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LendingClub Reports First Quarter 2025 Results

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Grew Originations +21%, Revenue +20%, and Total Assets +13% in First Quarter Compared to Prior Year

Exceeded $100 Billion in Lifetime Originations

SAN FRANCISCO, April 29, 2025 /PRNewswire/ — LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the first quarter ended March 31, 2025.

“We’re off to a great start for 2025, growing total net revenue and originations more than 20% year over year to cross $100 billion in lifetime originations,” said Scott Sanborn, LendingClub CEO. “We’ll continue to build on that momentum with additional investments in marketing to further originations growth while maintaining strong credit discipline and innovating on member products and experiences.”

First Quarter 2025 Results

Highlights:

Achieved $2.0 billion in origination volumeImproved marketplace loan sales pricing for fifth straight quarterDelivered four years of credit outperformance enabled by proprietary underwriting models informed by billions of cells of data through economic cyclesImproved consumer held-for-investment portfolio net charge-off rate to 4.7%, compared to 8.1% in the prior yearClosed first rated Structured Certificates transaction for $100 million with a major insurance companyEnhanced popular TopUp feature to enable refinancing of competitor’s loansAcquired the intellectual property and select talent behind Cushion, an AI-powered spending intelligence platformPurchased a San Francisco headquarters in April at a fraction of the pre-pandemic cost with potential future upside and no material financial impact

Balance Sheet:

Total assets of $10.5 billion increased 13% compared to $9.2 billion in the prior year, driven primarily by the success of the Structured Certificates program as well as the purchase of a $1.3 billion LendingClub-issued loan portfolio in the third quarter of 2024.Deposits of $8.9 billion increased 18% compared to $7.5 billion in the prior year, driven by the continued success of our savings and CD offerings.Multi-award winning LevelUp Savings account, which launched in the third quarter of 2024, reached $1.9 billion in balances at quarter end.87% of total deposits are FDIC-insured.Robust available liquidity of $3.1 billion.Strong capital position with a consolidated Tier 1 leverage ratio of 11.7% and a CET1 capital ratio of 17.8%.Book value per common share was $11.95, compared to $11.40 in the prior year.Tangible book value per common share was $11.22, compared to $10.61 in the prior year.

Financial Performance:

Loan originations grew 21% to $2.0 billion, compared to $1.6 billion in the prior year, driven by the successful execution of product and marketing initiatives combined with strong marketplace investor demand.Total net revenue increased 20% to $217.7 million, compared to $180.7 million in the prior year, driven by higher net interest income on a larger balance sheet with lower deposit funding costs and improved marketplace loan sales pricing.Net Interest Margin increased to 5.97%, compared to 5.75% in the prior year.Provision for credit losses of $58.1 million, compared to $31.9 million in the prior year, primarily driven by a 136% increase in held-for-investment whole loan retention and additional economic qualitative allowance to reflect macroeconomic uncertainty.Improved net charge-offs in the held-for-investment at amortized cost loan portfolio to $48.9 million, compared to $80.5 million in the prior year.Net income of $11.7 million, compared to $12.3 million in the prior year.Net income for the first quarter of 2025 included the negative impact of $8.1 million on allowance and net fair value adjustments due to macroeconomic uncertainty.Return on Equity (ROE) of 3.5%, with a Return on Tangible Common Equity (ROTCE) of 3.7%, compared to an ROE of 3.9% in the prior year, with an ROTCE of 4.2%.Pre-Provision Net Revenue (PPNR) increased 52% to $73.8 million, compared to $48.5 million in the prior year.

Three Months Ended

($ in millions, except per share amounts)

March 31,
2025

December 31,
2024

March 31,
2024

Total net revenue

$           217.7

$            217.2

$           180.7

Non-interest expense

143.9

142.9

132.2

Pre-provision net revenue (1)

73.8

74.3

48.5

Provision for credit losses

58.1

63.2

31.9

Income before income tax expense

15.7

11.1

16.5

Income tax expense

(4.0)

(1.4)

(4.3)

Net income

$             11.7

$                9.7

$             12.3

Diluted EPS

$             0.10

$              0.08

$             0.11

(1)

See page 3 of this release for additional information on our use of non-GAAP financial measures.

For a calculation of Pre-Provision Net Revenue, Tangible Book Value Per Common Share, and Return on Tangible Common Equity, refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables at the end of this release.

Financial Outlook

Second Quarter 2025

Loan originations

$2.1B to $2.3B

Pre-provision net revenue (PPNR)

$70M to $80M

About LendingClub

LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S., where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Based on hundreds of billions of cells of data and over $100 billion in loans, our advanced credit decisioning and machine-learning models are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors. Since 2007, more than 5 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit https://www.lendingclub.com.

Conference Call and Webcast Information

The LendingClub first quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, April 29, 2025. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To access the call, please dial +1 (404) 975-4839, or outside the U.S. +1 (833) 470-1428, with Access Code 691326, ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. An audio replay will also be available 1 hour after the end of the call until May 6, 2025, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 161474. LendingClub has used, and intends to use, its investor relations website, X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

Contacts
For Investors:
IR@lendingclub.com

Media Contact:
Press@lendingclub.com

Non-GAAP Financial Measures

To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Pre-Provision Net Revenue (PPNR), Tangible Book Value (TBV) Per Common Share, and Return on Tangible Common Equity (ROTCE). Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.

We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.

We believe PPNR is an important measure because it reflects the financial performance of our business operations. PPNR is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.

We believe TBV Per Common Share is an important measure used to evaluate the company’s use of equity. TBV Per Common Share is a non-GAAP financial measure representing tangible common equity (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.

We believe ROTCE is an important measure because it reflects the company’s ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing annualized net income by the average tangible common equity for the applicable period.

For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on pages 13 and 14 of this release.

We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue and Return on Tangible Common Equity to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense and goodwill, respectively, with reasonable certainty without unreasonable effort.

Safe Harbor Statement

Some of the statements above, including statements regarding anticipated future performance and financial results, are “forward-looking statements.” The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “will,” “would” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our ability to continue to attract and retain new and existing borrowers and platform investors; competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

*****

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS

(In thousands, except percentages or as noted)

(Unaudited)

As of and for the three months ended

% Change

March 31,
2025

December 31,
2024

September 30,

2024

June 30,

2024

March 31,
2024

Q/Q

Y/Y

Operating Highlights:

Non-interest income

$     67,754

$         74,817

$         61,640

$     58,713

$     57,800

(9) %

17 %

Net interest income

149,957

142,384

140,241

128,528

122,888

5 %

22 %

Total net revenue

217,711

217,201

201,881

187,241

180,688

— %

20 %

Non-interest expense

143,867

142,855

136,332

132,258

132,233

1 %

9 %

Pre-provision net revenue(1)

73,844

74,346

65,549

54,983

48,455

(1) %

52 %

Provision for credit losses

58,149

63,238

47,541

35,561

31,927

(8) %

82 %

Income before income tax expense

15,695

11,108

18,008

19,422

16,528

41 %

(5) %

Income tax expense

(4,024)

(1,388)

(3,551)

(4,519)

(4,278)

190 %

(6) %

Net income

$     11,671

$           9,720

$         14,457

$     14,903

$     12,250

20 %

(5) %

Basic EPS

$         0.10

$             0.09

$             0.13

$         0.13

$         0.11

11 %

(9) %

Diluted EPS

$         0.10

$             0.08

$             0.13

$         0.13

$         0.11

25 %

(9) %

LendingClub Corporation Performance Metrics:

Net interest margin

5.97 %

5.42 %

5.63 %

5.75 %

5.75 %

Efficiency ratio(2)

66.1 %

65.8 %

67.5 %

70.6 %

73.2 %

Return on average equity (ROE)(3)

3.5 %

2.9 %

4.4 %

4.7 %

3.9 %

Return on tangible common equity (ROTCE)(1)(4)

3.7 %

3.1 %

4.7 %

5.1 %

4.2 %

Return on average total assets (ROA)(5)

0.4 %

0.4 %

0.6 %

0.6 %

0.5 %

Marketing expense as a % of loan originations

1.47 %

1.27 %

1.37 %

1.47 %

1.47 %

LendingClub Corporation Capital Metrics:

