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<p id="xdx_805_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zYWW0CMNxZAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Description of Business and Basis of Presentation</td></tr></table> Description of Business Ernexa Therapeutics Inc. (the “Company”) is a preclinical-stage synthetic allogeneic iMSC therapy company. iMSCs are induced pluripotent stem cell (“iPSC”)-derived mesenchymal stem cells. The Company envisions a future where cell therapies powered by synthetic iMSCs can offer new options for patients with limited treatment paths and its mission is to transform the treatment of cancer and autoimmune disease by developing scalable, affordable, off-the-shelf cell therapies that restore hope. As used herein, the “Company” or “Ernexa” refers collectively to Ernexa and its consolidated subsidiaries (Ernexa TX2, Inc. and Novellus, Inc.) unless otherwise stated or the context otherwise requires. In March 2026, the Company dissolved Novellus Therapeutics Limited, which had no operations. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited financial statements include all the normal recurring adjustments that are necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. These condensed consolidated financial statements should be read together with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2026. The accompanying condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements contained in the 2025 10-K but does not include all of the information and footnotes required by GAAP for complete financial statements. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2026, or any other period. Reverse Stock Split As approved on March 27, 2026 by written consent from approximately 53.34% of Company’s stockholders (the “Consenting Stockholders), on May 4, 2026, the Company effected a reverse stock split of its common stock at a ratio of 1-for-25, as determined by the Company’s Board of Directors within the parameters approved by the Consenting Stockholders (the “Reverse Stock Split”). Upon the effectiveness of the Reverse Stock Split, every twenty-five shares of the issued and outstanding common stock were automatically combined and reclassified into one issued and outstanding share of common stock. The Reverse Stock Split did not alter the par value of the common stock, and the number of authorized shares of common stock remains unchanged at 150,000,000 shares. No fractional shares were issued in connection with the Reverse Stock Split, and no cash or other consideration was paid in connection with any fractional shares. Stockholders who otherwise would have held a fractional share after giving effect to the Reverse Stock Split instead owned one whole share of the post-reverse stock split common stock. The Company issued an aggregate of 203 shares for rounding up fractional shares to whole shares. All share and per share data in this Quarterly Report on Form 10-Q have been adjusted for all periods presented to reflect the Reverse Stock Split. Reclassifications Certain reclassifications have been made to the statement of cash flows for the three months ended March 31, 2025 to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported results of operations or accumulated deficit.

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<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Liquidity and Capital Resources</td></tr></table> The Company has incurred significant operating losses and has an accumulated deficit as a result of its efforts to develop product candidates and provide general and administrative support for operations. As of March 31, 2026, the Company had a cash balance of approximately $9.2 million and an accumulated deficit of approximately $251.1 million. For the three months ended March 31, 2026, the Company incurred a net loss of $5.5 million, which includes a non-cash charge of $2.0 million for the impairment of goodwill, and it used cash of $2.3 million in operating activities. On February 10, 2026, the Company received approximately $<span id="xdx_909_eus-gaap--ProceedsFromOtherEquity_pn5n6_c20260210__20260210__us-gaap--SubsidiarySaleOfStockAxis__custom--TwoThousandTwentySixPublicOfferingMember_zDwU3CWV3lk9" title="Proceeds from sale of public offering">9.5 million in net proceeds from a public offering (the “Public Offering”) of (i) 0.8 million shares of the Company’s common stock or pre-funded warrants and (ii) accompanying warrants to purchase 0.8 million shares of the Company’s common stock (the “Milestone Warrants”). See Note 8 for more information regarding the Public Offering. On March 13, 2026, the Company filed a Registration Statement on Form S-3 with the SEC to offer and sell up to $50.0 million of its common stock from time to time in one or more offerings (the “Universal Shelf”), which became effective on March 30, 2026. The Universal Shelf includes a prospectus supplement providing for sales of up to $9.2 million of common stock pursuant to an At-the-Market (“ATM”) program. The Company is subject to General Instruction I.B.6 of Form S-3 (the “baby shelf” rules), which limits the aggregate market value of securities the Company may sell under the Universal Shelf to no more than one-third of its public float in any 12-month period while its public float remains below $75.0 million. As of the filing of the Universal Shelf, one-third of the Company’s public float was approximately $9.2 million, representing the maximum amount to be sold under the ATM. As of March 31, 2026, the Company has not sold any securities under the ATM. In connection with preparing the financial statement as of and for the three months ended March 31, 2026, the Company evaluated whether there are conditions and events, considered in the aggregate, that are known and reasonably knowable that would raise substantial doubt about its ability to continue as a going concern within one year after the date that the financial statements are issued. As of April 30, 2026, the Company had approximately $8.3 million in cash, which is less than that needed to effect its current operating plan and forecasted cash requirements for the next twelve months. However, management expects that its ability to access capital under its ATM will cover shortfalls in its cash resources over the next twelve months from the issuance date of these financial statements. If the Company’s cash is not sufficient to meet future cash requirements, the Company may be required to reduce planned capital expenses, reduce operational cash uses or raise capital on terms that are not as favorable to the Company as they otherwise might be. Any actions the Company may undertake to reduce planned capital purchases or reduce expenses may be insufficient to cover shortfalls in available funds. If the Company requires additional capital, it may be unable to secure additional financing on terms that are acceptable to the Company, or at all.

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The fair value hierarchy is as follows: ● Level 1 Inputs – Valued based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. ● Level 2 Inputs – Valued based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. ● Level 3 Inputs – Valued based on inputs for which there is little or no market value, which require the reporting entity to develop its own assumptions. 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The forward sales contract liability was remeasured at fair value at each reporting date or immediately prior to settlement, with changes in fair value recognized in the condensed consolidated statements of operations. Upon settlement, the liability was reclassified as a component of stockholders’ equity. The 2025 SPA closed during the second quarter of 2025, and as a result, there was no SPA liability remaining as of March 31, 2026 or December 31, 2025. <p id="xdx_897_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zB9oQJI3Ujdf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes the liabilities that are measured at fair value as of March 31, 2026 and December 31, 2025 (in thousands): Schedule of Liabilities Measured at Fair Value <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">Description</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">Level</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260331_zansp0Fokygg" 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_491_20251231_z4lZkEoXu7fg" 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></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; width: 50%">Liabilities:</td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 12%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 12%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 14%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr id="xdx_402_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ContingentConsiderationByTypeAxis__custom--MarketCapContingentConsiderationMember_zHZaL6LdBlZi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contingent consideration</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ContingentConsiderationByTypeAxis__custom--MarketCapContingentConsiderationMember_zJm66HLSApe6" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">Liability fair value disclosure</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> </table> Certain inputs used in Black-Scholes and Monte Carlo models may fluctuate in future periods based upon factors that are outside of the Company’s control. A significant change in one or more of these inputs used in the calculation of the fair value may cause a significant change to the fair value of the Company’s warrant liabilities or contingent consideration liabilities, which could also result in material non-cash gains or losses being reported in the Company’s condensed consolidated statement of operations. The Company remeasured the fair value of the Q1-22 warrants at March 31, 2026, and the result of the remeasurement was de minimis. The Company assessed the fair value of the contingent consideration liability at each reporting period through March 31, 2026 and determined that there were no material changes to the remeasurement that would have resulted in a material change to the liability at March 31, 2026. Therefore, the Company did not recognize a change in fair value of the contingent consideration liability for the three months ended March 31, 2026.

914 5300000

<p id="xdx_897_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zB9oQJI3Ujdf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes the liabilities that are measured at fair value as of March 31, 2026 and December 31, 2025 (in thousands): Schedule of Liabilities Measured at Fair Value <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">Description</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">Level</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260331_zansp0Fokygg" 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_491_20251231_z4lZkEoXu7fg" 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></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; width: 50%">Liabilities:</td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 12%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 12%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 14%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr id="xdx_402_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ContingentConsiderationByTypeAxis__custom--MarketCapContingentConsiderationMember_zHZaL6LdBlZi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contingent consideration</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ContingentConsiderationByTypeAxis__custom--MarketCapContingentConsiderationMember_zJm66HLSApe6" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">Liability fair value disclosure</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> </table>

41000

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">4.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Goodwill</td></tr></table> The Company recorded goodwill in the amount of $2.0 million related to a 2018 acquisition that was accounted for as a business combination. Goodwill is not amortized but is tested for impairment annually, or more frequently if the Company becomes aware of any events occurring or changes in circumstances that indicate that the fair value of the entity is less than its carrying value. The Company performed an assessment as of March 31, 2026, and based on that assessment, the Company was unable to conclude that it was more likely than not that the fair value of the entity exceeded its carrying value as of such date. As a result, the Company performed a step-one quantitative assessment and concluded that the fair value of the reporting unit was less than the carrying value as of March 31, 2026, and the goodwill was considered fully impaired. Therefore, the Company recognized an impairment charge for $2.0 million in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2026. As of March 31, 2026, there was no goodwill balance.

