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P1Y

http://xbrl.sec.gov/stpr/2025#NC

http://xbrl.sec.gov/country/2025#US

2025-07-31

10-K true 2025-12-31 false 001-34079 Opus Genetics, Inc. DE 11-3516358 8 Davis Drive Suite 220 Durham NC 27713 984 884-6030 Common Stock, $0.0001 par value per share IRD NASDAQ No No Yes Yes Non-accelerated Filer true false false false false 45900000 71149045 <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Risk Management and Strategy</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">The Company has adopted a cybersecurity risk management program that includes processes designed to identify, assess, manage, and monitor risks from cybersecurity threats. We have integrated cybersecurity risk management into our broader risk management framework to promote a company-wide culture of cybersecurity awareness and risk management. <span style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">These processes include conducting an assessment of internal and external threats to the security, confidentiality, integrity and availability of Company data and systems along with other material risks to Company operations, at least annually and whenever there are material changes to the Company’s systems or operations, and responding to risks identified. The Company’s cybersecurity and risk management program is based on National Institute of Standards and Technology (NIST) frameworks. As part of our risk management process, the Company also engages outside providers to conduct periodic security assessments. As part of our third-party risk management program, we conduct assessments of vendor cybersecurity risks, including risks associated with our cloud vendors and other third parties.</span></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><br/> <br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Cybersecurity Threats</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">As of the date of this report, we have not identified any risks from a cybersecurity threat or incident that we believe has or is reasonably likely to have a material effect on our business strategy, results of operations, or financial condition. Despite our continuing efforts, we cannot guarantee that our cybersecurity safeguards will prevent breaches or breakdowns of our or our third-party service providers’ information technology systems, particularly in the face of continually evolving cybersecurity threats and increasingly sophisticated threat actors. For more information, see Item 1A Risk Factors, “<span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Our business and operations would suffer in the event of system failures or unplanned events, including cyber incidents, network security breaches, service interruptions, or data corruption</span>.”</div> true <span style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">These processes include conducting an assessment of internal and external threats to the security, confidentiality, integrity and availability of Company data and systems along with other material risks to Company operations, at least annually and whenever there are material changes to the Company’s systems or operations, and responding to risks identified. The Company’s cybersecurity and risk management program is based on National Institute of Standards and Technology (NIST) frameworks. As part of our risk management process, the Company also engages outside providers to conduct periodic security assessments. As part of our third-party risk management program, we conduct assessments of vendor cybersecurity risks, including risks associated with our cloud vendors and other third parties.</span> true true <div style="display:none;"><br/></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">As of the date of this report, we have not identified any risks from a cybersecurity threat or incident that we believe has or is reasonably likely to have a material effect on our business strategy, results of operations, or financial condition. Despite our continuing efforts, we cannot guarantee that our cybersecurity safeguards will prevent breaches or breakdowns of our or our third-party service providers’ information technology systems, particularly in the face of continually evolving cybersecurity threats and increasingly sophisticated threat actors. For more information, see Item 1A Risk Factors, “<span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Our business and operations would suffer in the event of system failures or unplanned events, including cyber incidents, network security breaches, service interruptions, or data corruption</span>.”</div> false <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Governance</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="display:none;"><br/></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The cybersecurity risk management program, including the prevention, detection, mitigation, and remediation of cybersecurity incidents, is led by the Company’s Chief Operating Officer and VP of Accounting in coordination with the Company’s IT managed service provider. </span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> Both of these individuals have experience in overseeing our cybersecurity and information technology programs and have held similar oversight functions in prior roles. </span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">We rely heavily on information technology consultants for advice and expertise on monitoring evolving industry standards and to monitor our compliance with applicable policies. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The VP of Accounting reports on cybersecurity matters to the Company’s Audit Committee at least annually, as well as any time there are material changes to the Company’s systems or operations and material updates are shared at each regular meeting of the full Board.</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The VP of Accounting also reports to the Company’s Chief Financial Officer and other members of our senior management as appropriate.</span> These reports may feature an overall assessment of the Company’s compliance with the Company’s cybersecurity policies and include topics such as risk assessment, risk management and control decisions, service provider arrangements, test results, security incidents and responses, and recommendations for changes and updates to policies and procedures. In addition, the results of any external reviews on our cybersecurity program are reported to senior management and the Audit Committee.</span></span></div> <span style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The cybersecurity risk management program, including the prevention, detection, mitigation, and remediation of cybersecurity incidents, is led by the Company’s Chief Operating Officer and VP of Accounting in coordination with the Company’s IT managed service provider. </span></span> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The cybersecurity risk management program, including the prevention, detection, mitigation, and remediation of cybersecurity incidents, is led by the Company’s Chief Operating Officer and VP of Accounting in coordination with the Company’s IT managed service provider. </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> Both of these individuals have experience in overseeing our cybersecurity and information technology programs and have held similar oversight functions in prior roles. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">We rely heavily on information technology consultants for advice and expertise on monitoring evolving industry standards and to monitor our compliance with applicable policies. </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The VP of Accounting reports on cybersecurity matters to the Company’s Audit Committee at least annually, as well as any time there are material changes to the Company’s systems or operations and material updates are shared at each regular meeting of the full Board.</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The VP of Accounting also reports to the Company’s Chief Financial Officer and other members of our senior management as appropriate.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> Both of these individuals have experience in overseeing our cybersecurity and information technology programs and have held similar oversight functions in prior roles. </span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The VP of Accounting reports on cybersecurity matters to the Company’s Audit Committee at least annually, as well as any time there are material changes to the Company’s systems or operations and material updates are shared at each regular meeting of the full Board.</span></span> true <span style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The VP of Accounting also reports to the Company’s Chief Financial Officer and other members of our senior management as appropriate.</span> These reports may feature an overall assessment of the Company’s compliance with the Company’s cybersecurity policies and include topics such as risk assessment, risk management and control decisions, service provider arrangements, test results, security incidents and responses, and recommendations for changes and updates to policies and procedures. In addition, the results of any external reviews on our cybersecurity program are reported to senior management and the Audit Committee.</span></span> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The VP of Accounting also reports to the Company’s Chief Financial Officer and other members of our senior management as appropriate.</span> These reports may feature an overall assessment of the Company’s compliance with the Company’s cybersecurity policies and include topics such as risk assessment, risk management and control decisions, service provider arrangements, test results, security incidents and responses, and recommendations for changes and updates to policies and procedures. In addition, the results of any external reviews on our cybersecurity program are reported to senior management and the Audit Committee.</span> true false false false false true Ernst & Young LLP Detroit, Michigan