Common equity Tier 1 capital ratio

17.8 %

17.3 %

15.9 %

17.9 %

17.6 %

Tier 1 leverage ratio

11.7 %

11.0 %

11.3 %

12.1 %

12.5 %

Book value per common share

$       11.95

$           11.83

$           11.95

$       11.52

$       11.40

1 %

5 %

Tangible book value per common share(1)

$       11.22

$           11.09

$           11.19

$       10.75

$       10.61

1 %

6 %

Loan Originations (in millions)(6):

Total loan originations

$       1,989

$           1,846

$           1,913

$       1,813

$       1,646

8 %

21 %

Marketplace loans

$       1,314

$           1,241

$           1,403

$       1,477

$       1,361

6 %

(3) %

Loan originations held for investment

$          675

$              605

$              510

$          336

$          285

12 %

137 %

Loan originations held for investment as a % of total loan originations

34 %

33 %

27 %

19 %

17 %

Servicing Portfolio AUM (in millions)(7):

Total servicing portfolio

$      12,241

$          12,371

$          12,674

$      12,999

$      13,437

(1) %

(9) %

Loans serviced for others

$        7,130

$            7,207

$            7,028

$        8,337

$        8,671

(1) %

(18) %

(1)

Represents a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures.”

(2)

Calculated as the ratio of non-interest expense to total net revenue.

(3)

Calculated as annualized net income divided by average equity for the period presented.

(4)

Calculated as annualized net income divided by average tangible common equity for the period presented.

(5)

Calculated as annualized net income divided by average total assets for the period presented.

(6)

Includes unsecured personal loans and auto loans only.

(7)

Loans serviced on our platform, which includes unsecured personal loans, auto loans and education and patient finance loans serviced for others and retained by the Company.

 

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS (Continued)

(In thousands, except percentages or as noted)

(Unaudited)

As of and for the three months ended

% Change

March 31,
2025

December 31,
2024

September 30,

2024

June 30,

2024

March 31,
2024

Q/Q

Y/Y

Balance Sheet Data:

Securities available for sale

$  3,426,571

$      3,452,648

$       3,311,418

$  2,814,383

$  2,228,500

(1) %

54 %

Loans held for sale at fair value

$     703,378

$         636,352

$          849,967

$     791,059

$     550,415

11 %

28 %

Loans and leases held for investment at amortized cost

$  4,215,449

$      4,125,818

$       4,108,329

$  4,228,391

$  4,505,816

2 %

(6) %

Gross allowance for loan and lease losses (1)

$   (288,308)

$       (285,686)

$        (274,538)

$   (285,368)

$   (311,794)

1 %

(8) %

Recovery asset value (2)

$       44,115

$           48,952

$            53,974

$       56,459

$       52,644

(10) %

(16) %

Allowance for loan and lease losses

$   (244,193)

$       (236,734)

$        (220,564)

$   (228,909)

$   (259,150)

3 %

(6) %

Loans and leases held for investment at amortized cost, net

$  3,971,256

$      3,889,084

$       3,887,765

$  3,999,482

$  4,246,666

2 %

(6) %

Loans held for investment at fair value (3)

$     818,882

$      1,027,798

$       1,287,495

$     339,222

$     427,396

(20) %

92 %

Total loans and leases held for investment (3)

$  4,790,138

$      4,916,882

$       5,175,260

$  4,338,704

$  4,674,062

(3) %

2 %

Whole loans held on balance sheet (4)

$  5,493,516

$      5,553,234

$       6,025,227

$  5,129,763

$  5,224,477

(1) %

5 %

Total assets

$ 10,483,096

$    10,630,509

$     11,037,507

$  9,586,050

$  9,244,828

(1) %

13 %

Total deposits

$  8,905,902

$      9,068,237

$       9,459,608

$  8,095,328

$  7,521,655

(2) %

18 %

Total liabilities

$  9,118,579

$      9,288,778

$       9,694,612

$  8,298,105

$  7,978,542

(2) %

14 %

Total equity

$  1,364,517

$      1,341,731

$       1,342,895

$  1,287,945

$  1,266,286

2 %

8 %

(1)

Represents the allowance for future estimated net charge-offs on existing portfolio balances.

(2)

Represents the negative allowance for expected recoveries of amounts previously charged-off.

(3)

The balances at March 31, 2025, December 31, 2024 and September 30, 2024 include a loan portfolio that was purchased during the third quarter of 2024 of loans that we previously originated and sold.

(4)

Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value.

The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:

As of and for the three months ended

March 31,
2025

December 31,
2024

September 30,
2024

June 30,
2024

March 31,
2024

Asset Quality Metrics (1):

Allowance for loan and lease losses to total loans and leases held for investment at amortized cost

5.8 %

5.7 %

5.4 %

5.4 %

5.8 %

Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost

2.7 %

3.9 %

3.1 %

2.7 %

1.9 %

Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost

6.3 %

6.1 %

5.8 %

5.9 %

6.4 %

Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost

7.5 %

7.5 %

7.3 %

7.5 %

7.8 %

Net charge-offs

$          48,923

$          45,977

$          55,805

$          66,818

$          80,483

Net charge-off ratio (2)

4.8 %

4.5 %

5.4 %

6.2 %

6.9 %

(1)

Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.

(2)

Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases held for investment during the period.

 

LENDINGCLUB CORPORATION

LOANS AND LEASES HELD FOR INVESTMENT

(In thousands)

(Unaudited)

The following table presents loans and leases held for investment at amortized cost and loans held for investment at fair value:

March 31,
2025

December 31,
2024

Unsecured personal

$       3,212,638

$       3,106,472

Residential mortgages

170,138

172,711

Secured consumer

228,904

230,232

Total consumer loans held for investment

3,611,680

3,509,415

Equipment finance (1)

56,883

64,232

Commercial real estate

374,246

373,785

Commercial and industrial

172,640

178,386

Total commercial loans and leases held for investment

603,769

616,403

Total loans and leases held for investment at amortized cost

4,215,449

4,125,818

Allowance for loan and lease losses

(244,193)

(236,734)

Loans and leases held for investment at amortized cost, net

$       3,971,256

$       3,889,084

Loans held for investment at fair value

818,882

1,027,798

Total loans and leases held for investment

$       4,790,138

$       4,916,882

(1)

Comprised of sales-type leases for equipment.

 

LENDINGCLUB CORPORATION

ALLOWANCE FOR LOAN AND LEASE LOSSES

(In thousands)

(Unaudited)

The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:

March 31, 2025

December 31, 2024

Gross allowance for loan and lease losses (1)

$                 288,308

$                 285,686

Recovery asset value (2)

(44,115)

(48,952)

Allowance for loan and lease losses

$                 244,193

$                 236,734

(1)

Represents the allowance for future estimated net charge-offs on existing portfolio balances.

(2)

Represents the negative allowance for expected recoveries of amounts previously charged-off.

 

The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:

Three Months Ended

March 31, 2025

December 31, 2024

Consumer

Commercial

Total

Consumer

Commercial

Total

Allowance for loan and lease losses, beginning of period

$    212,598

$        24,136

$ 236,734

$    200,899

$        19,665

$ 220,564

Credit loss expense for loans and leases held for investment

55,948

434

56,382

56,322

5,825

62,147

Charge-offs

(58,344)

(8,232)

(66,576)

(64,167)

(1,887)

(66,054)

Recoveries

17,406

247

17,653

19,544

533

20,077

Allowance for loan and lease losses, end of period

$    227,608

$        16,585

$ 244,193

$    212,598

$        24,136

$ 236,734

Three Months Ended

March 31, 2024

Consumer

Commercial

Total

Allowance for loan and lease losses, beginning of period

$    298,061

$        12,326

$ 310,387

Credit loss expense for loans and leases held for investment

27,686

1,560

29,246

Charge-offs

(89,110)

(1,232)

(90,342)

Recoveries

9,643

216

9,859

Allowance for loan and lease losses, end of period

$    246,280

$        12,870

$ 259,150

 

LENDINGCLUB CORPORATION

PAST DUE LOANS AND LEASES HELD FOR INVESTMENT

(In thousands)