2000000.0

<p id="xdx_80D_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zj7vMoqI68yf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">5.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Accrued Expenses</td></tr></table> Accrued expenses at March 31, 2026 and December 31, 2025 consisted of the following (in thousands): Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20260331_zA0wRS9N7Iqd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20251231_zZ9TCNMkoqR9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_408_ecustom--StudyFees_iI_pn3n3_maALCzPun_zmcj2MzTBYCe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Study Fees</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">642</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maALCzPun_zgCVa2goLWx4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">497</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maALCzPun_zWVThMbCJ6oh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">379</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--AccruedLegalFeesAndRelatedCurrent_iI_pn3n3_maALCzPun_zwJsCxTQxlea" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Legal matters</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">336</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCzPun_zPcQQtv5ixz8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Other</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">274</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtALCzPun_ze2yeZYEgNIa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Total accrued expenses</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,481</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">898</td><td style="text-align: left"> </td></tr> </table>

Accrued expenses at March 31, 2026 and December 31, 2025 consisted of the following (in thousands): Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20260331_zA0wRS9N7Iqd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20251231_zZ9TCNMkoqR9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_408_ecustom--StudyFees_iI_pn3n3_maALCzPun_zmcj2MzTBYCe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Study Fees</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">642</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">156</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maALCzPun_zgCVa2goLWx4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">497</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maALCzPun_zWVThMbCJ6oh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">379</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--AccruedLegalFeesAndRelatedCurrent_iI_pn3n3_maALCzPun_zwJsCxTQxlea" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Legal matters</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">336</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCzPun_zPcQQtv5ixz8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Other</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">274</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtALCzPun_ze2yeZYEgNIa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Total accrued expenses</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,481</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">898</td><td style="text-align: left"> </td></tr> </table>

642000 156000

497000

12000

68000

379000

336000

274000

15000

1481000

898000

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">6.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Operating Leases</td></tr></table> As of March 31, 2026, the Company had an operating lease for an office in Cambridge, Massachusetts (the “Cambridge Lease”), which expires in 2028. The Company also leased an office in the Borough of Manhattan in New York, New York (the “Manhattan Office”), which was to expire in January 2027, and was subleasing the Manhattan Office to a sublessee. The sublease was to expire in October 2026. On February 16, 2026, the Company entered into a sublease termination agreement with the sublessee of the Manhattan Office effective March 13, 2026. Pursuant to the sublease termination agreement, the sublessee agreed to surrender and vacate the premises in exchange for a termination payment of approximately $60,000, which represented the remaining sublease payments through October 2026. As a result, the Company recognized a gain for the sublease termination of approximately $56,000, which is included in general and administrative expense in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2026. On February 18, 2026, the Company entered into a lease termination agreement with the lessor of the Manhattan Office effective March 13, 2026. Pursuant to the lease termination agreement, the Company agreed to surrender and vacate the premises in exchange for a termination payment of approximately $72,000 to the lessor. The lease termination agreement was accounted for as a modification to the Manhattan Office lease rather than as a lease termination because the Company did not contemporaneously terminate the Manhattan Office lease upon the February 18, 2026 modification date and had a continued right-of-use of the facility through March 13, 2026. As a result, the Company remeasured the remaining lease payments, including the $72,000 termination fee, and reduced the lease liability the Company had on its balance sheet at the time of the modification by approximately $26,000 to the present value of the remeasured lease liability of approximately $79,000. For a lease modification that is not accounted for as a separate contract, a lessee recognizes the amount of the remeasured lease liability as an adjustment to the corresponding right-of-use (“ROU”) asset without affecting profit or loss. As a result, the Company reduced the ROU asset by approximately $26,000 to approximately $31,000, which was amortized through March 13, 2026. As of March 31, 2026, there was no lease liability or ROU asset for the Manhattan Office remaining. For the three months ended March 31, 2026 and 2025, the net operating lease expenses were as follows (in thousands): Schedule of Net Operating Lease Expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20260101__20260331_zQdFXgkeIntd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20250101__20250331_zw4ospLGIc8e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseCost_pn3n3_maLCzDhH_zG8c6BLYsAt2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Operating lease expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">89</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">67</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--SubleaseIncome_iN_pn3n3_di_msLCzDhH_zJ8G0G2Jpzw7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sublease income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--GainLossOnTerminationOfLease_iN_pn3n3_di_msLCzDhH_zLR4MdawOXig" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gain on sublease termination</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(56</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--VariableLeaseCost_pn3n3_maLCzDhH_zB1D8Kljpc92" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Variable lease expense</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LeaseCost_iT_pn3n3_mtLCzDhH_ziJkzT5cb2ke" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total lease expense</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_898_ecustom--OperatingLeaseRightOfUseAssetsAndLiabilitiesTableTextBlock_zyyOdvtDQKOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The tables below show the beginning balances of the operating ROU assets and lease liabilities as of January 1, 2026 and the ending balances as of March 31, 2026, including the changes during the period (in thousands). Schedule of Operating Lease Right-of-use Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Lease ROU Assets</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Operating lease ROU assets at January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--OperatingLeaseRightOfUseAsset_iS_pn3n3_c20260101__20260331_z3Y8BBXMxoLe" style="width: 16%; text-align: right" title="Operating lease ROU assets, Beginning balance">453</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Remeasurement of ROU asset</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--RemeasurmentOfRightOfUseAsset_iN_pn3n3_di_c20260101__20260331_zxtLWgDWf8Ff" style="text-align: right" title="Remeasurment of ROU asset">(26</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Amortization of operating lease ROU assets</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_iN_pn3n3_di_c20260101__20260331_z0G0foIkMkXl" style="border-bottom: Black 1pt solid; text-align: right" title="Amortization of operating lease ROU assets">(78</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease ROU assets at March 31, 2026</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--OperatingLeaseRightOfUseAsset_iE_pn3n3_c20260101__20260331_zbgMmL3AEVB3" style="border-bottom: Black 2.5pt double; text-align: right" title="Operating lease ROU assets, Ending balance">349</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Lease Liabilities</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Operating lease liabilities at January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--OperatingLeaseLiability_iS_pn3n3_c20260101__20260331_z0QbofJuoDLl" style="width: 16%; text-align: right" title="Operating lease liabilities, Beginning balance">490</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Remeasurement of lease liability</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--RemeasurmentOfLeaseLiability_iN_pn3n3_di_c20260101__20260331_zjOsFO68zBJj" style="text-align: right" title="Remeasurment of lease liability">(26</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Principal payments on operating lease liabilities</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--PrincipalPaymentsOnOperatingLeaseLiabilities_iN_pn3n3_di_c20260101__20260331_zwZRU9ZhxKj1" style="border-bottom: Black 1pt solid; text-align: right" title="Principal payments on operating lease liabilities">(75</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease liabilities at March 31, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--OperatingLeaseLiability_iE_pn3n3_c20260101__20260331_znlH42gZmaj" style="text-align: right" title="Operating lease liabilities, Ending balance">389</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Less non-current portion</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--OperatingLeaseLiabilityNoncurrent_iNI_pn3n3_di_c20260331_zL0bMKEaZXad" style="border-bottom: Black 1pt solid; text-align: right" title="Less non-current portion">(226</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Current portion at March 31, 2026</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_c20260331_zovkCQKt48Ic" style="border-bottom: Black 2.5pt double; text-align: right" title="Current portion">163</td><td style="text-align: left"> </td></tr> </table> As of March 31, 2026, the Company’s operating lease had a remaining life of 2.3 years with a discount rate of 9.1% The maturities of the operating lease liability are as follows (in thousands): Maturities of Operating Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260331_zGvAlxz1jX5a" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_maLOLLPzfyw_zVfj6HVqSDM5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">143</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzfyw_zTgwQ5wuGFv8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">190</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzfyw_zUkXVlnyODnj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2028</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">95</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzfyw_zFtoWTGMdXJ3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">428</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_z6i8swZYR3H9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; 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 style="border-bottom: Black 1pt solid; text-align: right">(39</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_zFbzFtIuq0Vl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total operating lease liabilities</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">389</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

60000

56000

72000 72000

26000

79000 26000 31000

For the three months ended March 31, 2026 and 2025, the net operating lease expenses were as follows (in thousands): Schedule of Net Operating Lease Expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20260101__20260331_zQdFXgkeIntd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20250101__20250331_zw4ospLGIc8e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseCost_pn3n3_maLCzDhH_zG8c6BLYsAt2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Operating lease expense</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">89</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">67</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--SubleaseIncome_iN_pn3n3_di_msLCzDhH_zJ8G0G2Jpzw7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sublease income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--GainLossOnTerminationOfLease_iN_pn3n3_di_msLCzDhH_zLR4MdawOXig" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gain on sublease termination</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(56</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_40D_eus-gaap--VariableLeaseCost_pn3n3_maLCzDhH_zB1D8Kljpc92" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Variable lease expense</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LeaseCost_iT_pn3n3_mtLCzDhH_ziJkzT5cb2ke" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total lease expense</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="text-align: left"> </td></tr> </table>