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<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold;">1.</td> <td style="width: auto; vertical-align: top;"> <div style="font-weight: bold;">Company Description and Summary of Significant Accounting Policies</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Nature of Business and Basis of Presentation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Opus Genetics, Inc. (the “Company” or “Opus”), a Delaware corporation formerly known as Ocuphire Pharma, Inc. (the “Company” or “Opus”), is a clinical-stage biopharmaceutical company developing gene therapies for the treatment of inherited retinal diseases (“IRDs”) and small molecule therapies for other ophthalmic disorders. The Company’s headquarters is located in Durham, North Carolina.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;">On October 22, 2024, the Company acquired a private corporation then operating under the name of “Opus Genetics, Inc.” (“Private Opus”) pursuant to the terms of an Agreement and Plan of Merger, dated as of October 22, 2024 (such agreement, the “Merger Agreement” and the transaction consummated via the Merger Agreement, the “Opus Acquisition”), by and among the Company, Private Opus, and certain merger subsidiaries party thereto.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;"> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">The Company’s pipeline features a portfolio of adeno-associated virus (“AAV”) based gene therapies that address mutations in genes that cause different forms of Leber congenital amaurosis (“LCA”), bestrophinopathy, and retinitis pigmentosa. The Company’s most advanced gene therapy program is designed to address mutations in the LCA5 gene, which encodes the lebercilin protein. More specifically, we are developing OPGx-LCA5 to treat LCA5-associated inherited retinal disease (“IRD”), an early-onset retinal degeneration, and an open-label, dose-escalation Phase 1/2 clinical trial is ongoing. OPGx-BEST1 is another gene therapy candidate in the Company’s portfolio. This asset is being developed for the treatment of IRDs associated with mutations in the BEST1 gene, which can lead to legal blindness. Apart from gene therapies, the Company’s pipeline also includes Phentolamine Ophthalmic Solution 0.75%, a relatively non-selective alpha-1 and alpha-2 adrenergic antagonist designed to reduce pupil size as well as APX3330, a novel small-molecule inhibitor of Ref-1 designed to slow the progression of non-proliferative diabetic retinopathy.<br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">In November 2022, the Company entered into a license and collaboration agreement (as amended, the “Viatris License Agreement”) with Viatris, Inc. (“Viatris”), pursuant to which it granted Viatris an exclusive license to develop, manufacture, import, export and commercialize its refractive product candidate Phentolamine Ophthalmic Solution 0.75% (“PS”). PS is a once-daily eye drop formulation of phentolamine mesylate designed to reduce pupil diameter and improve visual acuity. PS was approved by the FDA for the treatment of pharmacologically induced mydriasis produced by adrenergic agonists (e.g., phenylephrine) or parasympatholytic (e.g., tropicamide) agents, or a combination thereof under the brand name RYZUMVI® in September 2023 and was launched commercially in April 2024. Additionally, the Company is currently developing PS for decreased vision under mesopic (low) light conditions following keratorefractive surgery, pursuant to a received FDA agreement under Special Protocol Assessment (“SPA”).</span></div> <div> <br/> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Basis of Presentation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';">The accompanying consolidated financial statements have been prepared in accordance with accounting standards generally accepted in the United States of America (“GAAP”) and include the accounts of the Company’s subsidiary, the former Private Opus entity (“OPUSTX, LLC”). All intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year begins on January 1 and ends on December 31.</span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><br/> The derivative liability line item reflected on the December 31, 2024 consolidated balance sheet in the prior year was reclassified to the accrued expenses and other liabilities line item in the amount of $2,000.</span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; font-weight: bold; text-align: justify; text-transform: none;"><span style="font-weight: bold; font-style: italic;">Liquidity</span> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; font-weight: bold; font-style: italic;"> </span></div> <div><span style="font-weight: bold; font-style: italic;"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"> </span> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"> </div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; font-weight: normal; font-size: 10pt; font-style: normal;">Since its inception, the Company has devoted substantially all of its resources to drug development and clinical trials.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; font-weight: normal; font-style: normal;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">As of December 31, 2025, the Company had $45.1 million in cash and cash equivalents and, as disclosed in Note 14 – Subsequent events, the Company received gross proceeds of approximately $25.0 million from its February 2026 private placement which closed on February 18, 2026. The Company believes its current available cash and cash equivalents will be sufficient to fund its operations for at least the next 12 months from the date of issuance of these financial statements.</span><span style="color: #000000;"><br/> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-size: 10pt; font-weight: normal; font-style: normal;"><br/> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"> </span> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-size: 10pt; font-weight: normal; font-style: normal;"> <span style="font-weight: normal; font-size: 10pt; font-style: normal;">In the future, the Company may need to raise additional funds until it is able to generate sufficient revenues to fund its development activities. The Company’s future operating activities, coupled with its plans to raise capital or issue debt financing, may provide additional liquidity in the future, however these actions are not solely within the control of the Company, and the Company is unable to predict the outcome of these actions to generate the liquidity ultimately required.</span></span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Use of Estimates</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Segment Information</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer views the Company’s operations and manages its business in one operating segment, which is the business of development of products related to vision performance and health. Accordingly, the consolidated financial statements and accompanying notes contained herein include the measure of profit or loss<span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">, categories of expenses and other financial information that is evaluated by the Company’s Chief Executive Officer</span>.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Cash and Cash Equivalents</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of deposit to be cash equivalents.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">Concentration of Credit Risk</div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"> <br/> </div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. Management follows approved policies established by the Company’s Board of Directors (the <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">“</span>Board<span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">”</span>) to reduce credit risk associated with the Company’s cash deposit and investment accounts. Pursuant to these policies, the Company limits its exposure through the kind, quality and concentration of its investments. The Company’s cash and cash equivalents are held or managed by three financial institutions in the United States. As of December 31, 2025, the Company had cash equivalents of $44.8 million that were not eligible for coverage by Federal Deposit Insurance Corporation. These balances are invested in funds whose assets consist almost entirely of securities issued by the U.S. Treasury or guaranteed by the U.S. government.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Short-term Investments<br/> </div> <div style="font-family: 'Times New Roman';"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and records them on a settlement date basis. The Company’s short-term investments are comprised of equity securities, which in accordance with the fair value hierarchy described below are recorded at fair value using Level l inputs on the balance sheets. Subsequent changes in fair values are recorded in other income, net on the consolidated statements of comprehensive loss. The Company classifies investments available to fund current operations as current assets on its consolidated balance sheets. The Company did not recognize any impairments on its investments to date through December 31, 2025.</div> <div><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Revenue Recognition</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;"> <br/> </div> <div style="text-align: justify;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;">The Company follows the provisions of Accounting Standards Codification (“ASC”) 606, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Revenue from Contracts with Customers</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">. The guidance provides a five-step model to determine how revenue is recognized. The Company has entered into license agreements which have revenue recognition implications (See Note 10 – License and Collaboration Revenue and Other Funding Agreements).</span> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">In determining the appropriate amount of revenue to be recognized, the Company performs the following steps: (i) identification of the contracts with a customer; (ii) determination of the performance obligations in the contract; (iii) measurement of the transaction price, including potential constraints on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated stand-alone selling prices; and (v) recognition of revenue when (or as) the Company satisfies a performance obligation.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. Performance obligations may include license rights, development and other services. Significant management judgment is required to determine the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations are either completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method.</span></div> <div style="font-family: 'Times New Roman';"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. The Company allocates the total transaction price to each performance obligation based on the relative standalone selling prices of the promised goods or service underlying each performance obligation.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: normal; font-style: italic;">Licenses of intellectual property and research and development services:</span> If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the customer, and the customer can use and benefit from the license. For licenses that are bundled with other obligations, such as research and development services, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. For research and development services that are distinct from a license transfer obligation, the Company determines whether the services are satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from such services. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;"><span style="font-style: italic; font-weight: normal;">Milestone payments:</span> </span>At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal will not occur, the value of the associated milestone (such as a regulatory submission) is included in the transaction price. Milestone payments that are not within the control of the Company, such as approvals from regulators, are not considered probable of being achieved until such contingency occurs (such as receipt of those approvals).</div> <div style="font-family: 'Times New Roman';"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: normal; font-style: italic;">Royalties:</span> For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">Contract Assets and Unbilled Receivables</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-weight: normal; font-style: normal;"><br/> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> The Company recognizes contract assets and unbilled receivables when goods or services are transferred to the customer before the customer pays or before reimbursement for payment is billed or due, excluding any amounts presented as an account receivable. The Company recorded contract assets <span style="font-weight: normal; font-style: normal;">and unbilled receivables </span>in connection with a license and collaboration agreement (See Note 10 – License and Collaboration Revenue and Other Funding Agreements).</span><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><br/></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); font-style: italic; font-variant: normal; text-transform: none;">Accounts Receivable and Allowances for Credit Losses<br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"> <br/> </span></span></span></span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-size: 10.0pt; color: #000000;">The Company records a provision for credit losses, when appropriate, based on historical experience, current conditions and reasonable supportable forecasts. The Company estimates credit losses over the remaining expected life of an asset by, among other things<span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-size: 10.0pt; color: #000000;">,</span></span></span></span></span> primarily using historical experience and current economic conditions that could affect the collectability of the balances in the future. Account balances are written off against the allowance when the Company believes that it is probable that the receivable will not be recovered. Actual write-offs may be in excess of the Company’s estimated allowance.</span> The Company has not incurred any bad debt expense to date and no allowance for credit losses has been recorded during the periods presented.</span></span></span></span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify;"><span style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Research and Development</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/> </span> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/> </span> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Research and development expenses consist of costs incurred in performing research and development activities, including compensation, benefits and stock-based compensation costs for research and development employees and costs for consultants, costs associated with nonclinical studies and clinical trials, regulatory activities, manufacturing activities to support clinical activities, license fees, nonlegal patent costs, fees paid to external service providers that conduct certain research and development, and an allocation of overhead expenses. Research and development expenses include costs that are reimbursed under the Viatris License Agreement (See Note 10 – License and Collaboration Revenue and Other Funding Agreements).</span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><br/> </div> <div style="text-align: justify;"><span style="font-style: italic; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">General and Administrative Expenses</span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> <br/> General and administrative expenses consist primarily of personnel-related costs, including salaries, benefits and stock-based compensation costs, for personnel in functions not directly associated with research and development activities. Other significant costs include insurance coverage for directors and officers and other property and liability exposures, legal fees relating to intellectual property and corporate matters, business development costs, professional fees for accounting and tax services, and other consulting costs.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; font-style: italic;">Acquired In-Process Research and Development Expenses<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; font-style: italic;">-</span>Process Research and Development Expenses<br/> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-style: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial;"> <br/> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial;">The Company includes costs to acquire or in-license product candidates as acquired in-process research and development expenses (<span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">“</span></span>IPR&D<span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">”</span></span>). These costs are immediately expensed provided that the payments do not also represent processes or activities that would constitute a <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">“business” as defined under GAAP or provided that the product candidate has not achieved regulatory approval for marketing</span></span></span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">, and absent obtaining such approval, has no alternative future use. Royalties owed on future sales of any licensed product will be expensed in the period the related revenues are recognized (See Note 2 </span>–<span style="font-style: italic;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> <span style="font-style: normal;">Mergers).</span></span><br/> </span></div> <div> <br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Other Income, net</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Other income, net includes interest earned from cash and cash equivalent investments, realized and unrealized gains (losses) from equity investments, the gain in connection with Opus Acquisition, and reimbursements in connection with grants and other sources when they occur.<span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Stock-Based Compensation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The Company accounts for stock-based compensation in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) ASC 718, <span style="font-style: italic;">Compensation — Stock Compensation</span>. Accordingly, compensation costs related to equity instruments granted are recognized at the grant date fair value. The Company records forfeitures when they occur. Stock-based compensation arrangements to non-employees are accounted for in accordance with the applicable provisions of ASC 718.</div> <div> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"> Warrant liabilities<br/> <span style="font-weight: normal; font-style: normal;"><br/> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company issued warrants to purchase equity securities in connection with the March 2025 financings and are recorded under the warrant liabilities line item in the accompanying consolidated balance sheets (See Note 7 – Financings). The Company accounts for these warrants as a liability at fair value when the valuation inputs are not fixed and determinable. Additionally, issuance costs associated with the warrant liability were expensed as incurred and reflected as financing costs in the accompanying consolidated statements of comprehensive loss. The Company adjusts the liability for changes in fair value until the earlier of the exercise or expiration of the warrants. Any future change in fair value of the warrant liabilities, when outstanding, is recognized in the consolidated statements of comprehensive loss under the fair value change in warrant and other derivative liabilities line item.</span></span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><br/> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Other Derivative Liabilities</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"><span style="letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial;">The Company evaluates all features contained in financing agreements to determine if there are any embedded derivatives that require separation from the underlying agreement under ASC 815 – Derivatives and Hedging. An embedded derivative that requires separation is accounted for as a separate liability from the host agreement. The separated embedded derivative is accounted for separately on a fair market value basis. The Company records the fair value change of a separated embedded derivative at each reporting period in the consolidated statements of comprehensive loss under the fair value change in derivative liability line item. The Company determined that certain features under an equity line financing collectively qualified as an embedded derivative (See Note 7 — Financings). The derivative was accounted for separately from the underlying equity line financing agreement.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Fair Value Measurements</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company follows accounting guidance that emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value measurements are defined on a three-level hierarchy:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div>Level 1 inputs: Unadjusted quoted prices for identical assets or liabilities in active markets;</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div>Level 2 inputs: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, whether directly or indirectly, for substantially the full term of the asset or liability; and</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div>Level 3 inputs: Unobservable inputs in which there is little or no market data available, which requires management to develop its own assumptions in pricing the asset or liability.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">As of December 31, 2025 and 2024, the fair values of cash and cash equivalents, accounts receivable, contract assets and unbilled receivables, prepaid and other assets, accounts payable, and accrued expenses approximated their carrying values because of the short-term nature of these assets or liabilities. The fair value of the short-term investments were based on observable Level 1 inputs in the form of quoted market prices from a major stock exchange. The fair value of the warrant liabilities and derivative liability associated with the equity line financing facility was based on cash flow models discounted at current implied market rates representing expected returns by market participants for similar instruments and are based on Level 3 inputs as well the Company’s underlying stock price and associated volatility, expected term of the financing and market interest rates. There were no transfers between fair value hierarchy levels during the years ended December 31, 2025 and 2024</span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">.</span> </div> <div><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">As of December 31, 2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold;" valign="bottom"> <div>Description</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Total</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 1</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 3</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-weight: bold; font-style: italic;" valign="bottom"> <div>Assets:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div>Short-term investments</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">* <br/> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">* <br/> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 4px;" valign="bottom"> <div>Total assets at fair value</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">* <br/> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">* <br/> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Liabilities:</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Warrant liabilities</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">25,985</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">25,985</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Total liabilities at fair value</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">25,985</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">25,985</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"> *De minimis value<br/> </div> <div><br/></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 52.02%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">As of December 31, 2024</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 52.02%;" valign="bottom"> <div style="font-weight: bold;">Description</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Total</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; font-weight: bold; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 1</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; font-weight: bold; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 2</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; font-weight: bold; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 3</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52.02%;" valign="bottom"> <div style="font-weight: bold; font-style: italic;">Assets:</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div>Short-term investments</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>2</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>2</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52.02%; padding-bottom: 4px;" valign="bottom"> <div>Total assets at fair value</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>2</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>2</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52.02%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><span style="font-style: italic; font-weight: bold;">Liabilities:</span> <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 9.01%; text-align: right; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 9.01%; text-align: right; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 9.01%; text-align: right; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 9.01%; text-align: right; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px; background-color: rgb(204, 238, 255);"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52.02%; padding-bottom: 4px;">Derivative liability <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;"> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.01%;">$ <br/> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9.01%; text-align: right;">2</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px;"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;"> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.01%;">$ <br/> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9.01%; text-align: right;">—</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px;"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;"> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.01%;">$ <br/> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9.01%; text-align: right;">—</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px;"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;"> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.01%;">$ <br/> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9.01%; text-align: right;"> 2<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px;"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52.02%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom">Total liabilities at fair value <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">2</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">—</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">—</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> 2<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The following tables provides a roll-forward of short-term investments, warrant liabilities, and derivative liabilities measured at fair value on a recurring basis using observable Level 1 and Level 3 inputs, as applicable, for the years ended December 31, 2025 and 2024 (in thousands):</div> <div><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2025<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Short-term investments</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Balance as of beginning of period</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">15</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Unrealized loss</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(13</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Balance as of end of period</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="margin-left: 5pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2025<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; orphans: 2; text-align: left; text-indent: -9.6px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Warrant liabilities</span></div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Balance as of beginning of period</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Issuance of March 2025 Warrants and March 2025 Private Placement Warrants</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">15,520</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;" valign="bottom">Exercises <br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(1,052</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Change in fair value</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">11,517</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Balance as of end of period</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">25,985</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> </div> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> 2025<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; orphans: 2; text-align: left; text-indent: -9.6px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Other derivative liabilities</span></div> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Balance as of beginning of period</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">74</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Change in fair value</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(72</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Balance as of end of period</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">There were no financial instruments measured on a non-recurring basis for any of the periods presented.<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">Recent Accounting Pronouncements</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> <span style="font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This guidance also includes certain other amendments to improve the effectiveness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years and should be applied on a prospective basis, with retrospective application permitted. The Company adopted this standard and applied the disclosure requirements on a prospective basis effective for the year ended December 31, 2025. The adoption did not have a material impact on our consolidated financial position or results of operations. See Note 12 – Income Taxes, for our updated income tax disclosure.<br/> <br/> In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to improve the disclosures related to expenses and provide investors more detailed information about certain types of expenses. This ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact that this new standard will have on our consolidated financial statements and related disclosures.</span></span></div>

<div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Nature of Business and Basis of Presentation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Opus Genetics, Inc. (the “Company” or “Opus”), a Delaware corporation formerly known as Ocuphire Pharma, Inc. (the “Company” or “Opus”), is a clinical-stage biopharmaceutical company developing gene therapies for the treatment of inherited retinal diseases (“IRDs”) and small molecule therapies for other ophthalmic disorders. The Company’s headquarters is located in Durham, North Carolina.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;">On October 22, 2024, the Company acquired a private corporation then operating under the name of “Opus Genetics, Inc.” (“Private Opus”) pursuant to the terms of an Agreement and Plan of Merger, dated as of October 22, 2024 (such agreement, the “Merger Agreement” and the transaction consummated via the Merger Agreement, the “Opus Acquisition”), by and among the Company, Private Opus, and certain merger subsidiaries party thereto.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;"> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">The Company’s pipeline features a portfolio of adeno-associated virus (“AAV”) based gene therapies that address mutations in genes that cause different forms of Leber congenital amaurosis (“LCA”), bestrophinopathy, and retinitis pigmentosa. The Company’s most advanced gene therapy program is designed to address mutations in the LCA5 gene, which encodes the lebercilin protein. More specifically, we are developing OPGx-LCA5 to treat LCA5-associated inherited retinal disease (“IRD”), an early-onset retinal degeneration, and an open-label, dose-escalation Phase 1/2 clinical trial is ongoing. OPGx-BEST1 is another gene therapy candidate in the Company’s portfolio. This asset is being developed for the treatment of IRDs associated with mutations in the BEST1 gene, which can lead to legal blindness. Apart from gene therapies, the Company’s pipeline also includes Phentolamine Ophthalmic Solution 0.75%, a relatively non-selective alpha-1 and alpha-2 adrenergic antagonist designed to reduce pupil size as well as APX3330, a novel small-molecule inhibitor of Ref-1 designed to slow the progression of non-proliferative diabetic retinopathy.<br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">In November 2022, the Company entered into a license and collaboration agreement (as amended, the “Viatris License Agreement”) with Viatris, Inc. (“Viatris”), pursuant to which it granted Viatris an exclusive license to develop, manufacture, import, export and commercialize its refractive product candidate Phentolamine Ophthalmic Solution 0.75% (“PS”). PS is a once-daily eye drop formulation of phentolamine mesylate designed to reduce pupil diameter and improve visual acuity. PS was approved by the FDA for the treatment of pharmacologically induced mydriasis produced by adrenergic agonists (e.g., phenylephrine) or parasympatholytic (e.g., tropicamide) agents, or a combination thereof under the brand name RYZUMVI® in September 2023 and was launched commercially in April 2024. Additionally, the Company is currently developing PS for decreased vision under mesopic (low) light conditions following keratorefractive surgery, pursuant to a received FDA agreement under Special Protocol Assessment (“SPA”).</span></div>

<div> <br/> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Basis of Presentation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';">The accompanying consolidated financial statements have been prepared in accordance with accounting standards generally accepted in the United States of America (“GAAP”) and include the accounts of the Company’s subsidiary, the former Private Opus entity (“OPUSTX, LLC”). All intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year begins on January 1 and ends on December 31.</span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><br/> The derivative liability line item reflected on the December 31, 2024 consolidated balance sheet in the prior year was reclassified to the accrued expenses and other liabilities line item in the amount of $2,000.</span><br/> </div>

2000000

<div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; font-weight: bold; text-align: justify; text-transform: none;"><span style="font-weight: bold; font-style: italic;">Liquidity</span> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; font-weight: bold; font-style: italic;"> </span></div> <div><span style="font-weight: bold; font-style: italic;"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"> </span> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"> </div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; font-weight: normal; font-size: 10pt; font-style: normal;">Since its inception, the Company has devoted substantially all of its resources to drug development and clinical trials.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none; font-weight: normal; font-style: normal;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">As of December 31, 2025, the Company had $45.1 million in cash and cash equivalents and, as disclosed in Note 14 – Subsequent events, the Company received gross proceeds of approximately $25.0 million from its February 2026 private placement which closed on February 18, 2026. The Company believes its current available cash and cash equivalents will be sufficient to fund its operations for at least the next 12 months from the date of issuance of these financial statements.</span><span style="color: #000000;"><br/> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-size: 10pt; font-weight: normal; font-style: normal;"><br/> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"> </span> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-size: 10pt; font-weight: normal; font-style: normal;"> <span style="font-weight: normal; font-size: 10pt; font-style: normal;">In the future, the Company may need to raise additional funds until it is able to generate sufficient revenues to fund its development activities. The Company’s future operating activities, coupled with its plans to raise capital or issue debt financing, may provide additional liquidity in the future, however these actions are not solely within the control of the Company, and the Company is unable to predict the outcome of these actions to generate the liquidity ultimately required.</span></span></div>

