0001781983 apre:ConvertiblePreferredStockSeriesaMember us-gaap:PreferredStockMember 2026-03-31 0001781983 apre:ConvertiblePreferredStockSeriesaMember us-gaap:PreferredStockMember 2025-12-31 0001781983 apre:ConvertiblePreferredStockSeriesaMember us-gaap:PreferredStockMember 2025-03-31 0001781983 apre:ConvertiblePreferredStockSeriesaMember us-gaap:PreferredStockMember 2024-12-31 0001781983 us-gaap:AdditionalPaidInCapitalMember apre:AtMarketOfferingMember 2025-01-01 2025-03-31 0001781983 apre:AtMarketOfferingMember 2025-01-01 2025-03-31 0001781983 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0001781983 us-gaap:CommonStockMember apre:AtMarketOfferingMember 2025-01-01 2025-03-31 0001781983 us-gaap:CommonStockMember 2025-04-01 2025-04-30 0001781983 us-gaap:RetainedEarningsMember 2026-03-31 0001781983 us-gaap:ReceivablesFromStockholderMember 2026-03-31 0001781983 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0001781983 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-03-31 0001781983 us-gaap:RetainedEarningsMember 2025-12-31 0001781983 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001781983 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001781983 us-gaap:RetainedEarningsMember 2025-03-31 0001781983 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0001781983 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0001781983 us-gaap:RetainedEarningsMember 2024-12-31 0001781983 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001781983 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001781983 us-gaap:CommonStockMember 2026-03-31 0001781983 us-gaap:CommonStockMember 2025-12-31 0001781983 us-gaap:CommonStockMember 2025-03-31 0001781983 us-gaap:CommonStockMember 2024-12-31 0001781983 apre:CertainPurchasersMember apre:January2026PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2026-01-28 0001781983 apre:CertainPurchasersMember apre:December2025PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2025-12-08 0001781983 apre:CertainPurchasersMember apre:March2026PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2026-03-30 2026-03-30 0001781983 apre:CertainPurchasersMember apre:January2026PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2026-01-28 2026-01-28 0001781983 apre:AtMarket2024OfferingMember 2025-01-01 2025-12-31 0001781983 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-03-31 0001781983 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-03-31 0001781983 us-gaap:RetainedEarningsMember 2026-01-01 2026-03-31 0001781983 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0001781983 2025-01-01 2025-12-31 0001781983 apre:March2026PrivatePlacementMember 2026-03-31 0001781983 apre:PreFundedWarrantsMember us-gaap:PrivatePlacementMember 2026-03-31 0001781983 apre:PlacementAgentMember apre:December2025WarrantsMember apre:December2025PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2025-12-08 0001781983 apre:CertainPurchasersMember apre:PreFundedWarrantsMember apre:March2024PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2024-03-11 0001781983 apre:March2026WarrantsMember 2026-03-31 0001781983 apre:March2026PreFundedWarrantsMember 2026-03-31 0001781983 apre:March2024TrancheBWarrantsMember 2026-03-31 0001781983 apre:March2024TrancheaWarrantsMember 2026-03-31 0001781983 apre:March2024PreFundedWarrantsMember 2026-03-31 0001781983 apre:January2026WarrantsMember 2026-03-31 0001781983 apre:January2026PreFundedWarrantsMember 2026-03-31 0001781983 apre:December2025WarrantsMember 2026-03-31 0001781983 apre:December2025PreFundedWarrantsMember 2026-03-31 0001781983 apre:CertainPurchasersMember apre:PreFundedWarrantsMember apre:March2026PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2026-03-30 0001781983 apre:CertainPurchasersMember apre:March2026WarrantsMember apre:March2026PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2026-03-30 0001781983 apre:CertainPurchasersMember apre:PreFundedWarrantsMember apre:January2026PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2026-01-28 0001781983 apre:CertainPurchasersMember apre:January2026WarrantsMember apre:January2026PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2026-01-28 0001781983 apre:CertainPurchasersMember apre:PreFundedWarrantsMember apre:December2025PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2025-12-08 0001781983 apre:CertainPurchasersMember apre:December2025WarrantsMember apre:December2025PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2025-12-08 0001781983 apre:CertainPurchasersMember apre:March2024PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2024-03-11 0001781983 2024-12-31 0001781983 2025-03-31 0001781983 us-gaap:WarrantMember 2026-01-01 2026-03-31 0001781983 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-03-31 0001781983 us-gaap:EmployeeStockOptionMember 2026-01-01 2026-03-31 0001781983 us-gaap:ConvertiblePreferredStockMember 2026-01-01 2026-03-31 0001781983 us-gaap:WarrantMember 2025-01-01 2025-03-31 0001781983 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-03-31 0001781983 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-03-31 0001781983 us-gaap:ConvertiblePreferredStockMember 2025-01-01 2025-03-31 0001781983 2025-01-01 2026-03-31 0001781983 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0001781983 2025-01-01 2025-03-31 0001781983 2026-05-13 0001781983 apre:ConvertiblePreferredStockSeriesaMember 2026-03-31 0001781983 apre:ConvertiblePreferredStockSeriesaMember 2025-12-31 0001781983 apre:ConvertiblePreferredStockSeriesaMember 2025-04-01 2025-04-30 0001781983 us-gaap:ReceivablesFromStockholderMember 2026-01-01 2026-03-31 0001781983 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-03-31 0001781983 us-gaap:CommonStockMember 2026-01-01 2026-03-31 0001781983 apre:CertainPurchasersMember apre:January2026WarrantsMember apre:January2026PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2026-01-28 2026-01-28 0001781983 apre:CertainPurchasersMember apre:December2025PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2025-12-08 2025-12-08 0001781983 apre:CertainPurchasersMember apre:PreFundedWarrantsExercisePrice9.1125PerShareMember apre:March2024PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2024-03-11 0001781983 apre:CertainPurchasersMember apre:PreFundedWarrantsExercisePrice7.29PerShareMember apre:March2024PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2024-03-11 0001781983 apre:CertainPurchasersMember apre:PreFundedWarrantsExercisePrice9.1125PerShareMember apre:March2024PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2024-03-11 2024-03-11 0001781983 apre:CertainPurchasersMember apre:PreFundedWarrantsExercisePrice7.29PerShareMember apre:March2024PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2024-03-11 2024-03-11 0001781983 apre:CertainPurchasersMember apre:March2024PrivatePlacementMember apre:SecuritiesPurchaseAgreementMember 2024-03-11 2024-03-11 0001781983 2026-01-01 2026-03-31 0001781983 apre:PreFundedWarrantsMember apre:January2026PrivatePlacementMember 2026-01-01 2026-03-31 0001781983 apre:PreFundedWarrantsMember apre:December2025PrivatePlacementMember 2026-01-01 2026-03-31 0001781983 apre:PreFundedWarrantsMember apre:March2024PrivatePlacementMember 2025-01-01 2025-12-31 0001781983 apre:PreFundedWarrantsMember apre:December2025PrivatePlacementMember 2025-01-01 2025-12-31 0001781983 apre:ShelfRegistrationStatement2024Member 2024-11-08 0001781983 apre:HCWainrightCoLlcMember apre:ShelfRegistrationStatement2024Member 2024-11-08 0001781983 apre:ShelfRegistrationStatement2024Member 2024-01-26 0001781983 2026-03-31 0001781983 2025-12-31 iso4217:USD shares apre:Vote apre:lease iso4217:USD shares apre:segment