(Unaudited)

The following tables present past due loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:

March 31, 2025

30-59
Days

60-89
Days

90 or More
Days

Total Days
Past Due

Guaranteed
Amount (1)

Unsecured personal

$      21,851

$      16,040

$      15,507

$             53,398

$                     —

Residential mortgages

678

88

766

Secured consumer

2,087

482

226

2,795

Total consumer loans held for investment

$      24,616

$      16,522

$      15,821

$             56,959

$                     —

Equipment finance

$              15

$              —

$         4,279

$               4,294

$                     —

Commercial real estate

1,171

718

9,619

11,508

8,456

Commercial and industrial

896

3,408

19,888

24,192

19,679

Total commercial loans and leases held for investment

$         2,082

$         4,126

$      33,786

$             39,994

$             28,135

Total loans and leases held for investment at amortized cost

$      26,698

$      20,648

$      49,607

$             96,953

$             28,135

December 31, 2024

30-59
Days

60-89
Days

90 or More
Days

Total Days
Past Due

Guaranteed
Amount (1)

Unsecured personal

$      23,530

$      19,293

$      21,387

$             64,210

$                     —

Residential mortgages

151

88

239

Secured consumer

2,342

600

337

3,279

Total consumer loans held for investment

$      26,023

$      19,981

$      21,724

$             67,728

$                     —

Equipment finance

$              67

$              —

$         4,551

$               4,618

$                     —

Commercial real estate

8,320

483

9,731

18,534

8,456

Commercial and industrial

6,257

1,182

15,971

23,410

18,512

Total commercial loans and leases held for investment

$      14,644

$         1,665

$      30,253

$             46,562

$             26,968

Total loans and leases held for investment at amortized cost

$      40,667

$      21,646

$      51,977

$           114,290

$             26,968

(1) 

Represents loan balances guaranteed by the Small Business Association.

 

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended

Change (%)

March 31,
2025

December 31,
2024

March 31,
2024

Q1 2025

vs

Q4 2024

Q1 2025

vs

Q1 2024

Non-interest income:

Origination fees

$         69,944

$          64,745

$         70,079

8 %

— %

Servicing fees

12,748

17,391

19,592

(27) %

(35) %

Gain on sales of loans

12,202

15,007

10,909

(19) %

12 %

Net fair value adjustments

(29,251)

(24,980)

(44,689)

(17) %

35 %

Marketplace revenue

65,643

72,163

55,891

(9) %

17 %

Other non-interest income

2,111

2,654

1,909

(20) %

11 %

Total non-interest income

67,754

74,817

57,800

(9) %

17 %

Total interest income

232,059

240,596

207,351

(4) %

12 %

Total interest expense

82,102

98,212

84,463

(16) %

(3) %

Net interest income

149,957

142,384

122,888

5 %

22 %

Total net revenue

217,711

217,201

180,688

— %

20 %

Provision for credit losses

58,149

63,238

31,927

(8) %

82 %

Non-interest expense:

Compensation and benefits

58,389

58,656

59,554

— %

(2) %

Marketing

29,239

23,415

24,136

25 %

21 %

Equipment and software

14,644

13,361

12,684

10 %

15 %

Depreciation and amortization

13,909

19,748

12,673

(30) %

10 %

Professional services

9,764

9,136

7,091

7 %

38 %

Occupancy

4,345

3,991

3,861

9 %

13 %

Other non-interest expense

13,577

14,548

12,234

(7) %

11 %

Total non-interest expense

143,867

142,855

132,233

1 %

9 %

Income before income tax expense

15,695

11,108

16,528

41 %

(5) %

Income tax expense

(4,024)

(1,388)

(4,278)

190 %

(6) %

Net income

$         11,671

$           9,720

$         12,250

20 %

(5) %

Net income per share: 

Basic EPS

$             0.10

$             0.09

$             0.11

11 %

(9) %

Diluted EPS

$             0.10

$             0.08

$             0.11

25 %

(9) %

Weighted-average common shares – Basic

113,693,399

112,788,050

110,685,796

1 %

3 %

Weighted-average common shares – Diluted

116,176,898

116,400,285

110,687,380

— %

5 %

 

LENDINGCLUB CORPORATION

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)

Consolidated LendingClub Corporation (1)

Three Months Ended

March 31, 2025

Three Months Ended

December 31, 2024

Three Months Ended

March 31, 2024

Average
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Average
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Average
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Interest-earning assets (2)

Cash, cash equivalents, restricted cash and other

$     893,058

$    9,606

4.30 %

$ 1,193,570

$  14,194

4.76 %

$ 1,217,395

$  16,503

5.42 %

Securities available for sale at fair value

3,397,720

56,280

6.63 %

3,390,315

57,259

6.76 %

1,972,561

35,347

7.17 %

Loans held for sale at fair value

723,972

21,814

12.05 %

673,279

20,696

12.30 %

467,275

14,699

12.58 %

Loans and leases held for investment:

Unsecured personal loans

3,097,136

104,722

13.53 %

3,080,934

104,011

13.50 %

3,518,101

116,055

13.20 %

Commercial and other consumer loans

1,012,060

14,227

5.62 %

1,023,041

14,203

5.55 %

1,115,931

16,338

5.86 %

Loans and leases held for investment at amortized cost

4,109,196

118,949

11.58 %

4,103,975

118,214

11.52 %

4,634,032

132,393

11.43 %

Loans held for investment at fair value (3)

921,008

25,410

11.04 %

1,153,204

30,233

10.49 %

256,335

8,409

13.12 %

Total loans and leases held for investment (3)

5,030,204

144,359

11.48 %

5,257,179

148,447

11.29 %

4,890,367

140,802

11.52 %

Total interest-earning assets

10,044,954

232,059

9.24 %

10,514,343

240,596

9.15 %

8,547,598

207,351

9.70 %

Cash and due from banks and restricted cash

30,084

51,555

58,440

Allowance for loan and lease losses

(239,608)

(227,673)

(291,168)

Other non-interest earning assets

593,740

597,609

631,468

Total assets

$  10,429,170

$  10,935,834

$ 8,946,338

Interest-bearing liabilities

Interest-bearing deposits:

Checking and money market accounts

$     565,981

$    2,317

1.66 %

$    805,362

$    5,502

2.72 %

$ 1,054,614

$    9,410

3.59 %

Savings accounts and certificates of deposit

7,954,562

79,783

4.07 %

8,214,866

92,698

4.49 %

6,069,942

74,553

4.94 %

Interest-bearing deposits

8,520,543

82,100

3.91 %

9,020,228

98,200

4.33 %

7,124,556

83,963

4.74 %

Other interest-bearing liabilities

222

2

4.47 %

615

12

7.20 %

26,571

500

7.53 %

Total interest-bearing liabilities

8,520,765

82,102

3.91 %

9,020,843

98,212

4.33 %

7,151,127

84,463

4.75 %

Noninterest-bearing deposits

321,777

328,022

317,430

Other liabilities

237,155

251,239

220,544

Total liabilities

$  9,079,697

$ 9,600,104

$ 7,689,101

Total equity

$  1,349,473

$ 1,335,730

$ 1,257,237

Total liabilities and equity

$  10,429,170

$  10,935,834

$ 8,946,338

Interest rate spread

5.33 %

4.82 %

4.95 %

Net interest income and net interest margin

$  149,957

5.97 %

$ 142,384

5.42 %

$ 122,888

5.75 %

(1)

Consolidated presentation reflects intercompany eliminations.

(2)

Nonaccrual loans and any related income are included in their respective loan categories.

(3)

The average balance for the first quarter of 2025 and fourth quarter of 2024 includes a loan portfolio that was purchased during the third quarter of 2024 of loans that we previously originated and sold.

