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NOTE 1 – BUSINESS Tonix Pharmaceuticals (“Tonix” or the “Company”) is a fully-integrated biopharmaceutical company commercializing and developing innovative therapies for central nervous system (“CNS”) disorders, infectious diseases, immunology, and rare diseases. Our portfolio consists of both commercial and development-stage programs. In August 2025, Tonix received approval from the U.S. Food and Drug Administration (“FDA”) for TONMYA® (cyclobenzaprine HCl sublingual tablets) for the treatment of fibromyalgia. TONMYA, Tonix’s first internally developed product to become FDA approved, was commercially launched by the Company in the United States on November 17, 2025. TONMYA is the first new medicine for fibromyalgia in more than 15 years and is a centrally acting, non-opioid analgesic designed for bedtime administration and long-term use. The Company holds worldwide commercialization rights to TONMYA. In addition to TONMYA, Tonix markets two FDA-approved prescription products for the treatment of acute migraine: Zembrace® SymTouch® (sumatriptan injection) and Tosymra® (sumatriptan nasal spray). Tonix’s commercial platform includes sales, marketing, market access, distribution, and patient support capabilities. Tonix is advancing a diversified development pipeline generated through internal discovery, in-licensing, acquisitions, and collaborations with academic and non-profit institutions. The Company’s pipeline addresses conditions that span CNS, infectious disease, immunology, and rare disease, with multiple programs in clinical and preclinical development. TONMYA’s proprietary cyclobenzaprine HCl sublingual tablet formulation is referred to as “TNX-102 SL” outside of the fibromyalgia indication. Tonix is exploring the utility of TNX-102 SL in Phase 2 clinical trials for major depressive disorder (MDD) and acute stress disorder (ASD)/acute stress reaction (ASR). TNX-102 SL is being developed to treat ASD/ASR under an Investigator-Initiated investigational new drug application (“IND”) at the University of North Carolina in the ongoing OASIS study funded by a grant they received from the U.S. Department of Defense (“DoD”). A Phase 2 study of TNX-102 SL for MDD is expected to commence mid-2026 under a Tonix IND that has been cleared by FDA. Tonix’s clinical stage infectious disease portfolio includes monoclonal antibody TNX-4800 (anti Borrelia OspA human monoclonal antibody) for the prevention of Lyme disease in the U.S., for which initiation of an adaptive Phase 2 field study is planned for the first half of 2027, pending FDA agreement. TNX-4800 was licensed from UMass Chan Medical School. Tonix’s clinical-stage immunology development portfolio consists of biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a Phase 2- ready Fc-modified humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of kidney transplant rejection. Another CNS candidate in clinical development is TNX-1300 (double-mutant cocaine esterase), which is in Phase 2 for the treatment of cocaine intoxication. TNX-1300 has been granted Breakthrough Therapy designation by the FDA and a Phase 2a study was completed. However, because of the challenges of recruiting eligible patients into a subsequent Phase 2 study, the Company terminated that study and intends to meet with the FDA in 2026 to inform the clinical design of its next Phase 2 study. Tonix’s clinical-stage rare disease portfolio includes TNX-2900, intranasal oxytocin potentiated with magnesium, in development for Prader-Willi syndrome and expected to start a Phase 2 study in the first quarter of 2027. Tonix’s pre-clinical, pre-IND infectious disease portfolio includes TNX-801 (horsepox, live virus vaccine), as a potential vaccine for mpox and smallpox. We own a facility in Dartmouth, MA that was purpose-built to manufacture TNX-801 under Good Manufacturing Practices (GMP) to support clinical development and potential commercialization. The GMP suites were decommissioned in 2024 and may be reactivated on the earlier of 2027 or in the case of a national or international emergency. Tonix’s pre-IND infectious disease portfolio also includes TNX-4200, which is a small molecule broad-spectrum antiviral agent targeting CD45 for the prevention or treatment of high lethality infections to improve the medical readiness of military personnel in biological threat environments. The TNX-4200 program is supported by a $34 million contract over five years from the U.S. DoD’s Defense Threat Reduction Agency (DTRA). Tonix owns and operates a state-of-the art research facility in Frederick, Maryland that supports this research. Tonix’s pre-IND pre-clinical immunology portfolio includes TNX-1700, which is a fusion protein of TFF2 and albumin is in preclinical development for the treatment of gastric cancer in combination with PD-1 blockade in collaboration with Columbia University. Finally, Tonix’s pre-clinical, pre-IND CNS portfolio also includes TNX-4900, a highly selective small-molecule Sigma-1 receptor (“S1R”) antagonist for neuropathic pain licensed from Rutgers University. The condensed consolidated financial statements include the accounts of Tonix Pharmaceuticals Holding Corp. and its wholly owned subsidiaries, Tonix Sub, Krele LLC, Tonix Pharmaceuticals (Canada), Inc., Tonix Medicines, Jenner Institute LLC, Tonix R&D Center LLC, Tonix Pharma Holdings Limited and Tonix Pharma Limited (collectively, the “Company” or “Tonix”). All intercompany balances and transactions have been eliminated in consolidation. Going Concern The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has suffered recurring losses from operations and negative cash flows from operating activities. At March 31, 2026, the Company had working capital of approximately $177.5 million. At March 31, 2026, the Company had an accumulated deficit of approximately $894.9 million. The Company held cash and cash equivalents of approximately $185.5 million as of March 31, 2026. The Company believes that its cash resources at March 31, 2026 and the net proceeds of $22.6 million, that it raised from equity offerings in the second quarter of 2026 (See Note 12), will meet its planned operating and capital expenditure requirements into early second quarter of 2027, but will not extend to 12 months from the issuance of these financial statements. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company continues to face significant challenges and uncertainties and must obtain additional funding through public and private financing and collaborative arrangements with strategic partners to increase the funds available to fund operations. However, the Company may not be able to raise capital on terms acceptable to the Company, or at all. Without additional funds, it may be forced to delay, scale back or eliminate some of its research and development activities, or other operations and potentially delay product development in an effort to maintain sufficient funds to continue operations. If any of these events occurs, its ability to achieve development and commercialization goals would be adversely affected and the Company may be forced to cease operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