89000

67000

14000

21000

56000

1000

6000

20000

52000

<p id="xdx_898_ecustom--OperatingLeaseRightOfUseAssetsAndLiabilitiesTableTextBlock_zyyOdvtDQKOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The tables below show the beginning balances of the operating ROU assets and lease liabilities as of January 1, 2026 and the ending balances as of March 31, 2026, including the changes during the period (in thousands). Schedule of Operating Lease Right-of-use Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Lease ROU Assets</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Operating lease ROU assets at January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--OperatingLeaseRightOfUseAsset_iS_pn3n3_c20260101__20260331_z3Y8BBXMxoLe" style="width: 16%; text-align: right" title="Operating lease ROU assets, Beginning balance">453</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Remeasurement of ROU asset</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--RemeasurmentOfRightOfUseAsset_iN_pn3n3_di_c20260101__20260331_zxtLWgDWf8Ff" style="text-align: right" title="Remeasurment of ROU asset">(26</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Amortization of operating lease ROU assets</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_iN_pn3n3_di_c20260101__20260331_z0G0foIkMkXl" style="border-bottom: Black 1pt solid; text-align: right" title="Amortization of operating lease ROU assets">(78</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease ROU assets at March 31, 2026</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--OperatingLeaseRightOfUseAsset_iE_pn3n3_c20260101__20260331_zbgMmL3AEVB3" style="border-bottom: Black 2.5pt double; text-align: right" title="Operating lease ROU assets, Ending balance">349</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Lease Liabilities</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Operating lease liabilities at January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--OperatingLeaseLiability_iS_pn3n3_c20260101__20260331_z0QbofJuoDLl" style="width: 16%; text-align: right" title="Operating lease liabilities, Beginning balance">490</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Remeasurement of lease liability</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--RemeasurmentOfLeaseLiability_iN_pn3n3_di_c20260101__20260331_zjOsFO68zBJj" style="text-align: right" title="Remeasurment of lease liability">(26</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Principal payments on operating lease liabilities</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--PrincipalPaymentsOnOperatingLeaseLiabilities_iN_pn3n3_di_c20260101__20260331_zwZRU9ZhxKj1" style="border-bottom: Black 1pt solid; text-align: right" title="Principal payments on operating lease liabilities">(75</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease liabilities at March 31, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--OperatingLeaseLiability_iE_pn3n3_c20260101__20260331_znlH42gZmaj" style="text-align: right" title="Operating lease liabilities, Ending balance">389</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Less non-current portion</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--OperatingLeaseLiabilityNoncurrent_iNI_pn3n3_di_c20260331_zL0bMKEaZXad" style="border-bottom: Black 1pt solid; text-align: right" title="Less non-current portion">(226</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Current portion at March 31, 2026</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_c20260331_zovkCQKt48Ic" style="border-bottom: Black 2.5pt double; text-align: right" title="Current portion">163</td><td style="text-align: left"> </td></tr> </table>

453000

26000

78000

349000

490000

26000 75000

389000

226000

163000

P2Y3M18D

0.091

Maturities of Operating Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260331_zGvAlxz1jX5a" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_maLOLLPzfyw_zVfj6HVqSDM5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">143</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzfyw_zTgwQ5wuGFv8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">190</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzfyw_zUkXVlnyODnj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2028</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">95</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzfyw_zFtoWTGMdXJ3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">428</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_z6i8swZYR3H9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; 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 style="border-bottom: Black 1pt solid; text-align: right">(39</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_zFbzFtIuq0Vl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total operating lease liabilities</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">389</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

143000

190000

95000

428000

39000

389000

<p id="xdx_804_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zPjmaCPPIOP" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">7.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Stock-Based Compensation</td></tr></table> Stock Options <p id="xdx_89A_ecustom--ShareBasedPaymentArrangementOptionGrantsInPeriodTableTextBlock_zAHLAmdsrDVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended March 31, 2026 and 2025, the Company granted options to purchase the number of shares of the Company’s common stock set forth in the table below (in thousands): Schedule of Stock Option Granted <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20260101__20260331_z50zZ6vBiCLf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20250101__20250331_z8ozAYlcOql2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </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> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pn3n3_hus-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zr3iwQGmufVa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Stock options granted</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">199</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">122</td><td style="width: 1%; text-align: left"> </td></tr> </table> The Company recognizes stock-based compensation expense for stock options granted to employees, directors and certain consultants. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The fair value of stock options granted is recognized as expense over the requisite service period on a straight-lined basis. <p id="xdx_89A_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_ziHYwWhaceLj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following weighted-average assumptions were used for stock options granted during the three months ended March 31, 2026 and 2025: Schedule of Weighted-Average Assumptions Used for Stock Options Granted <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zBEI9cB0ieQ2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_493_20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z2PDwiKRnLY" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </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> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_zo20HjRzE4Rk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Weighted average risk-free rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.96</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">4.42</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_zrd0gHL1LVK" style="vertical-align: bottom; background-color: White"> <td>Weighted average volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123.21</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116.69</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_zohJQEvtJnea" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zaj1jGXa4fBa" title="Expected term">8.82 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zTEUKVsQybVc" title="Expected term">5.98 years</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_894_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock_zAVQkKkV3a6b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The per-share weighted average grant-date fair value of stock options granted during the three months ended March 31, 2026 and 2025 were as follows: Schedule of Weighted Average Grant-date Fair Value of Stock Options <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20260101__20260331_zZnJ5iVthkt8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20250101__20250331_zuQas9aMXpUc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </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> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_hus-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zY0Hbpf7KPF1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Weighted average grant date fair value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">0.39</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4.32</td><td style="width: 1%; text-align: left"> </td></tr> </table> Vesting of all stock options is subject to continuous service with the Company through the applicable vesting date. As of March 31, 2026, there were approximately <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zjLFn7EOiB07" title="Number of stock option awards outstanding">21,000 shares of the Company’s common stock subject to outstanding stock options. Restricted Stock Units The Company recognizes the fair value of RSUs as expense on a straight-line basis over the requisite service period. For performance-based RSUs, the Company begins recognizing the expense once the achievement of the related performance goal is determined to be probable. Outstanding RSUs are settled in an equal number of shares of common stock on the vesting date of the award. An RSU award is settled only to the extent vested. Vesting generally requires continued employment or service by the award recipient through the applicable vesting date. Because RSUs are settled in an equal number of shares of common stock without any offsetting payment by the recipient, the measurement of cost is based on the quoted market price of the stock at the measurement date, which is the grant date. In lieu of paying cash to satisfy withholding taxes due upon the settlement of vested RSUs, at the Company’s discretion, an employee may elect to have shares of common stock withheld that would otherwise be issued at settlement, the value of which is equal to the amount of withholding taxes payable. <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_do_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zgQLbkjbqjVe" title="RSUs vested"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_do_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zTt8fW9wIenb" title="RSUs vested">No RSUs vested during the three months ended March 31, 2026 and 2025. The Company did <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_do_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zac2altR43b" title="Number of RSUs granted"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_do_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zlYMGHpCJnSc" title="Number of RSUs granted">not grant RSUs during the three months ended March 31, 2026 and 2025, and as of March 31, 2026, there were <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_do_c20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z2VXDCewxqUa" title="RSUs outstanding">no RSUs outstanding. Stock-Based Compensation Expense <p id="xdx_89A_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zsevBgPbfWC7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">For the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense as follows (in thousands): Schedule of Stock-based Compensation Expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331_z6gxNeIYZnSf" 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_492_20250101__20250331_z5QchK2sybLj" 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="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </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> </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--AllocatedShareBasedCompensationExpense_pn3n3_hcustom--StatementOfIncomeLocationAxis__custom--ResearchAndDevelopmentExpensesMember_zzkDh5FgZtqd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">13</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">16</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hcustom--StatementOfIncomeLocationAxis__custom--GeneralAndAdministrativeExpensesMember_znQ7FFvq45fh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; 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">295</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">486</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_zdtMlZOR1oac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">308</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">502</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_89A_ecustom--ShareBasedPaymentArrangementOptionGrantsInPeriodTableTextBlock_zAHLAmdsrDVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended March 31, 2026 and 2025, the Company granted options to purchase the number of shares of the Company’s common stock set forth in the table below (in thousands): Schedule of Stock Option Granted <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20260101__20260331_z50zZ6vBiCLf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_495_20250101__20250331_z8ozAYlcOql2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </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> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pn3n3_hus-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zr3iwQGmufVa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Stock options granted</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">199</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">122</td><td style="width: 1%; text-align: left"> </td></tr> </table>