 

LENDINGCLUB CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

March 31,
2025

December 31,
2024

Assets

Cash and due from banks

$            20,191

$         15,524

Interest-bearing deposits in banks

875,324

938,534

Total cash and cash equivalents

895,515

954,058

Restricted cash

24,732

23,338

Securities available for sale at fair value ($3,462,166 and $3,492,264 at amortized cost, respectively)

3,426,571

3,452,648

Loans held for sale at fair value

703,378

636,352

Loans and leases held for investment

4,215,449

4,125,818

Allowance for loan and lease losses

(244,193)

(236,734)

Loans and leases held for investment, net

3,971,256

3,889,084

Loans held for investment at fair value

818,882

1,027,798

Property, equipment and software, net

168,899

167,532

Goodwill

75,717

75,717

Other assets

398,146

403,982

Total assets

$      10,483,096

$   10,630,509

Liabilities and Equity

Deposits:

Interest-bearing

$        8,540,068

$     8,676,119

Noninterest-bearing

365,834

392,118

Total deposits

8,905,902

9,068,237

Other liabilities

212,677

220,541

Total liabilities

9,118,579

9,288,778

Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 114,199,832 and 113,383,917 shares issued and outstanding, respectively

1,142

1,134

Additional paid-in capital

1,711,429

1,702,316

Accumulated deficit

(325,805)

(337,476)

Accumulated other comprehensive loss

(22,249)

(24,243)

Total equity

1,364,517

1,341,731

Total liabilities and equity

$      10,483,096

$   10,630,509

 

LENDINGCLUB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except share and per share data)

(Unaudited)

Pre-Provision Net Revenue

For the three months ended

March 31,
2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,
2024

GAAP Net income

$             11,671

$               9,720

$             14,457

$             14,903

$             12,250

Less: Provision for credit losses

(58,149)

(63,238)

(47,541)

(35,561)

(31,927)

Less: Income tax expense

(4,024)

(1,388)

(3,551)

(4,519)

(4,278)

Pre-provision net revenue

$             73,844

$             74,346

$             65,549

$             54,983

$             48,455

For the three months ended

March 31,
2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,
2024

Non-interest income

$             67,754

$             74,817

$             61,640

$             58,713

$             57,800

Net interest income

149,957

142,384

140,241

128,528

122,888

Total net revenue

217,711

217,201

201,881

187,241

180,688

Non-interest expense

(143,867)

(142,855)

(136,332)

(132,258)

(132,233)

Pre-provision net revenue

73,844

74,346

65,549

54,983

48,455

Provision for credit losses

(58,149)

(63,238)

(47,541)

(35,561)

(31,927)

Income before income tax expense

15,695

11,108

18,008

19,422

16,528

Income tax expense

(4,024)

(1,388)

(3,551)

(4,519)

(4,278)

GAAP Net income

$             11,671

$               9,720

$             14,457

$             14,903

$             12,250

 

Tangible Book Value Per Common Share

March 31,
2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,
2024

GAAP common equity

$         1,364,517

$          1,341,731

$          1,342,895

$          1,287,945

$          1,266,286

Less: Goodwill

(75,717)

(75,717)

(75,717)

(75,717)

(75,717)

Less: Customer relationship intangible assets

(7,778)

(8,586)

(9,439)

(10,293)

(11,165)

Tangible common equity

$         1,281,022

$          1,257,428

$          1,257,739

$          1,201,935

$          1,179,404

Book value per common share

GAAP common equity

$         1,364,517

$          1,341,731

$          1,342,895

$          1,287,945

$          1,266,286

Common shares issued and outstanding

114,199,832

113,383,917

112,401,990

111,812,215

111,120,415

Book value per common share

$                11.95

$                 11.83

$                 11.95

$                 11.52

$                 11.40

Tangible book value per common share

Tangible common equity

$         1,281,022

$          1,257,428

$          1,257,739

$          1,201,935

$          1,179,404

Common shares issued and outstanding

114,199,832

113,383,917

112,401,990

111,812,215

111,120,415

Tangible book value per common share

$                11.22

$                 11.09

$                 11.19

$                 10.75

$                 10.61

 

LENDINGCLUB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Continued)

(In thousands, except ratios)

(Unaudited)

Return On Tangible Common Equity

For the three months ended

March 31,
2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,
2024

Average GAAP common equity

$     1,349,473

$     1,335,730

$     1,307,521

$     1,266,608

$     1,257,237

Less: Average goodwill

(75,717)

(75,717)

(75,717)

(75,717)

(75,717)

Less: Average customer relationship intangible assets

(8,182)

(9,013)

(9,866)

(10,729)

(11,650)

Average tangible common equity

$     1,265,574

$     1,251,000

$     1,221,938

$     1,180,162

$     1,169,870

Return on average equity

Annualized GAAP net income

$          46,684

$          38,880

$          57,828

$          59,612

$          49,000

Average GAAP common equity

$     1,349,473

$     1,335,730

$     1,307,521

$     1,266,608

$     1,257,237

Return on average equity

3.5 %

2.9 %

4.4 %

4.7 %

3.9 %

Return on tangible common equity

Annualized GAAP net income

$          46,684

$          38,880

$          57,828

$          59,612

$          49,000

Average tangible common equity

$     1,265,574

$     1,251,000

$     1,221,938

$     1,180,162

$     1,169,870

Return on tangible common equity

3.7 %

3.1 %

4.7 %

5.1 %

4.2 %

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-first-quarter-2025-results-302441666.html

SOURCE LendingClub Corporation

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Technology

BREAKTHROUGH PRIZE ANNOUNCES 2026 LAUREATES

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Six $3 Million Prizes Awarded for Outstanding Discoveries in Life Sciences, Fundamental Physics and Mathematics

Gene Therapies for Inherited Blindness, Sickle Cell Disease and Beta-Thalassemia

Discovery of Key Genetic Cause of ALS and Frontotemporal Dementia

Precision Measurement of Muon’s Magnetic Moment

Advances in Mathematics of Waves and Nonlinear Systems

Special Prize for Pioneer of Theory of Strong Nuclear Force

Breakthrough Prize in Life Sciences Awarded to Jean Bennett, Katherine A. High and Albert Maguire; Stuart H. Orkin and Swee Lay Thein; Rosa Rademakers and Bryan Traynor

Breakthrough Prize in Mathematics Awarded to Frank Merle

Breakthrough Prize in Fundamental Physics Awarded to Muon g-2 Collaborations at CERN, Brookhaven National Laboratory, and Fermilab

Special Breakthrough Prize in Fundamental Physics Awarded to David J. Gross

Inaugural Vera Rubin New Frontiers Prize Awarded to Carolina Figueiredo

Six New Horizons Prizes Awarded for Early-Career Achievements in Physics and Mathematics

Three Maryam Mirzakhani New Frontiers Prizes Awarded to Women Mathematicians for Early-Career Work

Laureates to be Celebrated Tonight at Breakthrough Prize Ceremony in Los Angeles

LOS ANGELES, April 19, 2026 /PRNewswire/ — The Breakthrough Prize Foundation today announced the winners of the 2026 Breakthrough Prizes, honoring scientists whose discoveries are significantly driving growth of human knowledge. In the Life Sciences, their work has led to gene therapies for three devastating diseases – inherited blindness, sickle cell disease and beta-thalassemia, and identified a key genetic cause of two more – ALS and frontotemporal dementia. In Physics and Mathematics, they have constructed theories of the fundamental forces of nature and probed them to mind-blowing precision, and revealed deep truths about the mathematical behavior of waves.

The Breakthrough Prizes – popularly known as the “Oscars® of Science” – were created to celebrate the wonders of our scientific age. Co-founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki, the prizes are now in their 14th year.

This year, six Breakthrough Prizes of $3 million each were awarded. In addition, the Foundation recognized 15 early-career physicists and mathematicians, who share six $100,000 New Horizons Prizes. Three women mathematicians recently completing PhDs each receives a $50,000 Maryam Mirzakhani New Frontiers Prize.

This year’s prize money totals $18.75 million, bringing the amount conferred over the 15 years of the Breakthrough Prize to more than $340 million.

“This year’s laureates show what great science can do — deepen our understanding of the world and lead to discoveries that improve millions of lives,” said Mark Zuckerberg and Dr. Priscilla Chan, founders of Biohub. “We’re proud to recognize their work.”

“The brilliant scientists who win the Breakthrough Prize,” said Yuri Milner, co-founder of Breakthrough Prize Foundation, “Are building a cathedral of knowledge on foundations laid down by the giants who came before them. We owe our civilization – and its future – to them.”