45100000

25000000

<div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Use of Estimates</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</div>

<div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Segment Information</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer views the Company’s operations and manages its business in one operating segment, which is the business of development of products related to vision performance and health. Accordingly, the consolidated financial statements and accompanying notes contained herein include the measure of profit or loss<span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">, categories of expenses and other financial information that is evaluated by the Company’s Chief Executive Officer</span>.</div>

<div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Cash and Cash Equivalents</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of deposit to be cash equivalents.</div>

<div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">Concentration of Credit Risk</div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"> <br/> </div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. Management follows approved policies established by the Company’s Board of Directors (the <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">“</span>Board<span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">”</span>) to reduce credit risk associated with the Company’s cash deposit and investment accounts. Pursuant to these policies, the Company limits its exposure through the kind, quality and concentration of its investments. The Company’s cash and cash equivalents are held or managed by three financial institutions in the United States. As of December 31, 2025, the Company had cash equivalents of $44.8 million that were not eligible for coverage by Federal Deposit Insurance Corporation. These balances are invested in funds whose assets consist almost entirely of securities issued by the U.S. Treasury or guaranteed by the U.S. government.</span></div>

44800000

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Short-term Investments<br/> </div> <div style="font-family: 'Times New Roman';"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and records them on a settlement date basis. The Company’s short-term investments are comprised of equity securities, which in accordance with the fair value hierarchy described below are recorded at fair value using Level l inputs on the balance sheets. Subsequent changes in fair values are recorded in other income, net on the consolidated statements of comprehensive loss. The Company classifies investments available to fund current operations as current assets on its consolidated balance sheets. The Company did not recognize any impairments on its investments to date through December 31, 2025.</div>

<div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Revenue Recognition</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;"> <br/> </div> <div style="text-align: justify;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;">The Company follows the provisions of Accounting Standards Codification (“ASC”) 606, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Revenue from Contracts with Customers</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">. The guidance provides a five-step model to determine how revenue is recognized. The Company has entered into license agreements which have revenue recognition implications (See Note 10 – License and Collaboration Revenue and Other Funding Agreements).</span> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">In determining the appropriate amount of revenue to be recognized, the Company performs the following steps: (i) identification of the contracts with a customer; (ii) determination of the performance obligations in the contract; (iii) measurement of the transaction price, including potential constraints on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated stand-alone selling prices; and (v) recognition of revenue when (or as) the Company satisfies a performance obligation.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. Performance obligations may include license rights, development and other services. Significant management judgment is required to determine the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations are either completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method.</span></div> <div style="font-family: 'Times New Roman';"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. The Company allocates the total transaction price to each performance obligation based on the relative standalone selling prices of the promised goods or service underlying each performance obligation.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: normal; font-style: italic;">Licenses of intellectual property and research and development services:</span> If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the customer, and the customer can use and benefit from the license. For licenses that are bundled with other obligations, such as research and development services, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. For research and development services that are distinct from a license transfer obligation, the Company determines whether the services are satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from such services. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;"><span style="font-style: italic; font-weight: normal;">Milestone payments:</span> </span>At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal will not occur, the value of the associated milestone (such as a regulatory submission) is included in the transaction price. Milestone payments that are not within the control of the Company, such as approvals from regulators, are not considered probable of being achieved until such contingency occurs (such as receipt of those approvals).</div> <div style="font-family: 'Times New Roman';"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: normal; font-style: italic;">Royalties:</span> For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).</div>

<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">Contract Assets and Unbilled Receivables</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-weight: normal; font-style: normal;"><br/> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> The Company recognizes contract assets and unbilled receivables when goods or services are transferred to the customer before the customer pays or before reimbursement for payment is billed or due, excluding any amounts presented as an account receivable. The Company recorded contract assets <span style="font-weight: normal; font-style: normal;">and unbilled receivables </span>in connection with a license and collaboration agreement (See Note 10 – License and Collaboration Revenue and Other Funding Agreements).</span><br/> </div>

<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); font-style: italic; font-variant: normal; text-transform: none;">Accounts Receivable and Allowances for Credit Losses<br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"> <br/> </span></span></span></span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-size: 10.0pt; color: #000000;">The Company records a provision for credit losses, when appropriate, based on historical experience, current conditions and reasonable supportable forecasts. The Company estimates credit losses over the remaining expected life of an asset by, among other things<span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;"><span style="font-size: 10.0pt; color: #000000;">,</span></span></span></span></span> primarily using historical experience and current economic conditions that could affect the collectability of the balances in the future. Account balances are written off against the allowance when the Company believes that it is probable that the receivable will not be recovered. Actual write-offs may be in excess of the Company’s estimated allowance.</span> The Company has not incurred any bad debt expense to date and no allowance for credit losses has been recorded during the periods presented.</span></span></span></span></div>

<div style="text-align: justify;"><span style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Research and Development</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/> </span> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/> </span> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Research and development expenses consist of costs incurred in performing research and development activities, including compensation, benefits and stock-based compensation costs for research and development employees and costs for consultants, costs associated with nonclinical studies and clinical trials, regulatory activities, manufacturing activities to support clinical activities, license fees, nonlegal patent costs, fees paid to external service providers that conduct certain research and development, and an allocation of overhead expenses. Research and development expenses include costs that are reimbursed under the Viatris License Agreement (See Note 10 – License and Collaboration Revenue and Other Funding Agreements).</span></div>

<div style="text-align: justify;"><span style="font-style: italic; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">General and Administrative Expenses</span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> <br/> General and administrative expenses consist primarily of personnel-related costs, including salaries, benefits and stock-based compensation costs, for personnel in functions not directly associated with research and development activities. Other significant costs include insurance coverage for directors and officers and other property and liability exposures, legal fees relating to intellectual property and corporate matters, business development costs, professional fees for accounting and tax services, and other consulting costs.</span></div>

<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; font-style: italic;">Acquired In-Process Research and Development Expenses<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; font-style: italic;">-</span>Process Research and Development Expenses<br/> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-style: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial;"> <br/> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial;">The Company includes costs to acquire or in-license product candidates as acquired in-process research and development expenses (<span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">“</span></span>IPR&D<span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">”</span></span>). These costs are immediately expensed provided that the payments do not also represent processes or activities that would constitute a <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">“business” as defined under GAAP or provided that the product candidate has not achieved regulatory approval for marketing</span></span></span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">, and absent obtaining such approval, has no alternative future use. Royalties owed on future sales of any licensed product will be expensed in the period the related revenues are recognized (See Note 2 </span>–<span style="font-style: italic;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> <span style="font-style: normal;">Mergers).</span></span><br/> </span></div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Other Income, net</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Other income, net includes interest earned from cash and cash equivalent investments, realized and unrealized gains (losses) from equity investments, the gain in connection with Opus Acquisition, and reimbursements in connection with grants and other sources when they occur.<span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><br/> </span></div>

<div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Stock-Based Compensation</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The Company accounts for stock-based compensation in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) ASC 718, <span style="font-style: italic;">Compensation — Stock Compensation</span>. Accordingly, compensation costs related to equity instruments granted are recognized at the grant date fair value. The Company records forfeitures when they occur. Stock-based compensation arrangements to non-employees are accounted for in accordance with the applicable provisions of ASC 718.</div>

<div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"> Warrant liabilities<br/> <span style="font-weight: normal; font-style: normal;"><br/> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company issued warrants to purchase equity securities in connection with the March 2025 financings and are recorded under the warrant liabilities line item in the accompanying consolidated balance sheets (See Note 7 – Financings). The Company accounts for these warrants as a liability at fair value when the valuation inputs are not fixed and determinable. Additionally, issuance costs associated with the warrant liability were expensed as incurred and reflected as financing costs in the accompanying consolidated statements of comprehensive loss. The Company adjusts the liability for changes in fair value until the earlier of the exercise or expiration of the warrants. Any future change in fair value of the warrant liabilities, when outstanding, is recognized in the consolidated statements of comprehensive loss under the fair value change in warrant and other derivative liabilities line item.</span></span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div>

<div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Other Derivative Liabilities</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"><span style="letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial;">The Company evaluates all features contained in financing agreements to determine if there are any embedded derivatives that require separation from the underlying agreement under ASC 815 – Derivatives and Hedging. An embedded derivative that requires separation is accounted for as a separate liability from the host agreement. The separated embedded derivative is accounted for separately on a fair market value basis. The Company records the fair value change of a separated embedded derivative at each reporting period in the consolidated statements of comprehensive loss under the fair value change in derivative liability line item. The Company determined that certain features under an equity line financing collectively qualified as an embedded derivative (See Note 7 — Financings). The derivative was accounted for separately from the underlying equity line financing agreement.</span></div>

<div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Fair Value Measurements</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company follows accounting guidance that emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value measurements are defined on a three-level hierarchy:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div>Level 1 inputs: Unadjusted quoted prices for identical assets or liabilities in active markets;</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div>Level 2 inputs: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, whether directly or indirectly, for substantially the full term of the asset or liability; and</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div>Level 3 inputs: Unobservable inputs in which there is little or no market data available, which requires management to develop its own assumptions in pricing the asset or liability.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">As of December 31, 2025 and 2024, the fair values of cash and cash equivalents, accounts receivable, contract assets and unbilled receivables, prepaid and other assets, accounts payable, and accrued expenses approximated their carrying values because of the short-term nature of these assets or liabilities. The fair value of the short-term investments were based on observable Level 1 inputs in the form of quoted market prices from a major stock exchange. The fair value of the warrant liabilities and derivative liability associated with the equity line financing facility was based on cash flow models discounted at current implied market rates representing expected returns by market participants for similar instruments and are based on Level 3 inputs as well the Company’s underlying stock price and associated volatility, expected term of the financing and market interest rates. There were no transfers between fair value hierarchy levels during the years ended December 31, 2025 and 2024</span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">.</span> </div> <div><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">As of December 31, 2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold;" valign="bottom"> <div>Description</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Total</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 1</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 3</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-weight: bold; font-style: italic;" valign="bottom"> <div>Assets:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div>Short-term investments</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">* <br/> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">* <br/> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 4px;" valign="bottom"> <div>Total assets at fair value</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">* <br/> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">* <br/> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Liabilities:</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Warrant liabilities</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">25,985</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">25,985</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Total liabilities at fair value</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">25,985</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">25,985</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"> *De minimis value<br/> </div> <div><br/></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 52.02%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">As of December 31, 2024</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 52.02%;" valign="bottom"> <div style="font-weight: bold;">Description</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Total</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; font-weight: bold; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 1</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; font-weight: bold; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 2</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; font-weight: bold; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 3</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52.02%;" valign="bottom"> <div style="font-weight: bold; font-style: italic;">Assets:</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div>Short-term investments</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>2</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>2</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52.02%; padding-bottom: 4px;" valign="bottom"> <div>Total assets at fair value</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>2</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>2</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52.02%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><span style="font-style: italic; font-weight: bold;">Liabilities:</span> <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 9.01%; text-align: right; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 9.01%; text-align: right; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 9.01%; text-align: right; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 9.01%; text-align: right; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px; background-color: rgb(204, 238, 255);"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52.02%; padding-bottom: 4px;">Derivative liability <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;"> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.01%;">$ <br/> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9.01%; text-align: right;">2</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px;"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;"> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.01%;">$ <br/> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9.01%; text-align: right;">—</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px;"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;"> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.01%;">$ <br/> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9.01%; text-align: right;">—</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px;"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;"> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.01%;">$ <br/> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9.01%; text-align: right;"> 2<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px;"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52.02%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom">Total liabilities at fair value <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">2</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">—</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">—</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> 2<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The following tables provides a roll-forward of short-term investments, warrant liabilities, and derivative liabilities measured at fair value on a recurring basis using observable Level 1 and Level 3 inputs, as applicable, for the years ended December 31, 2025 and 2024 (in thousands):</div> <div><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2025<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Short-term investments</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Balance as of beginning of period</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">15</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Unrealized loss</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(13</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Balance as of end of period</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="margin-left: 5pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2025<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; orphans: 2; text-align: left; text-indent: -9.6px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Warrant liabilities</span></div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Balance as of beginning of period</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Issuance of March 2025 Warrants and March 2025 Private Placement Warrants</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">15,520</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;" valign="bottom">Exercises <br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(1,052</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Change in fair value</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">11,517</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Balance as of end of period</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">25,985</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> </div> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> 2025<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; orphans: 2; text-align: left; text-indent: -9.6px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Other derivative liabilities</span></div> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Balance as of beginning of period</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">74</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Change in fair value</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(72</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Balance as of end of period</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">There were no financial instruments measured on a non-recurring basis for any of the periods presented.<br/> </div>

<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">As of December 31, 2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold;" valign="bottom"> <div>Description</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Total</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 1</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 3</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-weight: bold; font-style: italic;" valign="bottom"> <div>Assets:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div>Short-term investments</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">* <br/> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">* <br/> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 4px;" valign="bottom"> <div>Total assets at fair value</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">* <br/> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">* <br/> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div>—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Liabilities:</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Warrant liabilities</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">25,985</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">25,985</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Total liabilities at fair value</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">25,985</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">25,985</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"> *De minimis value<br/> </div> <div><br/></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 52.02%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">As of December 31, 2024</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 52.02%;" valign="bottom"> <div style="font-weight: bold;">Description</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Total</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; font-weight: bold; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 1</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; font-weight: bold; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 2</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; font-weight: bold; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">Level 3</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52.02%;" valign="bottom"> <div style="font-weight: bold; font-style: italic;">Assets:</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52.02%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div>Short-term investments</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>2</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>2</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div>—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52.02%; padding-bottom: 4px;" valign="bottom"> <div>Total assets at fair value</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>2</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>2</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div>—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52.02%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><span style="font-style: italic; font-weight: bold;">Liabilities:</span> <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 9.01%; text-align: right; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 9.01%; text-align: right; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 9.01%; text-align: right; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 9.01%; text-align: right; background-color: rgb(204, 238, 255);"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px; background-color: rgb(204, 238, 255);"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52.02%; padding-bottom: 4px;">Derivative liability <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;"> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.01%;">$ <br/> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9.01%; text-align: right;">2</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px;"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;"> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.01%;">$ <br/> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9.01%; text-align: right;">—</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px;"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;"> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.01%;">$ <br/> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9.01%; text-align: right;">—</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px;"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px;"> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1.01%;">$ <br/> </td> <td colspan="1" rowspan="1" style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 9.01%; text-align: right;"> 2<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1.01%; padding: 0px 0px 4px;"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 52.02%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom">Total liabilities at fair value <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">2</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">—</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">—</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9.01%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> 2<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table>