199000

122000

<p id="xdx_89A_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_ziHYwWhaceLj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following weighted-average assumptions were used for stock options granted during the three months ended March 31, 2026 and 2025: Schedule of Weighted-Average Assumptions Used for Stock Options Granted <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zBEI9cB0ieQ2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_493_20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z2PDwiKRnLY" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </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> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_zo20HjRzE4Rk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Weighted average risk-free rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.96</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">4.42</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_zrd0gHL1LVK" style="vertical-align: bottom; background-color: White"> <td>Weighted average volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123.21</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116.69</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_zohJQEvtJnea" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zaj1jGXa4fBa" title="Expected term">8.82 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zTEUKVsQybVc" title="Expected term">5.98 years</td><td style="text-align: left"> </td></tr> </table>

0.0396

0.0442

1.2321

1.1669

0.0000

P8Y9M25D

P5Y11M23D

<p id="xdx_894_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock_zAVQkKkV3a6b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The per-share weighted average grant-date fair value of stock options granted during the three months ended March 31, 2026 and 2025 were as follows: Schedule of Weighted Average Grant-date Fair Value of Stock Options <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20260101__20260331_zZnJ5iVthkt8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20250101__20250331_zuQas9aMXpUc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </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> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_hus-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zY0Hbpf7KPF1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Weighted average grant date fair value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">0.39</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4.32</td><td style="width: 1%; text-align: left"> </td></tr> </table>

0.39

4.32

21000

<p id="xdx_89A_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zsevBgPbfWC7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">For the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense as follows (in thousands): Schedule of Stock-based Compensation Expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260331_z6gxNeIYZnSf" 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_492_20250101__20250331_z5QchK2sybLj" 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="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </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> </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--AllocatedShareBasedCompensationExpense_pn3n3_hcustom--StatementOfIncomeLocationAxis__custom--ResearchAndDevelopmentExpensesMember_zzkDh5FgZtqd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">13</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">16</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hcustom--StatementOfIncomeLocationAxis__custom--GeneralAndAdministrativeExpensesMember_znQ7FFvq45fh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; 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">295</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">486</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_zdtMlZOR1oac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">308</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">502</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

13000

16000

295000

486000

308000

502000

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">8.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Equity Transactions</td></tr></table> 2026 Public Offering On February 6, 2026, the Company entered into a placement agency agreement (the “Placement Agency Agreement”) with Brookline Capital Markets, a division of Arcadia Securities, LLC (“Brookline” or the “Placement Agent”), pursuant to which the Company engaged the Placement Agent for the 2026 Offering, which included the public offering of (i) 0.8 million shares of the Company’s common stock (or pre-funded warrants in lieu of common stock) and accompanying Milestone Warrants to purchase 0.8 million shares of common stock, at a combined offering price of $12.50 per share of common stock and accompanying Milestone Warrant (or $12.25 per pre-funded warrant and accompanying Milestone Warrant). In connection with the Public Offering, the Company also entered into a securities purchase agreement (each, a “Purchase Agreement”) with certain investors who purchased common stock and Milestone Warrants in the Public Offering. The pre-funded warrants were immediately exercisable (subject to certain ownership limitations) had an exercise price of $0.25 per share and did not expire until exercised in full. On February 11, 2026 and February 18, 2026, the Company issued approximately <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20260211__20260211__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantsMember_zy9nPryEBVBg" title="Pre funded warrants exercised">53,000 and <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20260218__20260218__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantsMember_z8idHEGij2l9" title="Pre funded warrants exercised">27,000 shares of common stock, respectively, in connection with the exercise of the pre-funded warrants, for a total exercise price of approximately $20,000. There are no remaining pre-funded warrants outstanding related to the Public Offering. The Milestone Warrants are tradeable on The Nasdaq Capital Market under the symbol “ERNAW.” The Milestone Warrants are immediately exercisable (subject to certain ownership limitations), have an exercise price of $17.00 per share, and expire on the earlier of (i) the five-year anniversary of the original issuance date or (ii) the 180th calendar day following the public release by the Company of clinical trial data from the first cohort of the Phase 1 study of ERNA-101. Pursuant to the Placement Agency Agreement, the Company paid the Placement Agent an aggregate cash fee of approximately $0.5 million, which was equal to 6.5% of the aggregate purchase price paid by investors in the Offering (or 1.5% with respect to certain existing investors). The Company will also pay the Placement Agent a cash fee as compensation for gross proceeds the Company receives from any exercise of any Milestone Warrants sold in connection with the Public Offering, payable quarterly on each January 1, April 1, July 1 and October 1 following the closing of the Public Offering (or the following business day if such day is not a business day), at the same percentage and as calculated in the manner as set forth above. The Company also issued approximately 9,000 shares of Common Stock to the Placement Agent (the “Agent’s Shares”), which was equal to 1.5% of the aggregate number of Shares and pre-funded warrants sold in the Public Offering (or 0.5% with respect to sales to certain existing investors). In addition, the Company reimbursed the Placement Agent for its accountable offering-related legal expenses in an amount of $125,000. The Public Offering closed on February 10, 2026, for aggregate gross proceeds of approximately $10.5 million before deducting Placement Agent fees and other offering expenses payable by the Company. The Company is using the net proceeds from the Public Offering to support the advancement of its development programs and for working capital and general corporate purposes. The Placement Agency Agreement and the Purchase Agreements contain customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company, the Placement Agent, or the investors, as the case may be, and other obligations of the parties. Pursuant to the terms of the Purchase Agreements and the Placement Agency Agreement, the Company has agreed that for a period of ninety (90) days from the closing of the Public Offering, that neither the Company nor any subsidiary may (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of common stock or common stock equivalents or (ii) file any registration statement or prospectus, or any amendment or supplement thereto, in each case, subject to certain exceptions, unless waived by the Placement Agent. The Company has also agreed not to effect or enter into an agreement to effect any issuance of common stock or common stock equivalents involving a Variable Rate Transaction, as defined in the Purchase Agreements, for a period of ninety (90) days following the closing of the Public Offering, subject to certain exceptions, unless waived by the Placement Agent. In addition, as part of the Purchase Agreement, subject to certain exceptions, the Company’s officers and directors entered into lock-up agreements, pursuant to which they agreed not to sell or otherwise dispose of any of the Common Stock for a period of ninety (90) days following the date of closing of the Public Offering. Universal Shelf and ATM On March 13, 2026, the Company filed the Universal Shelf to offer and sell up to $50.0 million of its common stock from time to time in one or more offerings, which became effective on March 30, 2026. The Universal Shelf includes a prospectus supplement providing for sales of up to $9.2 million of common stock pursuant to an ATM program under a sales agent agreement the Company entered into with Brookline. The Company is subject to the “baby shelf” rules, which limits the aggregate market value of securities the Company may sell under the Universal Shelf to no more than one-third of its public float in any 12-month period while its public float remains below $75.0 million. As of the filing of the Universal Shelf, one-third of the Company’s public float was approximately $9.2 million, representing the maximum amount to be sold under the ATM. As of March 31, 2026, the Company has not sold any securities under the ATM. 2025 Private Placement On March 31, 2025, the Company entered into a securities purchase agreement (the “2025 SPA”) with certain accredited investors to sell in a private placement an aggregate of approximately <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20250331__20250331__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--TwoThousandTwentyFivePrivatePlacementMember_zuwmEWVMfHm9" title="Sale of stock, number of common stock issued">185,000 shares of common stock at a purchase price of $<span id="xdx_903_eus-gaap--SaleOfStockPricePerShare_iI_c20250331__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--TwoThousandTwentyFivePrivatePlacementMember_znkL0kUVv3oc" title="Sale of stock, price per share">39.23 per share, or pre-funded warrants in lieu of common stock at a purchase price of $<span id="xdx_904_eus-gaap--SaleOfStockPricePerShare_iI_c20250331__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantMember_zy2S1WfDvbae" title="Sale of stock, price per share">37.35 per pre-funded warrant (the “2025 Private Placement”). The pre-funded warrants will be exercisable until exercised in full at a nominal exercise of $<span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250331__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantMember_zkOdQwEar0Yi" title="Nominal Exercise">1.88 per share of the Company’s outstanding common stock, subject to certain ownership limitations. The 2025 SPA represented a forward sale contract obligating the Company to sell a fixed number of shares of its common stock at a fixed price per share and contained an