1) 4Q25 4Q24 FY25 FY24 Net (loss) Income ($681) $843 ($64,718) $9,954 Excluding: Amortization 1,242 2,059 7,667 5,163 Stock-based compensation 1,389 1,387 5,814 5,940 (Gain) loss on currency exchange 9 (431) (13) (386) Mergers & Acquisitions expense (142) 1,706 (9) 2,641 Change in value of contingent consideration — (1,370) (640) (1,639) Reorganization expense 202 — 1,462 — Impairments — — 77,221 — Loss from disposal of fixed assets — — 23 — Tax effect on above adjustments (27) (554) (6,146) (2,320) Adjusted Net income $1,992 $3,640 $20,661 $19,353 Diluted weighted-avg. common shares outstanding 20,127 20,338 20,101 20,301 Diluted EPS ($0.03) $0.04 ($3.22) $0.49 Adjusted Diluted EPS $0.10 $0.18 $1.03 $0.95 (in thousands, except Diluted EPS and Adjusted Diluted EPS) (1) Numbers may not add due to rounding

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Lisa Fortuna Financial Profiles slp@finprofiles.com \| +1-310-622-8251 Investor Relations Contact: Thank You

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