Breakthrough Prize in Life Sciences

Jean Bennett, Katherine A. High and Albert Maguire share the Breakthrough Prize in Life Sciences. This prize recognizes work that led to the first FDA–approved gene replacement therapy. It has transformed the lives of people born with Leber congenital amaurosis, a rare inherited retinal disease that usually results in total blindness in early adulthood, enabling children who had been going blind to gain their independence, attend regular schools, play outside at night, and in some cases even qualify for driver’s licenses. The therapy replaces the defective RPE65 gene, which produces a malfunctioning version of a protein critical to the visual cycle – the process by which the retina responds to light. The husband-and-wife team of molecular biologist Bennett and ophthalmic surgeon Maguire invented and developed the therapy from first conception to an effective treatment in animal models (including restoring sight to a number of Swedish Briard dogs which they went on to adopt). In 2005, High, a physician-scientist at Children’s Hospital of Philadelphia (CHOP) invited Bennett and Maguire to collaborate on a human trial. High’s laboratory and clinical gene therapy expertise proved crucial in the development of the approved drug, including gaining regulatory approval to conduct the initial clinical trials, and in directing the production and characterization of high-quality viral vector preparations used to introduce the replacement gene. The three physician-scientists worked together to design the pivotal trial, including developing and validating a novel clinical endpoint to measure the vector’s clinical effect.

Nearly all eligible Leber congenital amaurosis patients with RPE65 mutations in the United States have now been treated, and many others around the world are now gaining access to the therapy. The benefits have proved durable, with patients treated over a decade ago maintaining stable vision improvements. More broadly, this discovery demonstrated that the technology could work safely and effectively, establishing regulatory pathways and manufacturing approaches that opened the door to gene therapy approvals for a range of genetic diseases. Since their pioneering work, hundreds of trials, including over 100 retinal gene therapy trials have been conducted, with more than half a dozen currently in late-stage clinical testing.

Stuart H. Orkin and Swee Lay Thein share the Breakthrough Prize in Life Sciences. Their research transformed the devastating blood disorders sickle cell disease and beta-thalassemia from incurable to treatable conditions through gene editing therapy.

In beta-thalassemia the body fails to produce enough healthy hemoglobin; while in sickle cell disease, defective hemoglobin causes red blood cells to become stiff, sticky and sickle-shaped. But people who produce elevated levels of fetal form of hemoglobin as adults, rather than switching entirely to adult hemoglobin, have much milder forms of the diseases. This presented a tantalizing possibility for translational medicine: genetically switching fetal hemoglobin production back on, and so mitigating disease symptoms. Thein mapped the trait of persistent fetal hemoglobin production to chromosome 2, and subsequently identified the gene BCL11A as the key genetic player. Orkin demonstrated that BCL11A functions as the master repressor of fetal hemoglobin, shutting down its production after birth, and that inactivating it restored fetal hemoglobin production in mice and eliminated sickle cell disease symptoms. His laboratory identified a specific DNA enhancer region that controls BCL11A expression itself, but crucially only in red blood cells, providing a precise and safe target for therapeutic intervention without affecting other cells.

The translation of these discoveries into a CRISPR-based gene therapy (Casgevy) that edits this enhancer region in patients’ own blood stem cells resulted in the first CRISPR-based medicine approved for any disease. This work has revolutionized treatment for sickle cell disease and beta-thalassemia, providing a potentially curative one-time therapy for conditions affecting millions worldwide.

Rosa Rademakers and Bryan Traynor independently solved a decades-old mystery in neurodegenerative disease by discovering the most common genetic cause of both amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease, and frontotemporal dementia (FTD), the second leading cause of early-onset dementia. Through multi-year, international collaborations, they collected large-scale data from families where both ALS and FTD appeared together; and through painstaking genetic analysis they zeroed in on a key genetic trigger for both diseases. In 2011, their labs simultaneously identified a mutation in the C9orf72 gene. It is an expansion mutation – a repeat of the same six-letter sequence of DNA, occurring hundreds to thousands of times in affected individuals.

The discovery represents a landmark moment in the study of these diseases. This single mutation explains about a third of familial cases of both diseases in European populations, as well as more than five percent of cases in patients with no family history of the diseases. It sheds light on the disease mechanisms, pointing in particular to multiple effects of toxic RNA and proteins in brain cells. It has established ALS and FTD – previously considered two largely separate disorders – on a disease spectrum, sharing risk factors and molecular causes. And perhaps most significantly it has enabled genetic testing for affected families, and opened new pathways for the development of treatments for these currently incurable diseases – including at least two therapies currently undergoing clinical trials. While ALS and FTD remain incurable, thanks to the C9orf72 discovery they are now conditions with plausible molecular causes and promising therapeutic targets.

Breakthrough Prize in Mathematics

Frank Merle’s work has significantly advanced the modern understanding of nonlinear evolution equations – the mathematical descriptions of how waves, fluids, and other dynamic systems change over time. His work has a particular focus on singularities: points where solutions to the equations surge to infinity. Alone and in collaborations, he has solved several fundamental problems, including proving that certain equations long thought to be well-behaved actually “blow up” – become infinite – in finite time.

Working on the soliton resolution conjecture (which predicts that any wave disturbance will eventually decompose into a set of stable, shape-preserving waves), Merle and Carlos Kenig, joined later by Thomas Duyckaerts, developed the powerful channels of energy technique coupled with the concentration compactness method. With Yvan Martel and Pierre Raphael, he revealed how singularities form in the KdV type equation (which describes various wave phenomena from shallow waves to rogue waves). Perhaps most remarkable is his work on the nonlinear version of the famous Schrödinger equation from quantum physics. In early work, he made a complete classification of all the ways this equation’s solutions can blow up. Later he proved, with Pierre Raphael, Igor Rodnianski, and Jérémie Szeftel, that the defocusing version of the equation – long believed to be inherently stable – can in fact blow up in finite time. This highly surprising result exploited an unexpected connection to fluid dynamics: it helped to resolve a major open problem, identifying smooth solutions to the compressible Euler and Navier-Stokes equations where the fluid’s density and velocity become infinite – representing a complete breakdown of the fluid description. Throughout his career, Merle’s insights have overturned fundamental assumptions in the field, forged deep connections between mathematics and physics, and opened new avenues toward some of the most celebrated unsolved problems.

Breakthrough Prize in Fundamental Physics

Across more than six decades, scientists and engineers from three “muon g-2” collaborations, representing dozens of institutions, have pushed experimental precision ever higher in pursuit of a single, very significant number: the anomalous magnetic moment of the muon. The muon is a heavy, unstable cousin of the electron, and like the electron it can behave like a tiny magnet. The physicists are looking to capture how the muon’s magnetic strength is subtly affected by the “foam” of virtual particles constantly popping in and out of empty space around it. Measuring the muon’s magnetism and comparing it to theoretical predictions allows physicists to test whether any unknown particles or forces are hidden in this foam. In other words, to probe for new physics beyond the Standard Model, our most successful theory of particles and forces.

The CERN collaboration’s pioneering storage ring experiments of the 1960s and 1970s first measured the anomalous magnetic moment with meaningful precision. Then in the 1990s, Brookhaven National Laboratory’s reimagining of the experiment achieved a major improvement in precision. And after the audacious transportation of Brookhaven’s 50-ton, 15-meter-diameter storage ring 3,200 miles by road and barge to Fermilab in 2013, the experiment was systematically refined to achieve a final precision of 127 parts per billion – a mind-boggling 30,000 times more precise than the first g-2 experiment in 1965. The results had shown a tantalizing discrepancy with the value predicted by theory; and in 2023, Fermilab’s new results pushed that discrepancy close to the threshold considered evidence for new physics. Since then, the final, even more precise results, compared to newly evolved theoretical calculations narrowed the gap, but considerable uncertainty remains for the moment. Whatever the final verdict, this experiment represents a remarkable theoretical, experimental and technological endeavor, achieving extraordinary precision in the quest for fundamental understanding.

