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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0in"></td> <td style="width: 0.25in; text-align: left">2.</td> <td style="text-align: justify">BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</td> </tr></tbody></table> The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information and pursuant to the instructions of the Securities and Exchange Commission (“SEC”) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Further, the results of our operations for any interim period are not necessarily indicative of the results that may be expected for any other interim period or the full fiscal year. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2025, has been derived from our audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the accompanying notes should be read in conjunction with the Company’s audited annual financial statements. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. 2-for-1 Forward Stock Split On September 11, 2025, our board of directors (“Board”) approved a 2-for-1 forward stock split (the “Stock Split”) of our common stock upon the effectiveness of our registration statement on Form S-1 filed with the Securities and Exchange Commission (“SEC”) and our Amended and Restated Certificate of Incorporation filed with the State of Delaware. On September 30, 2025, our registration statement on Form S-1 was declared effective by the SEC and our Amended and Restated Certificate of Incorporation was filed with the State of Delaware giving effect to the Stock Split. Unless otherwise indicated, all authorized, issued, and outstanding stock and per share amounts contained herein have been adjusted to reflect the effect of the Stock Split for all prior periods presented. Proportionate adjustments were made to exercise prices and the number of shares issuable under our equity incentive plans and outstanding warrants. The impacts of the Stock Split were applied retroactively for all periods presented in accordance with applicable guidance and therefore, amounts may differ from those previously reported. Liquidity and Going Concern As of March 31, 2026, we had approximately $11.2 million of cash and cash equivalents and working capital of approximately $9.1 million (excluding the derivative liability). We have a relatively limited operating history, and the revenue and income potential of our business and market are unproven. We have experienced net losses and negative cash flows from operations since inception and, as of March 31, 2026, we had an accumulated deficit of $23.4 million. During the three months ended March 31, 2026, we incurred a net loss of $0.97 million and had cash out flows from operations of $1.6 million. We will continue to incur costs and expenses related to our ongoing operations until we successfully commercialize, develop, obtain regulatory approval for and gain market acceptance of products and product candidates and achieve revenues adequate to support our operations. From inception through March 31, 2026, we have funded our operations primarily with proceeds from the sale of common stock, including through exempt offerings under Regulation Crowdfunding, Regulation A+ and Regulation D, draw-downs from our Share Purchase Agreement (Note 5), proceeds from debt financings as well as through proceeds from license and collaboration agreements. Based on our current operating plan, we estimate that our cash and cash equivalents as of March 31, 2026 will be sufficient to fund our operating expenses and capital expenditure requirements into the first quarter of 2027. We have based this estimate on assumptions that may prove to be wrong, and we could deplete our capital resources sooner than we currently expect. Our capital resources may not be sufficient to fund operations through at least the next 12 months from the date that these unaudited condensed consolidated financial statements as of March 31, 2026 are issued based on our expected cash needs, which raises substantial doubt about our ability to continue as a going concern. As we continue to pursue our business plan, we expect to finance our operations through potential public or private equity offerings, including future draw-downs under our Share Purchase Agreement (Note 5), proceeds from debt financing (Note 7), and additional debt financings or other capital sources, including current or potential future collaborations, licenses and other similar arrangements. However, there can be no assurance that any additional financing or strategic arrangements will be available to us on acceptable terms, if at all. If events or circumstances occur such that we are not able to obtain additional funding, it may be necessary to significantly reduce our scope of operations to reduce the current rate of spending through actions such as reductions in staff and the need to delay, limit, reduce or terminate product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves, which could have a material adverse effect on our business, results of operations or financial condition. The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Summary of Significant Accounting Policies Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, but are not limited to, those relating to stock-based compensation, revenue recognition, research and development expenses, fair value estimates of warrants and other derivative liabilities, and determination of right-of-use assets under lease transactions and related lease obligations. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may materially differ from these estimates and assumptions. Concentration of Credit Risk Financial instruments which potentially subject us to significant concentration of credit risk consist of cash and cash equivalents. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We have not experienced any losses in such accounts, and management believes that we are not exposed to significant credit risk due to the nature of the instruments held in the depository institutions. As of March 31, 2026 and December 31, 2025, cash and cash equivalents exceeded Federal Deposit Insurance Corporation insured limits by $10.8 million and $4.5 million, respectively. The majority of our accounts payable and accrued expenses are concentrated with one vendor having a balance of approximately $1.2 million which represents approximately 53% of our accounts payable and accrued expenses as of March 31, 2026. The amount owed to the same vendor as of December 31, 2025 was approximately $1.5 million which represented approximately 51% of our accounts payable and accrued expenses as of December 31, 2025. Cash and Cash Equivalents Cash and cash equivalents are considered to be highly liquid investments with maturities of three months or less at the date of purchase. Cash equivalents primarily represent funds invested in readily available money market accounts. As of March 31, 2026 and December 31, 2025, we had cash and cash equivalent balances deposited at multiple major financial institutions. Stock-Based Compensation We account for stock-based compensation for both employees and non-employees in accordance with Accounting Standard Codification (“ASC”) 718, Compensation – Stock Compensation. Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period, which is generally the vesting period. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. We manage our operations as a single reportable segment for the purposes of assessing performance and making operating decisions. Fair Value of Financial Instruments Financial assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the price we would receive to sell an investment in a timely transaction or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. A framework is used for measuring fair value utilizing a three-tier hierarchy or levels that prioritizes the inputs to valuation techniques used to measure fair value. These levels, in order of the highest to lowest priority, are described below: Level 1— Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2— Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3— Prices or valuation techniques that require inputs that are both significant to the fair value measurement and are unobservable (i.e., supported by little or no market activity). Comprehensive Loss We have no components of other comprehensive loss other than net loss, and accordingly, our comprehensive loss is equivalent to our net loss for the periods presented. Related Parties Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. ASC 850, Related Party Disclosures (ASC 850), requires that transactions with related parties that would make a difference in decision-making shall be disclosed so that users of the financial statements can evaluate their significance. Net Loss Per Share We calculate basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities. Warrants issued in 2017 and outstanding as of March 31, 2025 were considered outstanding shares in the basic earnings per share calculation for the three months ended March 31, 2025 given their nominal exercise price. The net loss attributable to common stockholders is not allocated to the warrant holders as the holders of warrants do not have a contractual obligation to share in losses. Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. Our potentially dilutive securities, including outstanding stock options under our equity incentive plans and warrants with exercise prices that are not nominal, have been excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position. Emerging Growth Company Status We qualify as an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not an EGC. We may take advantage of these exemptions until we are no longer an EGC under Section 107 of the JOBS Act, and we have elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, our condensed consolidated financial statements may not be comparable to companies that comply with public company Financial Accounting Standard Board (“FASB”) standards’ effective dates. Recently Adopted Accounting Principles In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, and should be applied on a retrospective basis to all periods presented. We adopted the guidance in the fiscal year beginning January 1, 2025, and the adoption had no material impact on our condensed consolidated financial statements. Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The ASU improves the disclosures about a public business entity’s expenses and provides more detailed information about the types of expenses in commonly presented expense captions. The amendments require that at each interim and annual reporting period an entity will, among other things, disclose amounts of purchases of inventory, employee compensation, depreciation and amortization included in each relevant expense caption (such as cost of sales, SG&A and research and development). The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating this ASU to determine its impact on our disclosures. Although there were several other new accounting pronouncements issued or proposed by the FASB, we do not believe any of those accounting pronouncements have had or will have a material impact on our financial position or operating results.