34000000 177500000

22600000

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Interim financial statements The unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2025, contained herein has been derived from audited financial statements. Operating results for the three months ended March 31, 2026 are not necessarily indicative of results that may be expected for the year ending December 31, 2026. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 12, 2026. Risks and uncertainties The Company’s primary efforts are devoted to commercializing its approved products and conducting research and development of innovative pharmaceutical and biological products to address public health challenges. The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future. Further, the Company currently generates revenue from the sale of its commercial products, TONMYA, Zembrace SymTouch® and Tosymra. There is no assurance that the Company will be able to generate sufficient cash flow to fund operations from the sale of its commercial products or products in development, if and when approved. In addition, there can be no assurance that the Company’s research and development will be successfully completed or that any product in development will be approved or commercially viable. Use of estimates The preparation of financial statements in accordance with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, impairments, provisions for product returns, coupons, rebates, chargebacks, discounts, allowances, inventory realization, the assumptions used in the fair value of stock-based compensation and other equity instruments, and the percent of completion of research and development contracts. Segment Information and Concentrations Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company considers its chief executive officer to be the Company’s CODM. The CODM manages its operations and allocates resources based on the Company’s consolidated results and therefore operates as one segment. Segment revenue, profit or loss, significant segment expenses and other segment items - The accounting policies of the Company’s single operating and reportable segment are the same as those described in the summary of significant accounting policies. The Company’s method for measuring segment profitability includes net income (loss), which the CODM uses to assess performance and make decisions for resource allocation, consistent with the measurement principles for net income (loss) as reported on the Company’s consolidated statement of operations. The significant expenses regularly reviewed by the CODM are consistent with those reported on the Company’s consolidated statement of operations, and expenses are regularly reviewed on a more disaggregated basis for purposes of assessing segment performance and deciding how to allocate resources. The measure of segment assets is reported on the Company’s consolidated balance sheet. The Company has three products that accounted for $6.9 million, representing <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--ProductOrServiceAxis__custom--Products12and3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z2RZA2Xv3PRl">100% of total revenues during the three months ended March 31, 2026. The Company had two products that accounted for $2.4 million, representing <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--ProductOrServiceAxis__custom--Products1and2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z86LXwotiHlg">100% of total revenues during the three months ended March 31, 2025. As of March 31, 2026, accounts receivable from three customers accounted for <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zRatINoj3Cza">40%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zuZP2Vd1Gsjd">35%, and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--MajorCustomersAxis__custom--Customer3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_ztI63zEUyoxi">12% of accounts receivable. As of December 31, 2025, accounts receivable from three customers accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zxKN6Uo7Uy43">34%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zxSLh8cc1I26">29%, and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zBvnlDYbgeHj">28% of total accounts receivable. For the three months ended March 31, 2026, revenues from three customers accounted for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zsKDEBjPuBlf">30%, <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_ztXUfiwmI64f">28% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--MajorCustomersAxis__custom--Customer3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zAsvRf3N4Aob">18% of net product revenues, respectively. For the three months ended March 31, 2025, revenues from five customers accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zs0LH2Vc7Bk2">25%, <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zGUctNXDet3e">25%, <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zV3RdklsANpd">20%, <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer4Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zKRywQOlkFVl">13% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer5Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zknwJ2YljV5f">12% of net product revenues, respectively. Information about significant segment expenses regularly provided to the CODM is as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_49E_20260101__20260331_zeXctOQJl4di" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_49D_20250101__20250331_zraCfVB15eOe" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="text-align: center">March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center">(in thousands)</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2026</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2025</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Change</td> <td> </td></tr> <tr id="xdx_404_eus-gaap--ResearchAndDevelopmentExpenseAbstract_iB_zA5Fu7BOzBe3" style="vertical-align: bottom"> <td>Research and development expenses:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_409_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX102SLMember_zaANNIzE0UG8" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 61%">Direct expenses – TNX - 102 SL</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,472</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,034</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td id="xdx_988_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX102SLMember_zp4d4aCRoxIa" style="width: 10%; text-align: right" title="Change">438</td> <td style="width: 1%"> </td></tr> <tr id="xdx_401_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX801Member_z0kISNjXfdU1" style="vertical-align: bottom; background-color: white"> <td>Direct expenses – TNX - 801</td> <td> </td> <td> </td> <td style="text-align: right">1,059</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">319</td> <td> </td> <td> </td> <td> </td> <td id="xdx_989_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX801Member_zfcNjcyArBj6" style="text-align: right" title="Change">740</td> <td> </td></tr> <tr id="xdx_407_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX1500Member_zjc7TO7FmVKg" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Direct expenses – TNX - 1500</td> <td> </td> <td> </td> <td style="text-align: right">4,277</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">382</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98F_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX1500Member_zsv5DtfECRT1" style="text-align: right" title="Change">3,895</td> <td> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX1900Member_zo8AoZPTaD55" style="vertical-align: bottom; background-color: white"> <td>Direct expenses – TNX - 1900</td> <td> </td> <td> </td> <td style="text-align: right">891</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">136</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98E_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX1900Member_zxHTCQ43r0J5" style="text-align: right" title="Change">755</td> <td> </td></tr> <tr id="xdx_40F_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX4200Member_zpJQHSQUtdF7" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Direct expenses – TNX - 4200</td> <td> </td> <td> </td> <td style="text-align: right">320</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">131</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98C_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX4200Member_zlZLedAwTeWa" style="text-align: right" title="Change">189</td> <td> </td></tr> <tr id="xdx_403_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX4800Member_zJRwbPD9bEMa" style="vertical-align: bottom; background-color: white"> <td>Direct expenses – TNX - 4800</td> <td> </td> <td> </td> <td style="text-align: right">1,394</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td id="xdx_983_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX4800Member_zxBvPKHW4JA5" style="text-align: right" title="Change">1,394</td> <td style="text-align: right"> </td></tr> <tr id="xdx_402_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesOtherProgramsMember_zyAvhqUqVKx6" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Direct expenses – Other programs</td> <td> </td> <td> </td> <td style="text-align: right">768</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">322</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98C_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesOtherProgramsMember_zvS7yTzTUTHi" style="text-align: right" title="Change">446</td> <td> </td></tr> <tr id="xdx_40D_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--InternalStaffingOverheadAndOtherMember_z2zI20FDIyAe" style="vertical-align: bottom; background-color: white"> <td>Internal staffing, overhead and other</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">8,032</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">5,112</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_98D_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--InternalStaffingOverheadAndOtherMember_z42SQ8ijF4c3" style="border-bottom: black 1pt solid; text-align: right" title="Change">2,920</td> <td> </td></tr> <tr id="xdx_401_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_zaOy7hPz7ZPk" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total research & development</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">18,213</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">7,436</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td id="xdx_98F_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331_zbf5HNfIP4Q1" style="border-bottom: black 2.25pt double; text-align: right" title="Change">10,777</td> <td> </td></tr> </table> Our direct research and development expenses consist principally of external costs for clinical, nonclinical and manufacturing, such as fees paid to contractors, consultants and contract research organizations in connection with our development work. Included in "Internal Staffing, Overhead and Other" is overhead, supplies, research and development employee costs (including stock option expenses), travel, regulatory and legal. Cash, Cash Equivalents and Restricted Cash The Company considers cash equivalents to be those investments which are highly liquid, readily convertible to cash and have an original maturity of three months or less when purchased. At March 31, 2026, and March 31, 2025, cash equivalents, which consisted of money market funds, amounted to approximately $155.1 million and $75.7 million, respectively. Restricted cash, which is included in Other non-current assets on the consolidated balance sheet, at March 31, 2026, of approximately $0.5 million collateralizes a letter of credit issued in connection with the lease of office space in Berkeley Heights, New Jersey and Chatham, New Jersey. Restricted cash at March 31, 2025 of approximately $0.9 million, collateralizes a letter of credit issued in connection with the lease of office space in Chatham, New Jersey and New York, New York, and restricted cash held by vendors in escrow accounts for patient support services. <p id="xdx_89E_eus-gaap--ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock_zWlNkV4TPwU6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statement of cash flows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260331_zVz9AoxuRCYh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250331_z9ppdXHOFRL9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzAEg_z3pk3rcMsJR4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">185,470</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">131,716</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RestrictedCash_iI_pn3n3_maCCERCzAEg_z9loiPI8FcGj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">538</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">903</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzAEg_zcjxvo2CZ8Re" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">186,008</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">132,619</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Accounts Receivable, net Accounts receivable consists of amounts due from our wholesale and other third-party distributors and pharmacies and have standard payment terms that generally require payment within 30 to 90 days. For certain customers, the accounts receivable for the customer is net of cash discounts, chargebacks and customer rebates. We provide reserves against accounts receivable for estimated losses that may result from a customer’s inability to pay. Amounts determined to be uncollectible are charged or written-off against the reserve. As of March 31, 2026 and December 31, 2025, the Company had $31,000 for both reporting periods, as an allowance for expected credit losses. An allowance for credit losses is determined based on the financial condition and creditworthiness of customers and the Company considers economic factors and events or trends expected to affect future collections experience. Any allowance would reduce the net receivables to the amount that is expected to be collected. The payment history of the Company’s customers will be considered in future assessments of collectability as these patterns are established over a longer period. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk include cash and cash equivalents, and accounts receivable. We attempt to minimize the risks related to cash and cash equivalents by investing in a broad and diverse range of financial instruments, and we have established guidelines related to credit ratings and maturities intended to safeguard principal balances and maintain liquidity. Concentrations of credit risk with respect to receivables, which are typically unsecured, are somewhat mitigated due to the financial stability of our primary customers using our products. We monitor the financial performance and creditworthiness of our customers so that we can properly assess and respond to changes in their credit profile. We continue to monitor these conditions and assess their possible impact on our business. Inventories Inventories are recorded at the lower of cost or net realizable value, with cost determined by the first-in-first-out method. The Company periodically reviews the composition of inventory in order to identify excess, obsolete, slow-moving or otherwise non-saleable items taking into account anticipated future sales compared with quantities on hand, and the remaining shelf life of goods on hand. If non-saleable items are observed and there are no alternate uses for the inventory, the Company records a write-down to net realizable value in the period that the decline in value is first recognized. Although the Company makes every effort to ensure the accuracy of forecasts of future product demand, any significant unanticipated decreases in demand could have a material impact on the carrying value of inventories and reported operating results. Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation and amortization is calculated using the straight-line method over the asset’s estimated useful life, which ranges from <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember__srt--RangeAxis__srt--MinimumMember_z29MWjImTflc" title="Estimated useful life of property and equipment">20 to 40 years for buildings, 15 years for land improvements and laboratory equipment, three years for computer assets, five years for furniture and all other equipment and the <span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zFNP8eWXavic" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember">shorter of the useful life or term of lease for leasehold improvements. Depreciation and amortization on assets begin when the asset is placed in service. Depreciation and amortization expense for the quarters ended March 31, 2026, and 2025 was $0.6 million and $0.5 million, respectively. The Company’s property and equipment is located in the United States. Intangible assets, net Intangible assets deemed to have finite lives are carried at acquisition-date fair value less accumulated amortization and impairment, if any. Finite-lived intangible assets consisted of developed technology intangible assets acquired in connection with the acquisition of certain products from Upsher Smith Laboratories, LLC (“Upsher Smith”) consummated on June 30, 2023. The acquired intangible assets were amortized using the straight-line method over the estimated useful lives of the respective assets. The Company recorded a full impairment of its developed technology assets during the second quarter of 2024, therefore there is no amortization for the three months ended March 31, 2026 and March 31, 2025. Impairment testing of long-lived assets The Company evaluates long-lived assets for impairment, including property and equipment, finite-lived intangibles assets and operating lease right-to-use assets whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. For the three months ended March 31, 2026 and 2025, the Company believed that no impairment existed. Leases The Company determines if an arrangement is, or contains, a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, current and operating lease liabilities, noncurrent in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the transition date and subsequent lease commencement dates in determining the present value of lease payments. This is the rate the Company would have to pay if borrowing on a collateralized basis over a similar term to each lease. The operating lease ROU asset excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments made under operating leases is recognized on a straight-line basis over the lease term. Revenue Recognition The Company records and recognizes revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenues primarily result from contracts with customers, which are generally short-term and have a single performance obligation - the delivery of product. The Company’s performance obligation to deliver products is satisfied at the point in time that the goods are received by the customer, which is when the customer obtains title to and has the risks and rewards of ownership of the products, which is generally upon shipment or delivery to the customer as stipulated by the terms of the sale agreements. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. Our contractual payment terms are typically 30 to 90 days. Revenues from product sales, net of gross-to-net deductions, are recorded only to the extent a significant reversal in the amount of cumulative revenue recognized is not probable of occurring and when the uncertainty associated with gross-to-net deductions is subsequently resolved. Taxes assessed by governmental authorities and collected from customers are excluded from product sales. Shipping and handling activities are considered to be fulfillment activities and not a separate performance obligation. Many of the Company’s products sold are subject to a variety of deductions. Revenues are recognized net of estimated rebates and chargebacks, cash discounts, distributor fees, sales return provisions and other related deductions. Deductions to product sales are referred to as gross-to-net deductions and are estimated and recorded in the period in which the related product sales occur. Accruals for these provisions are presented in the consolidated financial statements as reductions to gross sales in determining net sales, and as a contra asset within accounts receivable, net (if settled via credit) and other current liabilities (if paid in cash). Amounts recorded for revenue deductions can result from a complex series of judgements about future events and uncertainties and can rely heavily on estimates and assumptions. The following section briefly describes the nature of the Company’s provisions for variable consideration and how such provisions are estimated: Chargebacks - The Company sells a portion of its products indirectly through wholesaler distributors, and enters into specific agreements with these indirect customers to establish pricing for the Company’s products, and in-turn, the indirect customers and entities independently purchase these products. Because the price paid by the indirect customers and/or entities is lower than the price paid by the wholesaler, the Company provides a credit, called a chargeback, to the wholesaler for the difference between the contractual price with the indirect customers and the wholesale customer’s purchase price. The Company’s provision for chargebacks is based on expected sell-through levels by the Company’s wholesale customers to the indirect customers and estimated wholesaler inventory levels as well as historical chargeback rates. The Company continually monitors its reserve for chargebacks and adjusts the reserve accordingly when expected chargebacks differ from actual experience. Rebates - The Company participates in certain government and specific sales rebate programs which provides discounted prescription drugs to qualified recipients, and primarily relate to Medicaid and managed care rebates, pharmacy rebates, Tri-Care rebates and discounts, specialty pharmacy program fees and other governmental rebates or applicable allowances. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in">●</td> <td style="padding-bottom: 9pt; text-align: justify">Managed Care Rebates are processed in the quarter following the quarter in which they are earned. The managed care reporting entity submits utilization data after the end of the quarter and the Company processes the payment in accordance with contract terms. All rebates earned but not paid are estimated by the Company according to historical payments trended for market growth assumptions.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="padding-bottom: 9pt; text-align: justify">Medicaid and State Agency rebates are based upon historical experience of claims submitted by various states. The Company monitors Medicaid legislative changes to determine what impact such legislation may have on the provision for Medicaid rebates. The accrual of State Agency reserves is based on historical payment rates. There is an approximate four to six-month lag from the time of product sale until the rebate is paid.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="padding-bottom: 9pt; text-align: justify">Tri-Care represents a regionally managed health care program for active duty and retired members, dependents and survivors of the US military. The Tri-Care program supplements health care resources of the US military with civilian health care professionals for greater access and quality healthcare coverage. Through the Tri-Care program, the Company provides pharmaceuticals on a direct customer basis. Prices of pharmaceuticals sold under the Tri-Care program are pre-negotiated and a reserve amount is established to represent the proportionate rebate amount associated with product sales.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Coverage Gap refers to the Medicare prescription drug program and represents specifically the period between the initial Medicare Part D prescription drug program coverage limit and the catastrophic coverage threshold. Applicable pharmaceutical products sold during this coverage gap timeframe are discounted by the Company. Since the nature of the program is that coverage limits are reset at the beginning of the calendar year; the payments escalate each quarter as the participants reach the coverage limit before reaching the catastrophic coverage threshold. The Company has determined that the cost of this reserve will be viewed as an annual cost. Therefore, the accrual will be incurred evenly during the year with quarterly review of the liability based on payment trends and any revision to the projected annual cost.</td></tr> </table> Prompt-Pay and other Sales Discounts - The Company provides for prompt pay discounts, which early payments are recorded as a reduction of revenue and as a reduction in the accounts receivable at the time of sale based on the customer’s contracted discount rate. Consumer sales discounts represent programs the Company has in place to reduce costs to the patient. This includes copay buy down and eVoucher programs. Product Returns - Consistent with industry practice, the customer’s right of return commences typically six months prior to product expiration date and ends one year after product expiration date. Products returned for expiration are reimbursed at current wholesale acquisition cost or indirect contract price. The Company estimates the amount of its product sales that may be returned by the Company’s customers and accrues this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company estimates products returns as a percentage of sales to its customers. The rate is estimated by using historical sales information or appropriate industry average for newly launched products. Adjustments are made to the current provision for returns when data suggests product returns may differ from original estimates. Research and Development Costs The Company outsources certain of its research and development efforts and expenses these costs as incurred, including the cost of manufacturing products for testing, as well as licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired in transactions accounted for as an asset acquisition has been expensed as research and development costs, as such property is related to particular research and development projects and had no alternative future uses. The Company estimates its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company accounts for trial expenses according to the timing of various aspects of the trial. The Company determines accrual estimates taking into account discussion with applicable personnel and outside service providers as to the progress or state of consummation of trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. Government Grants From time to time, the Company may enter into arrangements with governmental entities for the purpose of obtaining funding for research and development activities. The Company is reimbursed for costs incurred that are associated with specified research and development activities included in the grant application approved by the government authority and, in certain arrangements. U.S. GAAP does not have specific accounting standards covering government grants to business entities. The Company applies International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance by analogy when accounting for government grants. Under IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met and the grant will be received. After initial recognition, government grants received are recognized in earnings in the same period the underlying costs for which the grant is intended to compensate are incurred. The Company classifies government grants received under these arrangements as either a reduction to the related research and development expense or as grant income in the consolidated statements of operations, depending on the fee structure of the arrangement. The Company also applies the disclosure requirements of ASC 832, Government Assistance. In June 2024, the Company was awarded a prototype Other Transaction Agreement from the Defense Threat Reduction Agency (“DTRA”), an agency within the U.S. Department of Defense, to fund the Company’s TNX-4200 program for the development of a small molecule broad-spectrum antiviral for the prevention or treatment of viral infections to improve the medical readiness of military personnel in biological threat environments. The DTRA grant provides for payments totaling up to $34.1 million over five years, which is subject to adjustment based on costs, scope, budget, and other factors as the program advances. Funding under the DTRA grant is earned and recognized under a cost-plus-fixed-fee arrangement in which the Company is reimbursed for all direct costs incurred plus allowable indirect costs and a fixed fee. No grant income was recognized during the three months ended March 31, 2026. During the three months ended March 31, 2025, $0.9 million was recognized in grant income related to the DTRA grant. Advertising and Promotion Costs Advertising and promotion costs are expensed as incurred. The Company recorded advertising and promotion expenses of approximately $7.6 million and $0.4 million, respectively, for the three months ended March 31, 2026, and 2025. Stock-based Compensation. All stock-based payments to employees and to non-employees for their services, including stock options, are measured at fair value on the grant date and recognized in the consolidated statements of operations as compensation expense over the requisite service period. The Company accounts for share-based awards in accordance with the provisions of the Accounting Standards Codification (“ASC”) 718, Compensation – Stock Compensation. Foreign Currency Translation Operations of the Company’s Canadian subsidiary, Tonix Pharmaceuticals (Canada), Inc., are conducted in local currency, which represents its functional currency. The U.S. dollar is the functional currency of the other foreign subsidiaries. Balance sheet accounts of the Canadian subsidiary were translated from foreign currency into U.S. dollars at the exchange rate in effect at the balance sheet date and income statement accounts were translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process were included in accumulated other comprehensive loss on the consolidated balance sheets. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Other comprehensive income (loss) represents foreign currency translation adjustments. Income Taxes Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carryforwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records a valuation allowance on its deferred income tax assets if it is not more likely than not that these deferred income tax assets will be realized. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of March 31, 2026, the Company has not recorded any unrecognized tax benefits. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. Per Share Data The computation of basic and diluted loss per share for the three months ended March 31, 2026 and 2025 excludes potentially dilutive securities when their inclusion would be anti-dilutive, or if their exercise prices were greater than the average market price of the common stock during the period. Prefunded warrants are assumed exercised on date of issuance and are included in the basic earnings per share (“EPS”) calculation thus excluded from the table below. All warrants (See Note 14) issued participate on a one-for-one basis with common stock in the distribution of dividends, if and when declared by the Board of Directors, on the Company’s common stock. For purposes of computing EPS, these warrants are considered to participate with common stock in earnings of the Company. Therefore, the Company calculates basic and diluted EPS using the two-class method. Under the two-class method, net income for the period is allocated between common stockholders and participating securities according to dividends declared and participation rights in undistributed earnings. No income was allocated to the warrants for the three months ended March 31, 2026 and 2025, as results of operations were a loss for the periods. <p id="xdx_891_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zu6J0q3AZ73l" style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify; text-indent: 0.5in">Potentially dilutive securities excluded from the computation of basic and diluted net loss per share, as of March 31, 2026, and 2025, are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260101__20260331_zl3lEwGrjIc7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250331_zD7lwSdnNRp" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zwN7wFL3MiHh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Warrants to purchase common stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">26,239</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: 10%; text-align: right">29,021</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zvDy5hCjWXW8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Options to purchase common stock</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,131,964</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">674,134</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zMKiVULYSVob" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Totals</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,158,203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">703,155</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_844_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zvxMs5lxtTk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; display: none; visibility: hidden; text-align: justify"> Recently Adopted and Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements In July 2025, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides guidance for estimating credit losses under the current expected credit losses (CECL) model for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification 606. The Company has adopted this ASU on a prospective basis, and it did not have a material impact on its consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832). The amendments in this ASU establish the accounting for a government grant received by a business entity, including guidance for (1) a grant related to an asset and (2) a grant related to income. The amendments in this ASU are effective annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-10 on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU amends the existing standard to remove all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. This ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted as of the beginning of a fiscal year. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is evaluating the impact of adoption on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, to improve transparency in financial reporting by requiring entities to present more detailed information about the nature of expenses included within the Income Statement. The guidance will first be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of assessing the impact of ASU 2024-03 on its financial statements.

Interim financial statements The unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2025, contained herein has been derived from audited financial statements. Operating results for the three months ended March 31, 2026 are not necessarily indicative of results that may be expected for the year ending December 31, 2026. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 12, 2026.

Risks and uncertainties The Company’s primary efforts are devoted to commercializing its approved products and conducting research and development of innovative pharmaceutical and biological products to address public health challenges. The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future. Further, the Company currently generates revenue from the sale of its commercial products, TONMYA, Zembrace SymTouch® and Tosymra. There is no assurance that the Company will be able to generate sufficient cash flow to fund operations from the sale of its commercial products or products in development, if and when approved. In addition, there can be no assurance that the Company’s research and development will be successfully completed or that any product in development will be approved or commercially viable.

Use of estimates The preparation of financial statements in accordance with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, impairments, provisions for product returns, coupons, rebates, chargebacks, discounts, allowances, inventory realization, the assumptions used in the fair value of stock-based compensation and other equity instruments, and the percent of completion of research and development contracts.

