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10-Q true 2026-03-31 2026 false 001-38022 MATINAS BIOPHARMA HOLDINGS, INC. DE 46-3011414 1545 Route 206 South Suite 302 Bedminster NJ 07921 908 484-8805 Common Stock MTNB NYSEAMER Yes Yes Non-accelerated Filer true false false 6406191 0.0001

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Note 1 – Description of Business Matinas BioPharma Holdings Inc. (“Holdings”) is a Delaware corporation formed in 2013. Holdings is the parent company of Matinas BioPharma, Inc. (“BioPharma”), and Matinas BioPharma Nanotechnologies, Inc. (“Nanotechnologies,” formerly known as Aquarius Biotechnologies, Inc.), its operating subsidiaries (“Nanotechnologies”, and together with “Holdings” and “BioPharma”, “the Company”). The Company is a clinical-stage biopharmaceutical company focused on delivering groundbreaking therapies using its lipid nanocrystal (LNC) platform delivery technology (LNC Platform).

Note 2 – Liquidity, Plan of Operations and Going Concern The Company has experienced net losses and negative cash flows from operations each period since its inception. Through March 31, 2026, the Company had an accumulated deficit of $212,708. The Company’s net loss for the quarters ended March 31, 2026 and 2025 was $1,921 and $1,656, respectively. The Company expects operating expenses to be lower in the near term compared to recent years until such time as it is able to consummate a licensing, sale or other similar transaction with a prospective partner that will provide funding to support initiation of the Phase 3 registration trial for MAT2203 and advancement of the LNC Platform delivery technology. The Company expects that its research and development expenses will increase if it moves forward with additional clinical studies for its current product candidates and development of additional product candidates. If the Company obtains U.S. Food and Drug Administration (“FDA”) approval for one or more of its product candidates, the Company expects that its expenses will continue to increase once the Company reaches commercial launch. As a result, the Company expects to continue to incur substantial losses for the foreseeable future. As of March 31, 2026, the Company had cash and cash equivalents of $2,398 and restricted cash of $250. The Company does not believe that the cash and cash equivalents on hand are sufficient to fund planned operations for a period of at least twelve months from the filing date of these financial statements. As a result, substantial doubt exists about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon securing one or more partners to monetize the value of MAT2203, the ability to control its operating expenses, future sales of common stock through the At-The-Market Sales Agreement (“Sales Agreement”) with BTIG, LLC and securing other forms of additional financing. The Company’s ability to sell shares under the Sales Agreement is limited by the restrictions imposed by General Instruction I.B.6 to Form S-3, which limits the amount the Company can raise through primary public offerings of securities in any twelve-month period using Form S-3 to an aggregate of one-third of its public float. While the Company believes in the viability of this strategy and believes the actions presently being taken by the Company provide the opportunity for it to continue as a going concern, there can be no assurance the Company will be successful in its implementation. In particular, utilization of the Sales Agreement may not be viable due to market conditions and new financing may not be available on acceptable terms, or at all. There can be no assurance that a transaction involving MAT2203 will be consummated. If a transaction is not completed and the Company is not successful in raising additional capital to fund operations, the Board of Directors may decide to pursue a winddown, dissolution or other liquidation process. These consolidated financial statements do not include any adjustments related to the recoverability and classification of asset amounts or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern.

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Note 3 – Summary of Significant Accounting Policies Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements include the consolidated accounts of Holdings and its wholly owned subsidiaries, BioPharma, and Nanotechnologies. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and reflect the operations of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. There have been no material changes to the Company’s significant accounting policies described in Note 3 within the Company’s Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The Company’s management has considered all recent accounting pronouncements issued and believes that these recent pronouncements will not have a material effect on the Company’s financial statements. Segment and geographic information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the CODM, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company considers its chief executive officer to be the Company’s CODM. The CODM manages its operations and allocates resources based on the Company’s consolidated results and therefore operates as one segment. Segment revenue, profit or loss, significant segment expenses and other segment items - The accounting policies of the Company’s single operating and reportable segment are the same as those described in this Summary of Significant Accounting Policies. The Company’s method for measuring segment profitability includes net income(loss), which the CODM uses to assess performance and make decisions for resource allocation, consistent with the measurement principals for net income (loss) as reported on the Company’s condensed consolidated statement of operations. The significant assets and expenses regularly reviewed by the CODM are consistent with those reported on the Company’s condensed consolidated balance sheet, and statement of operations. The measure of segment assets is reported in the condensed consolidated balance sheet as total assets. Segment revenues and expenses are identical to that disclosed in the accompanying condensed consolidated statements of operations.

Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements include the consolidated accounts of Holdings and its wholly owned subsidiaries, BioPharma, and Nanotechnologies. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and reflect the operations of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. There have been no material changes to the Company’s significant accounting policies described in Note 3 within the Company’s Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The Company’s management has considered all recent accounting pronouncements issued and believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

Segment and geographic information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the CODM, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company considers its chief executive officer to be the Company’s CODM. The CODM manages its operations and allocates resources based on the Company’s consolidated results and therefore operates as one segment. Segment revenue, profit or loss, significant segment expenses and other segment items - The accounting policies of the Company’s single operating and reportable segment are the same as those described in this Summary of Significant Accounting Policies. The Company’s method for measuring segment profitability includes net income(loss), which the CODM uses to assess performance and make decisions for resource allocation, consistent with the measurement principals for net income (loss) as reported on the Company’s condensed consolidated statement of operations. The significant assets and expenses regularly reviewed by the CODM are consistent with those reported on the Company’s condensed consolidated balance sheet, and statement of operations. The measure of segment assets is reported in the condensed consolidated balance sheet as total assets. Segment revenues and expenses are identical to that disclosed in the accompanying condensed consolidated statements of operations.