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Concentration of Credit Risk Financial instruments which potentially subject us to significant concentration of credit risk consist of cash and cash equivalents. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We have not experienced any losses in such accounts, and management believes that we are not exposed to significant credit risk due to the nature of the instruments held in the depository institutions. As of March 31, 2026 and December 31, 2025, cash and cash equivalents exceeded Federal Deposit Insurance Corporation insured limits by $10.8 million and $4.5 million, respectively. The majority of our accounts payable and accrued expenses are concentrated with one vendor having a balance of approximately $1.2 million which represents approximately 53% of our accounts payable and accrued expenses as of March 31, 2026. The amount owed to the same vendor as of December 31, 2025 was approximately $1.5 million which represented approximately 51% of our accounts payable and accrued expenses as of December 31, 2025.

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Cash and Cash Equivalents Cash and cash equivalents are considered to be highly liquid investments with maturities of three months or less at the date of purchase. Cash equivalents primarily represent funds invested in readily available money market accounts. As of March 31, 2026 and December 31, 2025, we had cash and cash equivalent balances deposited at multiple major financial institutions.

Stock-Based Compensation We account for stock-based compensation for both employees and non-employees in accordance with Accounting Standard Codification (“ASC”) 718, Compensation – Stock Compensation. Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period, which is generally the vesting period.

Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. We manage our operations as a single reportable segment for the purposes of assessing performance and making operating decisions.

Fair Value of Financial Instruments Financial assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the price we would receive to sell an investment in a timely transaction or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. A framework is used for measuring fair value utilizing a three-tier hierarchy or levels that prioritizes the inputs to valuation techniques used to measure fair value. These levels, in order of the highest to lowest priority, are described below:

Comprehensive Loss We have no components of other comprehensive loss other than net loss, and accordingly, our comprehensive loss is equivalent to our net loss for the periods presented.

Related Parties Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. ASC 850, Related Party Disclosures (ASC 850), requires that transactions with related parties that would make a difference in decision-making shall be disclosed so that users of the financial statements can evaluate their significance.

Net Loss Per Share We calculate basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities. Warrants issued in 2017 and outstanding as of March 31, 2025 were considered outstanding shares in the basic earnings per share calculation for the three months ended March 31, 2025 given their nominal exercise price. The net loss attributable to common stockholders is not allocated to the warrant holders as the holders of warrants do not have a contractual obligation to share in losses. Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. Our potentially dilutive securities, including outstanding stock options under our equity incentive plans and warrants with exercise prices that are not nominal, have been excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position.

Emerging Growth Company Status We qualify as an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not an EGC. We may take advantage of these exemptions until we are no longer an EGC under Section 107 of the JOBS Act, and we have elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, our condensed consolidated financial statements may not be comparable to companies that comply with public company Financial Accounting Standard Board (“FASB”) standards’ effective dates.

Recently Adopted Accounting Principles In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, and should be applied on a retrospective basis to all periods presented. We adopted the guidance in the fiscal year beginning January 1, 2025, and the adoption had no material impact on our condensed consolidated financial statements.

Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The ASU improves the disclosures about a public business entity’s expenses and provides more detailed information about the types of expenses in commonly presented expense captions. The amendments require that at each interim and annual reporting period an entity will, among other things, disclose amounts of purchases of inventory, employee compensation, depreciation and amortization included in each relevant expense caption (such as cost of sales, SG&A and research and development). The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating this ASU to determine its impact on our disclosures. Although there were several other new accounting pronouncements issued or proposed by the FASB, we do not believe any of those accounting pronouncements have had or will have a material impact on our financial position or operating results.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0in"></td> <td style="width: 0.25in; text-align: left">3.</td> <td style="text-align: justify">FAIR VALUE MEASUREMENTS</td> </tr></tbody></table> The carrying amounts reflected in the condensed consolidated balance sheets for prepaid expenses, accounts payable and accrued expenses and other liabilities are shown at their historical values which approximate their fair values. The following tables present the financial instruments carried at fair value on a recurring basis: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at March 31, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 1</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 2</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 3</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">Assets</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; width: 52%; text-align: left">Cash equivalents</td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">11,009,553</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">-</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">-</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">11,009,553</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td> </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> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold">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"> </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> <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 style="padding-left: 0.125in; text-align: left">Derivative liability instruments</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">2,767,462</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">2,767,462</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at December 31, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 1</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 