Segment Information and Concentrations Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company considers its chief executive officer to be the Company’s CODM. The CODM manages its operations and allocates resources based on the Company’s consolidated results and therefore operates as one segment. Segment revenue, profit or loss, significant segment expenses and other segment items - The accounting policies of the Company’s single operating and reportable segment are the same as those described in the summary of significant accounting policies. The Company’s method for measuring segment profitability includes net income (loss), which the CODM uses to assess performance and make decisions for resource allocation, consistent with the measurement principles for net income (loss) as reported on the Company’s consolidated statement of operations. The significant expenses regularly reviewed by the CODM are consistent with those reported on the Company’s consolidated statement of operations, and expenses are regularly reviewed on a more disaggregated basis for purposes of assessing segment performance and deciding how to allocate resources. The measure of segment assets is reported on the Company’s consolidated balance sheet. The Company has three products that accounted for $6.9 million, representing <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--ProductOrServiceAxis__custom--Products12and3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z2RZA2Xv3PRl">100% of total revenues during the three months ended March 31, 2026. The Company had two products that accounted for $2.4 million, representing <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--ProductOrServiceAxis__custom--Products1and2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z86LXwotiHlg">100% of total revenues during the three months ended March 31, 2025. As of March 31, 2026, accounts receivable from three customers accounted for <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zRatINoj3Cza">40%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zuZP2Vd1Gsjd">35%, and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--MajorCustomersAxis__custom--Customer3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_ztI63zEUyoxi">12% of accounts receivable. As of December 31, 2025, accounts receivable from three customers accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zxKN6Uo7Uy43">34%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zxSLh8cc1I26">29%, and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zBvnlDYbgeHj">28% of total accounts receivable. For the three months ended March 31, 2026, revenues from three customers accounted for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zsKDEBjPuBlf">30%, <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_ztXUfiwmI64f">28% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260331__srt--MajorCustomersAxis__custom--Customer3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zAsvRf3N4Aob">18% of net product revenues, respectively. For the three months ended March 31, 2025, revenues from five customers accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zs0LH2Vc7Bk2">25%, <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zGUctNXDet3e">25%, <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer3Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zV3RdklsANpd">20%, <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer4Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zKRywQOlkFVl">13% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250331__srt--MajorCustomersAxis__custom--Customer5Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zknwJ2YljV5f">12% of net product revenues, respectively. Information about significant segment expenses regularly provided to the CODM is as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_49E_20260101__20260331_zeXctOQJl4di" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_49D_20250101__20250331_zraCfVB15eOe" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="text-align: center">March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center">(in thousands)</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2026</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2025</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Change</td> <td> </td></tr> <tr id="xdx_404_eus-gaap--ResearchAndDevelopmentExpenseAbstract_iB_zA5Fu7BOzBe3" style="vertical-align: bottom"> <td>Research and development expenses:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_409_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX102SLMember_zaANNIzE0UG8" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 61%">Direct expenses – TNX - 102 SL</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,472</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,034</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td id="xdx_988_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX102SLMember_zp4d4aCRoxIa" style="width: 10%; text-align: right" title="Change">438</td> <td style="width: 1%"> </td></tr> <tr id="xdx_401_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX801Member_z0kISNjXfdU1" style="vertical-align: bottom; background-color: white"> <td>Direct expenses – TNX - 801</td> <td> </td> <td> </td> <td style="text-align: right">1,059</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">319</td> <td> </td> <td> </td> <td> </td> <td id="xdx_989_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX801Member_zfcNjcyArBj6" style="text-align: right" title="Change">740</td> <td> </td></tr> <tr id="xdx_407_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX1500Member_zjc7TO7FmVKg" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Direct expenses – TNX - 1500</td> <td> </td> <td> </td> <td style="text-align: right">4,277</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">382</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98F_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX1500Member_zsv5DtfECRT1" style="text-align: right" title="Change">3,895</td> <td> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX1900Member_zo8AoZPTaD55" style="vertical-align: bottom; background-color: white"> <td>Direct expenses – TNX - 1900</td> <td> </td> <td> </td> <td style="text-align: right">891</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">136</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98E_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX1900Member_zxHTCQ43r0J5" style="text-align: right" title="Change">755</td> <td> </td></tr> <tr id="xdx_40F_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX4200Member_zpJQHSQUtdF7" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Direct expenses – TNX - 4200</td> <td> </td> <td> </td> <td style="text-align: right">320</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">131</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98C_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX4200Member_zlZLedAwTeWa" style="text-align: right" title="Change">189</td> <td> </td></tr> <tr id="xdx_403_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX4800Member_zJRwbPD9bEMa" style="vertical-align: bottom; background-color: white"> <td>Direct expenses – TNX - 4800</td> <td> </td> <td> </td> <td style="text-align: right">1,394</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td id="xdx_983_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX4800Member_zxBvPKHW4JA5" style="text-align: right" title="Change">1,394</td> <td style="text-align: right"> </td></tr> <tr id="xdx_402_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesOtherProgramsMember_zyAvhqUqVKx6" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Direct expenses – Other programs</td> <td> </td> <td> </td> <td style="text-align: right">768</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">322</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98C_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesOtherProgramsMember_zvS7yTzTUTHi" style="text-align: right" title="Change">446</td> <td> </td></tr> <tr id="xdx_40D_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--InternalStaffingOverheadAndOtherMember_z2zI20FDIyAe" style="vertical-align: bottom; background-color: white"> <td>Internal staffing, overhead and other</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">8,032</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">5,112</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_98D_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--InternalStaffingOverheadAndOtherMember_z42SQ8ijF4c3" style="border-bottom: black 1pt solid; text-align: right" title="Change">2,920</td> <td> </td></tr> <tr id="xdx_401_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_zaOy7hPz7ZPk" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total research & development</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">18,213</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">7,436</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td id="xdx_98F_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331_zbf5HNfIP4Q1" style="border-bottom: black 2.25pt double; text-align: right" title="Change">10,777</td> <td> </td></tr> </table> Our direct research and development expenses consist principally of external costs for clinical, nonclinical and manufacturing, such as fees paid to contractors, consultants and contract research organizations in connection with our development work. Included in "Internal Staffing, Overhead and Other" is overhead, supplies, research and development employee costs (including stock option expenses), travel, regulatory and legal.

0.40

0.35

0.12

0.34

0.29

0.28

0.30

0.28

0.18

0.25

0.20

0.13

0.12

Information about significant segment expenses regularly provided to the CODM is as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_49E_20260101__20260331_zeXctOQJl4di" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td id="xdx_49D_20250101__20250331_zraCfVB15eOe" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="text-align: center">March 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center">(in thousands)</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2026</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2025</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Change</td> <td> </td></tr> <tr id="xdx_404_eus-gaap--ResearchAndDevelopmentExpenseAbstract_iB_zA5Fu7BOzBe3" style="vertical-align: bottom"> <td>Research and development expenses:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_409_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX102SLMember_zaANNIzE0UG8" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 61%">Direct expenses – TNX - 102 SL</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,472</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">1,034</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td id="xdx_988_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX102SLMember_zp4d4aCRoxIa" style="width: 10%; text-align: right" title="Change">438</td> <td style="width: 1%"> </td></tr> <tr id="xdx_401_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX801Member_z0kISNjXfdU1" style="vertical-align: bottom; background-color: white"> <td>Direct expenses – TNX - 801</td> <td> </td> <td> </td> <td style="text-align: right">1,059</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">319</td> <td> </td> <td> </td> <td> </td> <td id="xdx_989_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX801Member_zfcNjcyArBj6" style="text-align: right" title="Change">740</td> <td> </td></tr> <tr id="xdx_407_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX1500Member_zjc7TO7FmVKg" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Direct expenses – TNX - 1500</td> <td> </td> <td> </td> <td style="text-align: right">4,277</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">382</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98F_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX1500Member_zsv5DtfECRT1" style="text-align: right" title="Change">3,895</td> <td> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX1900Member_zo8AoZPTaD55" style="vertical-align: bottom; background-color: white"> <td>Direct expenses – TNX - 1900</td> <td> </td> <td> </td> <td style="text-align: right">891</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">136</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98E_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX1900Member_zxHTCQ43r0J5" style="text-align: right" title="Change">755</td> <td> </td></tr> <tr id="xdx_40F_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX4200Member_zpJQHSQUtdF7" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Direct expenses – TNX - 4200</td> <td> </td> <td> </td> <td style="text-align: right">320</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">131</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98C_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX4200Member_zlZLedAwTeWa" style="text-align: right" title="Change">189</td> <td> </td></tr> <tr id="xdx_403_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX4800Member_zJRwbPD9bEMa" style="vertical-align: bottom; background-color: white"> <td>Direct expenses – TNX - 4800</td> <td> </td> <td> </td> <td style="text-align: right">1,394</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">—</td> <td> </td> <td> </td> <td> </td> <td id="xdx_983_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesTNX4800Member_zxBvPKHW4JA5" style="text-align: right" title="Change">1,394</td> <td style="text-align: right"> </td></tr> <tr id="xdx_402_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--DirectExpensesOtherProgramsMember_zyAvhqUqVKx6" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Direct expenses – Other programs</td> <td> </td> <td> </td> <td style="text-align: right">768</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">322</td> <td> </td> <td> </td> <td> </td> <td id="xdx_98C_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--DirectExpensesOtherProgramsMember_zvS7yTzTUTHi" style="text-align: right" title="Change">446</td> <td> </td></tr> <tr id="xdx_40D_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_hus-gaap--NatureOfExpenseAxis__custom--InternalStaffingOverheadAndOtherMember_z2zI20FDIyAe" style="vertical-align: bottom; background-color: white"> <td>Internal staffing, overhead and other</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">8,032</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">5,112</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_98D_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331__us-gaap--NatureOfExpenseAxis__custom--InternalStaffingOverheadAndOtherMember_z42SQ8ijF4c3" style="border-bottom: black 1pt solid; text-align: right" title="Change">2,920</td> <td> </td></tr> <tr id="xdx_401_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_zaOy7hPz7ZPk" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total research & development</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">18,213</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">7,436</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td id="xdx_98F_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpense_pn3n3_c20260101__20260331_zbf5HNfIP4Q1" style="border-bottom: black 2.25pt double; text-align: right" title="Change">10,777</td> <td> </td></tr> </table>

1472000

1034000

438000

1059000

319000

740000

4277000

382000

3895000

891000

136000

755000

320000

131000

189000

1394000

768000

322000

446000

8032000

5112000

2920000

18213000

7436000

10777000

Cash, Cash Equivalents and Restricted Cash The Company considers cash equivalents to be those investments which are highly liquid, readily convertible to cash and have an original maturity of three months or less when purchased. At March 31, 2026, and March 31, 2025, cash equivalents, which consisted of money market funds, amounted to approximately $155.1 million and $75.7 million, respectively. Restricted cash, which is included in Other non-current assets on the consolidated balance sheet, at March 31, 2026, of approximately $0.5 million collateralizes a letter of credit issued in connection with the lease of office space in Berkeley Heights, New Jersey and Chatham, New Jersey. Restricted cash at March 31, 2025 of approximately $0.9 million, collateralizes a letter of credit issued in connection with the lease of office space in Chatham, New Jersey and New York, New York, and restricted cash held by vendors in escrow accounts for patient support services. <p id="xdx_89E_eus-gaap--ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock_zWlNkV4TPwU6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statement of cash flows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260331_zVz9AoxuRCYh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250331_z9ppdXHOFRL9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzAEg_z3pk3rcMsJR4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">185,470</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">131,716</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RestrictedCash_iI_pn3n3_maCCERCzAEg_z9loiPI8FcGj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">538</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">903</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzAEg_zcjxvo2CZ8Re" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">186,008</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">132,619</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

155100000

75700000

900000

<p id="xdx_89E_eus-gaap--ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock_zWlNkV4TPwU6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statement of cash flows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260331_zVz9AoxuRCYh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250331_z9ppdXHOFRL9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzAEg_z3pk3rcMsJR4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">185,470</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">131,716</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RestrictedCash_iI_pn3n3_maCCERCzAEg_z9loiPI8FcGj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">538</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">903</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzAEg_zcjxvo2CZ8Re" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">186,008</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">132,619</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

185470000

131716000

538000

903000

186008000

132619000

Accounts Receivable, net Accounts receivable consists of amounts due from our wholesale and other third-party distributors and pharmacies and have standard payment terms that generally require payment within 30 to 90 days. For certain customers, the accounts receivable for the customer is net of cash discounts, chargebacks and customer rebates. We provide reserves against accounts receivable for estimated losses that may result from a customer’s inability to pay. Amounts determined to be uncollectible are charged or written-off against the reserve. As of March 31, 2026 and December 31, 2025, the Company had $31,000 for both reporting periods, as an allowance for expected credit losses. An allowance for credit losses is determined based on the financial condition and creditworthiness of customers and the Company considers economic factors and events or trends expected to affect future collections experience. Any allowance would reduce the net receivables to the amount that is expected to be collected. The payment history of the Company’s customers will be considered in future assessments of collectability as these patterns are established over a longer period.

31000

Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk include cash and cash equivalents, and accounts receivable. We attempt to minimize the risks related to cash and cash equivalents by investing in a broad and diverse range of financial instruments, and we have established guidelines related to credit ratings and maturities intended to safeguard principal balances and maintain liquidity. Concentrations of credit risk with respect to receivables, which are typically unsecured, are somewhat mitigated due to the financial stability of our primary customers using our products. We monitor the financial performance and creditworthiness of our customers so that we can properly assess and respond to changes in their credit profile. We continue to monitor these conditions and assess their possible impact on our business.

Inventories Inventories are recorded at the lower of cost or net realizable value, with cost determined by the first-in-first-out method. The Company periodically reviews the composition of inventory in order to identify excess, obsolete, slow-moving or otherwise non-saleable items taking into account anticipated future sales compared with quantities on hand, and the remaining shelf life of goods on hand. If non-saleable items are observed and there are no alternate uses for the inventory, the Company records a write-down to net realizable value in the period that the decline in value is first recognized. Although the Company makes every effort to ensure the accuracy of forecasts of future product demand, any significant unanticipated decreases in demand could have a material impact on the carrying value of inventories and reported operating results.

Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation and amortization is calculated using the straight-line method over the asset’s estimated useful life, which ranges from <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember__srt--RangeAxis__srt--MinimumMember_z29MWjImTflc" title="Estimated useful life of property and equipment">20 to 40 years for buildings, 15 years for land improvements and laboratory equipment, three years for computer assets, five years for furniture and all other equipment and the <span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20260331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zFNP8eWXavic" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2026%23UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember">shorter of the useful life or term of lease for leasehold improvements. Depreciation and amortization on assets begin when the asset is placed in service. Depreciation and amortization expense for the quarters ended March 31, 2026, and 2025 was $0.6 million and $0.5 million, respectively. The Company’s property and equipment is located in the United States.

P20Y

P40Y

P15Y

P3Y

P5Y

600000

500000

Intangible assets, net Intangible assets deemed to have finite lives are carried at acquisition-date fair value less accumulated amortization and impairment, if any. Finite-lived intangible assets consisted of developed technology intangible assets acquired in connection with the acquisition of certain products from Upsher Smith Laboratories, LLC (“Upsher Smith”) consummated on June 30, 2023. The acquired intangible assets were amortized using the straight-line method over the estimated useful lives of the respective assets. The Company recorded a full impairment of its developed technology assets during the second quarter of 2024, therefore there is no amortization for the three months ended March 31, 2026 and March 31, 2025.

Impairment testing of long-lived assets The Company evaluates long-lived assets for impairment, including property and equipment, finite-lived intangibles assets and operating lease right-to-use assets whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. For the three months ended March 31, 2026 and 2025, the Company believed that no impairment existed.

Leases The Company determines if an arrangement is, or contains, a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, current and operating lease liabilities, noncurrent in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the transition date and subsequent lease commencement dates in determining the present value of lease payments. This is the rate the Company would have to pay if borrowing on a collateralized basis over a similar term to each lease. The operating lease ROU asset excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments made under operating leases is recognized on a straight-line basis over the lease term.

Revenue Recognition The Company records and recognizes revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenues primarily result from contracts with customers, which are generally short-term and have a single performance obligation - the delivery of product. The Company’s performance obligation to deliver products is satisfied at the point in time that the goods are received by the customer, which is when the customer obtains title to and has the risks and rewards of ownership of the products, which is generally upon shipment or delivery to the customer as stipulated by the terms of the sale agreements. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. Our contractual payment terms are typically 30 to 90 days. Revenues from product sales, net of gross-to-net deductions, are recorded only to the extent a significant reversal in the amount of cumulative revenue recognized is not probable of occurring and when the uncertainty associated with gross-to-net deductions is subsequently resolved. Taxes assessed by governmental authorities and collected from customers are excluded from product sales. Shipping and handling activities are considered to be fulfillment activities and not a separate performance obligation. Many of the Company’s products sold are subject to a variety of deductions. Revenues are recognized net of estimated rebates and chargebacks, cash discounts, distributor fees, sales return provisions and other related deductions. Deductions to product sales are referred to as gross-to-net deductions and are estimated and recorded in the period in which the related product sales occur. Accruals for these provisions are presented in the consolidated financial statements as reductions to gross sales in determining net sales, and as a contra asset within accounts receivable, net (if settled via credit) and other current liabilities (if paid in cash). Amounts recorded for revenue deductions can result from a complex series of judgements about future events and uncertainties and can rely heavily on estimates and assumptions. The following section briefly describes the nature of the Company’s provisions for variable consideration and how such provisions are estimated: Chargebacks - The Company sells a portion of its products indirectly through wholesaler distributors, and enters into specific agreements with these indirect customers to establish pricing for the Company’s products, and in-turn, the indirect customers and entities independently purchase these products. Because the price paid by the indirect customers and/or entities is lower than the price paid by the wholesaler, the Company provides a credit, called a chargeback, to the wholesaler for the difference between the contractual price with the indirect customers and the wholesale customer’s purchase price. The Company’s provision for chargebacks is based on expected sell-through levels by the Company’s wholesale customers to the indirect customers and estimated wholesaler inventory levels as well as historical chargeback rates. The Company continually monitors its reserve for chargebacks and adjusts the reserve accordingly when expected chargebacks differ from actual experience. Rebates - The Company participates in certain government and specific sales rebate programs which provides discounted prescription drugs to qualified recipients, and primarily relate to Medicaid and managed care rebates, pharmacy rebates, Tri-Care rebates and discounts, specialty pharmacy program fees and other governmental rebates or applicable allowances. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in">●</td> <td style="padding-bottom: 9pt; text-align: justify">Managed Care Rebates are processed in the quarter following the quarter in which they are earned. The managed care reporting entity submits utilization data after the end of the quarter and the Company processes the payment in accordance with contract terms. All rebates earned but not paid are estimated by the Company according to historical payments trended for market growth assumptions.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="padding-bottom: 9pt; text-align: justify">Medicaid and State Agency rebates are based upon historical experience of claims submitted by various states. The Company monitors Medicaid legislative changes to determine what impact such legislation may have on the provision for Medicaid rebates. The accrual of State Agency reserves is based on historical payment rates. There is an approximate four to six-month lag from the time of product sale until the rebate is paid.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="padding-bottom: 9pt; text-align: justify">Tri-Care represents a regionally managed health care program for active duty and retired members, dependents and survivors of the US military. The Tri-Care program supplements health care resources of the US military with civilian health care professionals for greater access and quality healthcare coverage. Through the Tri-Care program, the Company provides pharmaceuticals on a direct customer basis. Prices of pharmaceuticals sold under the Tri-Care program are pre-negotiated and a reserve amount is established to represent the proportionate rebate amount associated with product sales.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">Coverage Gap refers to the Medicare prescription drug program and represents specifically the period between the initial Medicare Part D prescription drug program coverage limit and the catastrophic coverage threshold. Applicable pharmaceutical products sold during this coverage gap timeframe are discounted by the Company. Since the nature of the program is that coverage limits are reset at the beginning of the calendar year; the payments escalate each quarter as the participants reach the coverage limit before reaching the catastrophic coverage threshold. The Company has determined that the cost of this reserve will be viewed as an annual cost. Therefore, the accrual will be incurred evenly during the year with quarterly review of the liability based on payment trends and any revision to the projected annual cost.</td></tr> </table> Prompt-Pay and other Sales Discounts - The Company provides for prompt pay discounts, which early payments are recorded as a reduction of revenue and as a reduction in the accounts receivable at the time of sale based on the customer’s contracted discount rate. Consumer sales discounts represent programs the Company has in place to reduce costs to the patient. This includes copay buy down and eVoucher programs. Product Returns - Consistent with industry practice, the customer’s right of return commences typically six months prior to product expiration date and ends one year after product expiration date. Products returned for expiration are reimbursed at current wholesale acquisition cost or indirect contract price. The Company estimates the amount of its product sales that may be returned by the Company’s customers and accrues this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company estimates products returns as a percentage of sales to its customers. The rate is estimated by using historical sales information or appropriate industry average for newly launched products. Adjustments are made to the current provision for returns when data suggests product returns may differ from original estimates.