Note 4 – Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities The Company considers all highly liquid financial instruments with original maturities of three months or less when purchased to be cash and cash equivalents and all investments with maturities of greater than three months from date of purchase are classified as marketable debt securities. Cash and cash equivalents consist of cash in bank checking and savings accounts, money market funds and short-term U.S. treasury bonds that mature within three months of settlement date. Cash, Cash Equivalents and Restricted Cash The Company presents restricted cash with cash and cash equivalents in the Condensed Consolidated Statements of Cash Flows. Restricted cash at March 31, 2026 and December 31, 2025 of $250 represents funds the Company is required to set aside as collateral, primarily for one of the Company’s operating leases. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flow as of March 31, 2026, December 31, 2025, March 31, 2025 and December 31, 2024: Schedule of Cash, Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260331_zgrqricM8ggf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_zDJ7vflPQHgb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250331_zQI4mTRxPN46" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20241231_zztxEd88Whoh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCz6be_zpk6MiidRaMc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,398</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,999</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,924</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,284</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RestrictedCash_iI_pn3n3_maCCERCz6be_zoxjXijyOmk6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash included in current/non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">250</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">250</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">250</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">250</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iTI_pn3n3_mtCCERCz6be_zfBqNnLxBAEc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Cash, cash equivalents and restricted cash in the statement of cash flows</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,648</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,249</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,174</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,534</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

250000

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flow as of March 31, 2026, December 31, 2025, March 31, 2025 and December 31, 2024: Schedule of Cash, Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260331_zgrqricM8ggf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_zDJ7vflPQHgb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250331_zQI4mTRxPN46" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20241231_zztxEd88Whoh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCz6be_zpk6MiidRaMc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,398</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,999</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,924</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,284</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RestrictedCash_iI_pn3n3_maCCERCz6be_zoxjXijyOmk6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash included in current/non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">250</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">250</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">250</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">250</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iTI_pn3n3_mtCCERCz6be_zfBqNnLxBAEc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Cash, cash equivalents and restricted cash in the statement of cash flows</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,648</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,249</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,174</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,534</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

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7174000

7534000

Note 5 - Fair Value Measurements The Company uses the fair value hierarchy to measure the value of its financial instruments. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The basis for fair value measurements for each level within the hierarchy is described below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 1 – Quoted prices for identical assets or liabilities in active markets.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2 – Quoted prices for identical or similar assets and liabilities in markets that are not active; or other model-derived valuations whose inputs are directly or indirectly observable or whose significant value drivers are observable.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3 – Valuations derived from valuation techniques in which one or more significant inputs to the valuation model are unobservable and for which assumptions are used based on management estimates.</td></tr> </table> The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as counterparty credit risk in its assessment of fair value. The carrying amounts of cash equivalents, current portion of restricted cash, prepaid expenses and other current assets, accounts payable, current portion of lease liabilities and accrued expenses approximate fair value due to the short-term nature of these instruments. The Company did not have any financial assets or liabilities that were carried at fair value using the hierarchy as of March 31, 2026 and December 31, 2025.

Note 6 – Leasehold Improvements and Equipment Leasehold improvements and equipment, summarized by major category, consist of the following as of March 31, 2026 and December 31, 2025: Schedule of Leasehold Improvements and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20261231_zWq0ix2hM2Zk" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zjZCLeUxMyVk" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z6Sn1yKskgbi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify; padding-bottom: 1pt">Leasehold improvements</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">166</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">166</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzNaB_zkRMpzWP534c" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_pn3n3_msPPAENzNaB_zRiVKKOZ1f6k" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzNaB_zDwXsMWUjSW2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Leasehold improvements and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">138</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">138</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company’s leasehold improvements were written down to salvage value at December 31, 2025. As a result, no depreciation expense was incurred for the three months ended March 31, 2026. Depreciation and amortization expense for the three months ended March 31, 2025 was $18.

Leasehold improvements and equipment, summarized by major category, consist of the following as of March 31, 2026 and December 31, 2025: Schedule of Leasehold Improvements and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20261231_zWq0ix2hM2Zk" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zjZCLeUxMyVk" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z6Sn1yKskgbi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify; padding-bottom: 1pt">Leasehold improvements</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">166</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">166</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzNaB_zkRMpzWP534c" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iI_pn3n3_msPPAENzNaB_zRiVKKOZ1f6k" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">28</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzNaB_zDwXsMWUjSW2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Leasehold improvements and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">138</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">138</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

166000

28000

138000

18000

Note 7 – Accrued Expenses and Other Liabilities Accrued expenses, summarized by major category, as of March 31, 2026 and December 31, 2025 consist of the following: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260331_zL2621p1F4M6" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zxiQ3cZvCDwa" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_406_ecustom--AccruedGeneralAndAdministrativeExpensesCurrent_iI_pn3n3_maALCzcyb_zfU0clcTb2R1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify; padding-bottom: 1pt">General and administrative expenses</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">694</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">452</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtALCzcyb_z9pKMq7dXlGg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">694</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">452</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued expenses, summarized by major category, as of March 31, 2026 and December 31, 2025 consist of the following: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260331_zL2621p1F4M6" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zxiQ3cZvCDwa" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_406_ecustom--AccruedGeneralAndAdministrativeExpensesCurrent_iI_pn3n3_maALCzcyb_zfU0clcTb2R1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify; padding-bottom: 1pt">General and administrative expenses</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">694</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">452</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtALCzcyb_z9pKMq7dXlGg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">694</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">452</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