2</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 3</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">Assets</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <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: 52%; text-align: left; padding-bottom: 4pt; padding-left: 9pt">Cash equivalents</td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">4,027,862</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">-</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">-</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">4,027,862</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt"> </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> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; padding-left: 5.4pt">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"> </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> <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 style="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Derivative liability instrument</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">3,028,401</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">3,028,401</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table> As at March 31, 2026, derivative liability instrument includes contingent warrant liability and the contingent put option liability under the Share Purchase Agreement (Note 5) as well as contingent conversion option under the Avenue Capital Loan Agreement (Note 7). The fair value of the warrant liability was approximately $2.2 million, the fair value of the contingent put option liability was approximately $0.2 million and fair value of contingent conversion option was approximately $0.4 million as at March 31, 2026. As at December 31, 2025, derivative liability instrument includes contingent warrant liability and the contingent put option liability under the Share Purchase Agreement (Note 5). The fair value of the warrant liability was approximately $2.8 million and the fair value of the contingent put option liability was approximately $0.2 million at December 31, 2025. The following table summarizes the activity related to Level 3 financial liabilities for the three months ended March 31, 2026: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Derivative Liability Instrument</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 88%">Fair value at December 31, 2025</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">3,028,401</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 9pt">Addition to derivative liability for conversion option under Avenue Capital Loan Agreement</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">436,622</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-left: 9pt">Decrease in fair value of derivative liability for conversion option under Avenue Capital Loan Agreement</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(347</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 9pt">Decrease in fair value of put option liability under Share Purchase Agreement</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(53,422</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Decrease in fair value of warrant derivative liability under Share Purchase Agreement</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(643,792</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 4pt">Fair value at March 31, 2026</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">2,767,462</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table> As at March 31, 2026 and December 31, 2025, the warrant liability value for the warrant issued to investor under the Share Purchase Agreement (Note 5) was determined using a Monte Carlo simulation. Inputs used in the Monte Carlo simulation are as below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at March 31, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at December 31, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Risk-free interest rate</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.87</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.54</td> <td style="width: 1%; text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Dividend yield</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Term (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.53</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.77</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Annual Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">97.6</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">94.4</td> <td style="text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>Closing stock price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3.20</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.94</td> <td style="text-align: left"> </td> </tr></tbody></table> As at March 31, 2026 and December 31, 2025, the put contract derivative liability was remeasured using a Black-Scholes option valuation model, followed by a series of contractual adjustments. Inputs used in Black-Scholes model were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at March 31, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at December 31, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Risk-free interest rate</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.87</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.61</td> <td style="width: 1%; text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Dividend yield</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Term (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.53</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.77</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Annual Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">97.6</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">87.7</td> <td style="text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>Closing stock price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3.20</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.94</td> <td style="text-align: left"> </td> </tr></tbody></table> As at March 23, 2026 and March 31, 2026, the conversion derivative liability value for the conversion option under the Avenue Capital Loan Agreement (Note 7) was determined using a Monte Carlo simulation. Inputs used in the Monte Carlo simulation are as below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at March 23, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at March 31, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Risk-free interest rate</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.90</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.87</td> <td style="width: 1%; text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Dividend yield</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Term (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.50</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.50</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Annual Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">88.8</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">88.5</td> <td style="text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>Closing stock price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3.42</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.20</td> <td style="text-align: left"> </td> </tr></tbody></table>