30 to 90 days

Research and Development Costs The Company outsources certain of its research and development efforts and expenses these costs as incurred, including the cost of manufacturing products for testing, as well as licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired in transactions accounted for as an asset acquisition has been expensed as research and development costs, as such property is related to particular research and development projects and had no alternative future uses. The Company estimates its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company accounts for trial expenses according to the timing of various aspects of the trial. The Company determines accrual estimates taking into account discussion with applicable personnel and outside service providers as to the progress or state of consummation of trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors.

Government Grants From time to time, the Company may enter into arrangements with governmental entities for the purpose of obtaining funding for research and development activities. The Company is reimbursed for costs incurred that are associated with specified research and development activities included in the grant application approved by the government authority and, in certain arrangements. U.S. GAAP does not have specific accounting standards covering government grants to business entities. The Company applies International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance by analogy when accounting for government grants. Under IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met and the grant will be received. After initial recognition, government grants received are recognized in earnings in the same period the underlying costs for which the grant is intended to compensate are incurred. The Company classifies government grants received under these arrangements as either a reduction to the related research and development expense or as grant income in the consolidated statements of operations, depending on the fee structure of the arrangement. The Company also applies the disclosure requirements of ASC 832, Government Assistance. In June 2024, the Company was awarded a prototype Other Transaction Agreement from the Defense Threat Reduction Agency (“DTRA”), an agency within the U.S. Department of Defense, to fund the Company’s TNX-4200 program for the development of a small molecule broad-spectrum antiviral for the prevention or treatment of viral infections to improve the medical readiness of military personnel in biological threat environments. The DTRA grant provides for payments totaling up to $34.1 million over five years, which is subject to adjustment based on costs, scope, budget, and other factors as the program advances. Funding under the DTRA grant is earned and recognized under a cost-plus-fixed-fee arrangement in which the Company is reimbursed for all direct costs incurred plus allowable indirect costs and a fixed fee. No grant income was recognized during the three months ended March 31, 2026. During the three months ended March 31, 2025, $0.9 million was recognized in grant income related to the DTRA grant.

34100000

Advertising and Promotion Costs Advertising and promotion costs are expensed as incurred. The Company recorded advertising and promotion expenses of approximately $7.6 million and $0.4 million, respectively, for the three months ended March 31, 2026, and 2025.

7600000

400000

Stock-based Compensation. All stock-based payments to employees and to non-employees for their services, including stock options, are measured at fair value on the grant date and recognized in the consolidated statements of operations as compensation expense over the requisite service period. The Company accounts for share-based awards in accordance with the provisions of the Accounting Standards Codification (“ASC”) 718, Compensation – Stock Compensation.

Foreign Currency Translation Operations of the Company’s Canadian subsidiary, Tonix Pharmaceuticals (Canada), Inc., are conducted in local currency, which represents its functional currency. The U.S. dollar is the functional currency of the other foreign subsidiaries. Balance sheet accounts of the Canadian subsidiary were translated from foreign currency into U.S. dollars at the exchange rate in effect at the balance sheet date and income statement accounts were translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process were included in accumulated other comprehensive loss on the consolidated balance sheets.

Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Other comprehensive income (loss) represents foreign currency translation adjustments.

Income Taxes Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carryforwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records a valuation allowance on its deferred income tax assets if it is not more likely than not that these deferred income tax assets will be realized. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of March 31, 2026, the Company has not recorded any unrecognized tax benefits. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

Per Share Data The computation of basic and diluted loss per share for the three months ended March 31, 2026 and 2025 excludes potentially dilutive securities when their inclusion would be anti-dilutive, or if their exercise prices were greater than the average market price of the common stock during the period. Prefunded warrants are assumed exercised on date of issuance and are included in the basic earnings per share (“EPS”) calculation thus excluded from the table below. All warrants (See Note 14) issued participate on a one-for-one basis with common stock in the distribution of dividends, if and when declared by the Board of Directors, on the Company’s common stock. For purposes of computing EPS, these warrants are considered to participate with common stock in earnings of the Company. Therefore, the Company calculates basic and diluted EPS using the two-class method. Under the two-class method, net income for the period is allocated between common stockholders and participating securities according to dividends declared and participation rights in undistributed earnings. No income was allocated to the warrants for the three months ended March 31, 2026 and 2025, as results of operations were a loss for the periods. <p id="xdx_891_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zu6J0q3AZ73l" style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify; text-indent: 0.5in">Potentially dilutive securities excluded from the computation of basic and diluted net loss per share, as of March 31, 2026, and 2025, are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260101__20260331_zl3lEwGrjIc7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250331_zD7lwSdnNRp" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zwN7wFL3MiHh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Warrants to purchase common stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">26,239</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: 10%; text-align: right">29,021</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zvDy5hCjWXW8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Options to purchase common stock</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,131,964</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">674,134</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zMKiVULYSVob" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Totals</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,158,203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">703,155</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_891_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zu6J0q3AZ73l" style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify; text-indent: 0.5in">Potentially dilutive securities excluded from the computation of basic and diluted net loss per share, as of March 31, 2026, and 2025, are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260101__20260331_zl3lEwGrjIc7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20250331_zD7lwSdnNRp" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zwN7wFL3MiHh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Warrants to purchase common stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">26,239</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: 10%; text-align: right">29,021</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zvDy5hCjWXW8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Options to purchase common stock</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,131,964</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">674,134</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zMKiVULYSVob" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Totals</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,158,203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">703,155</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

26239

29021

2131964

674134

2158203

703155

<p id="xdx_844_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zvxMs5lxtTk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; display: none; visibility: hidden; text-align: justify"> Recently Adopted and Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements In July 2025, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides guidance for estimating credit losses under the current expected credit losses (CECL) model for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification 606. The Company has adopted this ASU on a prospective basis, and it did not have a material impact on its consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832). The amendments in this ASU establish the accounting for a government grant received by a business entity, including guidance for (1) a grant related to an asset and (2) a grant related to income. The amendments in this ASU are effective annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-10 on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU amends the existing standard to remove all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. This ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted as of the beginning of a fiscal year. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is evaluating the impact of adoption on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, to improve transparency in financial reporting by requiring entities to present more detailed information about the nature of expenses included within the Income Statement. The guidance will first be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of assessing the impact of ASU 2024-03 on its financial statements.

NOTE 3 – INVENTORY The components of inventory consisted of the following (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260331_zQgjYo1fLGt7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zltIguAXfYJk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--InventoryRawMaterialsNetOfReserves_iI_pn3n3_maIGzHZi_maINzogD_z8PE2dFamTze" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Raw Materials</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,666</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,506</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InventoryWorkInProcessNetOfReserves_iI_pn3n3_maIGzHZi_maINzogD_zDra2a7RbKm7" style="vertical-align: bottom; background-color: White"> <td>Work-in-process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,767</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,370</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InventoryFinishedGoodsNetOfReserves_iI_pn3n3_maIGzHZi_maINzogD_zR32ODmchZJ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished Goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">785</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,137</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--InventoryCurrentAndNoncurrent_iTI_pn3n3_mtINzogD_zRTnACG2Tbc9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Inventory</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,218</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,013</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <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">Recognized as:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FIFOInventoryAmount_iI_pn3n3_maINzogE_z7UzkTOhWAPj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Inventory</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,645</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,013</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InventoryNoncurrent_iI_maINzogE_zXWs2w1Gier1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left">Other non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,573</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--InventoryCurrentAndNoncurrent_iTI_pn3n3_mtINzogE_zRa64gE5lZth" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left"> Total Inventory</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,218</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,013</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Amounts recognized as Other non-current assets are comprised almost entirely of raw materials that are not expected to be sold within one year.

The components of inventory consisted of the following (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260331_zQgjYo1fLGt7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zltIguAXfYJk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--InventoryRawMaterialsNetOfReserves_iI_pn3n3_maIGzHZi_maINzogD_z8PE2dFamTze" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Raw Materials</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,666</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,506</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InventoryWorkInProcessNetOfReserves_iI_pn3n3_maIGzHZi_maINzogD_zDra2a7RbKm7" style="vertical-align: bottom; background-color: White"> <td>Work-in-process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,767</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,370</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InventoryFinishedGoodsNetOfReserves_iI_pn3n3_maIGzHZi_maINzogD_zR32ODmchZJ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished Goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">785</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,137</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--InventoryCurrentAndNoncurrent_iTI_pn3n3_mtINzogD_zRTnACG2Tbc9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Inventory</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,218</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,013</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <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">Recognized as:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FIFOInventoryAmount_iI_pn3n3_maINzogE_z7UzkTOhWAPj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Inventory</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,645</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,013</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InventoryNoncurrent_iI_maINzogE_zXWs2w1Gier1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left">Other non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,573</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--InventoryCurrentAndNoncurrent_iTI_pn3n3_mtINzogE_zRa64gE5lZth" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left"> Total Inventory</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,218</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,013</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2666000

2506000

1767000

1370000

785000

2137000

5218000 6013000

3645000

6013000

1573000

5218000 6013000

NOTE 4 – PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260331_zIQHcEjZWfm1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zMtIpWLHzBW4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Property and equipment, net:</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 id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zGIN2x0HAI9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; padding-left: 10pt">Land</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,011</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,011</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandImprovementsMember_zZSclgY612P4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Land improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zW68sgzjlcOe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Buildings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,286</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,096</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureAndEquipmentMember_zYg93wHWkW12" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Office furniture and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,230</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,014</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_z50TOZoyx893" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Laboratory equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,436</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,849</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z3XA3U650Osd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Leasehold improvements</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">203</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">203</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENztuJ_zde8xvTbgft6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property and equipment gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,471</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,478</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENztuJ_zMOSh5htw7Bf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Less: Accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,577</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,022</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENztuJ_zg6DwT5IBVLa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">44,894</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">44,456</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Property and equipment, net consisted of the following (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260331_zIQHcEjZWfm1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zMtIpWLHzBW4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Property and equipment, net:</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 id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zGIN2x0HAI9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; padding-left: 10pt">Land</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,011</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,011</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandImprovementsMember_zZSclgY612P4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Land improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zW68sgzjlcOe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Buildings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,286</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,096</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureAndEquipmentMember_zYg93wHWkW12" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Office furniture and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,230</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,014</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_z50TOZoyx893" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Laboratory equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,436</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,849</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z3XA3U650Osd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Leasehold improvements</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">203</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">203</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENztuJ_zde8xvTbgft6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property and equipment gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,471</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,478</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENztuJ_zMOSh5htw7Bf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Less: Accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,577</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,022</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENztuJ_zg6DwT5IBVLa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">44,894</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">44,456</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

8011000

305000

25286000

25096000

2230000

2014000

15436000

14849000

203000

51471000

50478000

6577000

6022000

44894000

44456000

NOTE 5 – INTANGIBLE ASSETS The following table provides the gross carrying amount and accumulated amortization for each major class of intangible asset: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260331_zUHSTl9J3tV" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_zaKTRXZyC709" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Intangible assets not subject to amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_pn3n3_maIANEGzwxV_zaLZEvEXT4c5" style="vertical-align: bottom; background-color: White"> <td style="width: 74%; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Internet domain rights</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">120</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">120</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iTI_pn3n3_mtIANEGzwxV_z18Q1D9HSkR3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The following table provides the gross carrying amount and accumulated amortization for each major class of intangible asset: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260331_zUHSTl9J3tV" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_zaKTRXZyC709" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Intangible assets not subject to amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_pn3n3_maIANEGzwxV_zaLZEvEXT4c5" style="vertical-align: bottom; background-color: White"> <td style="width: 74%; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Internet domain rights</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">120</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">120</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iTI_pn3n3_mtIANEGzwxV_z18Q1D9HSkR3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

120000

NOTE 6 – FAIR VALUE MEASUREMENTS Fair value measurements affect the Company’s accounting for certain of its financial assets. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 10%"> </td> <td style="width: 10%">Level 1:</td> <td style="width: 80%; text-align: justify">Observable inputs, such as quoted prices in active markets.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 10%"> </td> <td style="width: 10%">Level 2:</td> <td style="width: 80%; text-align: justify">Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 2 assets and liabilities include debt securities with quoted market prices that are traded less frequently than exchange-traded instruments. This category includes U.S. government agency-backed debt securities and corporate-debt securities.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 10%"> </td> <td style="width: 10%">Level 3:</td> <td style="width: 80%; text-align: justify">Unobservable inputs in which there is little or no market data.</td></tr> </table> As of March 31, 2026, and December 31, 2025, the Company used Level 1 quoted prices in active markets to value cash equivalents of $<span id="xdx_90B_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn5n6_uUSD_c20260331__us-gaap--CashAndCashEquivalentsAxis__us-gaap--CashEquivalentsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zIGMmK37lfS9" title="Cash equivalents">155.1 million and $<span id="xdx_908_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn5n6_uUSD_c20251231__us-gaap--CashAndCashEquivalentsAxis__us-gaap--CashEquivalentsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zyIZG4JUMpx7" title="Cash equivalents">148.7 million, respectively. The Company did not have any material Level 2 or Level 3 assets or liabilities as of March 31, 2026 and December 31, 2025.

