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of Contents](#id8fbf7a25c59450fb196a598fd4dc4cf_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, DC 20549\n\nFORM 10-Q\n\nx\nQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended November 30, 2025\n\nOR\n\noTransition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______\n\nCommission file number: 001-32046\n\nSimulations Plus, Inc.\n\n(Name of registrant as specified in its charter)\n\nCalifornia95-4595609\n\n(State or other jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)\n\n800 Park Offices Drive, Suite 401\n\nResearch Triangle Park, NC 27709\n\n(Address of principal executive offices including zip code)\n\n(661) 723-7723\n\n(Registrant’s telephone number, including area code)\n\nSECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:\n\nTitle of Each Class\n\n    Common Stock, par value $0.001 per share\n\nTrading Symbol\n\nSLP\n\nName of Each Exchange on Which Registered\n\nNASDAQ Stock Market LLC\n\nIndicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):\n\noLarge accelerated FileroAccelerated Filer\n\nxNon-accelerated Filer xSmaller reporting company\n\noEmerging Growth Company\n\nIf 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. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x\n\nThe number of shares outstanding of the registrant’s common stock, par value $0.001 per share, as of December 31, 2025, was 20,146,585.\n\n[Table of Contents](#id8fbf7a25c59450fb196a598fd4dc4cf_7)\n\nSimulations Plus, Inc.\n\nFORM 10-Q\n\nFor the Quarterly Period Ended November 30, 2025\n\nTable of Contents\n\n[PART I. FINANCIAL INFORMATION](#id8fbf7a25c59450fb196a598fd4dc4cf_139)\n\nPage\n\n[Item 1.](#id8fbf7a25c59450fb196a598fd4dc4cf_139)\n\n[C](#id8fbf7a25c59450fb196a598fd4dc4cf_244)[ondensed Consolidated Financial Statements](#id8fbf7a25c59450fb196a598fd4dc4cf_244)\n\n[Unaudited C](#id8fbf7a25c59450fb196a598fd4dc4cf_16)[ondensed Consolidated Balance Sheets at](#id8fbf7a25c59450fb196a598fd4dc4cf_16)[November 30](#id8fbf7a25c59450fb196a598fd4dc4cf_16)[, 2025 and August 31, 202](#id8fbf7a25c59450fb196a598fd4dc4cf_16)[5](#id8fbf7a25c59450fb196a598fd4dc4cf_16)\n\n[3](#id8fbf7a25c59450fb196a598fd4dc4cf_16)\n\n[Unaudited](#id8fbf7a25c59450fb196a598fd4dc4cf_19)[C](#id8fbf7a25c59450fb196a598fd4dc4cf_19)[ondensed Consolidated Statements of Operations and Comprehensive](#id8fbf7a25c59450fb196a598fd4dc4cf_19)[Income for the three months](#id8fbf7a25c59450fb196a598fd4dc4cf_19)[ended](#id8fbf7a25c59450fb196a598fd4dc4cf_19)[November 30](#id8fbf7a25c59450fb196a598fd4dc4cf_19)[, 2025](#id8fbf7a25c59450fb196a598fd4dc4cf_19)[and](#id8fbf7a25c59450fb196a598fd4dc4cf_19)[November 30, 2024](#id8fbf7a25c59450fb196a598fd4dc4cf_19)\n\n[4](#id8fbf7a25c59450fb196a598fd4dc4cf_19)\n\n[Unaudited](#id8fbf7a25c59450fb196a598fd4dc4cf_22)[C](#id8fbf7a25c59450fb196a598fd4dc4cf_22)[ondensed Consolidated Statements of Shareholders’ Equity for the