0001781983 --12-31 2026 Q1 false

10-Q true 2026-03-31 false 001-39069 Aprea Therapeutics, Inc. DE 84-2246769 3805 Old Easton Road Doylestown PA 18902 215 948-4119 Common stock, par value $0.001 per share APRE NASDAQ Yes Yes Non-accelerated Filer true false false 12382776

46466202

14599347

779238

961899

47245440

15561246

54379

59807

41406

41186

271162

47612387

15933401

2940756

713668

2355890 2050690

5296646

2764358

0.001

40000000

31194

727361

0.001

400000000

11982776

8192538

11983

8192

389631454

356709645

499999

-10625700

-10634714

-336929358

-333641441

41588380

12441682

47612387

15933401

162463

1611167

2483066

1819245

1764979

3430412

4248045

-3430412

-4085582

134784

204726

7711

-51803

142495

152923

-3287917

-3932659

9014

643

-3278903

-3932016

-0.22

-0.66

14685448

5993866

56227

1311063

5481055

5481

350971225

-10627379

-321041872

19307455

22406

55826

55849

9195

-9

118634

643

-3932659

56227

1311063

5512656

5513

351145676

-10626736

-324974531

15549922

31194

727361

8192538

8192

356709645

-10634714

-333641441

12441682

1877677

1878

32322655

32324533

499999 -499999

12560

-13

1900001 1900 -1900

101068

9014

-3287917

31194

727361

11982776

11983

389631454

-499999

-10625700

-336929358

41588380

-3287917

-3932659

5428

5429

101068

118634

7711

-51803

-181777

-181044

32525

-71935

218104

16521

-2756726

-3631163

35098813

59234

474664

3385

34624149

55849

31867423

-3575314

-348

1398

14640533

22890055

46507608

19316139

46466202

19275721

41406

40418

46507608

19316139

499999 2299616

1. Nature of business and basis of presentationNature of business—Aprea Therapeutics, Inc. (the “Company”) is a clinical-stage precision medicine oncology company focused on the discovery and development of targeted therapies for patients with biomarker-defined cancers. The Company began principal operations in 2006 and is headquartered in Doylestown, Pennsylvania. The Company’s two clinical programs are a next-generation oral inhibitor of the WEE1 kinase, APR-1051, and our novel oral macrocyclic ATR inhibitor, ATRN-119. We have initiated the orderly wind-down of the ABOYA-119 Phase I study with ATRN-119 as we explore development opportunities for ATRN-119 in potential combination approaches. Both programs are the cornerstones of our pipeline of synthetic lethality-based cancer therapeutics and were internally discovered, developed, and evaluated by our dedicated team of chemists, scientists, and clinicians.Basis of presentation and management plans—The accompanying financial statements are prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.Since its inception, the Company has devoted substantially all of its efforts to business planning, clinical operations, research and development, recruiting management and technical staff, raising capital and has financed its operations through the issuance of convertible preferred stock and common stock.The Company is subject to risks common to companies in the biopharmaceutical industry. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be maintained, that any therapeutic products developed will obtain required regulatory approval or that any approved or consumer products will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will generate significant product sales.Based on its current operating plan, the Company believes that its March 31, 2026 cash balance of approximately $46.5 million will be sufficient to fund the Company’s operating expenses and capital expenditure requirements into the first quarter of 2028.