The following tables present the financial instruments carried at fair value on a recurring basis: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at March 31, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 1</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 2</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 3</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">Assets</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; width: 52%; text-align: left">Cash equivalents</td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">11,009,553</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">-</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">-</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">11,009,553</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td> </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> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold">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"> </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> <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 style="padding-left: 0.125in; text-align: left">Derivative liability instruments</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">2,767,462</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">2,767,462</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at December 31, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 1</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 2</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 3</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">Assets</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <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: 52%; text-align: left; padding-bottom: 4pt; padding-left: 9pt">Cash equivalents</td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">4,027,862</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">-</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">-</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right">4,027,862</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt"> </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> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; padding-left: 5.4pt">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"> </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> <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 style="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Derivative liability instrument</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">3,028,401</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">3,028,401</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table>

11009553

2767462

4027862

3028401

2200000

200000

400

2800000

200000

The following table summarizes the activity related to Level 3 financial liabilities for the three months ended March 31, 2026: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Derivative Liability Instrument</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 88%">Fair value at December 31, 2025</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">3,028,401</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 9pt">Addition to derivative liability for conversion option under Avenue Capital Loan Agreement</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">436,622</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-left: 9pt">Decrease in fair value of derivative liability for conversion option under Avenue Capital Loan Agreement</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(347</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 9pt">Decrease in fair value of put option liability under Share Purchase Agreement</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(53,422</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Decrease in fair value of warrant derivative liability under Share Purchase Agreement</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(643,792</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 4pt">Fair value at March 31, 2026</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">2,767,462</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table>