three](#id8fbf7a25c59450fb196a598fd4dc4cf_22)[months](#id8fbf7a25c59450fb196a598fd4dc4cf_22)[ended](#id8fbf7a25c59450fb196a598fd4dc4cf_22)[November 30, 2025](#id8fbf7a25c59450fb196a598fd4dc4cf_22)[and](#id8fbf7a25c59450fb196a598fd4dc4cf_22)[November 30,](#id8fbf7a25c59450fb196a598fd4dc4cf_22)[2024](#id8fbf7a25c59450fb196a598fd4dc4cf_22)\n\n[5](#id8fbf7a25c59450fb196a598fd4dc4cf_22)\n\n[Unaudited](#id8fbf7a25c59450fb196a598fd4dc4cf_25)[C](#id8fbf7a25c59450fb196a598fd4dc4cf_25)[ondensed Consolidated Statements of Cash Flows for the](#id8fbf7a25c59450fb196a598fd4dc4cf_25)[three](#id8fbf7a25c59450fb196a598fd4dc4cf_25)[months ended](#id8fbf7a25c59450fb196a598fd4dc4cf_25)[November 30](#id8fbf7a25c59450fb196a598fd4dc4cf_25)[, 2025 and](#id8fbf7a25c59450fb196a598fd4dc4cf_25)[Novem](#id8fbf7a25c59450fb196a598fd4dc4cf_25)[ber 30,](#id8fbf7a25c59450fb196a598fd4dc4cf_25)[2024](#id8fbf7a25c59450fb196a598fd4dc4cf_25)\n\n[6](#id8fbf7a25c59450fb196a598fd4dc4cf_25)\n\n[Notes to Condensed Consolidated Financial Statements](#id8fbf7a25c59450fb196a598fd4dc4cf_28)\n\n[7](#id8fbf7a25c59450fb196a598fd4dc4cf_28)\n\n[Item 2.](#id8fbf7a25c59450fb196a598fd4dc4cf_70)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#id8fbf7a25c59450fb196a598fd4dc4cf_70)\n\n[24](#id8fbf7a25c59450fb196a598fd4dc4cf_70)\n\n[Item 3.](#id8fbf7a25c59450fb196a598fd4dc4cf_88)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#id8fbf7a25c59450fb196a598fd4dc4cf_88)\n\n[31](#id8fbf7a25c59450fb196a598fd4dc4cf_88)\n\n[Item 4.](#id8fbf7a25c59450fb196a598fd4dc4cf_91)\n\n[Controls and Procedures](#id8fbf7a25c59450fb196a598fd4dc4cf_91)\n\n[31](#id8fbf7a25c59450fb196a598fd4dc4cf_91)\n\n[PART II. OTHER INFORMATION](#id8fbf7a25c59450fb196a598fd4dc4cf_94)\n\n[Item 1.](#id8fbf7a25c59450fb196a598fd4dc4cf_97)\n\n[Legal Proceedings](#id8fbf7a25c59450fb196a598fd4dc4cf_97)\n\n[31](#id8fbf7a25c59450fb196a598fd4dc4cf_97)\n\n[Item 1A](#id8fbf7a25c59450fb196a598fd4dc4cf_100).\n\n[Risk Factors](#id8fbf7a25c59450fb196a598fd4dc4cf_100)\n\n[32](#id8fbf7a25c59450fb196a598fd4dc4cf_100)\n\n[Item 2.](#id8fbf7a25c59450fb196a598fd4dc4cf_103)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#id8fbf7a25c59450fb196a598fd4dc4cf_103)\n\n[32](#id8fbf7a25c59450fb196a598fd4dc4cf_103)\n\n[Item 3.](#id8fbf7a25c59450fb196a598fd4dc4cf_106)\n\n[Defaults upon Senior Securities](#id8fbf7a25c59450fb196a598fd4dc4cf_106)\n\n[32](#id8fbf7a25c59450fb196a598fd4dc4cf_106)\n\n[Item 4.](#id8fbf7a25c59450fb196a598fd4dc4cf_109)\n\n[Mine Safety Disclosures](#id8fbf7a25c59450fb196a598fd4dc4cf_109)\n\n[32](#id8fbf7a25c59450fb196a598fd4dc4cf_109)\n\n[Item 5.](#id8fbf7a25c59450fb196a598fd4dc4cf_115)\n\n[Other Information](#id8fbf7a25c59450fb196a598fd4dc4cf_112)\n\n[32](#id8fbf7a25c59450fb196a598fd4dc4cf_112)\n\n[Item 6.](#id8fbf7a25c59450fb196a598fd4dc4cf_118)\n\n[Exhibits](#id8fbf7a25c59450fb196a598fd4dc4cf_118)\n\n[33](#id8fbf7a25c59450fb196a598fd4dc4cf_118)\n\n[Signatures](#id8fbf7a25c59450fb196a598fd4dc4cf_121)\n\n[34](#id8fbf7a25c59450fb196a598fd4dc4cf_121)\n\nPART I. FINANCIAL INFORMATION"}