46500000

2. Summary of significant accounting policiesThe Company's complete listing of significant accounting policies are described in Note 2 to the Company's audited consolidated financial statements as of December 31, 2025 included in its annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”).Principles of consolidation—The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Aprea Therapeutics AB, which was incorporated in May 2002, Aprea US, Inc., which was incorporated in June 2016 and ATR Pharmaceuticals LLC which was incorporated in May 2022. Management has concluded it has a single reporting segment for purposes of reporting financial condition and results of operations. All intercompany transactions and balances have been eliminated.Unaudited interim consolidated financial statements—The accompanying unaudited interim condensed consolidated financial statements have been prepared by the Company in accordance with U.S. GAAP for interim information and pursuant to the rules and regulations of the SEC for reporting on Form 10-Q. Accordingly, certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and related notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2025 filed with the SEC.The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and in management’s opinion, include all adjustments, consisting of only normal recurring adjustments, necessary for the fair presentation of the financial information for the interim periods have been made. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full fiscal year or any future period.Use of estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses as of and during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates. Significant items subject to such estimates and assumptions, are used for, but not limited to, accounting for research and development costs.Foreign currency and currency translation—The functional currency for Aprea Therapeutics AB is the Swedish Krona. Assets and liabilities of Aprea Therapeutics AB are translated into United States dollars at the exchange rate in effect on the balance sheet date. Operating expenses are translated at the average exchange rate in effect during the period. Unrealized translation gains and losses are recorded as a cumulative translation adjustment, which is included in the condensed consolidated statements of convertible preferred stock and stockholders’ equity as a component of accumulated other comprehensive loss. Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in other income, net in the condensed consolidated statements of operations and comprehensive loss as incurred.Cash and cash equivalents— The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.Restricted cash— The Company has restricted cash of $41,406 and $41,186 as of March 31, 2026 and December 31, 2025, respectively, that is securing the Company’s credit card program.Fair value of financial instruments—The accounting standard for fair value measurements provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at measurement dates. ASC Topic 820, Fair Value Measurement (“ASC 820”), establishes a three-level valuation hierarchy for instruments measured at fair value. The hierarchy is based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. The hierarchy defines three levels of valuation inputs, of which the first two are considered observable and the last is considered unobservable:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 1 inputs: Quoted prices in active markets for identical assets or liabilities.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 2 inputs: Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 3 inputs: Unobservable inputs developed using estimates or assumptions developed by the Company, which reflect those that a market participant would use in pricing the asset or liability.</td></tr></table><div style="margin-top:12pt;"></div>To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.The Company’s financial instruments consist of cash, cash equivalents, restricted cash, accounts payable and accrued expenses. The carrying amount of accounts payable and accrued expenses is considered a reasonable estimate of fair value due to the short-term maturity.Series A Convertible Preferred Stock—The Company classifies the Series A Preferred Stock as temporary equity outside of stockholders’ equity on the accompanying condensed consolidated balance sheets due to certain events that are not within the Company's control. Accounting for leases—At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable. Operating lease liabilities and their corresponding right of use assets are recorded based on the present value of future lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected not to separate lease and non-lease components as a single component. Operating leases are recognized on the balance sheet as right of use (ROU) lease assets, lease liabilities current and lease liabilities non-current. Fixed rents are included in the calculation of the lease balances while variable costs paid for certain operating and pass-through costs are excluded. Lease expense is recognized over the expected term on a straight-line basis. The Company has also elected the short-term lease exemption for all leases with an original term of less than 12 months.Revenue recognition— The Company’s revenue is primarily generated through grants from government and non-government organizations. Grant revenue is recognized during the period that the reimbursable research and development services occur, as qualifying expenses are incurred or conditions of the grants are met. Grant revenue received in advance is recorded as deferred grant revenue and recognized as revenue once the conditions for revenue recognition are met. Associated expenses are recognized when incurred as research and development expenses. The Company concluded that payments received under these grants represent conditional, nonreciprocal contributions, as described in ASC 958, Not-for-Profit Entities, and that the grants are not within the scope of ASC 606, Revenue from Contracts with Customers, as the organizations providing the grants do not meet the definition of a customer. Research and development costs—Research and development costs are charged to expense as incurred. Research and development expenses incurred in performing research and development activities, include salaries and benefits, materials and supplies, preclinical expenses, stock-based compensation expense, depreciation of equipment, contract services, and other outside expenses. Costs for certain development activities are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development. Deposits made by the Company with certain service providers that are to be applied to future payments due under the service agreements or returned to the Company if not utilized are recorded in the consolidated balance sheets.Net loss per share—The Company has reported losses since inception and has computed basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. The Company computes diluted net loss per common share after giving consideration to all potentially dilutive common shares, including options to purchase common stock, outstanding during the period determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Because the Company has reported net losses since inception, these potential common shares have been anti-dilutive and basic and diluted loss per share have been the same. Included within weighted average common shares outstanding for the three months ended March 31, 2026 are 41,499,626 common shares issuable upon the exercise of certain warrants, which are exercisable at any time for nominal consideration, and as such, the shares are considered outstanding for the purpose of calculating basic and diluted net loss per share attributable to common stockholders.The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:68.96%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:28.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Three Months Ended March 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:68.96%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;background:#cceeff;margin:0pt;padding:0pt;">Convertible preferred stock (as converted)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;background:#cceeff;margin:0pt;padding:0pt;"> 15,596</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;background:#cceeff;margin:0pt;padding:0pt;"> 28,112</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;margin:0pt;padding:0pt;">Options to purchase common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;margin:0pt;padding:0pt;"> 1,050,501</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;margin:0pt;padding:0pt;"> 715,620</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;background:#cceeff;margin:0pt;padding:0pt;">Warrants to purchase common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;background:#cceeff;margin:0pt;padding:0pt;"> 48,538,891</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;background:#cceeff;margin:0pt;padding:0pt;"> 2,194,788</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;margin:0pt;padding:0pt;">Unvested restricted stock units</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 48,718</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,607</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;background:#cceeff;margin:0pt;padding:0pt;">Total shares of common stock equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 49,653,706</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,969,127</td></tr></table>Segment Information—The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level considering the nature of the Company’s product candidates and services, class of customers and the regulatory environment in which the Company operates. Accordingly, the Company’s CODM manages and allocates resources to the operations of the Company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term strategic goals. In making these decisions, the CODM uses consolidated financial information for purposes of evaluating performance, forecasting future period financial results, and allocating resources. The CODM performs this assessment based on the Company’s consolidated net loss. Through this analysis, the CODM assesses performance by comparing actual net loss versus the budget and then decides how to allocate resources to invest in the Company’s research and development programs. The measure of segment assets is reported on the consolidated balance sheets as total assets. Other segment items included in consolidated net loss are interest income and foreign currency gain (loss), which are reflected in the consolidated statements of operations and comprehensive loss.Recently issued accounting pronouncements—From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses,” which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the footnotes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard.In February 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements,” which amends Topic 270 to enhance interim reporting requirements. The amendments require additional disaggregation of certain expense categories, expanded interim disclosures for significant events or transactions, and alignment of certain interim disclosure requirements with annual reporting requirements. ASU 2025-11 is effective for interim periods beginning after December 15, 2027, and for fiscal years beginning after the same date. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard.