25985000

2000

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The following tables provides a roll-forward of short-term investments, warrant liabilities, and derivative liabilities measured at fair value on a recurring basis using observable Level 1 and Level 3 inputs, as applicable, for the years ended December 31, 2025 and 2024 (in thousands):</div> <div><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2025<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Short-term investments</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Balance as of beginning of period</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">15</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Unrealized loss</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(13</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Balance as of end of period</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="margin-left: 5pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2025<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; orphans: 2; text-align: left; text-indent: -9.6px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Warrant liabilities</span></div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Balance as of beginning of period</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Issuance of March 2025 Warrants and March 2025 Private Placement Warrants</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">15,520</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;" valign="bottom">Exercises <br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(1,052</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Change in fair value</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">11,517</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Balance as of end of period</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">25,985</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> </div> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> 2025<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; orphans: 2; text-align: left; text-indent: -9.6px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Other derivative liabilities</span></div> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="3" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Balance as of beginning of period</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">74</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Change in fair value</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(72</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Balance as of end of period</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div>

2000

15000

-2000

-13000

2000

15520000 0 1052000 0

11517000

25985000

2000

74000

-2000

-72000

2000

<div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">Recent Accounting Pronouncements</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> <span style="font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This guidance also includes certain other amendments to improve the effectiveness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years and should be applied on a prospective basis, with retrospective application permitted. The Company adopted this standard and applied the disclosure requirements on a prospective basis effective for the year ended December 31, 2025. The adoption did not have a material impact on our consolidated financial position or results of operations. See Note 12 – Income Taxes, for our updated income tax disclosure.<br/> <br/> In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to improve the disclosures related to expenses and provide investors more detailed information about certain types of expenses. This ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact that this new standard will have on our consolidated financial statements and related disclosures.</span></span></div>

5237063

0.0001

14145.374

0.0001

1000

25800000 1 0.90 2800000

<div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; margin: 0px 0px 0px; letter-spacing: normal; white-space: normal; word-spacing: 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 0px; text-transform: none;">The following summarizes the purchase price paid in the Opus Acquisition (in thousands, except share and per share amounts):</div> <div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; margin: 0px 0px 0px; letter-spacing: normal; white-space: normal; word-spacing: 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 0px; text-transform: none;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Number of common shares of the combined organization owned by the Company’s Pre-acquisition Private Opus stockholders</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">5,237,063</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Multiplied by the fair value per share of the Company’s common stock (1)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1.33</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Fair value of common stock issued to affect the Opus Acquisition</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">6,965</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Number of Series A preferred shares of the combined organization owned by the Company’s Pre-acquisition Private Opus stockholders</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">14,145.374</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Multiplied by the fair value per share of the Company’s Series A preferred stock (2)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1.3321</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Fair value of preferred stock issued to affect the Opus Acquisition</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">18,843</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0);">Purchase price</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">25,808</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 18pt;"><span style="font-size: 10pt;"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">(1)</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0); text-align: justify; font-size: 10pt;"> <div>Based on the last reported sale price of the Company’s common stock on the Nasdaq Capital Market on October 22, 2024, the closing date of the Opus Acquisition.</div> </div> </td> </tr> </table> <div> <br/> </div> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 18pt;"><span style="font-size: 10pt;"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">(2)</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0); text-align: justify; font-size: 10pt;"> <div>Based on the fair market valuation of the Series A preferred stock that considered the reported sale price of the Company’s common stock on the Nasdaq Capital Market on October 22, 2024 on an as converted basis (1,000 shares of common stock for 1 share of preferred stock), the closing date of the Opus Acquisition, as well as the underlying dividend provisions on a discounted cash flow basis.</div> </div> </td> </tr> </table>

5237063

1.33

6965000

14145.374

1.3321

18843000

25808000

1000

<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The fair value of the net assets and IPR&D acquired was as follows (in thousands):</span><br/> </div> <div> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="letter-spacing: normal; width: 100%; word-spacing: 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left; text-transform: none; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Cash acquired</div> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,210</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Net liabilities assumed</div> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(955</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">IPR&D (3)</div> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">28,000</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 88%; padding-bottom: 4px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Net assets and IPR&D acquired</div> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">28,255</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div> <br/> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <span style="font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 18pt;"><span style="font-size: 10pt;"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">(3)</td> <td style="width: auto; vertical-align: top;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <div style="color: rgb(0, 0, 0); text-align: justify; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; font-family: 'Times New Roman';">Represents the Private Opus Acquisition research and development projects which were in-process, but not yet completed, and which the Company may advance post the Opus Acquisition. This includes the development of gene therapies for IRDs. Current accounting standards require that the fair value of IPR&D projects acquired in an asset acquisition with no alternative future use be charged to expense on the acquisition date. The acquired IPR&D did not have outputs or employees. The fair value of the<span style="letter-spacing: normal; text-align: left; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> IPR&D was recorded at fair value using Level 3 inputs. A Multi-Period Excess Earnings Method (“MPEEM”) model was applied which incorporates assumptions such as future earnings and margins in connection with the further development and commercialization of IRD therapies, and a discount rate of <span style="text-indent: 0pt;">20</span>%.</span></span></div> <span style="font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <span style="font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <span style="font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></td> </tr> </table>

1210000 955000 28000000 28255000 0.20 <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; margin-bottom: 12pt;">The gain recorded upon the close of the Opus Acquisition is recapped below (in thousands):</div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Purchase Price</div> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">25,808</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Net assets and IPR&D acquired</div> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">28,255</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Gain recorded upon close of Opus Acquisition</div> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,447</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);"></div> </td> </tr> </table> 25808000 28255000 2447000 1 0 0 0 0

2600000

100000

111700000

400000

76400000

700000

93500000 400000

2025-09-30

300000

100000

<table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>Accrued expenses consist of the following (in thousands): </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">December 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>R&D services and supplies</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">$<br/> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>2,061</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">$<br/> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>4,452</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; white-space: nowrap;" valign="bottom"> <div>Payroll</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div>1,992</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div>1,481</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>Professional services</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>420</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>1,608</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div>15</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div>606</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>Total</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>4,488</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>8,147</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table>