694000 452000

694000

452000

Note 8 – Leases The Company has various lease agreements, including leases of office space, a laboratory and manufacturing facility, and various equipment. Some leases include purchase, termination or extension options for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The assets and liabilities from operating and finance leases are recognized at the lease commencement date based on the present value of remaining lease payments over the lease term using the Company’s incremental borrowing rates or implicit rates, when readily determinable. The Company’s operating leases do not provide implicit rates, therefore the Company utilized a discount rate based on its incremental borrowing rate to record the lease obligations. The Company’s finance leases provide readily determinable implicit rates. Operating lease obligations On December 15, 2016, the Company entered into a 10-year, 3-month lease of laboratory and manufacturing space in Bridgewater, New Jersey. The lease began in August 2017. The monthly rent started at approximately $43, increasing to approximately $64 in the final year. To obtain the lease, the Company provided an initial security deposit of $586 which was subsequently reduced and is currently $200 at December 31, 2025. During the second half of 2025 and through the first quarter of 2026, the Bridgewater lease was in dispute, and on April 7, 2026, the Bridgewater lease was terminated. As satisfaction of the lease termination, the agreement included a termination payment of $<span id="xdx_901_ecustom--PaymentOnTerminationOfLeaseContract_iI_pn3n3_c20260407__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zUvByEfc6YL6" title="Payment on termination of lease contract">765, which was satisfied with the $<span id="xdx_904_ecustom--AdjustmentOfSecurityDepositForTerminationOfLeaseContract_iI_pn3n3_c20260407__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zlmNXErvXBD9" title="Adjustment of security deposit for termination of lease contract">200 security deposit and a cash payment of $<span id="xdx_904_ecustom--CashPaymentOnTerminationOfLeaseContract_iI_pn3n3_c20260407__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zJ2q1YUjj1nh" title="Cash payment on termination of lease contract">565, see Note 11 – Subsequent Events. The Company incurred lease expense for its operating leases of $165 and $174 for the three months ended March 31, 2026 and 2025, respectively. The Company incurred amortization expense on its operating lease right-of-use assets of $74 and $109 for the three months ended March 31, 2026 and 2025, respectively. Finance Leases The Company incurred interest expense on its finance leases of $0 for the three months ended March 31, 2026 and 2025. The Company incurred amortization expense on its finance lease right-of-use assets of $0 and $1 for the three months ended March 31, 2026 and 2025, respectively. The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of March 31, 2026: Schedule of Maturity of Operating and Finance Leases Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Maturity of Lease Liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Lease Liabilities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Finance Lease Liabilities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Remainder of 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_c20260331_zIvaZzHatJv2" style="width: 16%; text-align: right" title="Operating Lease Liabilities, Remainder of Fiscal Year">589</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_c20260331_zPF9ukAGGP0e" style="width: 16%; text-align: right" title="Finance Lease Liabilities, remainder of the fiscal year">4</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">2027</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_c20260331_zEK8fwYXvDya" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Lease Liabilities, Year One">678</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_c20260331_z7iWmYpapCJe" style="border-bottom: Black 1pt solid; text-align: right" title="Finance Lease Liabilities, Year One">4</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total undiscounted operating lease payments</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pn3n3_c20260331_zZ5dC9jWQrwe" style="text-align: right" title="Total undiscounted operating lease payments">1,267</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_98F_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_pn3n3_c20260331_zaEoqPVx0hUh" style="text-align: right" title="Total undiscounted finance lease payments">8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: Imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_pn3n3_c20260331_zDccKV7X9Swk" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Lease Liabilities, less: Imputed interest">85</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_988_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iI_pn3n3_c20260331_zWN44Ggt5T65" style="border-bottom: Black 1pt solid; text-align: right" title="Finance Lease Liabilities, less: Imputed interest">1</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Present value of operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--OperatingLeaseLiability_iI_pn3n3_c20260331_z3YBKAWzel1e" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of operating lease liabilities">1,182</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_986_eus-gaap--FinanceLeaseLiability_iI_pn3n3_c20260331_zwYfyS0WPKna" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of finance lease liabilities">7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Weighted average remaining lease term in years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_90E_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20260331_zktlpREepQsf" title="Finance Lease Liabilities, weighted average remaining lease term in years">1.6</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_904_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20260331_zLUjUfFciYZ2" title="Finance Lease Liabilities, weighted average discount rate">11.6</td><td style="text-align: left">%</td></tr> </table> The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Maturity of Lease Liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Lease Liabilities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Finance Lease Liabilities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_c20251231_zDCJc9xxEaFi" style="width: 16%; text-align: right" title="Operating Lease Liabilities, Year One">781</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_c20251231_zPeH0H3B00rb" style="width: 16%; text-align: right" title="Finance Lease Liabilities, Year One">4</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">2027</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_c20251231_zOP1DceEuoXe" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Lease Liabilities, Year Two">678</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_c20251231_zxxXObyaAZAg" style="border-bottom: Black 1pt solid; text-align: right" title="Finance Lease Liabilities, Year Two">4</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total undiscounted operating lease payments</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pn3n3_c20251231_zyfOCNZ96yDl" style="text-align: right" title="Total undiscounted operating lease payments">1,459</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_987_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_pn3n3_c20251231_zXcYOXzFAyz8" style="text-align: right" title="Total undiscounted finance lease payments">8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: Imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_pn3n3_c20251231_z1XTo6meiGh" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Lease Liabilities, less: Imputed interest">112</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_981_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iI_pn3n3_c20251231_zkOwJj6wB4hd" style="border-bottom: Black 1pt solid; text-align: right" title="Finance Lease Liabilities, less: Imputed interest">1</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Present value of operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--OperatingLeaseLiability_iI_pn3n3_c20251231_zPMYRuVEz8M3" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of operating lease liabilities">1,347</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_988_eus-gaap--FinanceLeaseLiability_iI_pn3n3_c20251231_zDhQecn9nVhh" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of finance lease liabilities">7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Weighted average remaining lease term in years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_909_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20251231_zVZ44flnKegc" title="Finance Lease Liabilities, weighted average remaining lease term in years">1.9</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_90E_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20251231_zCm5Dxtv36Ee" title="Finance Lease Liabilities, weighted average discount rate">11.6</td><td style="text-align: left">%</td></tr> </table>

Some leases include purchase, termination or extension options for one or more years.