3028401

436622 -347 -53422 -643792

2767462

As at March 31, 2026 and December 31, 2025, the warrant liability value for the warrant issued to investor under the Share Purchase Agreement (Note 5) was determined using a Monte Carlo simulation. Inputs used in the Monte Carlo simulation are as below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at March 31, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at December 31, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Risk-free interest rate</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.87</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.54</td> <td style="width: 1%; text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Dividend yield</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Term (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.53</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.77</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Annual Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">97.6</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">94.4</td> <td style="text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>Closing stock price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3.20</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.94</td> <td style="text-align: left"> </td> </tr></tbody></table> As at March 31, 2026 and December 31, 2025, the put contract derivative liability was remeasured using a Black-Scholes option valuation model, followed by a series of contractual adjustments. Inputs used in Black-Scholes model were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at March 31, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at December 31, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Risk-free interest rate</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.87</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.61</td> <td style="width: 1%; text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Dividend yield</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Term (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.53</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.77</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Annual Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">97.6</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">87.7</td> <td style="text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>Closing stock price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3.20</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.94</td> <td style="text-align: left"> </td> </tr></tbody></table> As at March 23, 2026 and March 31, 2026, the conversion derivative liability value for the conversion option under the Avenue Capital Loan Agreement (Note 7) was determined using a Monte Carlo simulation. Inputs used in the Monte Carlo simulation are as below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at March 23, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at March 31, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Risk-free interest rate</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.90</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.87</td> <td style="width: 1%; text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Dividend yield</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Term (years)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.50</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.50</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Annual Volatility</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">88.8</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">88.5</td> <td style="text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td>Closing stock price</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3.42</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.20</td> <td style="text-align: left"> </td> </tr></tbody></table>

0.0387

0.0354

2.53

2.77

0.976

0.944

3.2

3.94

0.0387

0.0361

2.53

2.77

0.976

0.877

3.2

3.94

0.039

0.0387

3.5

0.888

0.885

3.42

3.2

500000000

0.0001

29788040

29445183

100000000

0.0001

4.59

215972

780000

5.63

83610

0.0001

300000

100000

4.59

0.005

596478

2700000

178990

900

25252

4.95

100000

54466

250000

47620

0.005

47620 47620 40124

3.25

1192207

5.03

As of March 31, 2026, the following common stock warrants were outstanding: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td colspan="2" style="font-weight: bold; text-align: center">Number of Common Shares</td> <td style="text-align: center; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise price</td> <td style="text-align: center; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Expiration</td> </tr><tr style="vertical-align: bottom"><td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">underlying warrants</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">per share</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">date</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 1%; text-align: center"> </td> <td style="width: 45%; text-align: center">40,124</td> <td style="width: 1%; text-align: center"> </td> <td style="text-align: center; width: 1%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 9%; text-align: center">3.25</td> <td style="width: 1%; text-align: center"> </td> <td style="text-align: center; width: 1%"> </td> <td style="width: 40%; text-align: center">July 29, 2029</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: center"> </td> <td style="text-align: center">1,192,207</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">$</td> <td style="text-align: center">5.03</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">October 8, 2028</td> </tr></tbody></table>