155100000

148700000

NOTE 7 – OTHER BALANCE SHEET INFORMATION Components of selected captions in the consolidated balance sheets consist of: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260331_zMTC86krl338" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zqFcKSY5rcR4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--PrepaidExpenseAndOtherAssetsCurrentAbstract_iB_z4RYV3YuFs22" style="vertical-align: bottom"> <td style="font-weight: bold">Prepaid expenses and other current assets:</td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--ContractWithCustomerAssetNetCurrent_i01I_pn3n3_maPEAOAzN1F_zBJeMQFkmfzd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; padding-left: 10pt">Contract research-related</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,390</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,485</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Supplies_i01I_pn3n3_maPEAOAzN1F_zoHEotJQvnfe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Prepaid Inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PrepaidPrescriptionDrugUserFeeActFees_i01I_pn3n3_maPEAOAzN1F_zYtRNJdFfLzb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Prescription drug user fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">442</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">663</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PrepaidTaxes_i01I_pn3n3_maPEAOAzN1F_zbXRmormb7v1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">467</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">566</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PrepaidInsurance_i01I_pn3n3_maPEAOAzN1F_zo0sTIWQIp8j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,149</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,650</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OtherPrepaidExpenseCurrent_i01I_pn3n3_maPEAOAzN1F_zNeDiQv6zPmj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Professional fees and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,785</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,591</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i01TI_pn3n3_mtPEAOAzN1F_zrN8OuYoQd16" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,233</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,955</td><td style="padding-bottom: 2.5pt; 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></tr> <tr id="xdx_407_eus-gaap--OtherAssetsNoncurrentAbstract_iB_zxW7vZOLT0t6" style="vertical-align: bottom; background-color: White"> <td>Other non-current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--EscrowDeposit_i01I_maOANzs3U_zI4vyVWgb1Ca" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Amounts held in escrow</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--InventoryNoncurrent_i01I_maOANzs3U_zyvIqB9aqn84" style="vertical-align: bottom; background-color: White"> <td>Inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RestrictedCashNoncurrent_i01I_maOANzs3U_zFrgEjnenlqi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Restricted cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">538</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,170</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DepositsAssetsNoncurrent_i01I_maOANzs3U_zMKB7aMDavmk" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Security deposits</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherAssetsNoncurrent_i01TI_mtOANzs3U_zEWct7Zvawqg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,285</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,175</td><td style="padding-bottom: 2.5pt; 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></tr> <tr id="xdx_407_eus-gaap--AccruedLiabilitiesCurrentAbstract_iB_zwx7GqzPaV82" style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Accrued expenses and other current 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></tr> <tr id="xdx_406_eus-gaap--ContractWithCustomerLiabilityCurrent_i01I_pn3n3_maAPAOAzLWJ_zxEMBNAkagWb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 0.25in">Contract research-related</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,425</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--CompensationAndCompensationRelatedAccruedLiabilitiesCurrent_i01I_pn3n3_maAPAOAzLWJ_znQkQa3AQNnk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Compensation and compensation-related</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,432</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,144</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CustomerRefundLiabilityCurrent_i01I_pn3n3_maAPAOAzLWJ_zW4jgUWkE0qb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Gross-to-net deductions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,680</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,909</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ProfessionalFeesAndOtherAccruedLiabilitiesCurrent_i01I_pn3n3_maAPAOAzLWJ_z5q4FnbsAKGh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.25in">Professional fees and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,497</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,120</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iTI_pn3n3_mtAPAOAzLWJ_zwdOOr8iiiGc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,836</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,598</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Components of selected captions in the consolidated balance sheets consist of: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260331_zMTC86krl338" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zqFcKSY5rcR4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--PrepaidExpenseAndOtherAssetsCurrentAbstract_iB_z4RYV3YuFs22" style="vertical-align: bottom"> <td style="font-weight: bold">Prepaid expenses and other current assets:</td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--ContractWithCustomerAssetNetCurrent_i01I_pn3n3_maPEAOAzN1F_zBJeMQFkmfzd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; padding-left: 10pt">Contract research-related</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,390</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,485</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Supplies_i01I_pn3n3_maPEAOAzN1F_zoHEotJQvnfe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Prepaid Inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PrepaidPrescriptionDrugUserFeeActFees_i01I_pn3n3_maPEAOAzN1F_zYtRNJdFfLzb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Prescription drug user fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">442</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">663</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PrepaidTaxes_i01I_pn3n3_maPEAOAzN1F_zbXRmormb7v1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">467</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">566</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PrepaidInsurance_i01I_pn3n3_maPEAOAzN1F_zo0sTIWQIp8j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,149</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,650</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OtherPrepaidExpenseCurrent_i01I_pn3n3_maPEAOAzN1F_zNeDiQv6zPmj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Professional fees and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,785</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,591</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i01TI_pn3n3_mtPEAOAzN1F_zrN8OuYoQd16" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,233</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,955</td><td style="padding-bottom: 2.5pt; 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></tr> <tr id="xdx_407_eus-gaap--OtherAssetsNoncurrentAbstract_iB_zxW7vZOLT0t6" style="vertical-align: bottom; background-color: White"> <td>Other non-current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--EscrowDeposit_i01I_maOANzs3U_zI4vyVWgb1Ca" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Amounts held in escrow</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--InventoryNoncurrent_i01I_maOANzs3U_zyvIqB9aqn84" style="vertical-align: bottom; background-color: White"> <td>Inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RestrictedCashNoncurrent_i01I_maOANzs3U_zFrgEjnenlqi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Restricted cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">538</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,170</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DepositsAssetsNoncurrent_i01I_maOANzs3U_zMKB7aMDavmk" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Security deposits</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherAssetsNoncurrent_i01TI_mtOANzs3U_zEWct7Zvawqg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,285</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,175</td><td style="padding-bottom: 2.5pt; 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></tr> <tr id="xdx_407_eus-gaap--AccruedLiabilitiesCurrentAbstract_iB_zwx7GqzPaV82" style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Accrued expenses and other current 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></tr> <tr id="xdx_406_eus-gaap--ContractWithCustomerLiabilityCurrent_i01I_pn3n3_maAPAOAzLWJ_zxEMBNAkagWb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 0.25in">Contract research-related</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,425</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--CompensationAndCompensationRelatedAccruedLiabilitiesCurrent_i01I_pn3n3_maAPAOAzLWJ_znQkQa3AQNnk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Compensation and compensation-related</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,432</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,144</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CustomerRefundLiabilityCurrent_i01I_pn3n3_maAPAOAzLWJ_zW4jgUWkE0qb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Gross-to-net deductions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,680</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,909</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ProfessionalFeesAndOtherAccruedLiabilitiesCurrent_i01I_pn3n3_maAPAOAzLWJ_z5q4FnbsAKGh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 0.25in">Professional fees and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,497</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,120</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iTI_pn3n3_mtAPAOAzLWJ_zwdOOr8iiiGc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,836</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,598</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3390000

3485000

1000000

442000 663000

467000

566000

1149000

1650000

2785000

1591000

9233000

8955000

2169000

1573000

538000

2170000

5000

4285000

2175000

4227000

3425000

3432000 6144000

8680000

7909000

3497000 5120000

19836000

22598000

NOTE 8 – DEBT FINANCING On December 8, 2023, the Company entered into a Loan and Guaranty Agreement (the “Loan Agreement”) by and among the Company, Krele LLC, Tonix Pharmaceuticals, Inc., Jenner and Tonix R&D Center (collectively, the “Loan Parties”), with JGB Capital, LP, JGB Partners, LP, JGB (Cayman) Port Ellen Ltd., and any other lender from time to time party hereto (collectively, the “Lenders”), and JGB Collateral LLC, as administrative agent and collateral agent for the Lenders (in such capacity, “JGB Agent”) for a 36-month term loan (the “Term Loan”) in the aggregate principal amount of $11.0 million, with a maturity date of December 8, 2026 (the “Maturity Date”). The Term Loan was funded with an original issue discount of 9% of the principal amount of the Term Loan, or $1.0 million, which was amortized over the term of the debt as an adjustment to the effective interest rate on the outstanding borrowings. During the first quarter of 2025, the Company paid $9.6 million as a result of a pay-off of the above-mentioned loan. The pay-off amount paid by the Company in connection with the termination of the Loan Agreement was pursuant to a pay-off letter and includes a prepayment fee of $1.0 million in accordance with the terms and provisions of the Loan Agreement. In connection with the pay-off of the loan, the Company incurred a loss on extinguishment of the debt amounting to $2.1 million during the three months ended March 31, 2025.

P36M

11000000

2026-12-08

0.09

1000000

9600000

1000000.0

NOTE 9 – STOCKHOLDERS’ EQUITY On February 5, 2025, the Company effected a 1-for-100 reverse stock split of its issued and outstanding shares of common stock, whereby 559,044,486 outstanding shares of the Company’s common stock were exchanged for 5,590,667 shares of the Company’s common stock. All per share amounts and number of shares in the consolidated financial statements and related notes have been retroactively restated to reflect the reverse stock split. As a result of the reverse-stock-split, on February 20, 2025, the Company’s stock regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on the NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(a)(2). On February 20, 2025, the Company received a letter from The NASDAQ Stock Market LLC stating that because the Company’s shares had a closing bid price at or above $1.00 per share for a minimum of 10 consecutive business days, the Company’s stock had regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on the NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(a)(2), and that the matter is now closed.

1-for-100

559044486

5590667

1.00 1.00 P10D 1.00

NOTE 10 – REVENUES Disaggregation of Net Revenues The Company’s net product revenues are summarized below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_49D_20260101__20260331_zlY1kR3uUUAa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td colspan="2" id="xdx_494_20250101__20250331_zxoOdO56UPwh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--TonmyaMember_zuQwUOs2oDq9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%">TONMYA</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,731</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--ZembraceSymtouchMember_zpUurkO0QNDj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Zembrace Symtouch</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,930</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,026</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--TosymraMember_zaBQyldiVkCc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Tosymra</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">217</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">403</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zP7MdqvVw2Nk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total product revenues</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,878</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,429</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> All sales are generated in the United States. Gross-to-Net Sales Accruals We record gross-to-net sales accruals for chargebacks, rebates, sales and other discounts, and product returns, which are all customary to the pharmaceutical industry. Our provision for gross-to-net allowances was $<span id="xdx_902_eus-gaap--ValuationAllowancesAndReservesBalance_iI_pn5n6_c20260331__us-gaap--ValuationAllowancesAndReservesTypeAxis__custom--GrossToNetAllowancesMember_zKofs9C9HQM4" title="Gross-to-net allowances">10.6 million at March 31, 2026, $<span id="xdx_905_eus-gaap--ValuationAllowancesAndReservesBalance_iI_pn5n6_c20260331__us-gaap--ValuationAllowancesAndReservesTypeAxis__custom--GrossToNetAllowancesMember__us-gaap--StatementOfFinancialPositionLocationBalanceAxis__us-gaap--AccountsReceivableNetCurrent_zSPjrm21gl15">1.9 million of which was recorded as a reduction to accounts receivable and <span id="xdx_909_eus-gaap--ValuationAllowancesAndReservesBalance_iI_pn5n6_c20260331__us-gaap--ValuationAllowancesAndReservesTypeAxis__custom--GrossToNetAllowancesMember__us-gaap--StatementOfFinancialPositionLocationBalanceAxis__us-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_zCxdjmApoVc2">$8.7 million recorded as a component of accrued expenses. The above allowances have been reduced by approximately <span id="xdx_90A_eus-gaap--ValuationAllowancesAndReservesAdjustments_iN_pn5n6_di_c20260101__20260331__us-gaap--ValuationAllowancesAndReservesTypeAxis__custom--GrossToNetAllowancesMember_zrCMUu0fFMaf" title="Gross-to-net allowances, adjustment">$1.5 million related to adjustments in respect of prior years resulting in an additional <span id="xdx_906_ecustom--RevenueRecognizedForValuationAllowancesAndReservesAdjustments_pn5n6_c20260101__20260331__us-gaap--ValuationAllowancesAndReservesTypeAxis__custom--GrossToNetAllowancesMember_zoxn8dToqTx5" title="Additional revenue recognized">$1.5 million of revenue being recognized during the three months ended March 31, 2026. Our provision for gross-to-net allowances was $5.1 million at March 31, 2025, <span id="xdx_902_eus-gaap--ValuationAllowancesAndReservesBalance_iI_pn5n6_c20250331__us-gaap--ValuationAllowancesAndReservesTypeAxis__custom--GrossToNetAllowancesMember__us-gaap--StatementOfFinancialPositionLocationBalanceAxis__us-gaap--AccountsReceivableNetCurrent_zLNlEC3dLEJ">$1.2 million of which was recorded as a reduction to accounts receivable and <span id="xdx_90A_eus-gaap--ValuationAllowancesAndReservesBalance_iI_pn5n6_c20250331__us-gaap--ValuationAllowancesAndReservesTypeAxis__custom--GrossToNetAllowancesMember__us-gaap--StatementOfFinancialPositionLocationBalanceAxis__us-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_z9aDBJ23M2n">$3.9 million recorded as a component of accrued expenses.

The Company’s net product revenues are summarized below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_49D_20260101__20260331_zlY1kR3uUUAa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td colspan="2" id="xdx_494_20250101__20250331_zxoOdO56UPwh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--TonmyaMember_zuQwUOs2oDq9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%">TONMYA</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,731</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--ZembraceSymtouchMember_zpUurkO0QNDj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Zembrace Symtouch</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,930</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,026</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--TosymraMember_zaBQyldiVkCc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Tosymra</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">217</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">403</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zP7MdqvVw2Nk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total product revenues</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,878</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,429</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3731000