Principles of consolidation—The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Aprea Therapeutics AB, which was incorporated in May 2002, Aprea US, Inc., which was incorporated in June 2016 and ATR Pharmaceuticals LLC which was incorporated in May 2022. Management has concluded it has a single reporting segment for purposes of reporting financial condition and results of operations. All intercompany transactions and balances have been eliminated.

Unaudited interim consolidated financial statements—The accompanying unaudited interim condensed consolidated financial statements have been prepared by the Company in accordance with U.S. GAAP for interim information and pursuant to the rules and regulations of the SEC for reporting on Form 10-Q. Accordingly, certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and related notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2025 filed with the SEC.The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and in management’s opinion, include all adjustments, consisting of only normal recurring adjustments, necessary for the fair presentation of the financial information for the interim periods have been made. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full fiscal year or any future period.

Use of estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses as of and during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates. Significant items subject to such estimates and assumptions, are used for, but not limited to, accounting for research and development costs.

Foreign currency and currency translation—The functional currency for Aprea Therapeutics AB is the Swedish Krona. Assets and liabilities of Aprea Therapeutics AB are translated into United States dollars at the exchange rate in effect on the balance sheet date. Operating expenses are translated at the average exchange rate in effect during the period. Unrealized translation gains and losses are recorded as a cumulative translation adjustment, which is included in the condensed consolidated statements of convertible preferred stock and stockholders’ equity as a component of accumulated other comprehensive loss. Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in other income, net in the condensed consolidated statements of operations and comprehensive loss as incurred.

Cash and cash equivalents— The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.Restricted cash— The Company has restricted cash of $41,406 and $41,186 as of March 31, 2026 and December 31, 2025, respectively, that is securing the Company’s credit card program.

41406

41186

Fair value of financial instruments—The accounting standard for fair value measurements provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at measurement dates. ASC Topic 820, Fair Value Measurement (“ASC 820”), establishes a three-level valuation hierarchy for instruments measured at fair value. The hierarchy is based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. The hierarchy defines three levels of valuation inputs, of which the first two are considered observable and the last is considered unobservable:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 1 inputs: Quoted prices in active markets for identical assets or liabilities.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 2 inputs: Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 3 inputs: Unobservable inputs developed using estimates or assumptions developed by the Company, which reflect those that a market participant would use in pricing the asset or liability.</td></tr></table><div style="margin-top:12pt;"></div>To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.The Company’s financial instruments consist of cash, cash equivalents, restricted cash, accounts payable and accrued expenses. The carrying amount of accounts payable and accrued expenses is considered a reasonable estimate of fair value due to the short-term maturity.

Series A Convertible Preferred Stock—The Company classifies the Series A Preferred Stock as temporary equity outside of stockholders’ equity on the accompanying condensed consolidated balance sheets due to certain events that are not within the Company's control.

Accounting for leases—At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable. Operating lease liabilities and their corresponding right of use assets are recorded based on the present value of future lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected not to separate lease and non-lease components as a single component. Operating leases are recognized on the balance sheet as right of use (ROU) lease assets, lease liabilities current and lease liabilities non-current. Fixed rents are included in the calculation of the lease balances while variable costs paid for certain operating and pass-through costs are excluded. Lease expense is recognized over the expected term on a straight-line basis. The Company has also elected the short-term lease exemption for all leases with an original term of less than 12 months.

Revenue recognition— The Company’s revenue is primarily generated through grants from government and non-government organizations. Grant revenue is recognized during the period that the reimbursable research and development services occur, as qualifying expenses are incurred or conditions of the grants are met. Grant revenue received in advance is recorded as deferred grant revenue and recognized as revenue once the conditions for revenue recognition are met. Associated expenses are recognized when incurred as research and development expenses. The Company concluded that payments received under these grants represent conditional, nonreciprocal contributions, as described in ASC 958, Not-for-Profit Entities, and that the grants are not within the scope of ASC 606, Revenue from Contracts with Customers, as the organizations providing the grants do not meet the definition of a customer.

Research and development costs—Research and development costs are charged to expense as incurred. Research and development expenses incurred in performing research and development activities, include salaries and benefits, materials and supplies, preclinical expenses, stock-based compensation expense, depreciation of equipment, contract services, and other outside expenses. Costs for certain development activities are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development. Deposits made by the Company with certain service providers that are to be applied to future payments due under the service agreements or returned to the Company if not utilized are recorded in the consolidated balance sheets.

Net loss per share—The Company has reported losses since inception and has computed basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. The Company computes diluted net loss per common share after giving consideration to all potentially dilutive common shares, including options to purchase common stock, outstanding during the period determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Because the Company has reported net losses since inception, these potential common shares have been anti-dilutive and basic and diluted loss per share have been the same. Included within weighted average common shares outstanding for the three months ended March 31, 2026 are 41,499,626 common shares issuable upon the exercise of certain warrants, which are exercisable at any time for nominal consideration, and as such, the shares are considered outstanding for the purpose of calculating basic and diluted net loss per share attributable to common stockholders.The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:68.96%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:28.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Three Months Ended March 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:68.96%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;background:#cceeff;margin:0pt;padding:0pt;">Convertible preferred stock (as converted)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;background:#cceeff;margin:0pt;padding:0pt;"> 15,596</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;background:#cceeff;margin:0pt;padding:0pt;"> 28,112</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;margin:0pt;padding:0pt;">Options to purchase common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;margin:0pt;padding:0pt;"> 1,050,501</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;margin:0pt;padding:0pt;"> 715,620</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;background:#cceeff;margin:0pt;padding:0pt;">Warrants to purchase common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;background:#cceeff;margin:0pt;padding:0pt;"> 48,538,891</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;background:#cceeff;margin:0pt;padding:0pt;"> 2,194,788</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;margin:0pt;padding:0pt;">Unvested restricted stock units</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 48,718</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,607</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;background:#cceeff;margin:0pt;padding:0pt;">Total shares of common stock equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 49,653,706</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,969,127</td></tr></table>