adjustment to the settlement amount based on shareholder approval, which is not an input into the pricing of a fixed-for-fixed forward on equity shares. The Company measured the fair value of the forward sale contract as the difference between (i) the fair value of the expected shares to be purchased by the investors as of the date the Company entered into the 2025 SPA and (ii) the discounted purchase price of the shares and recorded a liability of approximately $<span id="xdx_908_ecustom--DiscountedPurchasePriceOfSharesAndLiability_iI_pn5n6_c20250331__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zW0YAl9HANOa" title="Discounted purchase price of shares and liability">5.3 million at the contract inception date. The Company also recognized a corresponding $<span id="xdx_90F_ecustom--ForwardSalesContractLiabilityAtFairValue_pn5n6_c20260101__20260331__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zaHoODHXBePc" title="Forward sales contract liability at fair value">5.3 million charge to expense on the contract inception date because the fair value of the expected shares to be purchased by the investors exceeded the expected proceeds under the 2025 SPA. There were no shares sold and issued under the 2025 SPA during the three months ended March 31, 2025, and the 2025 Private Placement closed during the second quarter of 2025. Warrants <p id="xdx_890_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zpmVfQirmye" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2026, the Company had the following warrants outstanding: Schedule of Warrants Outstanding <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">Warrants Outstanding</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">Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration Date</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">Classification</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: 38%">Q1-22 Warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonWarrantsMember_zf4M52VM33Nc" style="width: 12%; text-align: right" title="Warrants Outstanding">914</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_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonWarrantsMember_zjkNr5t2gcab" style="width: 12%; text-align: right" title="Exercise Price">14,329.47</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center">09/09/27</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> Liability</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>December 2022 Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_zjtsoJqEnEQc" style="text-align: right" title="Warrants Outstanding">377</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_zLg858LvvVaf" style="text-align: right" title="Exercise Price">537.26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_z21YBXMWsz5i" title="Expiration Date">06/02/28</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> <span id="xdx_90F_ecustom--ClassOfWarrantOrRightClassification_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_ztMII5MfTzz1" title="Classification">Equity</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Milestone Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_zNUrpycI8pPh" style="text-align: right" title="Warrants Outstanding">840,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_zb394lqxajm7" style="text-align: right" title="Exercise Price">17.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_fKg_____z0UyjYnEtxag" style="display: none" title="Expiration Date">-*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> Equity</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prefunded warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsMember_zhmX4hDWJOHd" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants Outstanding">15,320</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_980_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsMember_zaqTmQ4DkxL6" style="border-bottom: Black 1pt solid; text-align: right" title="Exercise Price">1.88</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">None</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"> Equity</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260331_zHSEmieXYaCi" style="border-bottom: Black 2.5pt double; text-align: right" title="Warrants Outstanding">856,611</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"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </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"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td style="text-align: justify">The Milestone Warrants expire the earlier of (i) the five-year anniversary of the original issuance date or (ii) the 180th calendar day following the public release by the Company of clinical trial data from the first cohort of the Phase 1 study of ERNA-101.</td> </tr></table> As of March 31, 2026, the weighted average remaining contractual life of expiring warrants outstanding was <span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260331__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zsH4tg6PMOF2" title="Warrants outstanding weighted average contractual life">4.86 years and the weighted average exercise price for the expiring warrants was $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zwphMjMbDbMl" title="Warrants outstanding weighted average exercise price">32.78. <p id="xdx_89A_ecustom--ScheduleOfStockholdersEquityNoteWarrantsOrRightsActivityTextBlock_zS2rd9CsJup1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following table shows the warrant activity from January 1, 2026 through March 31, 2026: Schedule of Warrants 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">Outstanding January 1, 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">Granted</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">Exercised</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">Outstanding March 31, 2026</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: 36%">Q1-22 Warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonWarrantsMember_zts8CC2A6dG6" style="width: 12%; text-align: right" title="Warrants outstanding, beginning balance">914</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_985_ecustom--ClassOfWarrantOrRightGrantsInPeriod_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonWarrantsMember_ze3uoEbDRucj" style="width: 12%; text-align: right" title="Warrants, granted">-</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_988_ecustom--ClassOfWarrantOrRightExchangedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonWarrantsMember_zJOW4g9B91Mb" style="width: 12%; text-align: right" title="Warrants, exchanged">-</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_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonWarrantsMember_zQMcbtV6gtMf" style="width: 12%; text-align: right" title="Warrants outstanding, ending balance">914</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>December 2022 Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_zvpV0ZzFbYYa" style="text-align: right" title="Warrants outstanding, beginning balance">377</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--ClassOfWarrantOrRightGrantsInPeriod_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_zA1I4hk2sVNi" style="text-align: right" title="Warrants, granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--ClassOfWarrantOrRightExchangedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_zcWnJGHx1RN8" style="text-align: right" title="Warrants, exchanged">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_zYnQHu08fIBe" style="text-align: right" title="Warrants outstanding, ending balance">377</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Milestone Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_zfL5WaM4ilg1" style="text-align: right" title="Warrants outstanding, beginning balance">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ClassOfWarrantOrRightGrantsInPeriod_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_zEeJiOvJRCLj" style="text-align: right" title="Warrants, granted">840,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--ClassOfWarrantOrRightExchangedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_zIBhwnS6Ox19" style="text-align: right" title="Warrants, exchanged">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_z0OCFl8YfBp6" style="text-align: right" title="Warrants outstanding, ending balance">840,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prefunded warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsMember_zYEHTcJkrEA5" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants outstanding, beginning balance">15,320</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_988_ecustom--ClassOfWarrantOrRightGrantsInPeriod_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsMember_zSX9DdQ5eff7" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants, granted">80,000</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_98C_ecustom--ClassOfWarrantOrRightExchangedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsMember_ziNksKaMpiCe" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants, exchanged">(80,000</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_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsMember_zUhIuhJdozyk" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants outstanding, ending balance">15,320</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; 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 id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pid_c20260101__20260331_zbnmriayjYgl" style="border-bottom: Black 2.5pt double; text-align: right" title="Warrants outstanding, Beginning balance">16,611</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 id="xdx_987_ecustom--ClassOfWarrantOrRightGrantsInPeriod_pid_c20260101__20260331_z5FChlAlW1tl" style="border-bottom: Black 2.5pt double; text-align: right" title="Warrants, granted">920,000</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 id="xdx_980_ecustom--ClassOfWarrantOrRightExchangedInPeriod_iN_pid_di_c20260101__20260331_zFg0iQp9G1r9" style="border-bottom: Black 2.5pt double; text-align: right" title="Warrants, exchanged">(80,000</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 id="xdx_987_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pid_c20260101__20260331_z8fpFgRSrAy9" style="border-bottom: Black 2.5pt double; text-align: right" title="Warrants outstanding, Ending balance">856,611</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> On February 11, 2026 and February 18, 2026, the Company issued approximately <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20260211__20260211__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantsMember_zxLr35Ho78Fh" title="Pre funded warrants exercised">53,000 and <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_pid_c20260218__20260218__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantsMember_zkjRTF6ffAV2" title="Pre funded warrants exercised">27,000 shares of common stock, respectively, in connection with the exercise of the pre-funded warrants from the Public Offering, for a total exercise price of approximately $20,000. There are no remaining pre-funded warrants outstanding related to the Public Offering. Stock Repurchase Program In November 2024, the Company’s Board of Directors authorized a stock repurchase program (the “Repurchase Program”) of up to $1.0 million of the Company’s outstanding common stock. Under the Repurchase Program, the repurchases may be made by the Company from time to time through open-market purchases, privately negotiated transactions or other means in accordance with applicable securities laws. The timing and amount of repurchases will be determined by the Company, taking into consideration market conditions, stock price, and other factors. The Repurchase Program does not have a set expiration date and may be suspended, modified or discontinued at any time without prior notice. The Company did not repurchase any of its shares under the Repurchase Program during the three months ended March 31, 2026 and 2025.