2061000 4452000

1992000

1481000

420000

1608000

15000

606000

4488000

8147000

32000

48000

12 500000 500000

100000

P1Y

100000

0 0

500000

1000000

3138338

3500000

1000000

100000

2000000 400000 4 400000 400000 0 P2M 2 300000 300000 300000 300000 2000000 1000000 1000000 3 1

100000

0.223

1100000

14146

14145.374

1000

14145374

<div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">7.</td> <td style="width: auto; vertical-align: top; font-size: 10pt;"><span style="font-weight: bold;">Financings</span></td> </tr> </table> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="font-weight: bold;"><br/> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold;">November 2025 Registered Direct Offering</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; color: rgb(34, 34, 34);">On November 6, 2025, the Company entered into a securities purchase agreement to sell securities in a registered direct offering (the “2025 RDO”) for gross proceeds of approximately $23.0 million, before deducting offering expenses in the amount of approximately $0.1 million.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; color: rgb(34, 34, 34);">The Company sold an aggregate of 3,827,751 shares of its common stock at a price of $2.09 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to an aggregate of 7,177,033 shares of common stock at a purchase price of $2.0899 per pre-funded warrant. Each pre-funded warrant has an exercise price of $0.0001 per share of common stock, will be immediately exercisable subject to certain conditions set forth in each pre-funded warrant, and will not expire. The 2025 RDO closed on November 7, 2025.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold;">August 2025 Private Placement</div> <div><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On August 25, 2025, the Company entered into subscription agreements pursuant to which the Company agreed to issue and sell in the August 2025 Private Placement to certain investors 3,138,338 shares of its common stock for gross proceeds of approximately $3.5 million.</div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The August 2025 Private Placement was led by Cam Gallagher, Chair of the Board, along with participation by Sean Ainsworth, the lead independent director of the Board, and other investors. See Note 5 – Related Party Transactions.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold;">March 2025 Financings</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On March 21, 2025, the Company entered into an underwriting agreement with Craig-Hallum Capital Group, LLC, as the sole underwriter. Pursuant to the underwriting agreement, the Company agreed to issue and sell, in an underwritten public offering (the “March 2025 Offering”), 12,219,736 shares of common stock and warrants to purchase up to 21,052,631 shares of common stock (the “March 2025 Warrants”). Each share of common stock was sold together with one March 2025 Warrant to purchase one share of common stock, at a price to the public of $0.95 per share and related March 2025 Warrant. The Company also issued 8,832,895 pre-funded warrants (“Pre-Funded Warrants”) at a price to the public of $0.9499 per Pre-funded Warrant.</div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On March 21, 2025, the Company entered into a subscription agreement (the “Subscription Agreement”) with each of Dr. George Magrath, the Company’s Chief Executive Officer, and Cam Gallagher, the chairman of the Board. Pursuant to the Subscription Agreement, the Company agreed to issue and sell, in a private offering (the “March 2025 Private Placement”), a total of 392,157 shares of common stock to Mr. Magrath and 784,314 shares of common stock to Mr. Gallagher, as well as 392,157 warrants to purchase shares of common stock to Mr. Magrath and 784,314 warrants to purchase shares of common stock to Mr. Gallagher (“March 2025 Private Placement Warrants”). Each March 2025 Private Placement Warrant has an initial exercise price of $1.15, expires on the five-year anniversary of the original issuance date and may be called by the Company 30 days following the release of the Company’s OPGx-BEST1 DUO-1001 Cohort 1 data upon achievement of a volume weighted average price of our common stock for 30 consecutive trading days of over $1.725 per share and the trading average daily volume for such 30 day period exceeds $150,000 per trading day. See Note 5 – Related Party Transactions.</div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The combined gross proceeds from the March 2025 Offering and the March 2025 Private Placement, which both closed on March 24, 2025 (the “Closing Date”), were approximately $21.5 million, before deducting underwriting discounts and commissions and offering expenses payable by the Company in the amount of $1.8 million.</div> <div><br/></div> <div style="color: rgb(0, 0, 0); font-style: italic; text-align: justify; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"><span style="text-decoration: underline;">March 2025 Warrants</span></div> <div><span style="font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The March 2025 Warrants have an initial exercise price equal to $0.95 per share of common stock and are exercisable for five years from the date of issuance. The exercise prices and numbers of shares of common stock issuable upon exercise are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting the common stock and also upon any distributions of assets, including cash, stock or other property to our stockholders. A holder may not exercise the March 2025 Warrant if, after giving effect to such exercise, the holder (together with its affiliates) would beneficially own (as determined in accordance with the terms of the March 2025 Warrants) more than 4.99% (or, at the election of the holder, 9.99%) of the outstanding common stock immediately after giving effect to the exercise. Lastly, certain volatility provisions in the event of a fundamental transaction precluded the March 2025 Warrants from being considered indexed to the Company’s own stock, and as such, were classified on the consolidated balance sheets as warrant liabilities.</div> <div><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">The March 2025 Warrants are callable by the Company in certain circumstances. Subject to certain exceptions, in the event that the March 2025 Warrants are outstanding, if, after the Closing Date, (i) the Company has announced OPGx-BEST1 DUO-1001 Cohort 1 data, (ii) the volume weighted average price of the common stock for 30 consecutive trading days (“Warrant Measurement Period”), which 30 consecutive trading day period shall not have commenced until after the initial exercise date) exceeds $1.425 (subject to adjustment), (iii) the trading average daily volume for such Warrant Measurement Period exceeds $150,000 per trading day and (iv) the March 2025 Warrant holder is not in possession of any information that constitutes or might constitute material non-public information which was provided by the Company, its subsidiaries or any of its officers, directors, employees, agents or affiliates, then the Company may, within one trading day of the end of such Warrant Measurement Period, upon notice, call for cancellation of all or any portion of the March 2025 Warrants for which a notice of exercise has not yet been delivered for consideration equal to $0.001 per March 2025 Warrant share.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">In the event of a fundamental transaction, as defined in the Form of Warrant, the holders of the March 2025 Warrants will be entitled to receive upon exercise the kind and amount of securities, cash or other property that the holders would have received had they exercised immediately prior to such fundamental transaction. Additionally, as more fully described in the Form of Warrant, in the event of certain fundamental transactions, the holders of the March 2025 Warrants will be entitled to receive consideration in an amount equal to the Black Scholes Value of the remaining unexercised portion of the March 2025 Warrants on the date of consummation of such fundamental transaction.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">The fair value of the March 2025 Warrants at the time of issuance was $14.7 million and were recorded in the warrant liabilities line item in the accompanying consolidated balance sheets upon issuance. The fair value change during the year ended year ended December 31, 2025 was an expense of $10.9 million. The fair value of these instruments were based on a Monte Carlo simulation incorporating a volatility rate of 72.5% and 80.0% as of December 31, 2025 and March 24, 2025, respectively, a risk free rate of 3.6% and 4.0% as of December 31, 2025 and March 24, 2025, respectively, the market price of the Company’s common stock at $2.01 and $1.15 per share as of December 31, 2025 and March 24, 2025, respectively, and other factors over a simulated term of 4.2 years and 5.0 years at December 31, 2025 and March 24, 2025, respectively. As of December 31, 2025 the transaction costs attributed to the March 2025 Warrants amounted to approximately $1.3 million and were recorded in the accompanying consolidated statements of comprehensive loss under financing costs.</div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> During the year ended December 31, 2025, 862,684 March 2025 Warrants were exercised, resulting in the issuance of 862,684 shares of common stock. Upon exercise, the Company reclassified approximately $1.1 million of warrant fair value from Warrant liabilities to Additional paid-in capital.</span><br/> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"><span style="text-decoration: underline;">March 2025 Private Placement Warrants</span></div> <div><span style="font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">The March 2025 Private Placement Warrants have an initial exercise price equal to $1.15 per share of common stock and are exercisable for five years from the date of issuance. The March 2025 Private Placement Warrants are callable by the Company in certain circumstances. Subject to certain exceptions, in the event that the March 2025 Private Placement Warrants are outstanding, if, after the Closing Date, (i) the Company announced OPGx-BEST1 DUO-1001 Cohort 1 data, (ii) the volume weighted average price of the common stock for 30 consecutive trading days (the “Private Placement Measurement Period”, which 30 consecutive trading day period shall not have commenced until after the initial exercise date) exceeds $1.725 (subject to adjustment), (iii) the trading average daily volume for such Private Placement Measurement Period exceeds $150,000 per trading day and (iv) the March 2025 Private Placement Warrant holder is not in possession of any information that constitutes or might constitute material non-public information which was provided by the Company, its subsidiaries or any of its officers, directors, employees, agents or affiliates, then the Company may, within one trading day of the end of such Private Placement Measurement Period, upon notice, call for cancellation of all or any portion of the March 2025 Private Placement Warrants for which a notice of exercise has not yet been delivered for consideration equal to $0.001 per March 2025 Private Placement Warrant share. Other terms under the March 2025 Private Placement Warrants are generally identical to the terms of the March 2025 Warrants discussed above. Lastly, certain volatility provisions in the event of a fundamental transaction precluded the March 2025 Private Placement Warrants from being considered indexed to the Company’s own stock, and as such, were classified on the consolidated balance sheets as warrant liabilities.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">The fair value of the March 2025 Private Placement Warrants at the time of issuance was $0.8 million and were recorded in the warrant liabilities line item in the accompanying consolidated balance sheets upon issuance. The fair value change during the year ended December 31, 2025 was an expense of $0.6 million. The fair value of these instruments were based on a Monte Carlo simulation incorporating a volatility rate of 72.5% and 80.0% as of December 31, 2025 and March 24, 2025, respectively, a risk free rate of 3.6% and 4.0% as of December 31, 2025 and March 24, 2025, respectively, the market price of the Company’s common stock at $2.01 and $1.15 per share as of December 31, 2025 and March 24, 2025, respectively, and other factors over a simulated term of 4.2 years and 5.0 years as of December 31, 2025 and March 24, 2025, respectively. As of December 31, 2025 transaction costs attributed to the March 2025 Private Placement Warrants were <span style="font-style: italic;">de minimis</span> and were recorded in the accompanying consolidated statements of comprehensive loss under financing costs.</div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">During the year ended December 31, 2025 there were no March 2025 Private Placement Warrants exercised.<br/> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-variant: normal; text-transform: none;"><span style="text-decoration: underline;">Pre-Funded Warrants</span></div> <div><span style="font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">The Pre-Funded Warrants have an exercise price of $0.0001 per share of common stock and are immediately exercisable and are exercisable at any time until exercised in full. The exercise prices and numbers of shares of common stock issuable upon exercise are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting the common stock. A holder may not exercise the Pre-Funded Warrant if, after giving effect to such exercise, the holder (together with its affiliates) would beneficially own (as determined in accordance with the terms of the Pre-Funded Warrants) more than 4.99% (or, at the election of the holder, 9.99%) of the outstanding common stock immediately after giving effect to the exercise. In the event of a fundamental transaction, as defined in the Form of Pre-Funded Warrant, the holders of the Pre-Funded Warrants will be entitled to receive upon exercise of the Pre-Funded Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the Pre-Funded Warrants immediately prior to such fundamental transaction.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">The Pre-Funded Warrants were recorded in the accompanying consolidated balance sheets as Additional paid-in capital.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; background-color: rgb(255, 255, 255); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">At-The-Market Program</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">Since 2021, the Company has maintained at‑the‑market (“ATM”) equity offering programs (collectively, the “ATM Programs”) pursuant to sales agreements with JonesTrading Institutional Services LLC (“JonesTrading”) and, more recently, Leerink Partners LLC (“Leerink”). Under the ATM Programs, shares of our common stock may be offered and sold from time to time at prevailing market prices.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On March 11, 2021, we entered into a sales agreement with JonesTrading under which we may offer and sell, from time to time at our sole discretion, to or through JonesTrading, acting as agent and/or principal, shares of our common stock having an aggregate offering price of up to $40.0 million.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">On January 13, 2025, the Company entered into a new sales agreement by and between the Company and Leerink under which we may offer and sell, from time to time at our sole discretion, to or through Leerink, acting as agent and/or principal, shares of our common stock having an aggregate offering price of up to $40.0 million. Upon entry into the new sales agreement, the Company terminated its prior ATM program pursuant to the Capital on DemandTM Sales Agreement dated March 11, 2021, by and between the Company and JonesTrading.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">During the years ended December 31, 2025 and 2024, 1,919,412 and 1,608,522 shares of common stock were sold under the ATM Programs for aggregate gross proceeds in the amount of $2.3 million and $3.8 million, respectively, before deducting issuance expenses, including the placement agent’s fees, legal and accounting expenses, in the amount of $0.3 million and $0.4 million, respectively. As of December 31, 2025, the Company had sold an aggregate of 9,573,250 shares of common stock under the ATM Programs since their inception, resulting in gross proceeds of $28.7 million and total issuance costs of $1.4 million.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Lincoln Park Purchase Agreement</div> <div><span style="font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">On August 10, 2023, the Company entered into a common stock purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”) for an equity line financing (the “Purchase Agreement”). The Purchase Agreement provided that, subject to the terms and conditions set forth therein, the Company had the sole right, but not the obligation, to direct Lincoln Park to purchase up to $50 million of shares of the Company’s common stock from time to time over the 30-month term of the Purchase Agreement. Concurrently with entering into the Purchase Agreement, the Company also entered into a registration rights agreement with Lincoln Park (the “Registration Rights Agreement”), pursuant to which the Company agreed to register the resale of the shares of the Company’s common stock that had been issued to Lincoln Park under the Purchase Agreement pursuant to a registration statement. Lincoln Park has agreed not to cause or engage in any manner whatsoever in any direct or indirect short selling or hedging of the Company’s common stock.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><br/> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">On April 2, 2025, the Company delivered written notice to Lincoln Park of its election to terminate the Purchase Agreement.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">A total of 400,000 shares were issued under the Purchase Agreement during the year ended December 31, 2024 for net proceeds of $0.7 million. The Company incurred <span style="font-style: italic;">de minimis</span> issuance costs during the year ended December 31, 2024. There were no issuances of common stock under the Purchase Agreement during the year ended December 31, 2025.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">In addition to the initial commitment shares issued upon the execution of the Purchase Agreement of 246,792, a total of 1,700,000 shares of common stock were sold under the Purchase Agreement for gross proceeds through the April 2, 2025 termination date in the amount of $5.2 million and with issuance costs in the aggregate of $1.4 million.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The pricing and settlement provisions in the Purchase Agreement resulted in the recognition of a derivative liability accounted for on a fair value basis under the provisions of ASC 815 - Derivatives and Hedging.<br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic; font-weight: bold;">Registered Direct Offering</div> <div><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On June 4, 2021, the Company entered into a placement agency agreement for a registered direct offering (“RDO”) with A.G.P./Alliance Global Partners (“AGP”). Pursuant to the terms of the placement agency agreement, AGP on June 8, 2021 sold an aggregate of 3,076,923 shares of the Company’s common stock and warrants to purchase 1,538,461 shares of the Company’s common stock (the “RDO Warrants”) at an offering price of $4.875 per one share and per <span style="-sec-ix-hidden:Fact_d090cab10f4f4fabacc37ae2d3b591d3">one-half</span> of each RDO Warrant. The RDO was made pursuant to the Company’s 2021 shelf registration.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The RDO Warrants have an exercise price of $6.09 per share, are exercisable from the initial issuance date of June 8, 2021, and will expire five years following the initial issuance date. As of December 31, 2025, 1,538,461 RDO Warrants were outstanding and none have been exercised since issuance.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">Subject to limited exceptions, a holder of a RDO Warrant will not have the right to exercise any portion of its RDO Warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at the election of a holder prior to the date of issuance, 9.99%) of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise; provided that upon prior notice to the Company, the holder may increase or decrease the beneficial ownership limitation, provided further that in no event shall the beneficial ownership limitation exceed 9.99%.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold;">Pre-Merger Financing</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">On June 17, 2020, the Company, Rexahn and certain investors entered into a Securities Purchase Agreement, which was amended and restated in its entirety on June 29, 2020 (as amended and restated, the “Securities Purchase Agreement”). Pursuant to the Securities Purchase Agreement, the investors invested a total of $21.15 million in cash, including $0.3 million invested by five directors of the Company prior to the Rexahn Merger and one director of Rexahn upon closing of the Rexahn Merger (the “Pre-Merger Financing”). The Pre-Merger Financing also included the issuance of Series A Warrants, discussed further below, and Series B Warrants that were fully exercised by the first quarter of 2023.</div> <div><br/></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-style: italic;"><span style="text-decoration: underline;">Series A Warrants</span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The Series A Warrants were issued on November 19, 2020 at an initial exercise price of $4.4795 per share, were immediately exercisable upon issuance and had a term of five years from the date of issuance. The Series A Warrants expired unexercised in November 2025.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic; font-weight: bold;">Warrant Activity and Summary</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; text-align: justify; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Warrants</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Exercise</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Price Per</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Warrant</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Weighted</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Average Exercise</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Price</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Weighted</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Average Term</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">(Years)</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">Outstanding and exercisable at December 31, 2024</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">7,204,299<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">4.48-6.09</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">4.82</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">1.00<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">Issued</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-size: 10pt;">22,229,102</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-size: 10pt;">0.95-1.15</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-size: 10pt;">0.96</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-size: 10pt;">5.00</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">Exercised</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">(862,684</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">0.95</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">0.95</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">Expired</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-size: 10pt;">(5,665,838</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-size: 10pt;">4.48</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-size: 10pt;">4.48</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">Outstanding and exercisable at December 31, 2025</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">22,904,879<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">0.95-6.09</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">1.31</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">3.98<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The following table summarizes information about warrants outstanding at December 31, 2025:</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="font-size: 10pt;"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Exercise Price</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Number Outstanding</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Weighted Average</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Remaining Contractual</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">life (Years)</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Number Exercisable at</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">December 31,</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">2025</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; font-size: 10pt; white-space: nowrap;" valign="bottom"><br/> </td> </tr> <tr> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">0.95</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">20,189,947</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">4.23</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">20,189,947</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">*</div> </td> </tr> <tr> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">1.15</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">1,176,471</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">4.23</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">1,176,471</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">*</div> </td> </tr> <tr> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">6.09</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">1,538,461</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">0.43</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">1,538,461</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">Total</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 double 4px;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">22,904,879</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: justify; padding-bottom: 4px; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 double 4px;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">22,904,879</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/></div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 18pt;"> <div>* <br/> </div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div>L<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">iability classified warrants in connection with March 2025 Financings</span></div> </td> </tr> </table> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);"><br/> </span> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The above tables exclude 16,009,928 pre-funded warrants with a nominal exercise price of $0.0001 per share issued in connection with the 2025 RDO in the amount of 7,177,033 and in connection with the March 2025 Offering in the amount of 8,832,895. All of the pre-funded warrants were deemed outstanding common stock for net loss per share purposes (See Note 11 – Net Loss per Share).</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> <br/> </div>

23000000

100000

3827751

2.09

7177033

2.0899

0.0001

3138338

3500000

12219736

21052631

1 0.95

8832895

0.9499

392157

784314

392157

784314

1.15 1.725 150000

21500000

1800000

0.95

P5Y

0.0499 0.0999 P30D P30D

1.425

150000

0.001

14700000

10900000

0.725

0.80

0.036

0.04

2.01

1.15

P4Y2M12D

P5Y

1300000 862684 862684

1100000

1.15

P5Y

P30D P30D

1.725

150000

0.001

800000

600000

0.725

0.80

0.036

0.04

2.01

1.15

P4Y2M12D

P5Y

0.0001

0.0499 0.0999

40000000

1919412

1608522

2300000

3800000

300000

400000

9573250

28700000

1400000

50000000 P30M

400000

700000

246792

1700000

5200000

1400000

3076923

1538461

4.875

6.09

P5Y

1538461

0 0.0499 0.0999 0.0999 21150000 300000 5 1

4.4795

P5Y

<div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic; font-weight: bold;">Warrant Activity and Summary</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt;"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; text-align: justify; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Warrants</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Exercise</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Price Per</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Warrant</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Weighted</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Average Exercise</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Price</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Weighted</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Average Term</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">(Years)</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">Outstanding and exercisable at December 31, 2024</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">7,204,299<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">4.48-6.09</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">4.82</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">1.00<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">Issued</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-size: 10pt;">22,229,102</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-size: 10pt;">0.95-1.15</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-size: 10pt;">0.96</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-size: 10pt;">5.00</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">Exercised</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">(862,684</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">0.95</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">0.95</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">Expired</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-size: 10pt;">(5,665,838</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-size: 10pt;">4.48</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-size: 10pt;">4.48</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">Outstanding and exercisable at December 31, 2025</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">22,904,879<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">0.95-6.09</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">1.31</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-size: 10pt;">3.98<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The following table summarizes information about warrants outstanding at December 31, 2025:</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="font-size: 10pt;"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Exercise Price</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Number Outstanding</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Weighted Average</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Remaining Contractual</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">life (Years)</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-size: 10pt;">Number Exercisable at</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">December 31,</div> <div style="text-align: center; font-weight: bold; font-size: 10pt;">2025</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; font-size: 10pt; white-space: nowrap;" valign="bottom"><br/> </td> </tr> <tr> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">0.95</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">20,189,947</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">4.23</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">20,189,947</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">*</div> </td> </tr> <tr> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">1.15</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">1,176,471</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">4.23</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">1,176,471</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">*</div> </td> </tr> <tr> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">6.09</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">1,538,461</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">0.43</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">1,538,461</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: justify; font-size: 10pt;">Total</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 double 4px;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">22,904,879</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: justify; padding-bottom: 4px; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 double 4px;" valign="bottom"> <div style="text-align: right; font-size: 10pt;">22,904,879</div> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; padding-bottom: 4px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/></div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 18pt;"> <div>* <br/> </div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div>L<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">iability classified warrants in connection with March 2025 Financings</span></div> </td> </tr> </table> </div>