41499626

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:68.96%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:28.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Three Months Ended March 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:68.96%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;background:#cceeff;margin:0pt;padding:0pt;">Convertible preferred stock (as converted)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;background:#cceeff;margin:0pt;padding:0pt;"> 15,596</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;background:#cceeff;margin:0pt;padding:0pt;"> 28,112</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;margin:0pt;padding:0pt;">Options to purchase common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;margin:0pt;padding:0pt;"> 1,050,501</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;margin:0pt;padding:0pt;"> 715,620</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;background:#cceeff;margin:0pt;padding:0pt;">Warrants to purchase common stock</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;background:#cceeff;margin:0pt;padding:0pt;"> 48,538,891</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;background:#cceeff;margin:0pt;padding:0pt;"> 2,194,788</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;margin:0pt;padding:0pt;">Unvested restricted stock units</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 48,718</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,607</td></tr><tr style=""><td style="vertical-align:top;width:68.96%;background:#cceeff;margin:0pt;padding:0pt;">Total shares of common stock equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.01%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 49,653,706</td><td style="vertical-align:bottom;white-space:nowrap;width:3.07%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.87%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,969,127</td></tr></table>

15596

28112

1050501

715620

48538891

2194788

48718

30607

49653706

2969127

Segment Information—The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level considering the nature of the Company’s product candidates and services, class of customers and the regulatory environment in which the Company operates. Accordingly, the Company’s CODM manages and allocates resources to the operations of the Company on a total company basis by assessing the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term strategic goals. In making these decisions, the CODM uses consolidated financial information for purposes of evaluating performance, forecasting future period financial results, and allocating resources. The CODM performs this assessment based on the Company’s consolidated net loss. Through this analysis, the CODM assesses performance by comparing actual net loss versus the budget and then decides how to allocate resources to invest in the Company’s research and development programs. The measure of segment assets is reported on the consolidated balance sheets as total assets. Other segment items included in consolidated net loss are interest income and foreign currency gain (loss), which are reflected in the consolidated statements of operations and comprehensive loss.

Recently issued accounting pronouncements—From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses,” which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the footnotes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard.In February 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements,” which amends Topic 270 to enhance interim reporting requirements. The amendments require additional disaggregation of certain expense categories, expanded interim disclosures for significant events or transactions, and alignment of certain interim disclosure requirements with annual reporting requirements. ASU 2025-11 is effective for interim periods beginning after December 15, 2027, and for fiscal years beginning after the same date. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard.

3. LeasesThe Company is a party to one operating lease for office and laboratory space. The Company’s finance leases are immaterial both individually and in the aggregate. The Company has elected to apply the short-term lease exception to all leases of one year or less. Rent expense for the three months ended March 31, 2026 and 2025 was $23,640 and $23,224, respectively, which is included in operating expenses.The Company has an annual operating lease for office and laboratory space in Doylestown, Pennsylvania which was amended in October 2025 and is currently set to expire on October 31, 2026. Rent expense under this lease is approximately $115,000 annually and the Company has applied the short-term exception to this lease. The Company has no lease obligations beyond October 2026. 1

23640

23224

115000 0

4. Accrued expensesAccrued expenses consist of the following:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:72.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:72.45%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.39%;margin:0pt;padding:0pt;">March 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.35%;margin:0pt;padding:0pt;">December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:72.45%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:top;width:72.45%;background:#cceeff;margin:0pt;padding:0pt;">Professional fees</td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:9.85%;background:#cceeff;margin:0pt;padding:0pt;"> 344,848</td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;background:#cceeff;margin:0pt;padding:0pt;"> 248,591</td></tr><tr style=""><td style="vertical-align:top;width:72.45%;margin:0pt;padding:0pt;">Compensation, severance and benefits</td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.85%;margin:0pt;padding:0pt;"> 573,397</td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;margin:0pt;padding:0pt;"> 770,562</td></tr><tr style=""><td style="vertical-align:top;width:72.45%;background:#cceeff;margin:0pt;padding:0pt;">Research and development</td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.85%;background:#cceeff;margin:0pt;padding:0pt;"> 1,262,698</td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;background:#cceeff;margin:0pt;padding:0pt;"> 870,165</td></tr><tr style=""><td style="vertical-align:top;width:72.45%;margin:0pt;padding:0pt;">Other</td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.85%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 174,947</td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 161,372</td></tr><tr style=""><td style="vertical-align:top;width:72.45%;background:#cceeff;margin:0pt;padding:0pt;">Total accrued expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:9.85%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,355,890</td><td style="vertical-align:bottom;white-space:nowrap;width:2.4%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.53%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,050,690</td></tr></table>