P10Y

43000

64000

586000

200000

765000 200000 565000

165000

174000

74000

109000

1000

The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of March 31, 2026: Schedule of Maturity of Operating and Finance Leases Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Maturity of Lease Liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Lease Liabilities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Finance Lease Liabilities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Remainder of 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_c20260331_zIvaZzHatJv2" style="width: 16%; text-align: right" title="Operating Lease Liabilities, Remainder of Fiscal Year">589</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_c20260331_zPF9ukAGGP0e" style="width: 16%; text-align: right" title="Finance Lease Liabilities, remainder of the fiscal year">4</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">2027</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_c20260331_zEK8fwYXvDya" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Lease Liabilities, Year One">678</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_c20260331_z7iWmYpapCJe" style="border-bottom: Black 1pt solid; text-align: right" title="Finance Lease Liabilities, Year One">4</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total undiscounted operating lease payments</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pn3n3_c20260331_zZ5dC9jWQrwe" style="text-align: right" title="Total undiscounted operating lease payments">1,267</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_98F_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_pn3n3_c20260331_zaEoqPVx0hUh" style="text-align: right" title="Total undiscounted finance lease payments">8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: Imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_pn3n3_c20260331_zDccKV7X9Swk" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Lease Liabilities, less: Imputed interest">85</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_988_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iI_pn3n3_c20260331_zWN44Ggt5T65" style="border-bottom: Black 1pt solid; text-align: right" title="Finance Lease Liabilities, less: Imputed interest">1</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Present value of operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--OperatingLeaseLiability_iI_pn3n3_c20260331_z3YBKAWzel1e" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of operating lease liabilities">1,182</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_986_eus-gaap--FinanceLeaseLiability_iI_pn3n3_c20260331_zwYfyS0WPKna" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of finance lease liabilities">7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Weighted average remaining lease term in years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_90E_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20260331_zktlpREepQsf" title="Finance Lease Liabilities, weighted average remaining lease term in years">1.6</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_904_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20260331_zLUjUfFciYZ2" title="Finance Lease Liabilities, weighted average discount rate">11.6</td><td style="text-align: left">%</td></tr> </table> The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Maturity of Lease Liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Lease Liabilities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Finance Lease Liabilities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_c20251231_zDCJc9xxEaFi" style="width: 16%; text-align: right" title="Operating Lease Liabilities, Year One">781</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_c20251231_zPeH0H3B00rb" style="width: 16%; text-align: right" title="Finance Lease Liabilities, Year One">4</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">2027</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_c20251231_zOP1DceEuoXe" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Lease Liabilities, Year Two">678</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_c20251231_zxxXObyaAZAg" style="border-bottom: Black 1pt solid; text-align: right" title="Finance Lease Liabilities, Year Two">4</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total undiscounted operating lease payments</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pn3n3_c20251231_zyfOCNZ96yDl" style="text-align: right" title="Total undiscounted operating lease payments">1,459</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_987_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_pn3n3_c20251231_zXcYOXzFAyz8" style="text-align: right" title="Total undiscounted finance lease payments">8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: Imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_pn3n3_c20251231_z1XTo6meiGh" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Lease Liabilities, less: Imputed interest">112</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_981_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iI_pn3n3_c20251231_zkOwJj6wB4hd" style="border-bottom: Black 1pt solid; text-align: right" title="Finance Lease Liabilities, less: Imputed interest">1</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Present value of operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--OperatingLeaseLiability_iI_pn3n3_c20251231_zPMYRuVEz8M3" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of operating lease liabilities">1,347</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_988_eus-gaap--FinanceLeaseLiability_iI_pn3n3_c20251231_zDhQecn9nVhh" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of finance lease liabilities">7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Weighted average remaining lease term in years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_909_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20251231_zVZ44flnKegc" title="Finance Lease Liabilities, weighted average remaining lease term in years">1.9</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE1hdHVyaXR5IG9mIE9wZXJhdGluZyBhbmQgRmluYW5jZSBMZWFzZXMgTGlhYmlsaXRpZXMgKERldGFpbHMpAA__" id="xdx_90E_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20251231_zCm5Dxtv36Ee" title="Finance Lease Liabilities, weighted average discount rate">11.6</td><td style="text-align: left">%</td></tr> </table>