Special Breakthrough Prize in Fundamental Physics

David J. Gross has been a leading figure in fundamental physics for six decades. In the early 1970s, there was a gap in quantum field theory, our best theory of particles and forces. The theory could not describe or accurately predict the strong nuclear force, which holds the nucleus of the atom together. But in 1973, Gross and his graduate student Frank Wilczek (as well as, independently, David Politzer) solved the mystery. They discovered that the strong force works the opposite way to familiar forces like gravity: it gets weaker as particles approach each other, but stronger as they move apart. This explained why quarks, the particles inside the atomic nucleus, can never escape or be observed in isolation, and it enabled the development of quantum chromodynamics – the theory of the strong force and the final foundation stone of the Standard Model of particle physics.

Gross has gone on to make seminal contributions across multiple areas of theoretical physics. For example, he and his collaborators developed a simplified quantum field theory that helped explain how particles can acquire mass; and developed new theoretical approaches attempting to unify all fundamental forces, including gravity, in a single framework known as heterotic string theory.

Alongside his theoretical work, Gross has a longstanding record of leadership in the physics community, in roles including Director of the Kavli Institute for Theoretical Physics, and President of the American Physical Society. He has helped establish physics institutes in India, China, and South America. He directed the Jerusalem Winter School in Theoretical Physics and chaired the Solvay Physics Conferences for the last 25 years. In 2025 he was one of the authors of an ambitious 40-year plan for physics on behalf of the National Academies of Sciences, Engineering, and Medicine. And over the course of his career, he has been a mentor to numerous brilliant students who became leaders themselves, passing on his vision of physics as a collaborative international endeavor.

Inaugural Vera Rubin New Frontiers Prize

A new physics prize, the Vera Rubin New Frontiers Prize, will be announced during the ceremony, along with the inaugural recipient, Carolina Figueiredo, from Princeton University. One $50,000 prize is awarded this year; from 2027 there will be 3 per year.

The prize is named in tribute to the great astronomer Vera Rubin, who discovered key evidence for dark matter, and in homage to whom NVIDIA’s new chip platform is named. The new prize recognizes women physicists within two years of their PhDs who have already made important contributions to science.

Carolina Figueiredo discovered that three apparently unrelated theories — two governing nuclear particles called gluons and pions, and the third describing particles in a “toy model” that does not describe the existing world — all forbid exactly the same set of particle collisions. This was a big surprise, as the three theories are quite different, with no reason to think they are connected. Figueiredo’s discovery revealed that the common behavior reflects a single underlying geometric structure: curves drawn on surfaces, within a framework now known as surfaceology. Intriguingly, this structure makes no reference to particles moving through space and time; yet it reproduces the predictions of conventional physics far more efficiently than the traditional approach, which tracks each particle’s movement through these dimensions. Figueiredo’s work thus advances – and perhaps brings closer to the real world – a broader program to reformulate the foundations of particle physics in purely geometric terms, with spacetime as an emergent phenomenon arising from a new set of principles.

New Horizons in Physics Prize

Benjamin R. Safdi has made wide-ranging contributions to the search for the axion, a hypothetical particle that would explain a long-standing puzzle about the strong nuclear force, and could account for the mysterious dark matter that makes up 85 percent of the Universe’s mass. He has proposed ingenious new strategies for detecting axion-like particles using observations of astronomical objects, from radio emissions of neutron stars to X-rays from white dwarfs.

Clay Córdova, Thomas Dumitrescu, Shu-Heng Shao, and Yifan Wang have discovered and developed the theory of “generalized symmetries” in quantum field theory. Symmetries have long been among the most powerful tools in physics. The work of these researchers has shown that the Standard Model of particle physics, as well as other quantum field theories, possess previously unrecognised symmetry structures. Their work has opened a broad new field with applications ranging from falsifying theories beyond the Standard Model to simulating fundamental particles on a lattice.

Dillon Brout, J. Colin Hill, Mathew Madhavacheril, Maria Vincenzi, Daniel Scolnic, and W. L. Kimmy Wu have gleaned powerful new results from the two most important tools for measuring the expansion and composition of the Universe: the cosmic microwave background (CMB) radiation left over from the Big Bang, and light from exploding stars known as Type Ia supernovae. Hill, Madhavacheril, and Wu have pushed analyses of CMB data beyond previous limits, producing the most precise tests to date of the standard cosmological model as well as of gravitational lensing of the CMB – the subtle bending of light from the early Universe by the matter it passes on its way to us. Meanwhile Brout, Scolnic, and Vincenzi built and analysed the largest modern supernova datasets – including Pantheon+, now the most cited supernova analysis in cosmology – delivering tight constraints on dark energy and the rate of expansion of the cosmos.

New Horizons in Mathematics Prize

Otis Chodosh has settled several questions in differential geometry that had been open since the 1970s and 1980s. With Chao Li, he proved a central conjecture in the field concerning a broad class of higher-dimensional spaces known as “aspherical manifolds.” With Christos Mantoulidis, he resolved a key problem in geometric analysis of minimal surfaces – surfaces that locally minimise their area, like soap films.

Vesselin Dimitrov and Yunqing Tang have solved long-standing problems in number theory that had resisted all previous approaches. With Frank Calegari, they proved the “unbounded denominators conjecture,” about a fundamental class of objects known as modular forms, using methods that surprised experts in the field. Most recently, again with Calegari, they proved the irrationality of a number related to a basic infinite series – the first result of its kind since Apéry’s celebrated work forty-five years ago.

Hong Wang has resolved or made advances on a family of notoriously difficult problems in harmonic analysis – a branch of mathematics that studies functions by decomposing them into fundamental components. With Josh Zahl, she proved the Kakeya conjecture in three dimensions, one of the most famous open problems in the field: it concerns how much space is needed to rotate a needle through every possible direction.

Maryam Mirzakhani New Frontiers Prize

Amanda Hirschi has produced a number of significant papers in symplectic topology, a field studying higher-dimensional surfaces with a geometric structure that generalises the mathematics of classical mechanics. With co-authors, she developed a powerful new framework that leads to major simplifications in the foundations of Gromov-Witten theory. Anna Skorobogatova has made notable contributions in geometric measure theory, which uses techniques from analysis to tackle geometric problems such as finding surfaces of minimal area. In a series of papers with collaborators, she resolved a long-standing question about the structure of singularities of area-minimising surfaces, completing a programme that spanned over sixty years. Mingjia Zhang works on higher-dimensional objects in number theory called Shimura varieties. She provided a way to better understand the geometry of Mantovan’s celebrated “product formula” in number theory.

Citations for 2026 Laureates

2026 Breakthrough Prize in Life Sciences

Jean Bennett, University of Pennsylvania

Katherine A. High, University of Pennsylvania, Children’s Hospital of Philadelphia, and Rockefeller University
Albert Maguire, University of Pennsylvania

For developing a therapy for inherited retinal degeneration that became the first FDA-approved gene therapy for a genetic disease.

Rosa Rademakers, VIB, University of Antwerp, and Mayo Clinic
Bryan Traynor, National Institute on Aging, National Institutes of Health

For the discovery of the most common genetic cause of ALS and frontotemporal dementia which charted the path for new mechanistic studies of these diseases.

Stuart H. Orkin, Boston Children’s Hospital, Dana-Farber Cancer Institute, Harvard Medical School, and Howard Hughes Medical Institute
Swee Lay Thein, National Heart, Lung and Blood Institute, National Institutes of Health

For elucidating the mechanism driving the switch from fetal to adult hemoglobin and validating it as a therapeutic target for sickle-cell disease and beta-thalassemia.

2026 Breakthrough Prize in Mathematics

Frank Merle, CY Cergy Paris Université and Institut des Hautes Études Scientifiques

For breakthroughs in nonlinear evolution equations, with regards to their stability, singularity formation, or resolution into solitons.

2026 Breakthrough Prize in Fundamental Physics

The Muon g-2 Collaborations at CERN, Brookhaven National Laboratory, and Fermilab

For multi-decade, groundbreaking contributions to the measurement of the muon’s anomalous magnetic moment, pushing the boundaries of experimental precision and igniting a new era in the quest for physics beyond the Standard Model.

2026 Special Breakthrough Prize in Fundamental Physics

David J. Gross, Kavli Institute for Theoretical Physics, University of California, Santa Barbara

For a lifetime of groundbreaking contributions to theoretical physics, from the strong force to string theory, and for tireless advocacy for basic science worldwide.