344848

248591

573397

770562

1262698 870165

174947

161372

2355890 2050690 5. Stockholders’ equity The total number of shares of all classes of capital stock that the Company is authorized to issue is 440,000,000 shares, consisting of 400,000,000 shares of common stock, par value $0.001 per share and 40,000,000 shares of preferred stock, par value $0.001 per share.Series A Preferred StockAs of March 31, 2026 and December 31, 2025, a total of 31,194 shares of Series A Preferred Stock remained outstanding, which are convertible into 15,596 shares of common stock. In April 2025, a total of 25,033 shares of Series A Preferred stock were converted into 12,516 shares of common stock.Common StockThe holders of common stock are entitled to one vote for each share of common stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment or provision for payment of all debts and liabilities of the Company, the holders of common stock shall be entitled to share in the remaining assets of the Company available for distribution, if any.Shelf Registration StatementOn January 26, 2024, the Company filed a shelf registration statement (the “2024 Shelf Registration Statement”) with the SEC for issuance of common stock, preferred stock, warrants, rights, debt securities and units up to an aggregate of $150 million, including a prospectus for the sale of $1.0 million of shares of our common stock under the At The Market Offering Agreement by and between the Company and H.C. Wainwright & Co., LLC (“HCW”) dated as of January 26, 2024 (the “January 2024 ATM Agreement), which was declared effective on February 2, 2024. The Company subsequently filed a prospectus supplement to the 2024 Shelf Registration Statement for the sale of up to $2.0 million of shares of common stock pursuant to the January 2024 ATM Agreement. The Company did not make any sales under the January 2024 ATM Agreement and in March 2024, the Company terminated the January 2024 ATM Agreement.On November 8, 2024, the Company entered into an At the Market Offering Agreement (the “November 2024 ATM Agreement”) with HCW. On November 8, 2024, the Company filed a prospectus supplement to the 2024 Shelf Registration Statement with the SEC for the sale of up to $3.0 million pursuant to the November 2024 ATM Agreement, as discussed below. Pursuant to the November 2024 ATM Agreement and the prospectus supplement filed in connection therewith, the Company may, from time to time, in its sole discretion, issue and sell through HCW, acting as sales agent and/or principal, up to $3.0 million of shares of common stock. During the year ended December 31, 2025, the Company issued and sold 1,337,948 shares of common stock under the November 2024 ATM Agreement resulting in net proceeds to the Company of approximately $1.9 million after deducting approximately $76,000 in issuance costs. During the three months ended March 31, 2026, the Company did not issue and sell shares of common stock under the November 2024 ATM Agreement. March 2024 Private PlacementOn March 11, 2024, the Company entered into a securities purchase agreement with certain purchasers (the “March 2024 Purchasers”) pursuant to which the Company agreed to issue and sell to the March 2024 Purchasers in a private placement offering exempt from registration under the Securities Act of 1933, as amended, or the Securities Act, and the Purchasers agreed to purchase from the Company (i) 1,687,712 shares of the Company’s common stock at a purchase price of $7.29 per share (the “March 2024 Shares”), (ii) pre-funded common stock purchase warrants to purchase an aggregate of up to 507,076 shares of the Company’s common stock at an exercise price of $0.001 per share (the “March 2024 Pre-Funded Shares”), (iii) tranche A common stock purchase warrants to purchase up to 1,097,394 shares of the Company’s common stock at an exercise price of $7.29 per share (the “Tranche A Warrants”), and (iv) tranche B common stock purchase warrants to purchase up to 1,097,394 shares of the Company’s common stock at an exercise price of $9.1125 per share (the “Tranche B Warrants”). The Tranche A Warrants will be exercisable until the earlier of (i) the three-year anniversary of issuance and (ii) 30 days after the Company announces the recommended Phase 2 dose for ATRN-119, and, following such announcement, the daily volume weighted average price of the Company’s common stock equals or exceeds $14.58 for 30 consecutive trading days. The Tranche B Warrants will be exercisable until the earlier of (i) the five-year anniversary of issuance and (ii) 30 days after the Company announces the recommended Phase 2 dose for APR-1051 and, following such announcement, the daily volume weighted average price of the Company’s common stock equals or exceeds $18.225 for 30 consecutive trading days. The aggregate upfront gross proceeds from the issuance of common stock and pre-funded common stock purchase warrants totaled approximately $16.0 million, before deducting placement agent fees and offering costs of approximately $1.3 million. The gross proceeds from potential future warrant cash exercises are expected to be up to approximately $18.0 million, before deducting placement agent fees. In April 2024, the Company registered on Form S-3 the resale of the March 2024 Shares, the March 2024 Pre-Funded Shares and the shares underlying the Tranche A Warrants and Tranche B Warrants. December 2025 Private PlacementOn December 8, 2025, the Company entered into a securities purchase agreement with certain purchasers (the “December Purchasers”) pursuant to which the Company agreed to issue and sell to the December Purchasers in a private placement offering exempt from registration under the Securities Act of 1933, as amended, or the Securities Act, and the December Purchasers agreed to purchase from the Company (i) 26,459 shares of the Company’s common stock at a purchase price of $1.165 per share (the “December 2025 Shares”), (ii) pre-funded common stock purchase warrants (the “December 2025 Pre-Funded Warrants”), at a purchase price of $1.164 to purchase an aggregate of up to 2,596,564 shares of the Company’s common stock at an exercise price of $0.001 per share (the “December 2025 Pre-Funded Shares”), (iii) common stock purchase warrants to purchase up to 2,880,533 shares of the Company’s common stock at an exercise price of $1.04 per share (the “December 2025 Warrants”), and (iv) a warrant to purchase up to 257,510 shares of the Company’s common stock to the placement agent (the “Placement Agent Warrant”). The December 2025 Warrants and the Placement Agent Warrant will be exercisable until the five-year anniversary of issuance. The aggregate upfront gross proceeds from the issuance of the December 2025 Shares and December 2025 Pre-Funded Warrants totaled approximately $3.1 million, before deducting placement agent fees and offering costs of approximately $0.4 million. In December 2025, the Company registered on Form S-3 the resale of the December 2025 Shares, the December 2025 Pre-Funded Shares and the shares underlying the December 2025 Warrants and the Placement Agent Warrant.January 2026 Private PlacementOn January 28, 2026, the Company entered into a securities purchase agreement with certain purchasers (the “January Purchasers”) pursuant to which the Company agreed to issue and sell to the January Purchasers in a private placement offering exempt from registration under the Securities Act of 1933, as amended, or the Securities Act, and the January Purchasers agreed to purchase from the Company (i) 1,877,677 shares of the Company’s common stock at a purchase price of $0.8891 