589000

4000

678000

4000

1267000

8000

85000

1000

1182000

7000

P1Y6M

P1Y7M6D

0.084

0.116

781000

4000

678000

4000

1459000

8000

112000

1000

1347000

7000

P1Y9M18D

P1Y10M24D

0.084

0.116

Note 9 – Stockholders’ Equity As of March 31, 2026, in accordance with the Certificate of Incorporation, the Company is authorized to issue 500,000,000 shares of common stock and 10,000,000 shares of preferred stock, each share having a par value of $0.0001. Common Stock At-The-Market Equity Offering On July 2, 2020, the Company entered into an At-The-Market Sales Agreement (the “Sales Agreement”) with BTIG, LLC (“BTIG”), pursuant to which the Company may offer and sell, from time to time, through BTIG, as sales agent and/or principal, shares of its common stock having an aggregate offering price of up to $<span id="xdx_90A_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_pn3n3_c20200702__20200702__us-gaap--SubsidiarySaleOfStockAxis__custom--UnderwrittenPublicOfferingMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_z6PVOJRRlQ11" title="Aggregate offering price for sale of stock">50,000, subject to certain limitations on the amount of common stock that may be offered and sold by the Company set forth in the Sales Agreement. BTIG will be paid a <span id="xdx_908_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_uPure_c20200702__20200702__us-gaap--SubsidiarySaleOfStockAxis__custom--UnderwrittenPublicOfferingMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_zfKpC3YbXPQ4" title="Sale of stock percentage">3% commission on the gross proceeds from each sale. The Company may terminate the Sales Agreement at any time; BTIG may terminate the Sales Agreement in certain limited circumstances. The Company did not sell any shares under the Sales Agreement during the three months ended March 31, 2026 and 2025. As of March 31, 2026, the Sales Agreement’s available capacity is $<span id="xdx_907_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_pn3n3_c20260101__20260331__us-gaap--SubsidiarySaleOfStockAxis__custom--UnderwrittenPublicOfferingMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_zAjSevxQhIg4" title="Aggregate offering price for sale of stock">44,191. However, such capacity is limited by the restrictions imposed by General Instruction I.B.6 to Form S-3, which limits the amount the Company can raise through primary public offerings of securities in any twelve-month period using Form S-3 to an aggregate of one-third of its public float. Preferred Stock On February 13, 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain investors (the “Purchasers”), pursuant to which the Company sold, in a private placement (the “Offering”), an aggregate of <span id="xdx_901_eus-gaap--SharesIssued_iI_pid_c20250213__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertiblePreferredStockMember_z4x79h4zOrp4" title="Shares issued">3,300 shares of the Company’s Series C Convertible Preferred Stock, par value $<span id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20250213__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertiblePreferredStockMember_z2TZhWpl6LJ3" title="Preferred stock, par value">0.0001 per share (the “Preferred Stock”), initially convertible into up to <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20250213__20250213__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zQnjj6BChRN4" title="Conversion of preferred stock into common stock shares">5,631,404 shares of the Company’s common stock with a stated value of $<span id="xdx_90C_ecustom--CommonStockStatedValuePerShare_iI_pid_c20250213__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zr1ohWgdEn33" title="Common stock, par value">1,000 per share (the “Stated Value”), and warrants (the “2025 Warrants”) to purchase up to an aggregate of <span id="xdx_90C_ecustom--WarrantsToPurchaseAggregateOfSharesOfCommonStockPercentage_iI_pid_dp_uPure_c20250213__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zymKRbo2iAbk" title="Warrants to purchase aggregate of shares of common stock percentage">200% of the shares of common stock into which the shares of Preferred Stock are initially convertible, or <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20250213__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zb7qfRsBvHg7" title="Warrants to purchase aggregate shares of common stock">11,262,808 shares of common stock, for an offering price of $<span id="xdx_902_eus-gaap--SharePrice_iI_pid_c20250213__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_z3as1uhwnsBd" title="Offering price per share">1,000 per share of Preferred Stock and accompanying 2025 Warrants in two equal tranches, the second of which closed on April 8, 2025. Pursuant to the Purchase Agreement, on February 13, 2025, the Company issued and sold in an initial closing of the Offering (the “Initial Closing”), <span id="xdx_905_eus-gaap--SharesIssued_iI_pid_c20250213__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--InitialClosingMember_zegKweUd2dN6" title="Shares issued">1,650 shares of Preferred Stock, initially convertible into up to <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20250213__20250213__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockAndWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__custom--InitialClosingMember_zZFm9pSbIm7a" title="Conversion of preferred stock into common stock shares">2,815,702 shares of common stock, and accompanying 2025 Warrants, initially exercisable for up to <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOther_pid_c20250213__20250213__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__custom--InitialClosingMember_z4Vd3RYHOPfi" title="Warrants exercisable">5,631,404 shares of common stock, for gross proceeds to the Company of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfWarrants_pn4n6_c20250213__20250213__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__custom--InitialClosingMember_zC5nAHO3Mgz3" title="Proceeds from issuance of warrants">1.65 million. On April 4, 2025, the Company obtained shareholder approval (“Shareholder Approval”) for the issuance of the Preferred Stock and 2025 Warrants, as required by the rules and regulations of NYSE American LLC (the “ NYSE”), including Section 713 of the NYSE American Company Guide, and issued and sold, in a second closing of the Offering (the “Second Closing”), an additional <span id="xdx_904_eus-gaap--SharesIssued_iI_pid_c20250404__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--SecondClosingMember_zDACSgEhtcN6" title="Shares issued">1,650 shares of Preferred Stock, initially convertible into up to <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20250404__20250404__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockAndWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__custom--SecondClosingMember_zAQL31nN9VF9" title="Conversion of preferred stock into common stock shares">2,815,702 shares of common stock, and accompanying 2025 Warrants, initially exercisable for up to <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOther_pid_c20250404__20250404__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__custom--SecondClosingMember_zuSmd8PnmaTb" title="Warrants exercisable">5,631,404 shares of common stock, for gross proceeds to the Company of $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfWarrants_pn4n6_c20250404__20250404__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__custom--SecondClosingMember_z9923PvLIgm" title="Proceeds from issuance of warrants">1.65 million. The following table summarizes the changes in Preferred Stock outstanding for the quarter ended March 31, 2026: Schedule of Changes in Preferred