2930000

2026000

217000

403000

6878000

2429000

10600000

1900000

8700000

-1500000

1500000

5100000

1200000

3900000

NOTE 11 – ASSET PURCHASE AGREEMENT WITH UPSHER-SMITH On June 30, 2023, the Company completed the acquisition of certain assets from Upsher Smith related to Zembrace SymTouch (sumatriptan injection) 3 mg (“Zembrace”) and Tosymra (sumatriptan nasal spray) 10 mg (“Tosymra”) products. The Company has assumed certain obligations of Upsher Smith, including the payment of quarterly royalty payments on annual net sales from the Business in the U.S. as follows: for Tosymra, <span id="xdx_909_ecustom--BusinessCombinationEarnOutPaymentPercentage_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange1Member_zsnTDA6uZqqk" title="Earm-out payment percentage">4% for net sales of $<span id="xdx_906_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange1Member__srt--RangeAxis__srt--MinimumMember_z6KZAJJia8x6" title="Earm-out net sales">0 to $<span id="xdx_901_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange1Member__srt--RangeAxis__srt--MaximumMember_zDH5DMPSNHHg" title="Earm-out net sales">30 million, <span id="xdx_900_ecustom--BusinessCombinationEarnOutPaymentPercentage_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange2Member_z9JhYf8NCWB5" title="Earm-out payment percentage">7% of net sales of $<span id="xdx_901_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange2Member__srt--RangeAxis__srt--MinimumMember_zUu3YOIXMDIh" title="Earm-out net sales">30 to $<span id="xdx_90E_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange2Member__srt--RangeAxis__srt--MaximumMember_z43qJiUEMFBj" title="Earm-out net sales">75 million; <span id="xdx_901_ecustom--BusinessCombinationEarnOutPaymentPercentage_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange3Member_zYk8a8pYrcMc" title="Earm-out payment percentage">9% for net sales of $<span id="xdx_906_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange3Member__srt--RangeAxis__srt--MinimumMember_zWu1xYSroPWi" title="Earm-out net sales">75 to $<span id="xdx_902_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange3Member__srt--RangeAxis__srt--MaximumMember_zEOCeAV77Nua" title="Earm-out net sales">100 million; <span id="xdx_90A_ecustom--BusinessCombinationEarnOutPaymentPercentage_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange4Member_zxnlgf36eD9h" title="Earm-out payment percentage">12% for net sales of $<span id="xdx_904_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange4Member__srt--RangeAxis__srt--MinimumMember_zFnsbJPVyqei" title="Earm-out net sales">100 to $<span id="xdx_901_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange4Member__srt--RangeAxis__srt--MaximumMember_zNqMGcGWOsGh" title="Earm-out net sales">150 million; and <span id="xdx_908_ecustom--BusinessCombinationEarnOutPaymentPercentage_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange5Member_z2Rolak615f5" title="Earm-out payment percentage">15% for net sales greater than $<span id="xdx_907_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange5Member__srt--RangeAxis__srt--MinimumMember_zfM5y4XhsUFk" title="Earm-out net sales">150 million. Royalty payments with respect to Tosymra are payable until the expiration or termination of the product’s Orange Book listed patent(s) with respect to the United States or, outside the United States, the expiration of the last valid claim covering the product in the relevant country of the territory. For Zembrace, royalty payments on annual net sales in the U.S. are <span id="xdx_90F_ecustom--BusinessCombinationEarnOutPaymentPercentage_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--ZembraceSymtouchMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange1Member_zqqKZfdLsYjg" title="Earm-out payment percentage">3% for net sales of $<span id="xdx_90C_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--ZembraceSymtouchMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange1Member__srt--RangeAxis__srt--MinimumMember_zVPtbsu1Lmqa" title="Earm-out net sales">0 to $<span id="xdx_90F_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--ZembraceSymtouchMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange1Member__srt--RangeAxis__srt--MaximumMember_zibpZSjzz7Y" title="Earm-out net sales">30 million, <span id="xdx_903_ecustom--BusinessCombinationEarnOutPaymentPercentage_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--ZembraceSymtouchMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange2Member_z67kpYf6412c" title="Earm-out payment percentage">6% of net sales of $<span id="xdx_907_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--ZembraceSymtouchMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange2Member__srt--RangeAxis__srt--MinimumMember_z2rMey61j7R2" title="Earm-out net sales">30 to $<span id="xdx_90C_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--ZembraceSymtouchMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange2Member__srt--RangeAxis__srt--MaximumMember_zpGrrNezpTFb" title="Earm-out net sales">75 million; <span id="xdx_90A_ecustom--BusinessCombinationEarnOutPaymentPercentage_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--ZembraceSymtouchMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange3Member_zOETY8SOx1pg" title="Earm-out payment percentage">12% for net sales of $<span id="xdx_90E_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--ZembraceSymtouchMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange3Member__srt--RangeAxis__srt--MinimumMember_zmDecuPFvyLf" title="Earm-out net sales">75 to $<span id="xdx_90C_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--ZembraceSymtouchMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange3Member__srt--RangeAxis__srt--MaximumMember_zRW2IqObSZmc" title="Earm-out net sales">100 million; <span id="xdx_906_ecustom--BusinessCombinationEarnOutPaymentPercentage_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--ZembraceSymtouchMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange4Member_zWzFwQUh2ptl" title="Earm-out payment percentage">16% for net sales of greater than $<span id="xdx_90B_ecustom--BusinessCombinationEarnOutNetSales_pn6n6_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--ZembraceSymtouchMember__us-gaap--ContingentConsiderationByTypeAxis__custom--EarnOutRange4Member__srt--RangeAxis__srt--MinimumMember_z9ineaVIkZIa" title="Earm-out net sales">100 million. Such royalty payments were payable until July 19, 2025. Upon the entry of a generic version of the relevant product, the applicable royalty rates shall be reduced by <span id="xdx_90D_ecustom--BusinessCombinationReductionOfEarnOutPaymentPercentageUponEntryOfGenericProduct_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--ZembraceSymtouchMember_z9ZFvrxG6pw3" title="Earm-out payment percentage reduction upon entry of generic product">90% with respect to Zembrace, and by <span id="xdx_903_ecustom--BusinessCombinationReductionOfEarnOutPaymentPercentageUponEntryOfGenericProduct_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember_zTuILlkjjFQf" title="Earm-out payment percentage reduction upon entry of generic product">66.7% for Tosymra. Prior to Purchaser or a licensee filing an application for marketing authorization for either of the products in a permitted country outside the U.S., the parties will negotiate in good faith the royalty payment rates annual net sales tiers that will apply for such country, based on the market opportunity for the product in such country. If the parties fail to agree, then the royalty payment rates and annual net sales tiers described above will apply. In addition, the Company has assumed the obligation to pay an additional <span id="xdx_90B_ecustom--BusinessCombinationAdditionalRoyaltyPercentage_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember_zNlfDupKics8" title="Additional royalty percentage">3% royalty on net sales of Tosymra, plus an additional <span id="xdx_90A_ecustom--BusinessCombinationAdditionalRoyaltyPercentageForUSPatent_dp_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember_zEiNdlI7KRx5" title="Additional royalty percentage for U.S. patent">3% if a patent containing certain claims related to Tosymra issues in the U.S., for <span id="xdx_902_ecustom--BusinessCombinationAdditionalRoyaltyPaymentPeriod_dt_c20230629__20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__srt--ProductOrServiceAxis__custom--TosymraMember_zlzDsSoGzeHa" title="Additional royalty payment period">15 years from the first commercial sale of Tosymra in the applicable country or for as long as the manufacture, use or sale of Tosymra in such country is covered by a valid claim of a licensed patent, and up to <span id="xdx_90A_eus-gaap--BusinessCombinationContingentConsiderationArrangementsRangeOfOutcomesValueHigh_iI_pn6n6_dt_c20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__us-gaap--ContingentConsiderationByTypeAxis__custom--SalesMilestonesMember__srt--ProductOrServiceAxis__custom--TosymraMember_zgBylh4U13d3" title="Maximum payment for sales milestones">$15 million per Tosymra product on the achievement of sales milestones ranging from <span id="xdx_902_ecustom--AnnualWorldwideNetSalesForMilestone_iI_pin6_dt_c20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__us-gaap--ContingentConsiderationByTypeAxis__custom--SalesMilestonesMember__srt--ProductOrServiceAxis__custom--TosymraMember__srt--RangeAxis__srt--MinimumMember_zMmnFr3KmhMb" title="Annual worldwide net sales for milestone">$250 million to <span id="xdx_90A_ecustom--AnnualWorldwideNetSalesForMilestone_iI_pin9_dt_c20230630__us-gaap--BusinessAcquisitionAxis__custom--UpsherSmithLaboratoriesLlcMember__us-gaap--ContingentConsiderationByTypeAxis__custom--SalesMilestonesMember__srt--ProductOrServiceAxis__custom--TosymraMember__srt--RangeAxis__srt--MaximumMember_zX5dCRFRKo15" title="Annual worldwide net sales for milestone">$1 billion in annual worldwide net sales. These royalty payments are included in cost of goods sold on the consolidated statement of operations.

0.04 0 30000000 0.07 30000000 75000000 0.09 75000000 100000000 0.12 100000000 150000000 0.15 150000000 0.03 0 30000000 0.06 30000000 75000000 0.12 75000000 100000000 0.16 100000000 0.90 0.667 0.03 0.03 P15Y

15000000

250000000 1000000000 NOTE 12 – SALE AND PURCHASE OF COMMON STOCK 2025 Lincoln Park Transaction On June 11, 2025, the Company entered into a purchase agreement (the “2025 Purchase Agreement”) and a registration rights agreement (the “2025 Registration Rights Agreement”) with Lincoln Park. Pursuant to the terms of the 2025 Purchase Agreement, Lincoln Park has agreed to purchase from the Company up to $<span id="xdx_908_ecustom--CommonStockPurchase_pip0_c20250610__20250611__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LincolnParkTransaction2025Member_z2cOGc6IcXLj" title="Common stock purchase">75,000,000 of the Company’s common stock (subject to certain limitations) from time to time during the term of the 2025 Purchase Agreement. Pursuant to the terms of the 2025 Registration Rights Agreement, the Company filed with the SEC a registration statement to register for resale under the Securities Act the shares that have been or may be issued to Lincoln Park under the 2025 Purchase Agreement. Pursuant to the terms of the 2025 Purchase Agreement, at the time the Company signed the 2025 Purchase Agreement and the 2025 Registration Rights Agreement, the Company issued <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_uShares_c20250601__20250611__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LincolnParkTransaction2025Member_ziEBo7BbidY9" title="Number of shares issued">48,708 shares of common stock to Lincoln Park as consideration for its commitment to purchase shares of the Company’s common stock under the 2025 Purchase Agreement. The commitment shares were valued at $<span id="xdx_907_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20250601__20250611__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LincolnParkTransaction2025Member_zJcc0bu2chHj" title="Net proceeds">1.8 million and recorded as an addition to equity for the issuance of the common stock and treated as other expense, net on the consolidated statement of operations under the 2025 Purchase Agreement. No shares were sold during the quarter ended March 31, 2026, under the 2025 Purchase Agreement. The Company evaluated the 2025 Purchase Agreement under ASC 815-40 Derivatives and Hedging-Contracts on an Entity’s Own Equity as it represents the right to require Lincoln Park to purchase shares of common stock in the future, similar to a put option. The Company concluded that the 2025 Purchase Agreement represents a freestanding derivative instrument that does not qualify for equity classification and therefore requires fair value accounting. The Company analyzed the terms of the contract and concluded that the derivative instrument had insignificant value as of March 31, 2026 and December 31, 2025. 2025 At-the-Market Offerings On June 11, 2025, the Company entered into a Sales Agreement (the “2025 Sales Agreement”), with A.G.P./Alliance Global Partners (“AGP”) pursuant to which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $<span id="xdx_90E_ecustom--OfferingPricePerAgreement_pn5n6_c20250610__20250611__us-gaap--TypeOfArrangementAxis__custom--SalesAgreement2025Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AllianceGlobalPartnersMember_zqdLJmPgq3Re" title="Offering price per agreement">400.0 million in sales. AGP is sales agent under the ATM and paid a <span id="xdx_90D_ecustom--SalesAgentCommissionPercentage_pid_dp_uPure_c20250610__20250611__us-gaap--TypeOfArrangementAxis__custom--SalesAgreement2025Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AllianceGlobalPartnersMember_zOY6HSta77lj" title="Commission to agent">3% commission on each sale under the 2025 Sales Agreement. The Company’s common stock is sold at prevailing market prices at the time of the sale, and, as a result, prices will vary. During the quarter ended March 31, 2026, the Company sold <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pn5n6_uShares_c20260101__20260331__us-gaap--TypeOfArrangementAxis__custom--SalesAgreement2025Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AllianceGlobalPartnersMember_zcDZUc98gyCd" title="Number of shares issued">1.4 million shares of common stock under the 2025 Sales Agreement, for net proceeds of approximately $<span id="xdx_907_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20260101__20260331__us-gaap--TypeOfArrangementAxis__custom--SalesAgreement2025Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AllianceGlobalPartnersMember_zbFFjXUOHIUb">20.1 million. Subsequent to March 31, 2026, the Company sold <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pn5n6_uShares_c20260401__20260511__us-gaap--TypeOfArrangementAxis__custom--SalesAgreement2025Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AllianceGlobalPartnersMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zRTay5olBU1g" title="Number of shares issued">1.7 million shares of common stock under the 2025 Sales Agreement, for net proceeds of approximately $<span id="xdx_900_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20260401__20260511__us-gaap--TypeOfArrangementAxis__custom--SalesAgreement2025Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AllianceGlobalPartnersMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zIdQJt4Lpp2f">22.6 million. 2024 At-the-Market Offerings On July 30, 2024, the Company entered into a Sales Agreement ( the “2024 Sales Agreement”), with A.G.P./Alliance Global Partners (“AGP”) pursuant to which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $<span id="xdx_902_ecustom--OfferingPricePerAgreement_pn5n6_c20240730__20240731__us-gaap--TypeOfArrangementAxis__custom--SalesAgreement2024Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AllianceGlobalPartnersMember_zGfsgNanYyNh">250.0 million in sales. AGP is sales agent under the ATM and paid a <span id="xdx_902_ecustom--SalesAgentCommissionPercentage_pid_dp_uPure_c20240730__20240731__us-gaap--TypeOfArrangementAxis__custom--SalesAgreement2024Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AllianceGlobalPartnersMember_zBE8e2CmEZc6">3% commission on each sale under the 2024 Sales Agreement. The Company’s common stock is sold at prevailing market prices at the time of the sale, and, as a result, prices will vary. During the three months ended March 31, 2025, the Company sold approximately <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pn5n6_uShares_c20250101__20250331__us-gaap--TypeOfArrangementAxis__custom--SalesAgreement2024Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AllianceGlobalPartnersMember_z5BtgvZuTv8h">2.7 million shares of common stock under the Sales Agreement for net proceeds of approximately $<span id="xdx_903_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20250101__20250331__us-gaap--TypeOfArrangementAxis__custom--SalesAgreement2024Member__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AllianceGlobalPartnersMember_zC8wizIT63Za">59.8 million. Stock repurchases In September 2024, the Board of Directors approved a 2024 share repurchase program pursuant to which the Company may repurchase up to $<span id="xdx_90D_esrt--StockRepurchaseProgramAuthorizedAmount1_iI_pn5n6_uUSD_c20240930__srt--ShareRepurchaseProgramAxis__custom--ShareRepurchaseProgram2024Member_zs6etdc9DSWk" title="Share repurchase authorized amount">10.0 million in value of its outstanding common stock from time to time on the open market and in privately negotiated transactions subject to market conditions, share price and other factors. During the three months ended March 31, 2025, the Company repurchased <span id="xdx_901_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_pid_uShares_c20250101__20250331__srt--ShareRepurchaseProgramAxis__custom--ShareRepurchaseProgram2024Member_zLfyDXsuVWI7" title="Shares repurchased">250,000 of shares of its common stock outstanding under the 2024 share repurchase at prices ranging from $<span id="xdx_90E_eus-gaap--TreasuryStockAcquiredAverageCostPerShare_pid_uUSDPShares_c20250101__20250331__srt--ShareRepurchaseProgramAxis__custom--ShareRepurchaseProgram2024Member__srt--RangeAxis__srt--MinimumMember_zVf9AkURwbRb" title="Price per share">9.98 to $<span id="xdx_90C_eus-gaap--TreasuryStockAcquiredAverageCostPerShare_pid_uUSDPShares_c20250101__20250331__srt--ShareRepurchaseProgramAxis__custom--ShareRepurchaseProgram2024Member__srt--RangeAxis__srt--MaximumMember_zvwCeOfo9bL1">14.33 per share for a gross aggregate cost of approximately $<span id="xdx_904_eus-gaap--PaymentsForRepurchaseOfCommonStock_pn3n3_dxL_c20250101__20250331__srt--ShareRepurchaseProgramAxis__custom--ShareRepurchaseProgram2024Member_zbAvagn5K1e8" title="Cost of repurchased shares::XDX::3047">3.0 million. The repurchased shares were immediately retired. No shares of common stock were repurchased during the three months ended March 31, 2026. The Company repurchased the following capital stock: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260101__20260331_zNxs8kHBooSl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250331_zkf3WGr7UCAf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--PaymentsForRepurchaseOfCommonStock_pn3n3_ztlCRAhx4bEb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Total cost of repurchased shares (in thousands)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,047</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_pip0_z6Hn8Lm1FbFj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Shares repurchased</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--TreasuryStockAcquiredAverageCostPerShare_pid_zUJcQgwdvw38" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average price per share</td><td> </td> <td style="text-align: left">$</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">12.15</td><td style="text-align: left"> </td></tr> </table> The timing and amount of any shares repurchased will be determined based on the Company’s evaluation of market conditions and other factors and the New Share Repurchase Program may be discontinued or suspended at any time. Repurchases will be made in accordance with the rules and regulations promulgated by the Securities and Exchange Commission and certain other legal requirements to which the Company may be subject. Repurchases may be made, in part, under a Rule 10b5-1 plan, which allows stock repurchases when the Company might otherwise be precluded from doing so. 75000000

48708

1800000

400000000 0.03

1400000

20100000

1700000

22600000

250000000 0.03

2700000

59800000

10000000

250000

9.98

14.33

The Company repurchased the following capital stock: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260101__20260331_zNxs8kHBooSl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250331_zkf3WGr7UCAf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--PaymentsForRepurchaseOfCommonStock_pn3n3_ztlCRAhx4bEb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Total cost of repurchased shares (in thousands)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,047</td><td style="width: 1%; 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></tr> <tr id="xdx_409_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_pip0_z6Hn8Lm1FbFj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Shares repurchased</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">250,000</td><td style="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></tr> <tr id="xdx_401_eus-gaap--TreasuryStockAcquiredAverageCostPerShare_pid_zUJcQgwdvw38" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average price per share</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">12.15</td><td style="text-align: left"> </td></tr> </table>