800000

12.50

12.25

0.25

53000

27000

20000 20000

17.00

500000

which was equal to 6.5% of the aggregate purchase price paid by investors in the Offering (or 1.5% with respect to certain existing investors). The Company will also pay the Placement Agent a cash fee as compensation for gross proceeds the Company receives from any exercise of any Milestone Warrants sold in connection with the Public Offering, payable quarterly on each January 1, April 1, July 1 and October 1 following the closing of the Public Offering (or the following business day if such day is not a business day), at the same percentage and as calculated in the manner as set forth above. The Company also issued approximately 9,000 shares of Common Stock to the Placement Agent (the “Agent’s Shares”), which was equal to 1.5% of the aggregate number of Shares and pre-funded warrants sold in the Public Offering (or 0.5% with respect to sales to certain existing investors).

125000

10500000

50000000.0

9200000

75000000.0

9200000

185000

39.23

37.35

1.88

5300000 5300000

<p id="xdx_890_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zpmVfQirmye" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2026, the Company had the following warrants outstanding: Schedule of Warrants Outstanding <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">Warrants Outstanding</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">Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration Date</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">Classification</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: 38%">Q1-22 Warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonWarrantsMember_zf4M52VM33Nc" style="width: 12%; text-align: right" title="Warrants Outstanding">914</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonWarrantsMember_zjkNr5t2gcab" style="width: 12%; text-align: right" title="Exercise Price">14,329.47</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center">09/09/27</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> Liability</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>December 2022 Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_zjtsoJqEnEQc" style="text-align: right" title="Warrants Outstanding">377</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_zLg858LvvVaf" style="text-align: right" title="Exercise Price">537.26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_z21YBXMWsz5i" title="Expiration Date">06/02/28</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> <span id="xdx_90F_ecustom--ClassOfWarrantOrRightClassification_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_ztMII5MfTzz1" title="Classification">Equity</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Milestone Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_zNUrpycI8pPh" style="text-align: right" title="Warrants Outstanding">840,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_zb394lqxajm7" style="text-align: right" title="Exercise Price">17.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_fKg_____z0UyjYnEtxag" style="display: none" title="Expiration Date">-*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> Equity</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prefunded warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsMember_zhmX4hDWJOHd" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants Outstanding">15,320</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_980_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsMember_zaqTmQ4DkxL6" style="border-bottom: Black 1pt solid; text-align: right" title="Exercise Price">1.88</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">None</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"> Equity</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260331_zHSEmieXYaCi" style="border-bottom: Black 2.5pt double; text-align: right" title="Warrants Outstanding">856,611</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"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </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"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td style="text-align: justify">The Milestone Warrants expire the earlier of (i) the five-year anniversary of the original issuance date or (ii) the 180th calendar day following the public release by the Company of clinical trial data from the first cohort of the Phase 1 study of ERNA-101.</td> </tr></table>

914

14329.47

2027-09-09

Liability

377

537.26

2028-06-02

Equity

840000

17.00

Equity

15320

1.88

Equity

856611

P4Y10M9D

32.78

<p id="xdx_89A_ecustom--ScheduleOfStockholdersEquityNoteWarrantsOrRightsActivityTextBlock_zS2rd9CsJup1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following table shows the warrant activity from January 1, 2026 through March 31, 2026: Schedule of Warrants 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">Outstanding January 1, 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">Granted</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">Exercised</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">Outstanding March 31, 2026</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: 36%">Q1-22 Warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonWarrantsMember_zts8CC2A6dG6" style="width: 12%; text-align: right" title="Warrants outstanding, beginning balance">914</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_985_ecustom--ClassOfWarrantOrRightGrantsInPeriod_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonWarrantsMember_ze3uoEbDRucj" style="width: 12%; text-align: right" title="Warrants, granted">-</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_988_ecustom--ClassOfWarrantOrRightExchangedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonWarrantsMember_zJOW4g9B91Mb" style="width: 12%; text-align: right" title="Warrants, exchanged">-</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_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonWarrantsMember_zQMcbtV6gtMf" style="width: 12%; text-align: right" title="Warrants outstanding, ending balance">914</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>December 2022 Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_zvpV0ZzFbYYa" style="text-align: right" title="Warrants outstanding, beginning balance">377</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--ClassOfWarrantOrRightGrantsInPeriod_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_zA1I4hk2sVNi" style="text-align: right" title="Warrants, granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--ClassOfWarrantOrRightExchangedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_zcWnJGHx1RN8" style="text-align: right" title="Warrants, exchanged">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyTwoWarrantsMember_zYnQHu08fIBe" style="text-align: right" title="Warrants outstanding, ending balance">377</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Milestone Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_zfL5WaM4ilg1" style="text-align: right" title="Warrants outstanding, beginning balance">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ClassOfWarrantOrRightGrantsInPeriod_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_zEeJiOvJRCLj" style="text-align: right" title="Warrants, granted">840,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--ClassOfWarrantOrRightExchangedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_zIBhwnS6Ox19" style="text-align: right" title="Warrants, exchanged">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--MilestoneWarrantsMember_z0OCFl8YfBp6" style="text-align: right" title="Warrants outstanding, ending balance">840,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prefunded warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsMember_zYEHTcJkrEA5" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants outstanding, beginning balance">15,320</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_988_ecustom--ClassOfWarrantOrRightGrantsInPeriod_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsMember_zSX9DdQ5eff7" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants, granted">80,000</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_98C_ecustom--ClassOfWarrantOrRightExchangedInPeriod_iN_pid_di_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsMember_ziNksKaMpiCe" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants, exchanged">(80,000</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_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pid_c20260101__20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsMember_zUhIuhJdozyk" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants outstanding, ending balance">15,320</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; 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 id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pid_c20260101__20260331_zbnmriayjYgl" style="border-bottom: Black 2.5pt double; text-align: right" title="Warrants outstanding, Beginning balance">16,611</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 id="xdx_987_ecustom--ClassOfWarrantOrRightGrantsInPeriod_pid_c20260101__20260331_z5FChlAlW1tl" style="border-bottom: Black 2.5pt double; text-align: right" title="Warrants, granted">920,000</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 id="xdx_980_ecustom--ClassOfWarrantOrRightExchangedInPeriod_iN_pid_di_c20260101__20260331_zFg0iQp9G1r9" style="border-bottom: Black 2.5pt double; text-align: right" title="Warrants, exchanged">(80,000</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 id="xdx_987_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pid_c20260101__20260331_z8fpFgRSrAy9" style="border-bottom: Black 2.5pt double; text-align: right" title="Warrants outstanding, Ending balance">856,611</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

914

377

840000

15320

80000 80000

15320

16611

920000 80000

856611

53000

27000

20000 20000 1000000.0

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">9.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Net Loss Per Share</td></tr></table> The Company calculates basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities. Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, including the weighted average effect of prefunded warrants, and without consideration for potentially dilutive securities. Diluted net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding, including the weighted average effect of the prefunded warrants, plus dilutive securities. Shares of common stock issuable upon exercise, conversion or vesting of stock options, restricted stock units, warrants and the outstanding Series A convertible preferred stock are considered potential shares of common stock and are included in the calculation of diluted net loss per share using the treasury method when their effect is dilutive. Diluted net loss per share is the same as basic net loss per share for periods in which the effect of potentially dilutive shares of common stock is antidilutive. <p id="xdx_896_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zndYZONwfb25" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents the number of shares subject to outstanding stock options, warrants, and Series A convertible preferred stock that were excluded from the computation of diluted net loss per share of common stock for the three months ended March 31, 2026 and 2025, as their effect was anti-dilutive: Schedule of Securities Excluded from the Computation of Diluted Net Loss per Common Stock <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> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20260101__20260331_zN1paMPfyxR5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20250101__20250331_zMB9Te0b76b7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </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> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_ze3NV9lPSut6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Stock options</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">20,997</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">11,880</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zuFAK7IPFr4e" style="vertical-align: bottom; background-color: White"> <td>Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">841,291</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,291</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_zWsa8vMHIGf7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Preferred stock converted into common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,049</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">181</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zz9JchIkYKq4" style="vertical-align: bottom; background-color: White"> <td>RSUs</td><td> </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="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zS3qfOfdHqk9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total potential common shares excluded from computation</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">863,337</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">13,354</td><td style="text-align: left"> </td></tr> </table>

<p id="xdx_896_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zndYZONwfb25" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents the number of shares subject to outstanding stock options, warrants, and Series A convertible preferred stock that were excluded from the computation of diluted net loss per share of common stock for the three months ended March 31, 2026 and 2025, as their effect was anti-dilutive: Schedule of Securities Excluded from the Computation of Diluted Net Loss per Common Stock <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> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20260101__20260331_zN1paMPfyxR5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20250101__20250331_zMB9Te0b76b7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </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> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_ze3NV9lPSut6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Stock options</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">20,997</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">11,880</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zuFAK7IPFr4e" style="vertical-align: bottom; background-color: White"> <td>Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">841,291</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,291</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_zWsa8vMHIGf7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Preferred stock converted into common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,049</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">181</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zz9JchIkYKq4" style="vertical-align: bottom; background-color: White"> <td>RSUs</td><td> </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="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zS3qfOfdHqk9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total potential common shares excluded from computation</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">863,337</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">13,354</td><td style="text-align: left"> </td></tr> </table>