Stock Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260101__20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zgDLaByA6Xuj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_zVmEpMxHTSQ2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%">Outstanding at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">3,155</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_zMOetWBWlo41" style="vertical-align: bottom; background-color: White"> <td>Issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodGross_zDQwBh6n5hsl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Converted to Common Stock</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_zfl0t99Ne5R4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,155</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Warrants As of March 31, 2026, the Company had outstanding warrants to purchase 10,516,543 shares of common stock, 200,001 shares at an exercise price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandAndTwentyFourWarrantsMember_zEBLf7GcctF8" title=" Exercise price">17.50 per share (the “2024 Warrants”) and 10,316,542 shares at an exercise price of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandAndTwentyFiveWarrantsMember_zVrVAV30J6i9" title=" Exercise price">0.64 (the “2025 Warrants”). The 2024 Warrants have an exercise price of $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandAndTwentyFourWarrantsMember_z3kcR3RPVt75" title="Exercise price">17.50, were exercisable beginning October 2, 2024, and expire on the five-and-one-half year anniversary of the date of issuance, or October 5, 2029. The 2025 Warrants have an exercise price of $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandAndTwentyFiveWarrantsMember_zkynb85P5PNj" title="Exercise price">0.64 per share. The 2025 Warrants purchased in the Initial Closing of the Private Placement became exercisable on April 4, 2025, the effective date of the Shareholder Approval and will expire five years from the effective date of the Shareholder Approval, or April 4, 2030. The 2025 Warrants purchased in the Second Closing of the Private Placement were immediately exercisable and will expire on April 8, 2030. On August 15, 2025, the Company entered into Warrant Exchange Agreements (the “Exchange Agreements”) with certain holders (the “Exchanging Holders”) of 2024 Warrants to purchase an aggregate of <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20250815__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember_zXCB3IeMEHh2" title="Purchase of warrants">466,666 shares of common stock. Pursuant to the Exchange Agreements, on August 15, 2025, the Company issued to the Exchanging Holders one share of common stock for each Warrant, for an aggregate of <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20250815__us-gaap--StatementEquityComponentsAxis__custom--AprilWarrantMember__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember_zglEU3GzNbyc" title="Purchase of warrants">466,666 shares of common stock (the “Exchange Shares”), in exchange for the 2024 Warrants (the “Exchange”), in reliance on an exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”). Following the consummation of the Exchange, the 2024 Warrants held by the Exchanging Holders were cancelled. A summary of warrants outstanding as of March 31, 2026 and December 31, 2025 were as follows: Schedule of Shareholder Equity Warrants Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: justify">Outstanding at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231_zBN5VzteF6q7" style="width: 18%; text-align: right" title="Warrants outstanding, beginning">666,667</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20250101__20251231_zPON1rhGero2" style="text-align: right" title="Warrants issued">11,262,808</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pid_di_c20250101__20251231_zsklcwR0Q5C1" style="text-align: right" title="Warrants exercised">(946,266</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExchanged_pid_c20250101__20251231_zdIQ2Wpv9bWb" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants exchanged">(466,666</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Outstanding at December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20260101__20260331_znlYnLt6UvC6" style="text-align: right" title="Warrants outstanding, beginning">10,516,543</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20260101__20260331_zTNsRSJpeCrj" style="text-align: right" title="Warrants issued">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pid_di_c20260101__20260331_zjH34UKnGyMj" style="text-align: right" title="Warrants exercised">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Exchanged</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExchanged_pid_c20260101__20260331_zvQzn1vz3omg" style="text-align: right" title="Warrants exchanged">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_pid_di_c20260101__20260331_zBQULiPuAIr4" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants expired">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260331_z54NVBhWldG9" style="border-bottom: Black 2.5pt double; text-align: right" title="Warrants outstanding, beginning">10,516,543</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Basic and diluted net loss per common share Net loss per share information is determined using the two-class method. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings as if all income (loss) for the period had been distributed. The Company’s convertible preferred stock and outstanding warrants participate in any dividends declared by the Company on common stock on a one-for-one basis and are therefore considered to be participating securities. The participating securities are not required to participate in the losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period including potential dilutive common shares. For purposes of this calculation, outstanding options and warrants to purchase common stock, and shares of convertible preferred stock are considered potential dilutive common shares. The Company has generated net loss in all periods presented, and therefore the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive. <p id="xdx_898_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zWMrgEBz6jDg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive as of March 31, 2026 and 2025: Schedule of Potentially Dilutive Securities Excluded from Computation Of Diluted Net Loss Per Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260101__20260331_zt74jbcqCdWl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20250331_zLQHqs3B5jUk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--StockCompensationPlanMember_zuCDRXjfrq61" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Stock options</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">436,468</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">483,489</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertibleDebtSecuritiesMember_zpSgyOFXfWof" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Convertible preferred stock upon conversion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,383,964</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,815,702</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zB7vRlbmJD68" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,516,543</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,298,071</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zKAWTYJF0Sij" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">16,336,975</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">9,597,262</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