40124

3.25

2029-07-29

1192207

5.03

2028-10-08

4.97 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0in"></td> <td style="width: 0.25in; text-align: left">5.</td> <td style="text-align: justify">SHARE PURCHASE AGREEMENT</td> </tr></tbody></table> In December 2024, we entered into a share purchase agreement with a certain investor for the sale of our common stock of up to $75.0 million (the “Aggregate Limit”) contingent upon us achieving a public listing of its common stock. The agreement allows us to issue common stock to the investor, within three (3) years from public listing, at 90% of the average daily closing price during the draw-down pricing period and the draw-down amount not exceeding 300% of the average trading volume of 15 days immediately preceding the draw-down exercise date. The agreement allows us to put restrictions on stock sales volume by investor, prohibitions on short selling by investor and us being able to set a threshold ‘floor’ price during draw-down periods. In April 2025, the Share Purchase Agreement was amended to increase the Aggregate Limit from $75.0 million to $85.0 million with the additional $10.0 million available only via a day-one draw-down (the “Initial Draw-Down”). Moreover, the draw-down pricing period for Initial Draw-Down was reduced to 10 trading days with the investor having an option to shorten with six (6) hours’ notice to us. The Initial Draw-Down amount with reduced draw-down pricing period was capped at $10.0 million. In August 2025, the Share Purchase Agreement was further amended to make changes to the registration rights of the investor and the timing of such registrations. This amendment did not materially change any key terms including the Aggregate Limit, the commitment fee, underlying warrants issuable under the agreement and the draw-down pricing and timing including the initial draw-down. On the date of Direct Listing, we issued a warrant to the investor granting the right to purchase 1,192,207 shares of our common stock representing 4% of the total equity interest at an exercise price of $5.03. The warrant was recognized at fair value on the issuance date as a derivative liability using a Monte Carlo valuation method with offsetting debit deferred offering cost asset recorded on the condensed consolidated balance sheets. The fair value of the warrant was remeasured as of March 31, 2026 and December 31, 2025 using the same valuation methodology, and the resulting gain was recognized in condensed consolidated statements of operations. The deferred offering cost is being amortized on straight-line basis over the term of the agreement with related expense being recorded in condensed consolidated statements of operations. During the three months ended March 31, 2026, approximately $0.5 million was recognized as amortization of deferred offering cost. Future amortization expense in 2026, 2027 and 2028 will be approximately $1.37 million, $1.87 million and $1.40 million, respectively. The investor was also entitled to a 1% commitment fee of the Aggregate Limit, either in cash or common stock, which was settled through issuance of 161,905 shares of our common stock. The commitment fee was initially recorded on the condensed consolidated balance sheets as a deferred offering cost which shall be amortized subsequently as we draw-down amounts under the share purchase agreement. During the three months ended March 31, 2026, approximately $10 thousand was recognized as amortization of deferred offering cost. We expect the future amortization expense in 2026, 2027 and 2028 to be $100 thousand, $320 thousand and $400 thousand, respectively. On October 31, 2025, we issued the Initial Draw-Down Notice for 1,235,200 shares of common stock to investor and the draw-down period for the Initial Draw-Down was extended from 10 trading days to 30 trading days by mutual agreement between us and the investor. The investor advanced us $3.0 million. On closing date of the Initial Draw-Down notice, i.e., December 15, 2025, the investor accepted 1,235,200 shares at a closing price of approximately $3.29 per share resulting in gross proceeds of $4.07 million, of which $3.0 million was received as advance on October 31, 2025 and $1.1 million was recorded as subscription receivable as at December 31, 2025 which was received in March 2026.