3047000

250000

12.15

NOTE 13 – STOCK-BASED COMPENSATION On May 1, 2020, the Company’s stockholders approved the Tonix Pharmaceuticals Holding Corp. Amended and Restated 2020 Stock Incentive Plan (“Amended and Restated 2020 Plan”). Under the terms of the Amended and Restated 2020 Plan, the Company may issue (1) stock options (incentive and nonstatutory), (2) restricted stock, (3) stock appreciation rights (“SARs”), (4) RSUs, (5) other stock-based awards, and (6) cash-based awards. The Amended and Restated 2020 Plan initially provided for the issuance of up to <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_uShares_c20200501__us-gaap--PlanNameAxis__custom--AmendedAndRestated2020PlanMember_zABWOifwcZf8" title="Percentage of additional shares authorized">50,000 shares of common stock, which amount will be increased to the extent that awards granted under the Plans are forfeited, expire or are settled for cash (except as otherwise provided in the Amended and Restated 2020 Plan). In addition, the Amended and Restated 2020 Plan contains an “evergreen provision” providing for an annual increase in the number of shares of our common stock available for issuance under the Amended and Restated 2020 Plan on January 1 of each year for a period of ten years, commencing on January 1, 2021 and ending on (and including) January 1, 2030, in an amount equal to the difference between (x) twenty percent (<span id="xdx_90C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfAdditionalSharesAuthorized_pid_dp_uPure_c20260101__20260331__us-gaap--PlanNameAxis__custom--AmendedAndRestated2020PlanMember_z7NenTiuzxFk" title="Percentage of additional shares authorized">20%) of the total number of shares of common stock outstanding on December 31st of the preceding calendar year, and (y) the total number of shares of common stock reserved under the Amended and Restated 2020 Plan on December 31st of such preceding calendar year (including shares subject to outstanding awards, issued pursuant to awards or available for future awards). On May 8, 2025, the Company's stockholders approved the addition of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_pid_dp_c20250507__20250508__us-gaap--PlanNameAxis__custom--AmendedAndRestated2020PlanMember_zjsIp37HzdT8" title="Number of additional shares authorized">1,000,000 shares to the Company's Amended and Restated 2020 Plan. The Board of Directors determines the exercise price, vesting and expiration period of the grants under the Amended and Restated 2020 Plan. However, the exercise price of an incentive stock option may not be less than <span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_pid_dp_uPure_c20260101__20260331__us-gaap--PlanNameAxis__custom--AmendedAndRestated2020PlanMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TenPercentOrMoreShareholderMember_zD1TwaB1xyX6">110% of fair value of the common stock at the date of the grant for a 10% or more shareholder and <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_pid_dp_uPure_c20260101__20260331__us-gaap--PlanNameAxis__custom--AmendedAndRestated2020PlanMember_z749vJYgXH6c">100% of fair value for a grantee who is not a 10% shareholder. The fair value of the common stock is determined based on quoted market price or in absence of such quoted market price, by the Board of Directors in good faith. Additionally, the expiration period of grants under the Amended and Restated 2020 Plan may not be more than <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_pid_dt_c20260101__20260331__us-gaap--PlanNameAxis__custom--AmendedAndRestated2020PlanMember_zzzq0Uv4wPt9" title="Expiration period">ten years. As of March 31, 2026, there were <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_uShares_c20260331__us-gaap--PlanNameAxis__custom--AmendedAndRestated2020PlanMember_zKlS5VAetikj">425,649 options available for future grants under the Amended and Restated 2020 Plan. General A summary of the stock option activity and related information for the Plans for the three months ended March 31, 2026, is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted- Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted- Average Remaining Contractual Term</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Outstanding at December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260331_zpAXQ5DjZBU2" style="width: 10%; text-align: right" title="Outstanding at beginning">1,150,551</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20260101__20260331_zV3GZUbgbLs" style="width: 10%; text-align: right" title="Outstanding at beginning">43,826</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_z4K1nfyG5Nz7" style="width: 10%; text-align: right" title="Weighted average remaining contractual term">9.26</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iS_pp0p0_dtY_c20260101__20260331_zhy4XN7QeK5g" style="width: 10%; text-align: right" title="Outstanding, Aggregagte Intrinsic Value">0</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Grants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260331_zmI3awKp0mP" style="text-align: right" title="Grants">1,027,539</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260331_zCcuxOwj8LGi" style="text-align: right" title="Grants">15.32</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>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="text-align: left">Forfeitures or expirations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20260101__20260331_z4ZFC0xIkXdf" style="text-align: right" title="Forfeitures or expirations">(46,126</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260331_zXYBvncjsBdh" style="text-align: right" title="Forfeitures or expirations">837,519</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> </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>Outstanding at March 31, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260331_zIGNcKY7wJxj" style="text-align: right" title="Outstanding at end">2,131,964</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20260101__20260331_ztoDLRIVqk6k" style="text-align: right" title="Outstanding at end">5,539</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331_z14AyA7KqAji" style="text-align: right" title="Weighted average remaining contractual term">9.44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_pp0p0_dtY_c20260101__20260331_zxwbsaEWAt6a" style="text-align: right" title="Outstanding, Aggregagte Intrinsic Value">0</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercisable at March 31, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20260331_zW9sju1hQjB2" style="text-align: right" title="Exercisable at end">235,074</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20260331_zC0aQYsh2HZ4" style="text-align: right" title="Exercisable at end">43,516</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331_zSFTCxeGx4y1" style="text-align: right" title="Exercisable at end">8.89</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iE_pp0p0_dtY_c20260101__20260331_zTERRNSasDs4" style="text-align: right" title="Exercisable, Aggregagte Intrinsic Value">0</td><td style="text-align: left"> </td></tr> </table> The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on options with an exercise price less than the Company’s closing stock price at the respective dates. The weighted average fair value of options granted for the three-month periods ended March 31, 2026 and 2025 was $<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331_zlJqnAIaHxRg" title="Weighted average grant date fair value of options (in dollars per share)">13.40 and $<span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331_zNhcxCjHiiVg" title="Weighted average grant date fair value of options (in dollars per share)">7.55 per share, respectively. The Company measures the fair value of stock options on the date of grant, based on the Black Scholes option pricing model using certain assumptions discussed below, and the closing market price of the Company’s common stock on the date of the grant. The fair value of the award is measured on the grant date. <span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pp4p0_dxL_uPure_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zkXOpUu31vm" title="Vesting percentage::XDX::0.3333">One-third of most stock options granted pursuant to the Plans vest 12 months from the date of grant and <span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pp4p0_dxL_uPure_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zLtIZvawLUq4" title="Vesting percentage::XDX::0.0278">1/36th each month thereafter for 24 months and expire <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_pid_dt_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zhc0wAMmXtUl" title="Expiration period">ten years from the date of grant. In addition, the Company issues options to directors which vest over a <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dxL_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--TitleOfIndividualAxis__srt--DirectorMember_zACUJPocLY02" title="Vesting period::XDX::P1Y">one-year period. The Company also issues premium options to executive officers which have an exercise price greater than the grant date fair value and has issued performance-based options which vest when target parameters are met or probable of being met, subject in each case to a <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1_dt_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--TitleOfIndividualAxis__srt--ExecutiveOfficerMember_zZsdaxFJo5Nc" title="Service period">one year minimum service period prior to vesting. Stock-based compensation expense related to awards is amortized over the applicable service period using the straight-line method. The assumptions used in the valuation of stock options granted during the three months ended March 31, 2026, and 2025 were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center">Three Months Ended March 31, 2026</td> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center">Three Months Ended March 31, 2025</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 74%">Risk-free interest rate</td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%; text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pip0_dp_uPure_c20260101__20260331_zYhFleEuVdGg" title="Risk-free interest rate - Minimum">3.85% - <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pip0_dp_uPure_c20260101__20260331_zFvUHpPT52Mh" title="Risk-free interest rate - Maximum">4.05</td> <td style="vertical-align: bottom; width: 1%">%</td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%; text-align: right">4.21</td> <td style="vertical-align: bottom; width: 1%">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Expected term of option</td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">6.08 years</td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">6.00 years</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Expected stock price volatility</td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pip0_dp_uPure_c20260101__20260331_z267Y9P6J6ch" title="Expected stock price volatility - minimum">147.88% – <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pip0_dp_uPure_c20260101__20260331_zkwdelHYAfI9" title="Expected stock price volatility - maximum">148.41</td> <td style="vertical-align: bottom">%</td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pip0_dp_uPure_c20250101__20250331_z0ufmXccVxI9" title="Expected stock price volatility">149.34</td> <td style="vertical-align: bottom">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Expected dividend yield</td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">0.0</td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">0.0</td> <td style="vertical-align: bottom"> </td></tr> </table> The risk-free interest rate is based on the yield of Daily U.S. Treasury Yield Curve Rates with terms equal to the expected term of the options as of the grant date. The expected term of options is determined using the simplified method, as provided in an SEC Staff Accounting Bulletin, and the expected stock price volatility is based on the Company’s historical stock price volatility. Stock-based compensation expense relating to options granted of $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zGEIfr0neMzg" title="Stock-based compensation expense">1.9 million, of which <span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--SellingGeneralAndAdministrativeExpense_zAACHSyC1wJd" title="Stock-based compensation expense">$1.3 million and <span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_zEi4DTjb1Wah" title="Stock-based compensation expense">$0.6 million, related to Selling, General and Administration and Research and Development, respectively, was recognized for the three months ended March 31, 2026. Stock-based compensation expense relating to options granted of $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zbcAEywgPGV4" title="Stock-based compensation expense">0.9 million, of which <span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--SellingGeneralAndAdministrativeExpense_zejtd8tzTaD8" title="Stock-based compensation expense">$0.6 million and <span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_zDOf1vA9axh6" title="Stock-based compensation expense">$0.3 million, related to Selling, General and Administration and Research and Development, respectively, was recognized for the three months ended March 31, 2025. As of March 31, 2026, the Company had approximately $<span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn5n6_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zNLG53BsWU86" title="Unrecognized compensation cost">23.3 million of total unrecognized compensation cost related to non-vested awards granted under the Plans, which the Company expects to recognize over a weighted average period of <span id="xdx_90A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z9kCvKCq1krk" title="Unrecognized compensation cost, recognition period">3.36 years. Employee Stock Purchase Plans On May 5, 2023, the Company’s stockholders approved the Tonix Pharmaceuticals Holdings Corp. 2023 Employee Stock Purchase Plan. (the “2023 ESPP”), which was replaced by the Tonix Pharmaceuticals Holdings Corp. 2025 Employee Stock Purchase Plan (the “2025 ESPP”, and together with the 2023 ESPP, the “ESPP Plans”), which was approved by the Company’s stockholders on May 8, 2025. The 2025 ESPP allows eligible employees to purchase up to an aggregate of <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_uShares_c20250508__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlan2025Member_zfHM7t0re3tl" title="Number of shares authorized">2,000,000 shares of the Company’s common stock. Under the 2025 ESPP, on the first day of each offering period, each eligible employee for that offering period has the option to enroll for that offering period, which allows the eligible employees to purchase shares of the Company’s common stock at the end of the offering period. Each offering period under the 2025 ESPP is for six months, which can be modified from time to time. Subject to limitations, each participant will be permitted to purchase a number of shares determined by dividing the employee’s accumulated payroll deductions for the offering period by the applicable purchase price, which is equal to <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_pid_dp_uPure_c20250507__20250508__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlan2025Member_zIYbYQANHZR2" title="Percent of fair value of common stock at grant date">85 percent of the fair market value of our common stock at the beginning or end of each offering period, whichever is less. A participant must designate in his or her enrollment package the percentage (if any) of compensation to be deducted during that offering period for the purchase of stock under the 2025 ESPP, subject to the statutory limit under the Code. The 2023 ESPP allows eligible employees to purchase up to an aggregate of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_uShares_c20230505__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlan2023Member_zo5xBL4LFDg6" title="Number of shares authorized">250 shares of the Company’s common stock. Under the 2023 ESPP, on the first day of each offering period, each employee eligible for that offering period has the option to enroll for that offering period, which allows the eligible employees to purchase shares of the Company’s common stock at the end of the offering period. Each offering period under the 2023 ESPP is for six months, which can be modified from time-to-time. Subject to limitations, each participant will be permitted to purchase a number of shares determined by dividing the employee’s accumulated payroll deductions for the offering period by the applicable purchase price, which is equal to <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_pid_dp_uPure_c20250507__20250508__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlan2025Member_zYlOlrsilHj4" title="Percent of fair value of common stock at grant date">85 percent of the fair market value of our common stock at the beginning or end of each offering period, whichever is less. A participant must designate in his or her enrollment package the percentage (if any) of compensation to be deducted during that offering period for the purchase of stock under the 2023 ESPP, subject to the statutory limit under the Code. As of March 31, 2026, <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_uShares_c20260331__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlan2023Member_zWDIYTzVJElc" title="Number of shares available for future grants">159 shares were available for future sales under the 2023 ESPP and <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_uShares_c20260331__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlan2025Member_zbSpYD2yy0f4" title="Number of shares available for future grants">1,994,117 shares were available under the 2025 ESPP. The ESPP Plans are considered compensatory plans with the related compensation cost expensed over the six-month offering period. For the three months ended March 31, 2026 and 2025, $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20260101__20260331__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlanMember_zyfqxrBGXXRd" title="Stock-based compensation expense">0.1 million and $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20250101__20250331__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlanMember_znEmNHFxRh7i" title="Stock-based compensation expense">0, respectively, were expensed. As of December 31, 2025, approximately $<span id="xdx_903_eus-gaap--AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition_pn3p0_c20250101__20250331__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlan2022Member_zw2AaIViEDg1" title="Transfer to additional paid in capital">90,000 of employee payroll deductions had accumulated and had been recorded in accrued expenses. In January 2026, <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans_pid_uShares_c20260101__20260131__us-gaap--PlanNameAxis__custom--EmployeeStockPurchasePlan2025Member_zSvjwKQ5MaVc" title="Employee stock purchase plan (in shares)">5,883 shares that were purchased as of December 31, 2025, under the 2025 ESPP, were issued.