500000000

10000000

0.0001

50000000

0.03

44191000

3300

0.0001

5631404

1000 2

11262808

1000

1650

2815702

5631404

1650000

1650

2815702

5631404

1650000

The following table summarizes the changes in Preferred Stock outstanding for the quarter ended March 31, 2026: Schedule of Changes in Preferred Stock Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260101__20260331__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zgDLaByA6Xuj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_zVmEpMxHTSQ2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%">Outstanding at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">3,155</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_zMOetWBWlo41" style="vertical-align: bottom; background-color: White"> <td>Issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodGross_zDQwBh6n5hsl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Converted to Common Stock</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_zfl0t99Ne5R4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,155</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3155000

10516543

200001

17.50

10316542

0.64

17.50

0.64

466666

A summary of warrants outstanding as of March 31, 2026 and December 31, 2025 were as follows: Schedule of Shareholder Equity Warrants Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: justify">Outstanding at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231_zBN5VzteF6q7" style="width: 18%; text-align: right" title="Warrants outstanding, beginning">666,667</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20250101__20251231_zPON1rhGero2" style="text-align: right" title="Warrants issued">11,262,808</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pid_di_c20250101__20251231_zsklcwR0Q5C1" style="text-align: right" title="Warrants exercised">(946,266</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExchanged_pid_c20250101__20251231_zdIQ2Wpv9bWb" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants exchanged">(466,666</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Outstanding at December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20260101__20260331_znlYnLt6UvC6" style="text-align: right" title="Warrants outstanding, beginning">10,516,543</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20260101__20260331_zTNsRSJpeCrj" style="text-align: right" title="Warrants issued">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pid_di_c20260101__20260331_zjH34UKnGyMj" style="text-align: right" title="Warrants exercised">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Exchanged</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExchanged_pid_c20260101__20260331_zvQzn1vz3omg" style="text-align: right" title="Warrants exchanged">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_pid_di_c20260101__20260331_zBQULiPuAIr4" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants expired">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20260101__20260331_z54NVBhWldG9" style="border-bottom: Black 2.5pt double; text-align: right" title="Warrants outstanding, beginning">10,516,543</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

666667

11262808

946266

-466666

10516543

<p id="xdx_898_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zWMrgEBz6jDg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive as of March 31, 2026 and 2025: Schedule of Potentially Dilutive Securities Excluded from Computation Of Diluted Net Loss Per Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260101__20260331_zt74jbcqCdWl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20250331_zLQHqs3B5jUk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--StockCompensationPlanMember_zuCDRXjfrq61" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Stock options</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">436,468</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">483,489</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertibleDebtSecuritiesMember_zpSgyOFXfWof" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Convertible preferred stock upon conversion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,383,964</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,815,702</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zB7vRlbmJD68" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,516,543</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,298,071</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zKAWTYJF0Sij" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">16,336,975</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">9,597,262</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

436468000

483489000

5383964000

2815702000

10516543000

6298071000

16336975000

9597262000

Note 10 – Stock-based Compensation 2013 Plan On August 2, 2013, the Company’s Board adopted the 2013 Equity Compensation Plan (as amended to date, the “2013 Plan”) pursuant to the terms described herein. The 2013 Plan was approved by the stockholders on August 7, 2013. Effective May 8, 2014, upon the approval of the Company’s Board and its stockholders, the Company amended and restated the 2013 Plan, primarily to include “evergreen” provisions, which provided that the number of shares of common stock available for issuance under the 2013 Plan is subject to an automatic annual increase on January 1 of each year beginning in 2015; to amend the definition of “fair market value”; and to increase the limits on awards under the Plan. The 2013 Plan, which expired on May 7, 2024, provided for the granting of incentive stock options, nonqualified stock options, restricted stock units, performance units, and stock purchase rights. As of March 31, 2026, there were <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260331__us-gaap--PlanNameAxis__custom--TwoThousandThirteenEquityCompensationPlanMember_z0YUcsS3sdWb" title="Restricted stock grants">413,583 awards, including both restricted stock grants and option grants, issued and exercised under the 2013 Plan and no remaining shares available for grant under the 2013 Plan. 2025 Plan On April 30, 2025, the Company’s Board, subject to the approval of its stockholders, which was received on June 23, 2025, adopted a new 2025 Equity Incentive Plan (the “2025 Plan”) to succeed the 2013 Plan. The general purpose of the 2025 Plan is to provide an incentive to its employees, directors, consultants and advisors by enabling them to share in the future growth of our business. <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward_c20260101__20260331__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFiveEquityIncentivePlanMember_zCwg6nUEDzFl" title="Term of the award">The term of the 2025 Plan is 10 years. The 2025 Plan includes an “evergreen” provisions, which provides that the number of shares of common stock available for issuance under the 2025 Plan is subject to an automatic annual increase on January 1 of each year beginning in 2026. Therefore, an additional <span id="xdx_90A_ecustom--ShareBasedCompensationPlanSharesAuthorizedIncrease_iI_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFiveEquityIncentivePlanMember_zAW4lB784ZKc" title="Additional shares avaliable for issuance">256,248 shares were automatically made available for issuance on the first trading day of 2026, which represented <span id="xdx_909_ecustom--ShareBasedCompensationPlanPercentageOfOutstandingSharesToBeAdded_iI_pid_dp_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFiveEquityIncentivePlanMember_zzv6smkRjwU2" title="Percentage of outstanding shares">4.0% of the number of shares outstanding on December 31, 2025. As of the date of this filing, these shares have not been registered. As of March 31, 2026, there were <span id="xdx_909_ecustom--StockAwardsIncludingRestrictedStockGrantsAndOptionGrantsIssuedAndExercised_iI_pid_c20260331__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFiveEquityCompensationPlanMember_ztGiUnAlOTm1" title="Stock awards including restricted stock options grants awards issued and exercised">116,500 options outstanding and <span id="xdx_907_ecustom--StockAwardsAvailableForGrant_iI_pid_c20260331__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFiveEquityCompensationPlanMember_zUnoqjLE3ueg" title="Stock awards available for grant">902,796 remaining shares available for grant under the 2025 Plan. <p id="xdx_89D_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zpApoR0lbzV9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company recognized stock-based compensation expense (options and restricted share grants) in its condensed consolidated statements of operations as follows: Schedule of Recognized Stock-Based Compensation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260101__20260331_znR3rnEYHZ6k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20250331_za4b34f8vHi6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--ShareBasedCompensation_pn3n3_hcustom--IncomeStatementsLocationAxis__custom--ResearchAndDevelopmentExpensesMember_zI4QyuO3WAf7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Research and Development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">85</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_pn3n3_hcustom--IncomeStatementsLocationAxis__custom--GeneralAndAdministrativeExpensesMember_zZITjRF8J9V4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">General and Administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">113</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">230</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensation_pn3n3_z97IHrDqgFvk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">113</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">315</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of March 31, 2026, total compensation costs related to unvested awards not yet recognized was $499 and the weighted-average periods over which the awards are expected to be recognized was <span id="xdx_904_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260101__20260331_ze1oz53GOEml" title="Unrecognized share based compensation, recognition period">1.5 years. Stock Options The following table summarizes the activity for Company’ stock options for the three months ended March 31, 2026: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Stock Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%">Outstanding at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260331_zuTSODNKdEVa" style="width: 18%; text-align: right" title="Number of options, outstanding at beginning">457,219</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260331_zkzMPmRggpP4" style="text-align: right" title="Number of options, granted">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20260101__20260331_z5dz1EmEgKri" style="text-align: right" title="Number of options, exercised">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20260101__20260331_zMlPK6bxyyF7" style="text-align: right" title="Number of options, forfeited">(12,449</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20260101__20260331_zIpCsVcBjHwf" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, expired">(8,302</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260331_zDQCNKYVv5Zj" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options, outstanding at beginning">436,468</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

