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Note 1 — The Company Description of the Business Lucid Diagnostics Inc. ("Lucid", "Lucid Diagnostics", or the “Company”) is a commercial-stage, cancer prevention medical diagnostics company. Lucid is focused on the millions of patients with gastroesophageal reflux disease ("GERD"), also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer, specifically highly lethal esophageal adenocarcinoma ("EAC"). EsoGuard is a bisulfite-converted next-generation sequencing ("NGS") DNA assay performed on surface esophageal cells collected with EsoCheck. Cell samples, including those collected with EsoCheck, as discussed below, are sent to our laboratory, for testing and analyses using our proprietary EsoGuard NGS DNA assay. EsoCheck is an FDA 510(k) cleared and CE Mark certified noninvasive swallowable balloon capsule catheter device designed for in-office targeted sampling of surface esophageal cells in a less than two minute long office procedure. It consists of a vitamin sized semi-rigid plastic capsule tethered to a thin silicone catheter from which a soft inflatable silicone balloon with textured ridges emerges to gently swab surface esophageal cells. When suction is applied, the balloon and sampled cells are pulled into the capsule, protecting them from contamination and dilution by cells outside of the targeted region during device withdrawal. EsoGuard and EsoCheck are based on patented technology licensed by Lucid from Case Western Reserve University (“CWRU”). EsoGuard and EsoCheck have been developed to provide an accurate, non-invasive, patient-friendly test for the early detection of EAC and Barrett’s Esophagus (“BE”), including dysplastic BE and related precursors to EAC in patients with chronic GERD.

Note 2 — Liquidity and Going Concern The Company’s management is required to assess an entity’s ability to continue as a going concern within one year of the date of the financial statements being issued. In each reporting period, including interim periods, an entity is required to assess conditions known and reasonably knowable as of the financial statement issuance date to determine whether it is probable an entity will not meet its financial obligations within one year from the financial statement issuance date. Substantial doubt about an entity’s ability to continue as a going concern exists when conditions and events, considered in the aggregate, indicate it is probable the entity will be unable to meet its financial obligations as they become due within one year after the date the financial statements are issued. The Company has financed its operations principally through public and private issuances of its common stock, preferred stock, and debt. The Company is subject to all of the risks and uncertainties typically faced by medical device and diagnostic companies that devote substantially all of their efforts to the commercialization of their initial product and services and ongoing research and development activities and conducting clinical trials. The Company generated $1.3 million of revenue for the three months ended March 31, 2026, however the Company expects to continue to experience recurring losses and to generate negative cash flows from operating activities in the near future. The Company incurred a net loss attributable to its common stockholders of approximately $23.6 million and had net cash flows used in operating activities of approximately $12.1 million for the three months ended March 31, 2026. As of March 31, 2026, the Company had working capital of approximately $2.0 million, with such working capital inclusive of the 2024 Convertible Notes (as defined below) classified as a current liability of approximately $25.2 million and approximately $27.9 million of cash. Subsequent to March 31, 2026, on April 24, 2026, the Company closed on the sale of 18,000,000 shares of its common stock at a price of $1.00 per share in a registered direct offering. The net proceeds of the offering, after deducting the underwriting discount and other estimated expenses, were approximately $16.8 million. The Company’s ability to continue operations 12 months beyond the issuance of the financial statements, will depend upon generating substantial revenue that is conditioned upon obtaining positive third-party reimbursement coverage for its EsoGuard Esophageal DNA Test from both government and private health insurance providers, and increasing revenue through cash pay and contracted revenue programs that target, among others, concierge medicine practices and self-insured employers, and on its ability to raise additional capital through various potential sources including equity and/or debt financings or refinancing existing debt obligations. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the accompanying unaudited condensed consolidated financial statements are issued.