7204299

7204299 4.48 4.48 6.09 6.09

4.82

P1Y

22229102

0.95 1.15

0.96

P5Y 862684 0.95 0.95

5665838

4.48

22904879

22904879 0.95 0.95 6.09 6.09

1.31

P3Y11M23D

0.95

20189947

P4Y2M23D

20189947

1.15

1176471

P4Y2M23D

1176471

6.09

1538461

P0Y5M4D

1538461

22904879

16009928

0.0001

7177033

8832895

<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">8.</td> <td style="width: auto; vertical-align: top;"> <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Stock-based Compensation</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Stock-based compensation expense was included in general and administrative, and research and development costs as follows in the accompanying consolidated statements of comprehensive loss for the year end periods below (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">December 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;">2025<br/> </span> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">2024<br/> </span> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">General and administrative</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2,363</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2,382</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Research and development</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">1,036</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">980</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Total stock-based compensation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3,399</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3,362</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: normal; background-color: rgb(255, 255, 255); font-variant: normal; text-transform: none;">Inducement Plan</div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">On May 22, 2025, and August 8, 2025, the Company amended the Opus Genetics, Inc. 2021 Inducement Plan (the “Inducement Plan”) to adjust the reserve by 700,000 and 800,000 shares, respectively, to a total of 4,125,258 shares of its common stock. The Inducement Plan is to be used exclusively for grants of awards to individuals who were not previously employees or directors of the Company, as an inducement material to the individual’s entry into employment with the Company within the meaning of Rule 5635(c)(4) of Nasdaq’s continued listing requirements.</div> <div><br/> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">2020 Equity Incentive Plan</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In November 2020, the stockholders of the Company approved the 2020 Equity Incentive Plan (the “2020 Plan”) for stock-based awards. Under the 2020 Plan, (i) 1,000,000 new shares of common stock were reserved for issuance and (ii) up to 70,325 additional shares of common stock may be issued, consisting of (A) shares that remain available for the issuance of awards under prior equity plans and (B) shares of common stock subject to outstanding stock options or other awards covered by prior equity plans that have been cancelled or expire on or after the date that the 2020 Plan became effective. Under the 2020 Plan, the shares reserved automatically increase on January 1 of each year, for a period of not more than ten years from the date the 2020 Plan is approved by the stockholders of the Company, commencing on January 1, 2021 and ending on (and including) January 1, 2030, by an amount equal to 5% of the shares of common stock outstanding as of December 31st of the preceding calendar year. <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">The 2020 Plan permits the grant of incentive and nonstatutory stock options, appreciation rights, restricted stock, restricted stock units, performance stock and cash awards, and other stock-based awards</span>. On January 1, 2025, 1,578,733 shares were added to the 2020 Plan as a result of its annual increase provision.<br/> </div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span></div> <div style="font-style: italic; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt;">2018 Equity Incentive Plan</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">Prior to the 2020 Plan, the Company had adopted a 2018 Equity Incentive Plan (the “2018 Plan”) in April 2018 under which 1,175,000 shares of the Company’s common stock were reserved for issuance to employees, directors and consultants. <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Upon the effective date of the 2020 Plan, no additional shares were available for issuance under the 2018 Plan</span>.</div> <div style="font-style: italic;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Stock Options<br/> </span> </div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">During the years ended December 31, 2025 and 2024, 3,331,725 and 1,366,914 stock options were granted to officers, directors, employees and consultants, respectively, generally vesting over a <span style="-sec-ix-hidden:Fact_5ad805ae5165416189740367b2bde6bb">one</span> to four year period. The Company recognized $1.9 million in stock-based compensation expense related to stock options during each of the years ended December 31, 2025 and 2024.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">During the years ended December 31, 2025 and 2024, 336,759 and zero stock options were exercised, respectively, with an intrinsic value of $0.3 million and zero, respectively. <span style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">The following table summarizes the Company’s stock option plan activity:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"><span style="font-size: 10pt;"><br/> </span></td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Number of</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Options</div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Weighted</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Average</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Exercise</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Price</div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Weighted Average</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Remaining</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Contractual</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Term (years)</div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Aggregate</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Intrinsic</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Value<sup>(1)</sup></div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(in thousands)</div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Outstanding at December 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">4,410,258</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2.98</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">7.81</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2,385</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">1,366,914</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2.17</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Exercised</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <br/> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Forfeited/Cancelled</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(703,436</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3.58</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Outstanding at December 31, 2024</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">5,073,736</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2.68</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">7.37</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">124</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3,331,725</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">1.16</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Exercised</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(336,759</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$ <br/> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> 1.05<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Forfeited/Cancelled</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(813,067</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2.31</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Outstanding at December 31, 2025</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">7,255,635</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2.10</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">7.76</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$ <br/> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3,414</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; width: 52%; padding-bottom: 4px;" valign="bottom">Vested and expected to vest at December 31, 2025</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"><span style="font-family: 'Times New Roman'; font-size: 10pt;">7,255,635<br/> </span></td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">2.10</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">7.76</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom">3,414</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Vested and exercisable at December 31, 2025</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3,288,148</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2.84</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">5.96</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$ <br/> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">731</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of our common stock as of December 31, 2025 and 2024 of $2.01 and $1.19 per share, respectively.</div> </td> </tr> </table> <div><br/></div> <div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The weighted average fair value per share of options granted during the years ended December 31, 2025 and 2024 was $0.80 and $1.73, respectively. The Company measures the fair value of stock options with service-based vesting criteria to employees, directors and consultants on the date of grant using the Black-Scholes option pricing model. The Company does not have adequate history to support an internal calculation of volatility and expected term. As such, the Company has used a weighted average volatility considering the volatilities of several guideline companies.</span> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">For purposes of identifying similar entities (guideline companies), the Company considered characteristics such as industry, length of trading history, and stage of life cycle. The average expected life of the options was based on the contractual term for agreements that allow for exercise of vested options through the end of the contractual term upon termination of continuous service, and for all other agreements, was based on the mid‑point between the vesting date and the end of the contractual term according to the “simplified method” as described in Staff Accounting Bulletin 110. The risk‑free interest rate is determined by reference to implied yields available from U.S. Treasury securities with a remaining term equal to the expected life assumed at the date of grant. The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The weighted average assumptions used in the Black-Scholes option pricing model are as follows during the years ended December 31, 2025 and 2024:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: middle; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;">2025<br/> </span> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">2024<br/> </span> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Expected stock price volatility</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">75.7</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">98.1</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Expected life of options (years)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">6.0</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">5.9</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Expected dividend yield</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">0</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">0</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Risk free interest rate</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3.9</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">4.2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">During the years ended December 31, 2025 and 2024, 1,002,842 and 709,358 stock options vested, respectively. The weighted average fair value per share of options vesting during the years ended December 31, 2025 and 2024 was $1.94 and $2.61, respectively. During the years ended December 31, 2025 and 2024, 813,067 and 703,436 stock options were forfeited, respectively.<br/> </span> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Restricted Stock Units<br/> </span> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">During the year ended December 31, 2025, the Company granted an aggregate of 1,688,361 restricted stock units (“RSUs”), respectively, to certain officers and employees under the 2020 Plan. The weighted average grant date per unit fair value of the RSUs granted during the year ended December 31, 2025 was $1.01. The vesting period of the RSUs range from a <span style="-sec-ix-hidden:Fact_058d91f000234303b1e7e8999ccc8b9c">one</span> to four year period with vesting tranches on an annual basis, subject to the recipient’s continued service on such dates.</span><span style="font-size: 10pt; font-family: 'Times New Roman';"><br/> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">During the year ended December 31, 2024, the Company granted an aggregate of 1,025,022 RSUs, respectively, to certain officers and employees under the 2020 Plan. The weighted average grant date per unit fair value of the RSUs granted during the year ended December 31, 2024 was $1.78. The vesting period of the RSUs range from a <span style="-sec-ix-hidden:Fact_1ef3378be6904988a15aead682a873b1">one</span> to four year period with vesting tranches on an annual basis, subject to the recipient’s continued service on such dates.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">During the year ended December 31, 2025, 664,734 RSUs vested and 325,630 RSUs were forfeited. During the year ended December 31, 2024, 314,162 RSUs vested and 119,330 RSUs were forfeited. </div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The total expense for the years ended December 31, 2025 and 2024 related to the RSUs was $1.4 million and $1.2 million, respectively. <span style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">A summary of RSU activity is as follows for the years ended December 31, 2025 and 2024:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Number of</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Shares</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Non-vested at December 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">801,700</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">1,025,022</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Forfeited<br/> </span></td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(119,330</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Vested</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(314,162</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Non-vested at December 31, 2024</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">1,393,230</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; white-space: nowrap;" valign="bottom">Granted</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">1,688,361</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">Forfeited</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(325,630</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">Vested<br/> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(664,734</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>Non-vested at December 31, 2025</div> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">2,091,227</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-variant: normal; text-transform: none;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Common Stock Issued for Services<br/> </span> </div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">The <span style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Company granted common stock for services in the amount of 84,243 and 81,234 shares of common stock during the years ended December 31, 2025 and 2024, respectively, with a weighted grant date fair value of $1.26 and $3.01 per share, respectively. The common stock was granted to board members who elected to receive their board retainers in the form of stock for services. The stock-based compensation related to these services amounted to $0.1 million and $0.2 million during the years ended December 31, 2025 and 2024, respectively</span>.</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">General<br/> </span> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Unrecognized stock-based compensation cost was $5.7 million as of December 31, 2025. The unrecognized stock-based compensation cost is expected to be recognized over a weighted average period of 1.7 years. As of December 31, 2025, 619,449 shares in the aggregate were available for future issuance under the 2020 Plan and Inducement Plan</span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">.</span></div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Stock-based compensation expense was included in general and administrative, and research and development costs as follows in the accompanying consolidated statements of comprehensive loss for the year end periods below (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">December 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;">2025<br/> </span> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">2024<br/> </span> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">General and administrative</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2,363</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2,382</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Research and development</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">1,036</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">980</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Total stock-based compensation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3,399</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3,362</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

2363000

2382000

1036000

980000

3399000

3362000

700000 800000

4125258

1000000

70325

P10Y

0.05

1578733

1175000

3331725

1366914

P4Y

1900000

336759

-0

300000

<span style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">The following table summarizes the Company’s stock option plan activity:</span> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"><span style="font-size: 10pt;"><br/> </span></td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Number of</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Options</div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Weighted</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Average</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Exercise</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Price</div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Weighted Average</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Remaining</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Contractual</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Term (years)</div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Aggregate</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Intrinsic</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Value<sup>(1)</sup></div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(in thousands)</div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Outstanding at December 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">4,410,258</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2.98</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">7.81</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2,385</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">1,366,914</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2.17</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Exercised</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <br/> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Forfeited/Cancelled</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(703,436</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3.58</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Outstanding at December 31, 2024</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">5,073,736</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2.68</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">7.37</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">124</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3,331,725</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">1.16</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Exercised</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(336,759</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$ <br/> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> 1.05<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Forfeited/Cancelled</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(813,067</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2.31</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Outstanding at December 31, 2025</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">7,255,635</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2.10</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">7.76</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$ <br/> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3,414</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; width: 52%; padding-bottom: 4px;" valign="bottom">Vested and expected to vest at December 31, 2025</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"><span style="font-family: 'Times New Roman'; font-size: 10pt;">7,255,635<br/> </span></td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">2.10</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">7.76</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom">$ <br/> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom">3,414</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Vested and exercisable at December 31, 2025</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3,288,148</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2.84</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">5.96</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$ <br/> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">731</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of our common stock as of December 31, 2025 and 2024 of $2.01 and $1.19 per share, respectively.</div> </td> </tr> </table>

4410258

2.98

P7Y9M21D

2385000

1366914

2.17

703436

3.58

5073736

2.68

P7Y4M13D

124000

3331725

1.16

336759

1.05

813067

2.31

7255635

2.1

P7Y9M3D

3414000

7255635

2.1 P7Y9M3D 3414000 3288148

2.84

P5Y11M15D

731000

2.01

1.19

0.8

1.73

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The weighted average assumptions used in the Black-Scholes option pricing model are as follows during the years ended December 31, 2025 and 2024:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: middle; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;">2025<br/> </span> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">2024<br/> </span> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Expected stock price volatility</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">75.7</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">98.1</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Expected life of options (years)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">6.0</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">5.9</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Expected dividend yield</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">0</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">0</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 76%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Risk free interest rate</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">3.9</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">4.2</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> </tr> </table>

0.757

0.981

P6Y

P5Y10M24D

0.039

0.042

1002842

709358

1.94

2.61

813067

703436

1688361

1.01

P4Y

1025022

1.78

P4Y

664734

325630

314162

119330

1400000

1200000

<span style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">A summary of RSU activity is as follows for the years ended December 31, 2025 and 2024:</span> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Number of</div> <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Shares</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Non-vested at December 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">801,700</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">1,025,022</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Forfeited<br/> </span></td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(119,330</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Vested</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(314,162</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Non-vested at December 31, 2024</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">1,393,230</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; white-space: nowrap;" valign="bottom">Granted</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">1,688,361</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">Forfeited</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(325,630</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">Vested<br/> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(664,734</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>Non-vested at December 31, 2025</div> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">2,091,227</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