per share (the “January 2026 Shares”), (ii) pre-funded common stock purchase warrants (the “January 2026 Pre-Funded Warrants”) at a purchase price of $0.8881 to purchase an aggregate of up to 4,411,180 shares of the Company’s common stock at an exercise price of $0.001 per share (the “January 2026 Pre-Funded Shares”) and (iii) common stock purchase warrants to purchase up to 6,288,857 shares of the Company’s common stock at an exercise price of $0.765 per share (the “January 2026 Warrants”). The January 2026 Warrants will be exercisable until the two-year anniversary of issuance. The aggregate upfront gross proceeds from the issuance of January 2026 Shares and January 2026 Pre-Funded Warrants totaled approximately $5.6 million, before deducting placement agent fees and offering costs of approximately $0.5 million. In February 2026, the Company registered on Form S-3 the resale of the January 2026 Shares, the January 2026 Pre-Funded Shares and the shares underlying the January 2026 Warrants.March 2026 Private PlacementOn March 30, 2026, the Company entered into a securities purchase agreement with certain purchasers (the “March Purchasers”) pursuant to which the Company agreed to issue and sell to the Purchasers in a private placement offering exempt from registration under the Securities Act of 1933, as amended, or the Securities Act, and the March Purchasers agreed to purchase from the Company (i) pre-funded common stock purchase warrants (the “March 2026 Pre-Funded Warrants”) at a purchase price of $0.807 to purchase an aggregate of up to 37,174,713 shares of the Company’s common stock at an exercise price of $0.001 per share (the “March 2026 Pre-Funded Shares”) and (ii) common stock purchase warrants to purchase up to 37,174,713 shares of the Company’s common stock at an exercise price of $0.683 per share (the “March 2026 Warrants”). The March 2026 Warrants will be exercisable until December 31, 2029. However, if a holder exercises all or a portion of a March 2026 Pre-Funded Warrant then the termination date shall be the 30th calendar day after the holder exercises such March 2026 Pre-Funded Warrant with respect to the number of shares exercised under such March 2026 Pre-Funded Warrant. The aggregate upfront gross proceeds from the issuance of the March 2026 Pre-Funded Warrants totaled approximately $30.0 million, before deducting placement agent fees and offering costs of approximately $2.3 million. At March 31, 2026, approximately $0.5 million of the proceeds had not yet been received by the Company. The unpaid amount was recorded as a subscription receivable and presented as a reduction of stockholders’ equity. The full amount was received by the Company on April 1, 2026. In April 2026, the Company registered on Form S-3 the resale of the March 2026 Pre-Funded Shares and the shares underlying the March 2026 Warrants.The Company evaluated the terms of the warrants issued in the December 2025, January 2026 and March 2026 Private Placements and determined that they should be classified as equity instruments within additional paid-in capital. As of March 31, 2026 and December 31, 2025, none of the Tranche A Warrants or Tranche B Warrants have been exercised. During 2025, 91,206 warrants to purchase March 2024 Pre-Funded Shares were exercised for proceeds of $91 and 1,198,700 December 2025 Pre-Funded Warrants to purchase December 2025 Pre-Funded Shares were exercised for no proceeds. For the three months ended March 31, 2026, 1,376,405 December 2025 Pre-Funded Warrants to purchase December 2025 Pre-Funded Shares and 523,596 January 2026 Pre-Funded Warrants to purchase January 2026 Pre-Funded Shares were exercised for no proceeds.A summary of warrants outstanding as of March 31, 2026 is as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.13%;margin:0pt;padding:0pt;">Exercise</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.13%;margin:0pt;padding:0pt;">price per</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;">Expiration</td></tr><tr style=""><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Description</td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">share</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">date</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;background:#cceeff;margin:0pt;padding:0pt;">March 2024 Tranche A Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;background:#cceeff;margin:0pt;padding:0pt;"> 1,097,394</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;background:#cceeff;margin:0pt;padding:0pt;"> 7.2900</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;">3/11/2027</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;">March 2024 Tranche B Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;"> 1,097,394</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;margin:0pt;padding:0pt;"> 9.1125</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;">3/11/2029</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;background:#cceeff;margin:0pt;padding:0pt;">March 2024 Pre-Funded Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;background:#cceeff;margin:0pt;padding:0pt;"> 415,870</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;background:#cceeff;margin:0pt;padding:0pt;"> 0.0010</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;">n/a</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;">December 2025 Pre-Funded Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;"> 21,459</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;margin:0pt;padding:0pt;"> 0.0010</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;">n/a</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;background:#cceeff;margin:0pt;padding:0pt;">December 2025 Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;background:#cceeff;margin:0pt;padding:0pt;"> 2,880,533</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;background:#cceeff;margin:0pt;padding:0pt;"> 1.0400</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;">12/10/2030</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;">January 2026 Pre-Funded Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;"> 3,887,584</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;margin:0pt;padding:0pt;"> 0.0010</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;">n/a</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;background:#cceeff;margin:0pt;padding:0pt;">January 2026 Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;background:#cceeff;margin:0pt;padding:0pt;"> 6,288,857</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;background:#cceeff;margin:0pt;padding:0pt;"> 0.7650</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;">1/30/2028</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;">March 2026 Pre-Funded Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;"> 37,174,713</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;margin:0pt;padding:0pt;"> 0.0010</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;">n/a</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;background:#cceeff;margin:0pt;padding:0pt;">March 2026 Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 37,174,713</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;background:#cceeff;margin:0pt;padding:0pt;"> 0.6830</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;">12/31/2029</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 90,038,517</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"></td></tr></table>Stock-Based Compensation ExpenseThe Company recorded stock-based compensation expense of $0.1 million for each of the three months ended March 31, 2026 and 2025. 440000000