50000

0.20

10000

1.10

P10Y

425649

A summary of the stock option activity and related information for the Plans for the three months ended March 31, 2026, is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted- Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted- Average Remaining Contractual Term</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Outstanding at December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260331_zpAXQ5DjZBU2" style="width: 10%; text-align: right" title="Outstanding at beginning">1,150,551</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20260101__20260331_zV3GZUbgbLs" style="width: 10%; text-align: right" title="Outstanding at beginning">43,826</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_z4K1nfyG5Nz7" style="width: 10%; text-align: right" title="Weighted average remaining contractual term">9.26</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iS_pp0p0_dtY_c20260101__20260331_zhy4XN7QeK5g" style="width: 10%; text-align: right" title="Outstanding, Aggregagte Intrinsic Value">0</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Grants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260331_zmI3awKp0mP" style="text-align: right" title="Grants">1,027,539</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260331_zCcuxOwj8LGi" style="text-align: right" title="Grants">15.32</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>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="text-align: left">Forfeitures or expirations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20260101__20260331_z4ZFC0xIkXdf" style="text-align: right" title="Forfeitures or expirations">(46,126</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260331_zXYBvncjsBdh" style="text-align: right" title="Forfeitures or expirations">837,519</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> </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>Outstanding at March 31, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260331_zIGNcKY7wJxj" style="text-align: right" title="Outstanding at end">2,131,964</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20260101__20260331_ztoDLRIVqk6k" style="text-align: right" title="Outstanding at end">5,539</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331_z14AyA7KqAji" style="text-align: right" title="Weighted average remaining contractual term">9.44</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_pp0p0_dtY_c20260101__20260331_zxwbsaEWAt6a" style="text-align: right" title="Outstanding, Aggregagte Intrinsic Value">0</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercisable at March 31, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20260331_zW9sju1hQjB2" style="text-align: right" title="Exercisable at end">235,074</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20260331_zC0aQYsh2HZ4" style="text-align: right" title="Exercisable at end">43,516</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331_zSFTCxeGx4y1" style="text-align: right" title="Exercisable at end">8.89</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iE_pp0p0_dtY_c20260101__20260331_zTERRNSasDs4" style="text-align: right" title="Exercisable, Aggregagte Intrinsic Value">0</td><td style="text-align: left"> </td></tr> </table>

1150551

43826

P9Y3M3D

1027539

15.32

46126

837519

2131964

5539

P9Y5M8D

235074

43516

P8Y10M20D

13.40

7.55

P10Y

P1Y

The assumptions used in the valuation of stock options granted during the three months ended March 31, 2026, and 2025 were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center">Three Months Ended March 31, 2026</td> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center">Three Months Ended March 31, 2025</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 74%">Risk-free interest rate</td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%; text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pip0_dp_uPure_c20260101__20260331_zYhFleEuVdGg" title="Risk-free interest rate - Minimum">3.85% - <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pip0_dp_uPure_c20260101__20260331_zFvUHpPT52Mh" title="Risk-free interest rate - Maximum">4.05</td> <td style="vertical-align: bottom; width: 1%">%</td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%; text-align: right">4.21</td> <td style="vertical-align: bottom; width: 1%">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Expected term of option</td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">6.08 years</td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">6.00 years</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Expected stock price volatility</td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pip0_dp_uPure_c20260101__20260331_z267Y9P6J6ch" title="Expected stock price volatility - minimum">147.88% – <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pip0_dp_uPure_c20260101__20260331_zkwdelHYAfI9" title="Expected stock price volatility - maximum">148.41</td> <td style="vertical-align: bottom">%</td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pip0_dp_uPure_c20250101__20250331_z0ufmXccVxI9" title="Expected stock price volatility">149.34</td> <td style="vertical-align: bottom">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Expected dividend yield</td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">0.0</td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">0.0</td> <td style="vertical-align: bottom"> </td></tr> </table>

0.0385

0.0405

0.0421

P6Y29D

P6Y

1.4788

1.4841

1.4934

0.000

1900000

1300000

600000

900000

600000

300000

23300000

P3Y4M9D

2000000

0.85

250

0.85

159

1994117

100000

90000

5883

NOTE 14 – WARRANTS TO PURCHASE COMMON STOCK The following table summarizes information with respect to outstanding warrants to purchase common stock of the Company at March 31, 2026: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center">Exercise</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">Expiration</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Price</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Outstanding</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Date</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%">$</td> <td style="width: 33%; text-align: right"><span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant1Member_zFq2S3fRxjld" title="Exercise price (in dollars per share)">0.001</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 31%; text-align: right">615,025</td> <td style="vertical-align: bottom; width: 1%; padding-bottom: 6pt; text-align: left">(1)</td> <td style="width: 1%"> </td> <td style="width: 29%; text-align: center">December 2030</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>$</td> <td style="text-align: right"><span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant2Member_zMuXVxgPMQM5" title="Exercise price (in dollars per share)">1,056.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,585</td> <td> </td> <td> </td> <td style="text-align: center">April 2029</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$</td> <td style="text-align: right"><span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant3Member_zyKy7ROVGhU5" title="Exercise price (in dollars per share)">1,056.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,782</td> <td> </td> <td> </td> <td style="text-align: center">April 2029</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>$</td> <td style="text-align: right"><span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant4Member_zhTJayzjZJed" title="Exercise price (in dollars per share)">1,056.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,172</td> <td> </td> <td> </td> <td style="text-align: center">April 2029</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$</td> <td style="text-align: right"><span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant5Member_zqyv4XrdSiV6" title="Exercise price (in dollars per share)">1,056.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,884</td> <td> </td> <td> </td> <td style="text-align: center">April 2029</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>$</td> <td style="text-align: right"><span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant6Member_zcAhrxSGh9we" title="Exercise price (in dollars per share)">1,600.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">36</td> <td> </td> <td> </td> <td style="text-align: center">October 2028</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$</td> <td style="text-align: right"><span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant7Member_zUGtqaJQ5DH2" title="Exercise price (in dollars per share)">2,720.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,758</td> <td> </td> <td> </td> <td style="text-align: center">December 2028</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>$</td> <td style="text-align: right"><span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant8Member_zFaGfPgXLenl" title="Exercise price (in dollars per share)">3,200.00</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">22</td> <td> </td> <td> </td> <td style="text-align: center">August 2028</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">641,264</td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F01_zanXZDJnF84h" style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F1E_ziK2fk49k0fc" style="text-align: justify">Represents prefunded warrants.</td> </tr></table> During the three months ended March 31, 2025, warrants totaling <span id="xdx_900_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsBecameExercisable_pid_c20250101__20250331_zkN1i0Bah60k" title="Number of warrants that became exercisable">10,884 became exercisable, <span id="xdx_900_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsBecameExercisableUponFDAAcceptanceOfNDAFiling_pid_c20250101__20250331_zR2pz7EK9r1h" title="Number of warrants that became exercisable upon FDA acceptance of NDA filing">5,758 became exercisable upon FDA acceptance of our NDA filing, and 1, with an exercise price of $1,056, $1,776 and $364,800, respectively, expired.

The following table summarizes information with respect to outstanding warrants to purchase common stock of the Company at March 31, 2026: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center">Exercise</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Number</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">Expiration</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Price</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Outstanding</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Date</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%">$</td> <td style="width: 33%; text-align: right"><span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant1Member_zFq2S3fRxjld" title="Exercise price (in dollars per share)">0.001</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 31%; text-align: right">615,025</td> <td style="vertical-align: bottom; width: 1%; padding-bottom: 6pt; text-align: left">(1)</td> <td style="width: 1%"> </td> <td style="width: 29%; text-align: center">December 2030</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>$</td> <td style="text-align: right"><span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant2Member_zMuXVxgPMQM5" title="Exercise price (in dollars per share)">1,056.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,585</td> <td> </td> <td> </td> <td style="text-align: center">April 2029</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$</td> <td style="text-align: right"><span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant3Member_zyKy7ROVGhU5" title="Exercise price (in dollars per share)">1,056.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,782</td> <td> </td> <td> </td> <td style="text-align: center">April 2029</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>$</td> <td style="text-align: right"><span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant4Member_zhTJayzjZJed" title="Exercise price (in dollars per share)">1,056.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,172</td> <td> </td> <td> </td> <td style="text-align: center">April 2029</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$</td> <td style="text-align: right"><span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant5Member_zqyv4XrdSiV6" title="Exercise price (in dollars per share)">1,056.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,884</td> <td> </td> <td> </td> <td style="text-align: center">April 2029</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>$</td> <td style="text-align: right"><span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant6Member_zcAhrxSGh9we" title="Exercise price (in dollars per share)">1,600.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">36</td> <td> </td> <td> </td> <td style="text-align: center">October 2028</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>$</td> <td style="text-align: right"><span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant7Member_zUGtqaJQ5DH2" title="Exercise price (in dollars per share)">2,720.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,758</td> <td> </td> <td> </td> <td style="text-align: center">December 2028</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>$</td> <td style="text-align: right"><span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pip0_uUSDPShares_c20260331__us-gaap--ClassOfWarrantOrRightAxis__custom--Warrant8Member_zFaGfPgXLenl" title="Exercise price (in dollars per share)">3,200.00</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">22</td> <td> </td> <td> </td> <td style="text-align: center">August 2028</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">641,264</td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F01_zanXZDJnF84h" style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F1E_ziK2fk49k0fc" style="text-align: justify">Represents prefunded warrants.</td> </tr></table>

0.001

615025

2030-12

1056.00

4585

2029-04

1056.00

2782

2029-04

1056.00

2172

2029-04

1056.00

10884

2029-04

1600.00

2028-10

2720.00

5758

2028-12

3200.00

2028-08

641264

10884 5758

1056 1776 364800

NOTE 15 – LEASES The Company has various operating lease agreements, which are primarily for office space. These agreements frequently include one or more renewal options and require the Company to pay for utilities, taxes, insurance and maintenance expense. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements. At March 31, 2026, the Company has right-of-use assets of $1.4 million and a total lease liability for operating leases of $1.3 million of which $1.1 million is included in long-term lease liabilities and $0.2 million is included in current lease liabilities. At March 31, 2026, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Year Ending December 31,</td> <td> </td> <td> </td> <td colspan="2" id="xdx_49D_20260331_zfvfll7Cugua" style="text-align: center"> </td> <td> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_maLOLLPz1eV_zp0u7V2AwSwj" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%">Remainder of 2026</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">107</td> <td style="width: 1%"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPz1eV_zkGchmCdvTX3" style="vertical-align: bottom; background-color: white"> <td>2027</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">480</td> <td> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPz1eV_zcWpOnfMYNdi" style="vertical-align: bottom; background-color: #CCEEFF"> <td>2028</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">451</td> <td> </td></tr> <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPz1eV_z7hU9hhxbukk" style="vertical-align: bottom; background-color: white"> <td>2029</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">366</td> <td> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maLOLLPz1eV_zZLPsZsd22X2" style="vertical-align: bottom; background-color: #CCEEFF"> <td>2030</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">30</td> <td> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPz1eV_zOk0fjFuwpc" style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,434</td> <td> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_z8tD5z3e64ac" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Included interest</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(144</td> <td>)</td></tr> <tr id="xdx_408_eus-gaap--OperatingLeaseLiability_iI_pn3n3_zvXTXgjBE1el" style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,290</td> <td> </td></tr> </table> No new leases or amendments were entered into during the three months ended March 31, 2026 and 2025. Operating lease expenses were $0.1 million for both the quarters ended March 31, 2026, and 2025. Other information related to leases is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of and for the</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Operating cash flow from operating leases (in thousands)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">116</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: 10%; text-align: right">71</td><td style="width: 1%; 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></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted Average Remaining Lease Term</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">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.52 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.97 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted Average Discount 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"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.07</td><td style="text-align: left">%</td></tr> </table>

At March 31, 2026, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Year Ending December 31,</td> <td> </td> <td> </td> <td colspan="2" id="xdx_49D_20260331_zfvfll7Cugua" style="text-align: center"> </td> <td> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_maLOLLPz1eV_zp0u7V2AwSwj" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%">Remainder of 2026</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">107</td> <td style="width: 1%"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPz1eV_zkGchmCdvTX3" style="vertical-align: bottom; background-color: white"> <td>2027</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">480</td> <td> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPz1eV_zcWpOnfMYNdi" style="vertical-align: bottom; background-color: #CCEEFF"> <td>2028</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">451</td> <td> </td></tr> <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPz1eV_z7hU9hhxbukk" style="vertical-align: bottom; background-color: white"> <td>2029</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">366</td> <td> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maLOLLPz1eV_zZLPsZsd22X2" style="vertical-align: bottom; background-color: #CCEEFF"> <td>2030</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">30</td> <td> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPz1eV_zOk0fjFuwpc" style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,434</td> <td> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_z8tD5z3e64ac" style="vertical-align: bottom; background-color: #CCEEFF"> <td>Included interest</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(144</td> <td>)</td></tr> <tr id="xdx_408_eus-gaap--OperatingLeaseLiability_iI_pn3n3_zvXTXgjBE1el" style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,290</td> <td> </td></tr> </table>

107000

480000

451000

366000

30000

1434000

144000

1290000

100000

Other information related to leases is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of and for the</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Cash paid for amounts included in the measurement of lease liabilities:</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="width: 74%; text-align: left">Operating cash flow from operating leases (in thousands)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">116</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">71</td><td style="width: 1%; 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></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted Average Remaining Lease Term</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">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.52 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.97 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted Average Discount 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"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.07</td><td style="text-align: left">%</td></tr> </table>

116000

71000

P3Y6M7D

P2Y11M19D

0.0545

0.0507

NOTE 16 – COMMITMENTS Contractual agreements The Company has entered into contracts with various contract research organizations with outstanding commitments aggregating approximately $49.6 million at March 31, 2026 for future work to be performed. The Company has entered into various exclusive license agreements with various institutions with the right to sublicense, certain patents, technical information and material, and to develop and commercialize products thereunder. In addition to any upfront payments already paid, the Company may be obligated to pay milestone fees ranging from $<span id="xdx_903_ecustom--DevelopmentMilestoneFeesPayable_iI_pp0p0_c20260331__us-gaap--OtherCommitmentsAxis__custom--LicenseAgreementsMember__srt--RangeAxis__srt--MinimumMember_zxhBkm7dMcFf" title="Development milestone fees payable">25,000 to $<span id="xdx_905_ecustom--DevelopmentMilestoneFeesPayable_iI_pn5n6_c20260331__us-gaap--OtherCommitmentsAxis__custom--LicenseAgreementsMember__srt--RangeAxis__srt--MaximumMember_z3GFQuif0mrf" title="Development milestone fees payable">5.0 million based on the potential achievement of certain development milestones, as well as milestone fees ranging from <span id="xdx_905_ecustom--CommercialAchievementMilestoneFeesPayable_iI_pp0p0_c20260331__us-gaap--OtherCommitmentsAxis__custom--LicenseAgreementsMember__srt--RangeAxis__srt--MinimumMember_zkmyEAYBhVQf" title="Commercial achievement milestone fees payable">$55,000 to $<span id="xdx_908_ecustom--CommercialAchievementMilestoneFeesPayable_iI_pn5n6_c20260331__us-gaap--OtherCommitmentsAxis__custom--LicenseAgreementsMember__srt--RangeAxis__srt--MaximumMember_zfv0yczuJ3sa" title="Commercial achievement milestone fees payable">20.0 million based on certain potential commercial achievements, as specified in the respective license agreement. Additionally, for licensed products sold during the applicable royalty term, the Company must pay royalties in the low-to-mid single digits, beginning in the year after the Company completes its first commercial sale of a licensed product. Finally, the Company has the right to grant sublicenses to third parties under each license agreement and is required to pay a sublicense income share based on the stage of development of the licensed product at the time the sublicense is granted. Defined contribution plan The Company established a qualified defined contribution plan (the “401(k) Plan”) pursuant to Section 401(k) of the Code, whereby all eligible employees may participate. Participants may elect to defer a percentage of their annual pretax compensation to the 401(k) Plan, subject to defined limitations. The Company is required to make contributions to the 401(k) Plan equal to <span id="xdx_90B_eus-gaap--DefinedContributionPlanEmployerMatchingContributionPercentOfMatch_pip2_uPure_c20260101__20260331__us-gaap--PlanNameAxis__custom--DefinedContributionPlan401KPlanMember_zCtioTrH0Nl3" title="Employer matching contribution">100 percent of each participant’s pretax contributions of up to <span id="xdx_908_eus-gaap--DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent_pip2_dc_uPure_c20260101__20260331__us-gaap--PlanNameAxis__custom--DefinedContributionPlan401KPlanMember_zNmGSg3aUUq6" title="Maximum annual contributions per employee">six percent of his or her eligible compensation, subject to limitations under the Code. For the three months ended March 31, 2026 and 2025, the Company charged operations $<span id="xdx_903_ecustom--DefinedContributionPlanEmployerContributionAmount_pn5n6_c20260101__20260331__us-gaap--PlanNameAxis__custom--DefinedContributionPlan401KPlanMember_zc3YXel7en05" title="Employer contributions">0.4 million and $<span id="xdx_901_ecustom--DefinedContributionPlanEmployerContributionAmount_pn5n6_c20250101__20250331__us-gaap--PlanNameAxis__custom--DefinedContributionPlan401KPlanMember_zHcBOfyQhHR7" title="Employer contributions">0.2 million, respectively for contributions under the 401(k) Plan.

49600000

25000 5000000 55000 20000000

0.06

400000 200000

NOTE 17 – SUBSEQUENT EVENTS Subsequent to March 31, 2026, the Company sold <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pn5n6_uShares_c20260401__20260511__us-gaap--TypeOfArrangementAxis__custom--SalesAgreement2025Member__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zxLk5UEU2l77" title="Number of shares issued">1.7 million shares of common stock under the Sales Agreement, for net proceeds of approximately $<span id="xdx_901_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20260401__20260511__us-gaap--TypeOfArrangementAxis__custom--SalesAgreement2025Member__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zICRGp9QyNh2" title="Net proceeds">22.6 million. On May 7, 2026, the Company's stockholders approved the Tonix Pharmaceuticals Holdings Corp. 2026 Stock Incentive Plan.

1700000

22600000

false false false false Represents prefunded warrants.