2026 Vera Rubin New Frontiers Prize

Carolina Figueiredo, Princeton University

For contributions to the geometric structure of scattering amplitudes, revealing hidden relations among quantum field theories.

2026 Maryam Mirzakhani New Frontiers Prize

Amanda Hirschi, IMJ-PRG, Sorbonne Université

For contributions to symplectic topology.

Anna Skorobogatova, Clay Research Fellow and ETH Zürich

For contributions to geometric measure theory.

Mingjia Zhang, Princeton University and Institute for Advanced Study

For contributions to the theory of Shimura varieties.

2026 New Horizons in Mathematics Prize

Otis Chodosh, Stanford University

For contributions to differential geometry and the calculus of variations, including work on minimal surfaces and manifolds with positive scalar curvature.

Hong Wang, Institut des Hautes Études Scientifiques and New York University

For work in harmonic analysis, partial differential equations, and geometric measure theory, including the local smoothing conjecture, Furstenberg set conjecture, and the Kakeya conjecture.

Vesselin Dimitrov, Caltech
Yunqing Tang, University of California, Berkeley

For work in Diophantine geometry, including the proof of the Atkin-Swinnerton-Dyer unbounded denominators conjecture and new irrationality results for special values of Dirichlet L-series (both joint with Frank Calegari).

2026 New Horizons in Physics Prize

Benjamin R. Safdi, University of California, Berkeley

For proposing new ways to seek axion-like particles with laboratory experiments and astronomical observations.

Clay Córdova, University of Chicago
Thomas Dumitrescu, Mani L. Bhaumik Institute for Theoretical Physics, UCLA
Shu-Heng Shao, MIT
Yifan Wang, New York University

For generalizing the notion of symmetry in various ways, and for exploring the consequences of these generalized symmetries, in quantum field theory, particle physics, condensed matter physics, string theory, and quantum information theory.

Dillon Brout, Boston University
J. Colin Hill, Columbia University
Mathew Madhavacheril, University of Pennsylvania
Maria Vincenzi, University of Oxford
Daniel Scolnic, Duke University
W. L. Kimmy Wu, Caltech

For advances in cosmic microwave background and supernovae cosmology.

Videos and Photos

Assets, including headshots of this year’s winners, can be downloaded for media use here.

Images and select video from the 2026 Breakthrough Prize Gala — red carpet and ceremony — can be downloaded for media use here.

The show will premiere on YouTube on Sunday, April 26th at 3PM Eastern / 12PM Pacific.

For the 14th year, the Breakthrough Prize, renowned as the “Oscars® of Science,” recognizes the world’s top scientists. Each prize is $3 million and presented in the fields of Life Sciences, Fundamental Physics and Mathematics. In addition, up to three New Horizons in Physics Prizes, up to three New Horizons in Mathematics Prizes and up to three Maryam Mirzakhani New Frontiers Prizes are given out to early-career researchers each year. Laureates attend a gala award ceremony designed to celebrate their achievements and inspire the next generation of scientists.

The Breakthrough Prizes were founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki and have been sponsored by foundations established by them. Selection Committees composed of previous Breakthrough Prize laureates in each field choose the winners. Information on the Breakthrough Prize is available at breakthroughprize.org.

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Huawei Cloud Strengthens Thailand’s Insurance Industry with Next-Generation Digital Technologies

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BANGKOK, April 19, 2026 /PRNewswire/ — Huawei Cloud Thailand in collaboration with The Thai Life Assurance Association, hosted an executive forum bringing together more than 30 senior executives and technology leaders from leading insurance companies. The initiative reflects Huawei Cloud’s commitment to strengthening its role as a strategic partner in advancing Thailand’s digital and AI-driven economy, supporting insurance companies in accelerating secure, flexible, and scalable digital transformation through cloud-native infrastructure, advanced database technologies, and industry-specific solutions.

The event served as a platform for industry leaders to exchange insights on the future of the insurance industry in the era of cloud and AI-driven innovation, while exploring how cloud and AI technologies can modernize core insurance systems and enhance operational stability and resilience.

Driving the Future of Digital Insurance

As the insurance industry continues to accelerate its digital transformation, insurers are under increasing pressure to modernize legacy systems in order to support real-time services, rapidly growing data volumes, and evolving customer expectations.

Huawei Insurance Day event aims to position Huawei Cloud as a Strategic Digital Transformation Partner for the insurance industry, helping insurance companies build secure, scalable, and resilient digital infrastructures that can support long-term business growth.

During the event, Huawei Cloud showcased its end-to-end capabilities for the insurance sector, including cloud infrastructure, cloud-native databases, and specialized industry solutions designed to support mission-critical insurance systems.

Key Solutions for Insurance Digital Transformation

Digital Core Insurance Solution
A modernization solution that transform insurance companies migrate from legacy system such as AS/400 systems to cloud-native architectures with A next-generation core insurance architecture that enables insurers to rapidly launch new products, enhance system flexibility, simplifying maintenance and improve overall customer experience.

GaussDB for Mission-Critical Insurance Systems
Huawei’s enterprise-grade database that has been trusted by large financial organization globally, including Thailand. GaussDB designed to support critical workloads with high reliability, security and performance across multiple data centers on Huawei Cloud.

Piyatida Itiravivongs, President of Huawei Cloud Thailand said:

“Digital transformation has become a strategic priority for the insurance industry. Huawei Cloud is committed to supporting insurers in building a strong digital service by combining cloud infrastructure, advanced database technologies, and industry-specific solutions to improve operational efficiency and deliver better customer experiences.”

Meanwhile, Huang Hu, Solution Architect of Sinosoft, said:

“Sinosoft has extensive experience in developing technology platforms for the insurance industry. Through our collaboration with Huawei Cloud, we have successfully modernized insurance systems by adopting cloud-based architectures, helping organizations enhance the performance and stability of their core insurance platforms while supporting long-term business growth.

The success of these projects demonstrates the strong synergy between Sinosoft’s insurance technology expertise and Huawei Cloud’s advanced cloud infrastructure. We hope the experience and case studies shared at this event will provide valuable insights for insurance companies in Thailand as they accelerate their journey toward digital insurance.”

Thailand’s insurance industry is entering a new era in which digital technologies play an increasingly important role in enhancing operational efficiency and improving customer services. Forums such as this provide a valuable platform for industry stakeholders to exchange knowledge and perspectives on emerging technologies and innovations in cloud and digital infrastructure. Such knowledge sharing supports insurance companies in Thailand as they prepare for the ongoing evolution of the digital insurance landscape.

Huawei Cloud will continue to invest in cloud innovation to support the financial services and insurance sectors with secure, reliable, and scalable technologies, enabling sustainable business growth in the digital economy.

About Huawei Cloud Thailand

Huawei Cloud Thailand is a leading cloud service provider committed to accelerating Thailand’s digital transformation under the mission of “In Thailand, For Thailand.” According to the latest report from Gartner, Huawei Cloud is ranked No.2 by revenue in Thailand’s Infrastructure as a Service (IaaS) market, solidifying its position as one of the most trusted and fastest-growing international cloud providers in the country.

As the first international public cloud vendor to establish local data centers in Thailand, Huawei Cloud now operates three Availability Zones, ensuring high reliability and low-latency connectivity for local users. Leveraging Huawei’s 30-plus years of expertise in ICT infrastructure, it integrates cutting-edge Artificial Intelligence (AI), Cloud-Native 2.0, and Big Data technologies to empower over 40 government agencies and thousands of enterprises across the Kingdom. By building a robust digital ecosystem and fostering local talent, Huawei Cloud aims to drive Thailand’s “Digital Economy” forward, bringing cloud and intelligence to every corner of the country for a fully connected, intelligent future.