20997

11880

841291

1291

1049

181

863337

13354

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">10.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Commitments and Contingencies</td></tr></table> Litigation Matters The Company is involved in litigation and arbitrations from time to time in the ordinary course of business. Legal fees and other costs associated with such actions are expensed as incurred. In addition, the Company assesses the need to record a liability for litigation and contingencies. The Company reserves for costs relating to these matters when a loss is probable, and the amount can be reasonably estimated. The Company is not currently party to any material legal proceedings. Licensing Agreements The Company has an exclusive license and collaboration agreement (“the Factor L&C Agreement”) with Factor Bioscience Limited (“Factor Limited”). Under the Factor L&C Agreement, the Company has obtained exclusive licenses in the fields of cancer, autoimmune disorders, and rare diseases with respect to certain licensed technology and has the right to develop the licensed technology directly or enter into co-development agreements with partners who can help bring such technology to market. The Factor L&C Agreement also provides for certain services and materials to be provided by Factor Bioscience to facilitate the development of the licensed technology and to enable the Company to scale up production at third party facilities. The initial term of the Factor L&C Agreement was one year after the effective date, and it automatically renews yearly thereafter. The Company may terminate the Factor L&C Agreement for any reason upon <span id="xdx_90B_ecustom--NoticePeriodForCustomaryTerminationRights_dtD_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FactorLAndCAgreementMember_zgFtvZKBEio8" title="Notice period for customary termination rights">90 days’ written notice to Factor Bioscience, and the parties otherwise have customary termination rights, including in connection with certain uncured material breaches and specified bankruptcy events. Pursuant to the Factor L&C Agreement, the Company paid Factor Bioscience approximately $<span id="xdx_909_eus-gaap--OperatingCostsAndExpenses_pn5n6_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FactorLAndCAgreementMember__srt--StatementScenarioAxis__custom--FirstTwelveMonthsMember_zudnn1pxyvza" title="Costs">0.2 million per month for the first twelve months and approximately $<span id="xdx_907_eus-gaap--OperatingCostsAndExpenses_pn5n6_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FactorLAndCAgreementMember__srt--StatementScenarioAxis__custom--FirstNineMonthsMember_zbnks2Z7an53" title="Costs">0.1 million per month for the first nine months toward patent costs. The Company will also pay certain milestone payments, royalty payments on net sales of commercialized products and sublicensing fee payments, when applicable. Contingent Consideration The Company previously recorded a three-year contingent consideration liability related to an asset acquisition in April 2023. If during the three-year period since April 26, 2023, the Company’s market cap equals or exceeds $100 million for at least ten consecutive trading days, then the Company will issue to the seller shares of the Company’s common stock equal to (a) $2.0 million divided by (b) the quotient of $100 million divided by the Company’s then issued and outstanding shares of common stock. If during that three-year period, the Company’s market cap equals or exceeds $200 million for at least ten consecutive trading days, then the Company will issue to the seller additional shares of the Company’s common stock equal to (a) $2.0 million divided by (b) the quotient of $200 million dividend by the number of the Company’s then issued and outstanding shares of common stock. As discussed in Note 3, the Company records the contingent consideration liability at its fair value, and as of March 31, 2026, the fair value of the liability was approximately $41,000. The contingent consideration obligation expired on April 26, 2026. Retirement Savings Plan The Company offers to its eligible employees a defined contribution plan, organized under Section 401(k) of the Internal Revenue Code, through its co-employment arrangement with its professional employer organization (“PEO”). Under this arrangement, the PEO serves as the plan sponsor and administrator. Eligible employees may defer up to <span id="xdx_903_ecustom--DefinedContributionPlanDeferralPercentOfAnnualCompensationPercentage_pid_dp_uPure_c20260101__20260331__srt--RangeAxis__srt--MaximumMember_zppCIGtjs3u6" title="Employees contribution, deferral percentage of annual compensation">100% of their annual compensation or a specific amount imposed by the Internal Revenue Service, whichever is less. The Company matches employees’ contributions at a rate of <span id="xdx_900_ecustom--DefinedContributionPlanDeferralPercentOfTheirPayOnPreTaxBasis_pid_dp_uPure_c20260101__20260331__us-gaap--RetirementPlanNameAxis__custom--RetirementPlan401KMember_zQWsa3vOoXM6" title="Employees contribution, deferral percentage of their pay on a pre-tax basis">100% of the first <span id="xdx_90A_ecustom--DefinedContributionPlanEmployerMatchingContributionPercentOfMatchOne_pid_dp_uPure_c20260101__20260331__us-gaap--RetirementPlanNameAxis__custom--RetirementPlan401KMember_z1qH613Y1Hwh" title="Employer matching contribution up to first 3%">3% of the employee’s contribution and <span id="xdx_90F_ecustom--DefinedContributionPlanEmployeeContributionAtThresholdOne_pid_dp_uPure_c20260101__20260331__us-gaap--RetirementPlanNameAxis__custom--RetirementPlan401KMember_zKSUM4z6uul7" title="Employee contribution threshold for matching percentage">50% of the next <span id="xdx_909_ecustom--DefinedContributionPlanEmployerMatchingContributionPercentOfMatchTwo_pid_dp_uPure_c20260101__20260331__us-gaap--RetirementPlanNameAxis__custom--RetirementPlan401KMember_z8ECKoC3B4D7" title="Employer matching contribution in excess of first 2%">2% of the employee’s contribution, for a maximum Company match of <span id="xdx_90F_ecustom--DefinedContributionPlanEmployeeContributionAtThresholdTwo_pid_dp_uPure_c20260101__20260331__us-gaap--RetirementPlanNameAxis__custom--RetirementPlan401KMember_zHGrPXVxdtAc" title="Deferred compensation matched by employer, next match">4%.

P90D

200000

100000

If during the three-year period since April 26, 2023, the Company’s market cap equals or exceeds $100 million for at least ten consecutive trading days, then the Company will issue to the seller shares of the Company’s common stock equal to (a) $2.0 million divided by (b) the quotient of $100 million divided by the Company’s then issued and outstanding shares of common stock. If during that three-year period, the Company’s market cap equals or exceeds $200 million for at least ten consecutive trading days, then the Company will issue to the seller additional shares of the Company’s common stock equal to (a) $2.0 million divided by (b) the quotient of $200 million dividend by the number of the Company’s then issued and outstanding shares of common stock.

41000

2026-04-26 1 1 0.03 0.50 0.02 0.04

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">11.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Related Party Transactions</td></tr></table> Recent Financings Investors who participated in the Public Offering and the 2025 Private Placement included Charles Cherington. Mr. Cherington participated in the applicable financing under the same terms and subject to the same conditions as all the other investors. Mr. Cherington served on the Company’s board of directors from March 2021 to July 6, 2023. As of March 31, 2026, Mr. Cherington owned approximately <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20260331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MrCheringtonMember_zaiIpNu5Esyh" title="Common stock ownership percentage">23% of the Company’s outstanding common stock. March 2025 Promissory Notes On March 11, 2025, the Company received $<span id="xdx_90C_eus-gaap--ConvertibleLongTermNotesPayable_iI_pn5n6_c20250311__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteOneMember_zXGM2Rpt9v97" title="Convertible notes, net">1.5 million for the issuance of a promissory note in the principal amount of $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20250311__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteOneMember_zctm40erEZ6k" title="Aggregate principal amount">1.5 million to Mr. Cherington, and on March 21, 2025 the Company received $<span id="xdx_909_eus-gaap--ConvertibleLongTermNotesPayable_iI_pn5n6_c20250321__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteTwoMember_zgPoWm2BbTE9" title="Convertible notes, net">0.8 million for the issuance of a second promissory note in the principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20250321__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteTwoMember_zZodIktfOhak" title="Aggregate principal amount">0.8 million to Mr. Cherington. The promissory notes had a maturity date of the earlier of (i) June 15, 2025 or (ii) upon us receiving $5 million in gross proceeds from a subsequent capital raise. Each of the promissory notes accrued interest at a rate of 5.0% per annum, payable at maturity. Upon issuance of the notes, Mr. Cherington owned approximately <span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20250311__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MrCheringtonMember_zZwpgAcZDQEb" title="Common stock ownership percentage">32% of our outstanding common stock and currently owns approximately <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20260331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MrCheringtonMember_zoqNo9Wymws2" title="Common stock ownership percentage">23% of our outstanding common stock. As a result of completing the 2025 Private Placement, the Company repaid the outstanding principal plus accrued interest on the notes in full in the aggregate amount of $2.3 million, and as of March 31, 2026, there were no outstanding balances on the notes.