801700

1025022

119330

314162

1393230

1688361

325630

664734

2091227

84243

81234

1.26 3.01

100000

200000

5700000

P1Y8M12D

619449 619449 <div> <span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">9.</td> <td style="width: auto; vertical-align: top;"> <div style="font-weight: bold;">Apexian Sublicense Agreement</div> </td> </tr> </table> <div><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none; text-align: justify;"> </div> <div><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">On January 21, 2020, <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">the Company entered into a sublicense agreement (as amended on June 4, 2020, the “Apexian Sublicense Agreement”) with Apexian, pursuant to which it obtained exclusive worldwide patent and other intellectual property rights that constitute a Ref-1 Inhibitor program relating to therapeutic applications to treat disorders related to ophthalmic and diabetes mellitus conditions. The lead compound in the Ref-1 Inhibitor program is APX3330, which the Company intends to develop as an oral tablet therapeutic to treat diabetic retinopathy initially, and potentially later to treat diabetic macular edema, geographic atrophy and age-related macular degeneration. In connection with the Apexian Sublicense Agreement, the Company issued a total of 891,422 shares of its common stock to Apexian and to certain affiliates of Apexian in calendar year 2020</span>.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"><br/> </div> <div><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">The <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Company also agreed to make one-time milestone payments under the Apexian Sublicense Agreement for each of the first ophthalmic indication and the first diabetes mellitus indication for the development and regulatory milestones, and once for each of several sales milestones. These milestone payments include (i) payments for specified developmental and regulatory milestones (including completion of the first Phase 2 trial and the first Phase 3 pivotal trial in the United States, and filing and achieving regulatory approval from the FDA for the first New Drug Application for a compound) totaling up to $11 million in the aggregate and (ii) payments for specified sales milestones of up to $20 million in the aggregate, which net sales milestone payments are payable once, upon the first achievement of such milestone. Lastly, the Company also agreed to make royalty payments equal to a single-digit percentage of its net sales of products associated with the covered patents under the Apexian Sublicense Agreement. If it is not terminated pursuant to its terms, the Apexian Sublicense Agreement shall remain in effect until expiration of the last to expire of the covered patents</span>.</div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">None of the milestone or royalty payments were triggered or deemed probable as of December 31, 2025.</div>

891422

11000000 20000000

<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">10.</td> <td style="width: auto; vertical-align: top;"> <div style="font-weight: bold;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">License and Collaboration Revenue and Other Funding Agreements</div> </div> </td> </tr> </table> <div> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Viatris License Agreement</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="margin: 0px 0px 0px; font-size: 10pt; text-align: justify;"> <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On November 6, 2022, the Company entered into the Viatris License Agreement, pursuant to which it granted Viatris an exclusive, perpetual, sub-licensable license to develop, manufacture, import, export and commercialize (i) PS, for treating (a) reversal of mydriasis, (b) night vision disturbances or dim light vision, and (c) presbyopia, and (ii) PS and low dose pilocarpine for treating presbyopia (together, the “PS Products”) worldwide except for certain countries and jurisdictions in Asia (the “Viatris Territory”). The Company retains the exclusive right to develop, manufacture, have manufactured, import, export and commercialize the PS Products outside of the Viatris Territory. </span></div> <div style="margin: 0px; font-size: 10pt; text-align: justify; font-family: 'Times New Roman';"><span style="font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></div> <div style="margin: 0px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-transform: none;"> Under the terms of the Viatris License Agreement, the Company in partnership with Viatris, plans to develop the PS Products in the United States. Viatris has agreed to reimburse the Company for agreed-to budgeted costs related to the development of the PS Products through FDA approval and then share costs above the agreed upon threshold amount of $50.0 million. Viatris will be responsible for developing the PS Products in countries and jurisdictions in the Viatris Territory outside of the United States. <span style="color: rgb(0, 0, 0);">In addition, i</span>n August 2025, Opus and Viatris entered into a side letter to the Viatris License Agreement providing for the sharing of expenses arising in connection with a patent dispute.</div> <div style="margin: 0px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-transform: none;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Pursuant to the Viatris License Agreement, the Company received a one-time non-refundable cash payment of $35 million in November 2022 for the exclusive, perpetual, sub-licensable license to develop, manufacture, import, export and commercialize the PS Products in the Viatris Territory. In addition, with respect to the PS Products, the Company will be eligible to receive potential additional payments of up to $130 million upon achieving certain specified regulatory or net sales milestones, with the first milestone payment of $10 million already made following approval by the FDA of PS for reversal of mydriasis, which occurred during the third quarter of 2023. The Company will also receive tiered royalties, starting at low double-digit royalties up to low 20% royalties, based on the aggregate annual net sales of all PS Products in the United States, and will receive low double-digit royalties based on all annual net sales in the Viatris Territory outside of the United States. The royalty payments will continue on a country-by-country basis from the date of the first commercial sale of the first PS Product in a country of the Viatris Territory until December 31, 2040.</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The Viatris License Agreement was accounted for under the provisions of ASC 606. In accordance with the p<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">rovisions under ASC 606, the Company identified two distinct performance obligations at the effective date: <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">(1) the license to its intellectual property and (2) research and development services.</span></span><br/> </span> </div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company determined that the licenses transferred represented functional intellectual property. As such, the revenue related to the licenses was recognized at the point in time in which the license/know-how was delivered to Viatris which occurred during the fourth quarter of 2022. The Company determined that revenue related to the initial research and development services that were constrained to the 120-day non-cancellation period were to be recognized over time as the services were rendered based on an estimated percentage of completion input model. </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">The initial research and development services were completed in the first quarter of 2023. Revenue related to the on-going research and development services are based on activities completed during the period.</span> </div> <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span></div> <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Recognition of Revenue</div> <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;">Revenue recognized under the Viatris License Agreement during the years ended December 31, 2025 and 2024 was $14.2 million and $11.0 million, respectively, related to the output of ongoing research and development services and to a much lesser extent royalty payments.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span></div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-variant: normal; text-transform: none;"> Regulatory Milestones under the Viatris License Agreement </span> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company has evaluated the regulatory milestones that may be received in connection with the Viatris License Agreement. There is uncertainty that the events to obtain the remaining regulatory milestones (aside from the approval by the FDA of RYZUMVI®) will be achieved given the nature of clinical development and the stage of the development of the PS Products. These remaining regulatory milestones will be constrained until it is probable that a significant revenue reversal will not occur.</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Sales Milestone and Royalty Payments</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Sales milestones and royalties relate predominantly to a license of intellectual property granted to Viatris and are determined by sales or usage-based thresholds. The sales milestones and royalties are accounted for under the royalty recognition constraint and are accounted for as constrained variable consideration. The Company applies the royalty recognition constraint for each commercial milestone and only recognize revenues for each once a sale of a licensed product (achievement of each) occurs.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Each of the remaining regulatory and sales milestone performance obligations (aside from the $10 million milestone payment related to the FDA’s approval of PS in the third quarter of 2023) were constrained as of December 31, 2025 and no revenue was recognized related to these milestones.<br/> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">A reconciliation of the closing balance of the contract assets and unbilled receivables associated with the Viatris License Agreement is as follows as of December 31, 2025 and 2024 (in thousands):</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> 2025</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom; font-weight: bold; border-bottom: #000000 solid 2px;" valign="bottom"><span style="font-family: 'Times New Roman'; font-size: 10pt;">2024 <br/> </span> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom">Contract Assets and Unbilled Receivables</td> <td colspan="1" rowspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Balance as of beginning of period</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2,209</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">1,407</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue recognized<br/> </span> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom">14,196</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">10,992</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Reclassification to accounts receivable related to </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;">costs billed under the Viatris License Agreement</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom">(15,235</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">(10,190</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom">Balance as of end of period</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom">1,170</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">2,209</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">BioSense License and Assignment<br/> </span> </div> <div style="font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">On March 10, 2020, prior to the Rexahn Merger, Rexahn entered into an amendment to its collaboration and license agreement, (as amended, the “BioSense License and Assignment Agreement”) with BioSense to advance the development and commercialization of the Rexahn RX-3117 drug compound (“RX-3117”) for all human uses in the Republic of Singapore, China, Hong Kong, Macau, and Taiwan (the “BioSense Territory”).</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"> <br/> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Under the BioSense License and Assignment Agreement, the Company is eligible to receive additional milestone payments in an aggregate of up to $84.5 million upon the achievement of development, regulatory and commercial goals and will also be eligible to receive tiered royalties at low double-digit rates on annual net sales in the BioSense Territory. The Company determined that none of the milestone payments under the BioSense License and Assignment Agreement were probable of payment as of December 31, 2025, and as a result, no revenue related to the milestones was recognized, as the achievement of events entitling the Company to any milestone payments were highly susceptible to factors outside of the Company’s control. Future sales-based royalties related to the exclusive license to develop RX-3117, if any, will be recognized in the period the underlying sales transaction occurs.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Payments received under the BioSense License and Assignment Agreement will be subject to the CVR Agreement described in Note 2 – Mergers.</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-size: 10pt; text-align: justify; font-family: 'Times New Roman';">Processa License Agreement</div> <div style="font-size: 10pt;"><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On June 16, 2021, the Company entered into a license agreement (the “Processa License Agreement”) with Processa Pharmaceuticals, Inc. (“Processa”), pursuant to which the Company agreed to grant Processa an exclusive license to develop, manufacture and commercialize RX-3117 globally, excluding the BioSense Territory.</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the agreement, Processa is obligated to make future payments to the Company upon the achievement of certain development, regulatory and commercial milestones. In addition, Processa is obligated to pay the Company mid-single-digit percentage royalties based on annual sales. </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';">On June 27, 2025, Processa notified the Company that it would not be developing RX-3117 and terminated the Processa License Agreement, effective October 25, 2025 (the “Termination Date”). No future payments will be received under the Processa License Agreement after the Termination Date and if any future payments are received prior to the Termination Date, they will be subject to the CVR Agreement described in Note 2 – Mergers.</span></div> <div><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company determined that none of the milestone payments under the Processa License Agreement were probable of payment as of December 31, 2025, and as a result, no revenue related to the milestones was recognized.</div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">SBIR Grant Agreement</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">In September 2024, Private Opus received a Small Business Innovation Research (“SBIR”) grant through the Department of Health and Human Services in the amount of $0.9 million to be used on the development of the RHO product. This grant agreement survives the acquisition of Private Opus. Direct and allocated indirect costs for development activities are reimbursed on a draw-down basis as development activities are completed. For the year ended December 31, 2025 and 2024, the Company recognized $0.7 million and <span style="-sec-ix-hidden:Fact_75a0e2cc0bbd464db646ff9437462081">nil</span>, respectively, of other revenue related to the SBIR grant and was recorded as other income, net in the accompanying consolidated statements of comprehensive loss.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: left; color: rgb(34, 34, 34); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">RDH12 Agreement</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(34, 34, 34);">On July 22, 2025, the Company, together with its wholly owned subsidiary, OPUSTX, LLC (collectively, “Opus”), entered </span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">into a funding and license agreement (the “RDH12 Agreement”) with Eyes on the Future (“EOTF”), and RDH12 Fund for Sight (the “Fund,” and together with EOTF, the “Funding Parties”), charitable organizations, relating to Opus’ program to develop </span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(34, 34, 34);">gene therapies that treat patients with inherited retinal degeneration associated with mutations in the RDH12 gene (the “RDH12 Program”).The RDH12 Agreement provides for funding by the Funding Parties of up to $1.6 million to support the development of the RDH12 Program. Opus is required to use the funding to conduct development activities in accordance with a mutually agreed development plan.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(34, 34, 34); font-family: 'Times New Roman'; font-size: 10pt;">Under the RDH12 Agreement, Opus is subject to certain diligence obligations to develop a product under the RDH12 Program. If Opus is unable to achieve certain milestones by the specified dates, or if certain other events occur (a “License Trigger Event”), then the Funding Parties may exercise their rights under a non-exclusive, global, royalty-free and fully paid-up license granted by Opus to the Funding Parties to develop products under the RDH12 Program. If the Funding Parties exercise such license rights, then Opus will receive a non-exclusive license under the data and other intellectual property generated by the Funding Parties to develop products under the RDH12 Program, and the right to negotiate an exclusive license to such data and intellectual property to commercialize products under the RDH12 Program. The RDH12 Agreement includes certain restrictions on Opus’ ability to out-license rights to the RDH12 Program, and during the term of the RDH12 Agreement, Opus may not grant a third party an exclusive license to develop or commercialize products under the RDH12 Program in the United States without the prior written consent of the Funding Parties.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(34, 34, 34); font-family: 'Times New Roman'; font-size: 10pt;">The term of the RDH12 Agreement continues until the earlier of (a) dosing by Opus of three patients in a Phase 1a/2b clinical trial prior to a License Trigger Event, and (b) the first commercial sale of a product under the RDH12 Program following receipt of regulatory approval in the United States or certain other European countries. The RDH12 Agreement will also terminate if an exclusive, global licensee of Opus for the RDH12 Program assumes Opus’ obligations under the RDH12 Agreement. The RDH12 Agreement may be terminated by either party for cause, including material breach or bankruptcy, subject to a cure period, or by the Funding Parties for convenience following a License Trigger Event.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Eligible research and development costs under the RDH12 Agreement, as approved by the Funding Parties, are reimbursed on a draw-down basis as development activities are completed by the Company.</div>

50000000 35000000 130000000 10000000 0.20 2 P120D

14200000

11000000

10000000

<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">A reconciliation of the closing balance of the contract assets and unbilled receivables associated with the Viatris License Agreement is as follows as of December 31, 2025 and 2024 (in thousands):</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> 2025</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom; font-weight: bold; border-bottom: #000000 solid 2px;" valign="bottom"><span style="font-family: 'Times New Roman'; font-size: 10pt;">2024 <br/> </span> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom">Contract Assets and Unbilled Receivables</td> <td colspan="1" rowspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Balance as of beginning of period</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">2,209</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">1,407</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue recognized<br/> </span> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom">14,196</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">10,992</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Reclassification to accounts receivable related to </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;">costs billed under the Viatris License Agreement</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom">(15,235</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">(10,190</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom">Balance as of end of period</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom">1,170</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom">2,209</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 2209000 1407000

14196000

10992000

15235000 10190000 1170000 2209000 84500000 0 0 900000

700000

1600000

<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The following potential common shares were not considered in the computation of diluted net loss <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">income </span>per share as their effect would have been anti-dilutive for the year end periods presented below:</span> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">2025<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Warrants</div> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>22,904,879<br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">7,204,299<br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div>Stock options</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div>7,255,635</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div>5,073,736</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div>RSUs<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>2,091,227</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>1,393,230</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