For more information, please visit Huawei Cloud Thailand online at
https://www.huaweicloud.com/intl/th-th/ or follow us on:
https://www.facebook.com/HuaweiCloudTH
https://www.youtube.com/@HuaweiCloudAPAC

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Breakthrough Prize Foundation Announces Winner of the 11th Annual Breakthrough Junior Challenge

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Matea Cañizarez, Age 18, of Quito, Ecuador, Receives Top Honors and $400,000 in Education Prizes for her Original Video Explaining Quark-Gluon Plasma

SAN FRANCISCO, April 18, 2026 /PRNewswire/ — The Breakthrough Prize Foundation today announced Ecuador-based student Matea Cañizarez as the winner of the 11th annual Breakthrough Junior Challenge, a global competition that empowers young people to creatively communicate complex ideas in the life sciences, physics, and mathematics.

The Breakthrough Junior Challenge will provide $400,000 in educational awards to Matea and her teacher, Roberto Procel. As the student winner, Matea will be granted a $250,000 college scholarship. In recognition of his work as a science teacher, Mr. Procel will receive a $50,000 award. The prize package also includes a cutting-edge science laboratory, designed by Cold Spring Harbor Laboratory and valued at $100,000, to be installed at Colegio Johannes Kepler, Matea’s current school, located in Quito, Ecuador. 

Matea was honored alongside the 2026 Breakthrough Prize laureates at The Breakthrough Prize Ceremony in Los Angeles on April 18, 2026.

“It’s exhilarating to meet bright, curious young people like Matea,” said Julia Milner, co-founder of the Breakthrough Junior Challenge, “And to see them pursuing their passion for ideas and communicating it to others makes me truly hopeful for the future,” said Julia Milner, co-founder of the Breakthrough Prize.

Matea’s winning entry explains quark-gluon plasma, an extreme state of matter that existed just after the Big Bang, in which quarks and gluons move freely instead of being bound inside protons and neutrons. Her short video can be seen here. This was Matea’s first entry to the Breakthrough Junior Prize, and she is currently applying for college next fall.

“Coming from a rural town in Ecuador, my passion for science was not a given. I am humbled by the honor of winning the Breakthrough Junior Challenge and hope to work in the service of society and nature by making the most of this opportunity,” said Matea.

“Congratulations on your beautiful video explaining the quark-gluon plasma,” said David Gross, winner of the 2026 Special Breakthrough Prize in Fundamental Physics, whose theories led directly to the discovery of the phenomenon in Matea’s video. Gross continued, “Very exciting, very well done, and I hope you stay in physics and help us understand even better the properties of the quark-gluon plasma in the laboratory, in the early Universe, and perhaps in the core of neutron stars.”

The Breakthrough Junior Challenge is a global program designed to showcase and advance young people’s understanding of science and core scientific principles, spark enthusiasm for STEM fields, encourage pursuit of STEM careers, and engage the broader public in fundamental scientific concepts. Each year, students ages 13 to 18 are invited to produce original videos of up to two minutes that explain a concept or theory in life sciences, physics, or mathematics.

Entries are judged on how effectively participants communicate complex scientific ideas in clear, compelling, and creative ways.

“Seeing students take on complex topics and explain them with enthusiasm and creativity is inspiring,” said Sal Khan, founder and CEO of Khan Academy and Vision Steward of TED. “Their work is a reminder that when young people are given access and opportunity to explore their interests, they can achieve great things.”

This year, the Breakthrough Junior Challenge attracted more than 2,500 applicants from around the world. Submissions were narrowed down to 30 semifinalists, which represented the top submissions after two rounds of judging: first, a mandatory peer review, followed by an evaluation panel of judges. Sixteen finalists were selected in December 2025.

Celebrating its 11th year, the Breakthrough Junior Challenge has reached a global community of more than 100,000 students, parents, and educators, drawing upwards of 30,000 applications from students in over 200 countries, including Canada, Nigeria, Kazakhstan, the Philippines, Singapore, and the United States. Since its launch, the program has distributed more than $2.5 million in college scholarships, invested $1 million in state-of-the-art science laboratories, and awarded $500,000 to exceptional science and mathematics teachers. Winning submissions have explored subjects ranging from  Mechanogenetic Cellular Engineering, Einstein’s Theory of RelativityCircadian Rhythms, Neutrino Astronomy, and more. Challenge alumni have continued their academic journeys at top-tier universities such as MIT, Harvard, Princeton, and Stanford.

This year’s Selection Committee was comprised of: Thea Booysen, MsC, social media director for neurologist Dr. Richard Isaacson and founder of MadeByHuman; Rachel Crane, space and science correspondent, CNN; Pascale Ehrenfreund, PhD, president, Committee on Space Research COSPAR; Dennis Gaitsgory, professor, Max Planck Institute for Mathematics, and Breakthrough Prize in Mathematics Laureate; John Grunsfelt, PhD astronaut, associate administrator for science, chief scientist at NASA Headquarters; Mae Jemison, physician, former astronaut, entrepreneur; Jeffery W. Kelly, professor of chemistry, Scripps Research Institute and Breakthrough Prize in Life Sciences laureate; Scott Kelly, retired NASA astronaut; Salman Khan, founder and CEO, Khan Academy; Ijad Madisch, CEO, co-founder, ResearchGate; Samaya Nissanke, University of Amsterdam, Breakthrough Prize in Fundamental Physics laureate; Nicole Stott, NASA astronaut, and co-founder of the Space for Art Foundation; Andrew Strominger, professor of physics, Harvard University, and Breakthrough Prize in Fundamental Physics laureate; Terence Tao, UCLA professor and Breakthrough Prize in Mathematics laureate; Esther Wojcicki, founder, Palo Alto High Media Arts Center; Richard Youle, National Institutes of Health, and Breakthrough Prize in Life Sciences laureate; and S. Pete Worden, chairman, Breakthrough Prize Foundation.

Partners

The Breakthrough Junior Challenge
The Breakthrough Junior Challenge, co-founded by Julia and Yuri Milner, is a global science video competition, aiming to develop and demonstrate young people’s knowledge of science and scientific principles and communications skills; generate excitement in these fields; support STEM career choices; and engage the imagination and interest of the public-at-large in key concepts of fundamental science.

The Breakthrough Prize
The Breakthrough Prize, renowned as the “Oscars of Science,” recognizes the world’s top scientists. Each prize is $3 million and presented in the fields of Life Sciences, Fundamental Physics (one per year) and Mathematics (one per year). In addition, up to three New Horizons in Physics Prizes, up to three New Horizons in Mathematics Prizes and up to three Maryam Mirzakhani New Frontiers Prizes are given out to early-career researchers each year. Laureates attend a gala award ceremony designed to celebrate their achievements and inspire the next generation of scientists.

The Breakthrough Prizes were founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki. The Prizes have been sponsored by the personal foundations established by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner and Anne Wojcicki. Selection Committees composed of previous Breakthrough Prize laureates in each field choose the winners. Information on the Breakthrough Prize is available at breakthroughprize.org.

About Khan Academy
Khan Academy is a 501(c)(3) nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. Since 2008, Khan Academy has provided an education safety net, a free platform designed to provide global access to high-quality learning for students and free resources for teachers. Khan Academy partners with more than 600 school districts in the United States and works with school systems in countries around the world, providing tools that personalize education. Khan Academy is at the forefront of using AI in education to support students while ensuring educators remain at the heart of the classroom. Worldwide, more than 200 million registered learners have used Khan Academy in 190 countries and more than 50 languages. For more information, please see research findings about Khan Academy and our press center.

Cold Spring Harbor Laboratory (CSHL)
The Breakthrough Prize Lab for the winning student’s school is designed in partnership with Cold Spring Harbor Laboratory (CSHL). Founded in 1890, CSHL, an independent 501(c)(3) nonprofit, powers transformational discoveries in cancer, neuroscience, artificial intelligence, plant biology, and quantitative biology. Through world-renowned science and education divisions, CSHL nurtures a culture of curiosity, discovery, and innovation to make lives better. CSHL’s DNA Learning Center (DNALC) is the largest provider of hands-on instruction in genetics and biotechnology, reaching nearly 40,000 middle and high school students through field trips, day camps, summer camps, mentored research projects, and teacher training. For more than a century, CSHL has been a powerful and productive environment for developing, connecting, and sharing world-changing ideas. For more information, visit www.cshl.edu<http://www.cshl.edu/>>.

Contact
For more information, including competition rules, video submission guidelines and queries, go to: breakthroughjuniorchallenge.org.

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