75000000

0.90 3 P15D 75000000 85000000 10000000 P10D 10000000

1192207

0.04

5.03

500000

1370000 1870000 1400000

0.01

161905

10000

100000 320000 400000 1235200 P10D P30D

3000000

1235200 3.29

4070000.00

3000000

1.1

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0in"></td> <td style="width: 0.25in; text-align: left">6.</td> <td style="text-align: justify">STOCK-BASED COMPENSATION</td> </tr></tbody></table> Stock Option Plans 2018 Stock Option Plan In 2018, the Board authorized the Stock Option Plan (which may be referred to as the “2018 Plan”). 2,000,000 shares of our common stock were originally reserved to be issued under the 2018 Plan and in July 2024, the Board amended the 2018 Plan to decrease the shares reserved to 1,508,934. As at March 31, 2026, no options were available for grant under the 2018 Plan and 1,508,934 shares of our common stock were outstanding under the 2018 Plan subject to option exercise by the holders. 2024 Stock Option Plan In 2024, the Board authorized a new Stock Option Plan (which may be referred to as the “2024 Plan”). 891,066 shares of our common stock were reserved to be issued under the 2024 Plan, which provides for the grant of shares of stock options to employees, non-employee directors, and non-employee consultants. As of March 31, 2026, 697,816 options to purchase shares of our common stock were available for grant and 193,250 shares of our common stock were outstanding under the 2024 Plan subject to option exercise by the holders and vesting restrictions. 2025 Omnibus Incentive Plan In September 2025, the Board authorized 2025 Omnibus Plan (which may be referred to as the “2025 Plan”). 3,000,000 shares of our common stock were reserved to be issued under the 2025 Plan, which provides for the grant of shares of stock options, restricted stock units and other equity-based instruments to employees, directors, non-employee directors and consultants among others. As of March 31, 2026, 2,698,118 shares of our common stock were available for grant and 240,000 shares of our common stock were outstanding under the 2025 Plan subject to option exercise by the holders and vesting restrictions. The following table summarizes option activity for the three months ended March 31, 2026: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted-Average Exercise Price per Share (USD)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted-Average Remaining Contractual Term (Years)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value (USD)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-indent: -9pt; padding-left: 9pt">Outstanding at January 1, 2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,942,184</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">3.26</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4.42</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">8,075,661</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -9pt; padding-left: 9pt">Granted</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> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -9pt; padding-left: 9pt">Exercised</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> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Cancelled/expired</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Outstanding at March 31, 2026</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">1,942,184</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">3.26</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">4.17</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">1,950,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Exercisable at March 31, 2026</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">1,632,100</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">3.88</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">4.17</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">1,950,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table> Stock-Based Compensation Expense We use the Black-Scholes option pricing model with the following assumptions to estimate the stock-based compensation expense: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Three Months Ended March 31,</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2026</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2025</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Risk-free interest rate</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">4.40% - 4.43%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Dividend yield</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 74%; text-align: left">Expected holding period (years)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">-</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">5.62</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Weighted-average volatility</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">87.4</td> <td style="text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Estimated forfeiture rates for options granted</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></tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0in"></td> <td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify">No options were granted during the three months ended March 31, 2026.</td> </tr></tbody> </table> The risk-free interest rate assumption for options granted is based upon observed interest rates on the United States government securities appropriate for the expected term of our employee stock options. The dividend yield assumption for options granted is based on our history and expectation of dividend payouts. We have never declared or paid any cash dividends on our common stock, and we do not anticipate paying any cash dividends in the foreseeable future. Due to lack of historical exercise data, the expected holding period for employee stock options is calculated using the simplified method which takes into consideration the contractual life and vesting terms of the options. We determined the expected volatility assumption for options granted using the historical volatility of comparable public companies’ stock. We will continue to monitor peer companies and other relevant factors used to measure expected volatility for future stock option grants, until such time that our common stock has enough market history to use historical volatility. Forfeitures are recognized as incurred. Stock option expense for the three months ended March 31, 2026 and 2025, was approximately $155.83 thousand and $76.58 thousand, respectively. The stock-based compensation expense is recognized as period cost in general and administrative expenses. As of March 31, 2026, the unrecognized stock-based compensation expense was $1.2 million, which is expected to be recognized over a period of approximately 3.17 years. Restricted Stock Units RSUs granted to directors under the plans generally vest over one year. The number of shares issued on the date the RSUs vest is net of the minimum statutory tax withholdings, which are paid in cash to the appropriate taxing authorities. We recognize the stock-based compensation expense over the requisite service period of the individual grantees, which generally equals the vesting period. The following table summarizes RSU activity during the three months ended March 31, 2026: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Shares</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted-Average Grant-Date Fair Value Per Share</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-indent: -9pt; padding-left: 9pt">Unvested restricted stock units as of January 1, 2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">40,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">10.00</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -9pt; padding-left: 9pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">21,882</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.57</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -9pt; padding-left: 9pt">Vested</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Forfeited</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Unvested restricted stock units as of March 31, 2026</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">61,882</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">8.08</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table> As of March 31, 2026, unrecognized stock-based compensation expense related to RSUs was approximately $0.3 million. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 0.75 years from March 31, 2026. Stock-based compensation expense related to RSUs for the three months ended March 31, 2026 and 2025 was $125.00 thousand and $0, respectively. The stock-based compensation expense is recognized as period costs in general and administrative expenses. No RSUs vested during the three months ended March 31, 2026 and 2025.

2000000

1508934

891066

697816

193250

3000000

2698118

240000

The following table summarizes option activity for the three months ended March 31, 2026: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted-Average Exercise Price per Share (USD)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted-Average Remaining Contractual Term (Years)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value (USD)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-indent: -9pt; padding-left: 9pt">Outstanding at January 1, 2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,942,184</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">3.26</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4.42</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">8,075,661</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -9pt; padding-left: 9pt">Granted</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> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -9pt; padding-left: 9pt">Exercised</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> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Cancelled/expired</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Outstanding at March 31, 2026</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">1,942,184</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">3.26</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">4.17</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">1,950,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Exercisable at March 31, 2026</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">1,632,100</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">3.88</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">4.17</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">1,950,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table>

1942184

3.26

P4Y5M1D

8075661

1942184

3.26

P4Y2M1D

1950000

1632100

3.88

P4Y2M1D

1950000

We use the Black-Scholes option pricing model with the following assumptions to estimate the stock-based compensation expense: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Three Months Ended March 31,</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2026</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2025</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Risk-free interest rate</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">4.40% - 4.43%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Dividend yield</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 74%; text-align: left">Expected holding period (years)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">-</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">5.62</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Weighted-average volatility</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">87.4</td> <td style="text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Estimated forfeiture rates for options granted</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></tbody> </table>