0.23

1500000

800000

2025-06-15

5000000

0.050

0.32

0.23

2300000

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">12.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Segment Reporting</td></tr></table> The Company operates within a single 1 reportable operating segment, the research and development of cellular therapies. The Company has identified its president and chief executive officer as its chief operating decision maker (“CODM”), who regularly reviews the Company’s performance and allocates resources based on information reported at the consolidated entity level. The CODM uses consolidated net loss as a measure of profit and loss and assesses Company performance through the achievement of its business strategy goals. The CODM is regularly provided with forecasted expense information that is used to determine the Company’s liquidity needs and cash allocation to execute its business strategy, and he uses cash as a measure of segment assets in managing the Company. The Company operates in the United States, and all of its assets are located in the United States. The table below provides a breakdown of the Company’s significant operating expenses for the three months ended March 31, 2026 and 2025, with a reconciliation to net loss for each of those years. The Company’s purchases of property and equipment were approximately $2,000 for the three months ended March 31, 2026. There were no purchases of property and equipment for the three months ended March 31, 2025. Depreciation and amortization expense was approximately $9,000 and $18,000 for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2025, the Company recognized $5.3 million in other expense related to the forward sales contract liability under the 2025 SPA. The Company recognized $44,000 and $5,000 in interest income, net, for the three months ended March 31, 2026 and 2025, respectively. <p id="xdx_89C_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zq8wPveIHifd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> Schedule of Breakdown of Significant Operating Expenses <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> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_492_20260101__20260331_zdcYsi5O7Vkg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20250101__20250331_z630VR4haHOk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingExpensesAbstract_iB_z0HLIDRCCHhb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating expenses:</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_408_eus-gaap--ResearchAndDevelopmentExpenseAbstract_i01B_zYHvNaKYNAa9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development by significant expense:</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_408_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--StudyFeesMember_zCUZgwQev4vi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 60%; text-align: left">Study fees</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,267</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">352</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--PayrollAndRelatedMember_z5CgwyXCAY2i" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Payroll and related</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">236</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">112</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_i02_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--ProfessionalFeesMember_zS9n4qIfGWge" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">164</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--MSALicenseFeesMember_zAqF9ZAyacX9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">MSA/license fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">637</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zm1NxquSEwqh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Other1</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">179</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">52</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_i02_maOEzBUn_zWUolQAAkTBk" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Research and development</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">1,915</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">1,309</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpenseAbstract_i01B_z5krL0UuSpy7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative by significant expense:</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_40C_eus-gaap--GeneralAndAdministrativeExpense_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--PayrollAndRelatedMember_z3R9s5Iiz1rc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Payroll and related2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">802</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">394</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--GeneralAndAdministrativeExpense_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--ProfessionalFeesMember_zkdKKGbcW99i" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Professional fees2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">386</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpense_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--StockBasedCompensationMember_z332nYviDpD3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">486</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--GeneralAndAdministrativeExpense_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zljEV1ng2S82" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Other2</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">86</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">155</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--GeneralAndAdministrativeExpense_i02_maOEzBUn_z0w1nkw68ML4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,421</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--GoodwillImpairmentLoss_i02_maOEzBUn_zBArpJqciwqc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Impairment of goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,044</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: White"> <td> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingExpenses_i01T_pn3n3_mtOEzBUn_msOILzMBp_zztGTpccdMDj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total operating expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,590</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,730</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingIncomeLoss_i01T_maILFCOzAPA_mtOILzMBp_zuGK7i3aTZbf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from operations</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,590</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,730</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--ForwardSalesContractExpense_maNIEzGpc_maNIEzo4C_z2uz7Pd2Cd1c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Forward sales contract expense</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">(5,335</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--FairValueAdjustmentOfWarrants_i01N_di_msNIEzGpc_msNIEzo4C_z9oOke5qTN63" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value of warrant liabilities</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">1</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestIncomeExpenseNonoperatingNet_i01_msNIEzGpc_maNIEzo4C_zIYVZr8cXfCj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest income (expense), net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherNonoperatingIncomeExpense_maNIEzGpc_maNIEzo4C_zHmRyTmg0IWf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other expense, net</td><td> </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="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(135</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--NonoperatingIncomeExpense_i01T_maILFCOzAPA_mtNIEzo4C_zeDE0UatVHs5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total other income (expense), net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,464</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_i01T_pn3n3_mtILFCOzAPA_maNILzxoR_zhH24F0VWTn" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss before income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,546</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,194</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxExpenseBenefit_i01N_pn3n3_di_msNILzxoR_zoJIqnCAMITh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Benefit (provision) for income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLoss_i01T_pn3n3_mtNILzxoR_zuWu2b8sSItj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,506</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(8,202</td><td style="text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Cash</td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--Cash_iI_c20260331_zDAGynMFQs1j" style="border-bottom: Black 2.5pt double; width: 16%; text-align: right" title="Cash">9,177</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Cash_iI_c20251231_zChvhkyK3fTb" style="border-bottom: Black 2.5pt double; width: 16%; text-align: right" title="Cash">1,884</td><td style="width: 1%; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Other includes certain lab supply expenses, travel expenses, stock-based compensation, allocated occupancy costs, and depreciation.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0E_zzO9N2TOTqdl" style="width: 15pt; text-align: right">2</td><td style="width: 5pt"></td><td style="text-align: justify">Other includes expenses related to insurance, occupancy expense, information technology, travel, depreciation and other miscellaneous expenses.</td> </tr></table>

2000

9000

18000

5300000

44000

5000

<p id="xdx_89C_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zq8wPveIHifd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> Schedule of Breakdown of Significant Operating Expenses <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> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_492_20260101__20260331_zdcYsi5O7Vkg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20250101__20250331_z630VR4haHOk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingExpensesAbstract_iB_z0HLIDRCCHhb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating expenses:</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_408_eus-gaap--ResearchAndDevelopmentExpenseAbstract_i01B_zYHvNaKYNAa9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development by significant expense:</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_408_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--StudyFeesMember_zCUZgwQev4vi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 60%; text-align: left">Study fees</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,267</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">352</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--PayrollAndRelatedMember_z5CgwyXCAY2i" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Payroll and related</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">236</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">112</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_i02_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--ProfessionalFeesMember_zS9n4qIfGWge" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">164</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--MSALicenseFeesMember_zAqF9ZAyacX9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">MSA/license fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">637</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zm1NxquSEwqh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Other1</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">179</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">52</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_i02_maOEzBUn_zWUolQAAkTBk" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Research and development</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">1,915</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">1,309</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpenseAbstract_i01B_z5krL0UuSpy7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative by significant expense:</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_40C_eus-gaap--GeneralAndAdministrativeExpense_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--PayrollAndRelatedMember_z3R9s5Iiz1rc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Payroll and related2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">802</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">394</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--GeneralAndAdministrativeExpense_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--ProfessionalFeesMember_zkdKKGbcW99i" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Professional fees2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">386</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpense_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--StockBasedCompensationMember_z332nYviDpD3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">486</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--GeneralAndAdministrativeExpense_i02_hus-gaap--StatementBusinessSegmentsAxis__custom--OtherMember_zljEV1ng2S82" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Other2</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">86</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">155</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--GeneralAndAdministrativeExpense_i02_maOEzBUn_z0w1nkw68ML4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,421</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--GoodwillImpairmentLoss_i02_maOEzBUn_zBArpJqciwqc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Impairment of goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,044</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: White"> <td> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingExpenses_i01T_pn3n3_mtOEzBUn_msOILzMBp_zztGTpccdMDj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total operating expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,590</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,730</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingIncomeLoss_i01T_maILFCOzAPA_mtOILzMBp_zuGK7i3aTZbf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from operations</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,590</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,730</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--ForwardSalesContractExpense_maNIEzGpc_maNIEzo4C_z2uz7Pd2Cd1c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Forward sales contract expense</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">(5,335</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--FairValueAdjustmentOfWarrants_i01N_di_msNIEzGpc_msNIEzo4C_z9oOke5qTN63" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value of warrant liabilities</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">1</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestIncomeExpenseNonoperatingNet_i01_msNIEzGpc_maNIEzo4C_zIYVZr8cXfCj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest income (expense), net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherNonoperatingIncomeExpense_maNIEzGpc_maNIEzo4C_zHmRyTmg0IWf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other expense, net</td><td> </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="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(135</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--NonoperatingIncomeExpense_i01T_maILFCOzAPA_mtNIEzo4C_zeDE0UatVHs5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total other income (expense), net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,464</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_i01T_pn3n3_mtILFCOzAPA_maNILzxoR_zhH24F0VWTn" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss before income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,546</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,194</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxExpenseBenefit_i01N_pn3n3_di_msNILzxoR_zoJIqnCAMITh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Benefit (provision) for income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLoss_i01T_pn3n3_mtNILzxoR_zuWu2b8sSItj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,506</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(8,202</td><td style="text-align: left">)</td></tr> </table> <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"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Cash</td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--Cash_iI_c20260331_zDAGynMFQs1j" style="border-bottom: Black 2.5pt double; width: 16%; text-align: right" title="Cash">9,177</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Cash_iI_c20251231_zChvhkyK3fTb" style="border-bottom: Black 2.5pt double; width: 16%; text-align: right" title="Cash">1,884</td><td style="width: 1%; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Other includes certain lab supply expenses, travel expenses, stock-based compensation, allocated occupancy costs, and depreciation.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0E_zzO9N2TOTqdl" style="width: 15pt; text-align: right">2</td><td style="width: 5pt"></td><td style="text-align: justify">Other includes expenses related to insurance, occupancy expense, information technology, travel, depreciation and other miscellaneous expenses.</td> </tr></table>

1267000

352000

236000

112000

164000

156000

69000

637000

179000

52000

1915000

1309000

802000

394000

447000

386000

296000

486000

86000

155000

1631000

1421000

2044000

5590000

2730000

-5590000

-2730000

-5335000

-1000

44000

5000

-135000

44000

-5464000

-5546000

-8194000

-40000

8000

-5506000

-8202000

9177000

1884000

<p id="xdx_803_eus-gaap--NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_zzjlcgLbrKFg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify; text-indent: 0.5in"> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">13.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Recent Accounting Pronouncements</td></tr></table> No new Accounting Standards Updates have been issued by the Financial Accounting Standards Board since January 1, 2026 that would apply to the Company and were not disclosed in the 2025 10-K.

false false false false The Milestone Warrants expire the earlier of (i) the five-year anniversary of the original issuance date or (ii) the 180th calendar day following the public release by the Company of clinical trial data from the first cohort of the Phase 1 study of ERNA-101. Other includes certain lab supply expenses, travel expenses, stock-based compensation, allocated occupancy costs, and depreciation. Other includes expenses related to insurance, occupancy expense, information technology, travel, depreciation and other miscellaneous expenses.