413583

The term of the 2025 Plan is 10 years.

256248 0.040 116500 902796

<p id="xdx_89D_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zpApoR0lbzV9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company recognized stock-based compensation expense (options and restricted share grants) in its condensed consolidated statements of operations as follows: Schedule of Recognized Stock-Based Compensation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260101__20260331_znR3rnEYHZ6k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20250331_za4b34f8vHi6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--ShareBasedCompensation_pn3n3_hcustom--IncomeStatementsLocationAxis__custom--ResearchAndDevelopmentExpensesMember_zI4QyuO3WAf7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Research and Development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">85</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensation_pn3n3_hcustom--IncomeStatementsLocationAxis__custom--GeneralAndAdministrativeExpensesMember_zZITjRF8J9V4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">General and Administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">113</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">230</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensation_pn3n3_z97IHrDqgFvk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">113</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">315</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

85000

113000

230000

113000

315000

499000

P1Y6M

The following table summarizes the activity for Company’ stock options for the three months ended March 31, 2026: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Stock Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%">Outstanding at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260331_zuTSODNKdEVa" style="width: 18%; text-align: right" title="Number of options, outstanding at beginning">457,219</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260331_zkzMPmRggpP4" style="text-align: right" title="Number of options, granted">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20260101__20260331_z5dz1EmEgKri" style="text-align: right" title="Number of options, exercised">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20260101__20260331_zMlPK6bxyyF7" style="text-align: right" title="Number of options, forfeited">(12,449</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20260101__20260331_zIpCsVcBjHwf" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, expired">(8,302</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260331_zDQCNKYVv5Zj" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options, outstanding at beginning">436,468</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

457219

12449

8302

436468

Note 11 – Subsequent Events The Company filed a complaint against COE Bridgewater, LLC (its “Landlord”) in the Superior Court of New Jersey, Somerset County, Chancery Division on July 11, 2025 alleging principally that Landlord illegally locked the Company out of its leased premises in Bridgewater, New Jersey. As a result of the illegal lockout, the Company sought (among other things) a declaration that the lease and all obligations thereunder, including rent, terminated as of the date of the lockout. On September 5, 2025, Landlord filed an answer with counterclaims, which it amended on December 12, 2025. In the counterclaims, Landlord sought a declaration that there was no lockout, or that the lockout was justified, and therefore the lease remains in effect. Landlord also sought damages for the Company’s alleged failure to pay approximately $205 in rent (as of December 31, 2025) following the lockout, and alleged conversion of certain furniture, fixtures, and equipment (FF&E) items within the premises belonging to Landlord. The matter was resolved by way of Termination of Lease and Release Agreement (“Settlement Agreement”) effective April 7, 2026, pursuant to which the Company made a termination payment of $<span id="xdx_907_ecustom--PaymentOnTerminationOfLeaseContract_iI_pn3n3_c20260407__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zawhv1LNuTY5" title="Payment on termination of lease contract">765 (which was satisfied with the $<span id="xdx_90D_ecustom--AdjustmentOfSecurityDepositForTerminationOfLeaseContract_iI_pn3n3_c20260407__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zKT8e0y9BPsc" title="Adjustment of security deposit for termination of lease contract">200 security deposit and a cash payment of $<span id="xdx_90E_ecustom--CashPaymentOnTerminationOfLeaseContract_iI_pn3n3_c20260407__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zozSL9X6BmQ4" title="Cash payment on termination of lease contract">565) in return for discontinuation of the action, termination of the lease, and an exchange of mutual general releases. The Company exited the Bridgewater premises on April 29, 2026 pursuant to the terms of the Settlement Agreement.

205000

765000 200000 565000 false false false false