0.044

0.0443

P5Y7M13D

0.874

155830

76580

1200000

P3Y2M1D

The following table summarizes RSU activity during the three months ended March 31, 2026: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Shares</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted-Average Grant-Date Fair Value Per Share</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-indent: -9pt; padding-left: 9pt">Unvested restricted stock units as of January 1, 2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">40,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">10.00</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -9pt; padding-left: 9pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">21,882</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.57</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -9pt; padding-left: 9pt">Vested</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Forfeited</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Unvested restricted stock units as of March 31, 2026</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">61,882</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">8.08</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table>

40000

21882

4.57

61882

8.08

300000

P0Y9M

125000

25000000

7000000

8000000

10000000

0.055

0.1225

P42M

0.03 0.02 0.01 0.0375

150000

342857

0.08

10000000

1050967

2000000

0.80

1000000

As of the closing date, we recorded the following discounts: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Amount</td> <td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 88%; font: 10pt Times New Roman, Times, Serif; text-align: left">Equity grant of 342,857 shares of common stock – pro-rated for Tranche 1</td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">490,451</td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Commitment fee @ 1.00% of Tranche 1</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">70,000</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Debt issuance costs – pro-rated for Tranche 1</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">66,412</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font: 10pt Times New Roman, Times, Serif">Fair value of Conversion Option</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">436,622</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Present value of Final Payment Fee</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">174,571</td> <td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 9pt">Total discounts recorded at inception of Avenue Capital Loan Agreement</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,238,056</td> <td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> </tr></tbody></table>

342857

490451

0.01

70000 66412 436622 174571 1238056

720000

As of March 31, 2026, the long-term debt, without giving consideration to the extendable interest-only period consists of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="font-size: 12pt"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 88%; text-align: left">Gross Principal Amount</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">7,000,000</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Add: gross Final Payment Fee</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">262,500</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Less: unamortized debt discount</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,238,056</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1.5pt">Less: present value discount on Final Payment Fee</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(87,930</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Long-term debt</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">5,936,514</td> <td style="padding-bottom: 4pt; text-align: left"> </td> </tr></tbody></table>

7000000

262500

1238056

87930

5936514

As of March 31, 2026, without giving consideration to the extendable interest-only period, principal payments of long-term debt are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">2026</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 88%; text-align: left">2027</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,296,296</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">2028</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,111,111</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">2029</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,855,093</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: left">Total</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">7,262,500</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table>

1296296

3111111

2855093

7262500

Basic and diluted net loss per share was calculated as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">Numerator:</td> <td> </td> <td colspan="2"> </td> <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: 76%; text-align: left; padding-left: 9pt">Net loss attributable to common stockholders</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">(970,972</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">(328,547</td> <td style="width: 1%; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold">Denominator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Weighted-average common shares outstanding, basic and diluted</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">29,476,002</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">26,956,217</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 4pt">Net loss per share attributable to common stockholders, basic and diluted</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">(0.03</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">(0.01</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> </tr></tbody></table>

-970972

-328547

29476002

26956217

-0.03

-0.01

We excluded the following from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As at March 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Outstanding options under the Amended and Restated 2018 Stock Option Plan, 2024 Stock Option Plan and 2025 Omnibus Incentive Plan</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,942,184</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,742,214</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Outstanding RSUs under the 2025 Omnibus Incentive Plan</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">61,882</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Outstanding warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,232,331</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">40,124</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">3,236,397</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">1,782,338</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table>

1942184

1742214

61882

1232331

40124

3236397

1782338

The CODM uses net loss, as reported on our condensed consolidated statements of operations, in evaluating performance and determining how to allocate resources.

The following table provides the segment expenses and income (loss): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; 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 style="vertical-align: bottom; background-color: White"><td style="width: 76%; text-align: left; padding-left: 9pt">Personnel-related expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">(546,909</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">(192,943</td> <td style="width: 1%; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-left: 9pt">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(109,434</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(9,259</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 9pt">Legal, professional and consulting expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(303,674</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(69,864</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-left: 9pt">Corporate expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(286,126</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(112,931</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: left">Other Income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Other segment income</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">275,171</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">56,450</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 4pt; padding-left: 0.25in">Segment net loss</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">(970,972</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">(328,547</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> </tr></tbody></table>

546909

192943

109434

9259

303674

69864

286126 112931

275171

56450

-970972

-328547

1200000

false false false false Retroactively adjusted for 2-for-1 forward stock split. No options were granted during the three months ended March 31, 2026.