22904879

7204299

7255635

5073736

2091227

1393230

<div> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold;">12.</td> <td style="width: auto; vertical-align: top;"> <div style="font-weight: bold;">Income Taxes<br/> </div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The effective tax rate for the years ended December 31, 2025 and 2024 was zero percent.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The tables below represent a reconciliation of the <span style="-sec-ix-hidden:Fact_7b3f3f4f97694e3e8c468e749298a8ce">U.S.</span> federal statutory income tax rate to effective tax rate. The Company has adopted the guidance in ASU 2023-09 on a prospective basis. The following table reflects the reconciliation rate for 2025 under the new guidance:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"><span style="font-weight: bold;"> 2025</span><br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold;">Tax Expense </span><br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold;">Effective Rate</span> <br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 18pt; text-indent: -18pt;">Income tax (benefit) provision at federal statutory rate</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(10,414</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(21.0</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)%</td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Change in valuation allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">4,594<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">9.3<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">State income tax, net of federal income tax effect (1)<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">3,357<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">6.8<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom">Tax credits <br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">(848</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">(1.7</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">Nontaxable or nondeductible items: <br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="margin-left: 18pt; text-indent: -9pt;">Nondeductible change in warrant liability fair value<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">2,626<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">5.3<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 18pt;">Stock compensation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">264<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">0.5<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 18pt;">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">421<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">0.8<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Effective tax rate<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> </tr> </table> <div> <span style="font-family: 'Times New Roman';"><br/> </span></div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 18pt;"><span style="font-size: 10pt;"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">(1)</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0); text-align: justify; font-size: 10pt;"> <div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="-sec-ix-hidden:Fact_61ebfbf864f6406981d1e8914baf9657">North Carolina</span> makes up the majority (greater than 50%) of the state income tax expense, net of federal income tax effect category.</div> </div> </div> </td> </tr> </table> </div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The table below represents a reconciliation of the U.S. federal statutory income tax rate to effective tax rate for the year ended December 31, 2024 under the prior guidance.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center;"><span style="font-weight: bold;"> 2024</span><br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold;">Effective Rate</span><br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 18pt; text-indent: -18pt;">Income tax (benefit) provision at federal statutory rate</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(21.0</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)%</td> </tr> <tr> <td style="vertical-align: bottom; width: 88%;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Valuation allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">26.5<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">State income tax, net of federal benefit<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(4.9</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 88%;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Private Opus acquisition<br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">(11.2</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Stock options</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">0.8<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 88%;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Acquired IPR&D<br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">12.6<br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Research and development</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(1.6</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(1.2</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Effective tax rate<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> </tr> </table> <div> <span style="font-family: 'Times New Roman';"><br/> </span></div> <div><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The components of income tax provision (benefit) consisted of the following for the years ended December 31, <span style="font-size: 10pt; color: rgb(0, 0, 0);">2025 and 2024 (in thousands):</span></div> <div><span style="font-family: 'Times New Roman';"><br/> </span></div> <div><span style="font-family: 'Times New Roman';"> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td colspan="1" rowspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: middle; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"><span style="font-weight: bold; font-family: 'Times New Roman';"> 2025</span><span style="font-family: 'Times New Roman';"><br/> </span></td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: middle; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"><span style="font-weight: bold; font-family: 'Times New Roman';">2024</span><span style="font-family: 'Times New Roman';"><br/> </span></td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" rowspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt;">Loss before income taxes:</div> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">(49,591<br/> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">(57,532</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td colspan="1" rowspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" rowspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Current:</div> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt;">Federal</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">$</td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">$</td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt;">State</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt;">Total current tax provision (benefit)</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">$</td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Deferred:</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt;">Federal</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt;">State</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Total tax provision (benefit</span><span style="font-family: 'Times New Roman';">)</span></div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">$</td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">$</td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Significant components of the Company’s deferred tax assets and liabilities are summarized in the tables below as of December 31, 2025 and 2024 (in thousands):<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="font-weight: bold; text-align: center;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-weight: bold; text-align: center;">2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="font-weight: bold;">Deferred tax assets:</div> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Federal and state operating loss carryforwards</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">32,248</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">20,342</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Acquired intangibles</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">484</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>547</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Deferral of research and development costs </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">1,451</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">9,582</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Organizational costs</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">4</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>5</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Accruals and other</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">329</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">77</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Stock-based compensation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">1,937</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>2,035</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Research and development credit carryforward </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">2,911</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>2,089</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Transaction costs in connection with Opus Acquisition</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">663</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">753</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Subtotal</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">40,027</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>35,430</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Valuation allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div>(39,997</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div>(35,403</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Total deferred tax assets, net of valuation allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>30</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>27</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Deferred tax liabilities:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Fixed assets </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(30</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">(27</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Total deferred tax liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div>(30</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div>(27</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net deferred tax assets</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt;">As of December 31, 2025 and 2024, the Company had gross deferred tax assets of approximately $40.0 million and $35.4 million, respectively. Realization of the deferred tax assets is primarily dependent upon future taxable income, if any, the amount and timing of which are uncertain. The Company has cumulative pre‑tax losses and faces significant challenges to becoming profitable in the future. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance of $40.0 million and $35.4 million as of December 31, 2025 and 2024, respectively. U.S. net deferred tax assets will continue to require a valuation allowance until the Company can demonstrate their realizability through sustained profitability or another source of income.<br/> </span> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><br/> </div> <div><span style="font-size: 10pt;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">As of December 31, 2025 and 2024, the tax effect of the Company’s federal net operating loss carryforwards was approximately $31.5 million and $17.1 million, respectively. The Company had federal research credit carryforwards as of December 31, 2025 and 2024 of approximately $2.9 million and $2.1 million, respectively. The federal net operating loss carryforwards will not expire and the tax credit carryforwards will begin to expire in 2041 if not utilized. As of December 31, 2025 and 2024, the Company had state net operating loss carryforwards with a tax effect of approximately $0.7 million and $3.3 million, respectively. The Company did not have any state research credit carryforwards as of December 31, 2025 and 2024. The state net operating loss carryforwards will begin to expire in 2028.</div> <div><span style="font-size: 10pt;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"> </div> <div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The Company did not utilize any tax carryforwards or credits during the years ended December 31, 2025 and 2024.</span></span> </div> <div><span style="font-size: 10pt;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> <br/> </span></span></div> <div><span style="font-size: 10pt;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt;">Utilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended, and similar state provisions. Generally, in addition to certain entity reorganizations, the limitation applies when one or more “5-percent shareholders” increase their ownership, in the aggregate, by more than 50 percentage points over a 3 year testing period, or beginning the day after the most recent ownership change, if shorter. The annual limitation may result in the expiration of net operating losses and credits before utilization.<br/> </span> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> </span></span></div> <div><span style="font-size: 10pt;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/> </span> </div> <div><span style="font-size: 10pt;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">As a result of the Opus Acquisition, the Company recorded $5.8 million in federal and state deferred tax assets, respectively, related largely to any net operating loss carryforwards and research <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">development cost deferrals. The deferred tax assets acquired were fully offset by a valuation allowance<span style="background-color: rgb(255, 255, 255);">.</span></span> The Company has not yet evaluated the impact of Section 382 and Section 383 related to the Opus Acquisition.</span> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="font-size: 10pt;"><br/> </span> </div> <div><span style="font-size: 10pt;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">As a result of the Merger with Rexhan, the Company recorded deferred tax assets of $10.3 million relating to net operating loss carryforwards which were fully offset by a valuation allowance. The $10.3 million net deferred tax assets recorded in relation to the Merger did not include federal and state net operating loss carryforwards that were estimated to expire under Internal Revenue Code Sections 382 as a result of the Merger. The Company has not yet evaluated the impact of Section 382 and Section 383 on its remaining tax attributes that were generated by Opus since the formation of the Company in 2018.</div> <div><span style="font-size: 10pt;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div><span style="font-size: 10pt;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255); text-align: justify;">The Company recognizes interest and/or penalties related to uncertain tax positions in income tax expense. There were no uncertain tax positions as of December 31, 2025 and 2024, and as such, no interest or penalties were recorded to income tax expense.</div> <div><span style="font-size: 10pt;"><br/> </span></div> <div><span style="font-size: 10pt;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The Company’s corporate returns are subject to examination beginning with the 2021 tax year for federal income tax purposes and 2020 for state income tax purposes.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The tables below represent a reconciliation of the <span style="-sec-ix-hidden:Fact_7b3f3f4f97694e3e8c468e749298a8ce">U.S.</span> federal statutory income tax rate to effective tax rate. The Company has adopted the guidance in ASU 2023-09 on a prospective basis. The following table reflects the reconciliation rate for 2025 under the new guidance:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"><span style="font-weight: bold;"> 2025</span><br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold;">Tax Expense </span><br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold;">Effective Rate</span> <br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 18pt; text-indent: -18pt;">Income tax (benefit) provision at federal statutory rate</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(10,414</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(21.0</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)%</td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Change in valuation allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">4,594<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">9.3<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">State income tax, net of federal income tax effect (1)<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">3,357<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">6.8<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom">Tax credits <br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">(848</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">(1.7</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">Nontaxable or nondeductible items: <br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="margin-left: 18pt; text-indent: -9pt;">Nondeductible change in warrant liability fair value<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">2,626<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">5.3<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 18pt;">Stock compensation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">264<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">0.5<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 18pt;">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">421<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">0.8<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Effective tax rate<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> </tr> </table> <div> <span style="font-family: 'Times New Roman';"><br/> </span></div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;"> <tr> <td style="width: 18pt;"><span style="font-size: 10pt;"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">(1)</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0); text-align: justify; font-size: 10pt;"> <div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="-sec-ix-hidden:Fact_61ebfbf864f6406981d1e8914baf9657">North Carolina</span> makes up the majority (greater than 50%) of the state income tax expense, net of federal income tax effect category.</div> </div> </div> </td> </tr> </table> </div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The table below represents a reconciliation of the U.S. federal statutory income tax rate to effective tax rate for the year ended December 31, 2024 under the prior guidance.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center;"><span style="font-weight: bold;"> 2024</span><br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold;">Effective Rate</span><br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 18pt; text-indent: -18pt;">Income tax (benefit) provision at federal statutory rate</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(21.0</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)%</td> </tr> <tr> <td style="vertical-align: bottom; width: 88%;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Valuation allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">26.5<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">State income tax, net of federal benefit<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(4.9</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 88%;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Private Opus acquisition<br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">(11.2</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Stock options</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">0.8<br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 88%;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Acquired IPR&D<br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">12.6<br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Research and development</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(1.6</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(1.2</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Effective tax rate<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> </tr> </table>

-10414000

0.21

4594000

-0.093

3357000

-0.068

848000

-0.017

2626000 -0.053

264000

-0.005

421000

-0.008

0.21

-0.265

0.049

0.112

-0.008

-0.126 0.016

0.012

<div><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The components of income tax provision (benefit) consisted of the following for the years ended December 31, <span style="font-size: 10pt; color: rgb(0, 0, 0);">2025 and 2024 (in thousands):</span></div> <div><span style="font-family: 'Times New Roman';"><br/> </span></div> <div><span style="font-family: 'Times New Roman';"> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td colspan="1" rowspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: middle; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"><span style="font-weight: bold; font-family: 'Times New Roman';"> 2025</span><span style="font-family: 'Times New Roman';"><br/> </span></td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: middle; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"><span style="font-weight: bold; font-family: 'Times New Roman';">2024</span><span style="font-family: 'Times New Roman';"><br/> </span></td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" rowspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt;">Loss before income taxes:</div> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">(49,591<br/> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">(57,532</td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td colspan="1" rowspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" rowspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Current:</div> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt;">Federal</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">$</td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">$</td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt;">State</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt;">Total current tax provision (benefit)</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">$</td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Deferred:</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt;">Federal</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; font-family: 'Times New Roman'; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-size: 10pt;">State</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: middle; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Total tax provision (benefit</span><span style="font-family: 'Times New Roman';">)</span></div> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">$</td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">$</td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">—</td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

-49591000

-57532000

<div style="font-family: 'Times New Roman'; font-size: 10pt;">Significant components of the Company’s deferred tax assets and liabilities are summarized in the tables below as of December 31, 2025 and 2024 (in thousands):<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="font-weight: bold; text-align: center;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="font-weight: bold; text-align: center;">2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="font-weight: bold;">Deferred tax assets:</div> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Federal and state operating loss carryforwards</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">32,248</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">20,342</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Acquired intangibles</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">484</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>547</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Deferral of research and development costs </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">1,451</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">9,582</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Organizational costs</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">4</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>5</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Accruals and other</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">329</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">77</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Stock-based compensation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">1,937</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>2,035</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Research and development credit carryforward </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">2,911</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>2,089</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Transaction costs in connection with Opus Acquisition</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">663</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">753</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Subtotal</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">40,027</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>35,430</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Valuation allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div>(39,997</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div>(35,403</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Total deferred tax assets, net of valuation allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>30</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>27</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Deferred tax liabilities:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Fixed assets </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(30</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">(27</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Total deferred tax liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div>(30</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div>(27</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net deferred tax assets</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">—</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

32248000

20342000

484000

547000

1451000

9582000

4000

5000

329000

77000

1937000

2035000

2911000 2089000 663000 753000

40027000

35430000

39997000

35403000

30000

27000

30000

27000

30000

27000

40000000

35400000

40000000

35400000

31500000

17100000

2900000

2100000

700000

3300000

0 0 0 0 0 0 0 0

5800000

10300000

0.03

0.50 0.02

200000

1000000

2300000

100000

7374632

3.39

25000000

7374632

North Carolina makes up the majority (greater than 50%) of the state income tax expense, net of federal income tax effect category. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of our common stock as of December 31, 2025 and 2024 of $2.01 and $1.19 per share, respectively. De minimis value Based on the last reported sale price of the Company’s common stock on the Nasdaq Capital Market on October 22, 2024, the closing date of the Opus Acquisition. Based on the fair market valuation of the Series A preferred stock that considered the reported sale price of the Company’s common stock on the Nasdaq Capital Market on October 22, 2024 on an as converted basis (1,000 shares of common stock for 1 share of preferred stock), the closing date of the Opus Acquisition, as well as the underlying dividend provisions on a discounted cash flow basis. Represents the Private Opus Acquisition research and development projects which were in-process, but not yet completed, and which the Company may advance post the Opus Acquisition. This includes the development of gene therapies for IRDs. Current accounting standards require that the fair value of IPR&D projects acquired in an asset acquisition with no alternative future use be charged to expense on the acquisition date. The acquired IPR&D did not have outputs or employees. The fair value of the IPR&D was recorded at fair value using Level 3 inputs. A Multi-Period Excess Earnings Method (“MPEEM”) model was applied which incorporates assumptions such as future earnings and margins in connection with the further development and commercialization of IRD therapies, and a discount rate of 20%. Liability classified warrants in connection with March 2025 Financings