400000000

0.001

40000000

0.001

31194

15596 15596 25033

12516

1 150000000 1000000 2000000 3000000 3000000

1337948

1900000

76000

1687712

7.29

507076

0.001

1097394

7.29

1097394

9.1125

P3Y P30D 14.58 P30D P5Y P30D 18.225 P30D

16000000

1300000

18000000

26459

1.165

1.164

2596564

0.001

2880533

1.04

257510

P5Y

3100000

400000

1877677

0.8891

0.8881

4411180

0.001

6288857

0.765

P2Y

5600000

500000

0.807

37174713

0.001

37174713

0.683

30000000

2300000

500000

91206

1198700

1376405 523596

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.13%;margin:0pt;padding:0pt;">Exercise</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.13%;margin:0pt;padding:0pt;">price per</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;">Expiration</td></tr><tr style=""><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Description</td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:10.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">share</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">date</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;background:#cceeff;margin:0pt;padding:0pt;">March 2024 Tranche A Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;background:#cceeff;margin:0pt;padding:0pt;"> 1,097,394</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;background:#cceeff;margin:0pt;padding:0pt;"> 7.2900</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;">3/11/2027</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;">March 2024 Tranche B Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;"> 1,097,394</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;margin:0pt;padding:0pt;"> 9.1125</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;">3/11/2029</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;background:#cceeff;margin:0pt;padding:0pt;">March 2024 Pre-Funded Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;background:#cceeff;margin:0pt;padding:0pt;"> 415,870</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;background:#cceeff;margin:0pt;padding:0pt;"> 0.0010</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;">n/a</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;">December 2025 Pre-Funded Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;"> 21,459</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;margin:0pt;padding:0pt;"> 0.0010</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;">n/a</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;background:#cceeff;margin:0pt;padding:0pt;">December 2025 Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;background:#cceeff;margin:0pt;padding:0pt;"> 2,880,533</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;background:#cceeff;margin:0pt;padding:0pt;"> 1.0400</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;">12/10/2030</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;">January 2026 Pre-Funded Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;"> 3,887,584</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;margin:0pt;padding:0pt;"> 0.0010</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;">n/a</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;background:#cceeff;margin:0pt;padding:0pt;">January 2026 Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;background:#cceeff;margin:0pt;padding:0pt;"> 6,288,857</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;background:#cceeff;margin:0pt;padding:0pt;"> 0.7650</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;">1/30/2028</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;">March 2026 Pre-Funded Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;margin:0pt;padding:0pt;"> 37,174,713</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;margin:0pt;padding:0pt;"> 0.0010</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;">n/a</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;background:#cceeff;margin:0pt;padding:0pt;">March 2026 Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 37,174,713</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;background:#cceeff;margin:0pt;padding:0pt;"> 0.6830</td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;">12/31/2029</td></tr><tr style=""><td style="vertical-align:bottom;width:62.86%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.4%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 90,038,517</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.87%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"></td></tr></table>

1097394

7.29

1097394

9.1125

415870

0.001

21459

0.001

2880533

1.04

3887584

0.001

6288857

0.765

37174713

0.001

37174713

0.683

90038517

100000

6. Income TaxesThe Company has no income tax expense due to operating losses incurred for the three months ended March 31, 2026 and 2025. The Company has provided a valuation allowance for the full amount of the net deferred tax assets as, based on all available evidence, it is considered more likely than not that all the recorded deferred tax assets will not be realized in a future period.Realization of the future tax benefits is dependent on many factors, including the Company’s ability to generate taxable income within the net operating loss carryforward period. Under the provisions of the U.S. Internal Revenue Code and Sweden tax law, certain changes in the Company’s ownership, including a sale of the Company or significant changes in ownership due to sales of equity, may have limited, or may limit in the future, the amount of net operating loss carryforwards that could be used annually to offset future taxable income. For U.S. and Swedish income tax purposes, the Company has not completed a study to assess whether a change of control has occurred or whether there have been changes of control since the Company’s formation due to the complexity and cost associated with such study and because there could be additional changes of control in the future. As a result, the Company is not able to estimate the effect of the change in control, if any, on the Company’s ability to utilize U.S. or Swedish net operating losses or other tax attribute carryforwards in the future. For Swedish income tax purposes, the Company’s net operating losses may be subject to limitations in accordance with the country’s group contribution restriction laws.The Company files tax returns in Sweden, the United States, Massachusetts and Pennsylvania. Income tax returns prior to 2022 in the United States and Massachusetts are no longer subject to examination and income tax returns prior to 2019 are no longer subject to examination in Sweden. The Company is not currently under examination by the IRS or any other jurisdictions for any tax years.As tax law is complex and often subject to varied interpretations, it is uncertain whether some of the Company’s tax positions will be sustained upon examination. Tax liabilities associated with uncertain tax positions represent unrecognized tax benefits, which arise when the estimated benefit recorded in the Company’s financial statements differs from the amounts taken or expected to be taken in a tax return because of the uncertainties described above. Substantially all of these unrecognized tax benefits, if recognized, would benefit the Company’s effective income tax rate.As of March 31, 2026 and December 31, 2025, the Company had approximately $0.1 million of liabilities related to uncertain tax positions. As the Company’s uncertain tax positions can be offset by available net operating losses, the Company did not recognize interest and penalties for 2026 and 2025.On July 4, 2025, the “One Big Beautiful Bill Act” (OBBBA) was enacted into law. The legislation made several changes to the U.S. tax code, including the return of 100% bonus depreciation, the ability to immediately deduct domestic research and development costs, a more favorable rule for deducting interest expenses, and updates to international tax rules around global intangible low-taxed income and foreign-derived intangible income. The Company has evaluated the impact of the new tax provision and determined it will have an immaterial impact on the consolidated financial results.

100000

7. Commitments and contingenciesFrom time to time, the Company may be party to litigation arising in the ordinary course of its business. The Company was not subject to any material legal proceedings during the three months ended March 31, 2026 or the year ended December 31, 2025, and, to its knowledge, no material legal proceedings are currently pending or threatened. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of March 31, 2026 and December 31, 2025, the Company has not recorded a provision for any contingent losses.

false false false false