1300000

-23600000

-12100000

2000000

25200000

27900000

18000000

16800000

Note 3 — Summary of Significant Accounting Policies Significant Accounting Policies The Company’s significant accounting policies are as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on March 25, 2026, except as otherwise noted herein below. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”), and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company is a non-consolidated subsidiary of PAVmed, which has the ability to exercise significant influence over the Company. The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. As permitted under SEC rules, certain footnotes or other financial information normally required by U.S. GAAP have been condensed or omitted. The balance sheet as of December 31, 2025 has been derived from audited consolidated financial statements at such date. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements, and in the opinion of management, include all adjustments, consisting only of routine recurring adjustments, necessary for a fair statement of the Company’s unaudited condensed consolidated financial information. The unaudited condensed consolidated results of operations for the three months ended March 31, 2026 are not necessarily indicative of the consolidated results to be expected for the year ending December 31, 2026 or for any other interim period or for any other future periods. The accompanying unaudited condensed consolidated financial statements and related unaudited condensed consolidated financial information should be read in conjunction with the Company’s audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 25, 2026. All amounts in the accompanying unaudited condensed consolidated financial statements and the notes thereto are presented in thousands of dollars, if not otherwise noted as being presented in millions of dollars, except for shares and per share amounts. Use of Estimates In preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and the determination of corresponding carrying value reserves, if any, and liabilities and the disclosure of contingent losses, as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Significant estimates in these unaudited condensed consolidated financial statements include those related to the estimated fair value of debt obligations, stock-based equity awards and intangible assets. Other significant estimates include the estimated incremental borrowing rate, the provision or benefit for income taxes and the corresponding valuation allowance on deferred tax assets. In addition, revenue recognition requires management to make significant estimates related to variable consideration in customer contracts and the determination of the amount of such consideration that is not constrained. Additionally, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. On an ongoing basis, the Company evaluates its estimates and assumptions. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. Revenue Recognition Revenues are recognized when the satisfaction of the performance obligation occurs, in an amount that reflects the consideration the Company expects to collect in exchange for those services. The Company’s revenue is primarily generated by its laboratory testing services utilizing its EsoGuard Esophageal DNA tests. The services are completed upon release of a patient’s test result to the ordering healthcare provider. Revenue recognized is inclusive of both variable consideration in connection with an individual patient’s third-party insurance coverage policy and fixed consideration in connection with a contracted services arrangement with an unrelated third party legal entity. To determine revenue recognition for the arrangements that the Company determines are within the scope of ASC 606, Revenue from Contracts with Customers, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The key aspects considered by the Company include the following: Contracts— The Company’s customer is primarily the patient, but the Company does not enter into a formal reimbursement contract with a patient. The Company establishes a contract with a patient in accordance with other customary business practices, which is the point in time an order is received from a provider and a patient specimen has been returned to the laboratory for testing. Payment terms are a function of a patient’s existing insurance benefits, including the impact of coverage decisions with Center for Medicare & Medicaid Services (“CMS”) and applicable reimbursement contracts established between the Company and payers. The Company’s consideration can be deemed variable or fixed depending on the structure of specific payer contracts, and the Company considers collection of such consideration to be probable to the extent that it is unconstrained. Performance obligations—A performance obligation is a promise in a contract to transfer a distinct good or service (or a bundle of goods or services) to the customer. The Company’s contracts have a single performance obligation, which is satisfied upon rendering of services, which culminates in the release of a patient’s test result to the ordering healthcare provider. The Company elects the practical expedient related to the disclosure of unsatisfied performance obligations, as the duration of time between providing testing supplies, the receipt of a sample, and the release of a test result to the ordering healthcare provider is far less than one year. Transaction price—The transaction price is the amount of consideration that the Company expects to collect in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes). The consideration expected to be collected from a contract with a customer may include fixed amounts, variable amounts, or both. If the consideration derived from the contracts is deemed to be variable, the Company estimates the amount of consideration to which it will be entitled in exchange for the promised goods or services. The Company limits the amount of variable consideration included in the transaction price to the unconstrained portion of such consideration. In other words, the Company recognizes revenue up to the amount of variable consideration that is not subject to a significant reversal until additional information is obtained or the uncertainty associated with the additional payments or refunds is subsequently resolved. When the Company does not have significant historical experience or that experience has limited predictive value, the constraint over estimates of variable consideration may result in no revenue being recognized upon delivery of patient EsoGuard test results to the ordering healthcare provider. As such, the Company recognizes revenue up to the amount of variable consideration not subject to a significant reversal until additional information is obtained or the uncertainty associated with additional payments or refunds, if any, is subsequently resolved. Differences between original estimates and subsequent revisions, including final settlements, represent changes in estimated expected variable consideration, with the change in estimate recognized in the period of such revised estimate. With respect to a contracted service arrangement, the fixed consideration revenue is recognized on an as-billed basis upon delivery of the laboratory test report with realization of such fixed consideration deemed probable based upon actual historical experience. Allocate transaction price—The transaction price is allocated entirely to the performance obligation contained within the contract with a customer on the basis of the relative standalone selling prices of each distinct good or service. Practical Expedients—The Company does not adjust the transaction price for the effects of a significant financing component, as at contract inception, the Company expects the collection cycle to be one year or less. Fair Value Option (“FVO”) Election Under a Securities Purchase Agreement dated November 12, 2024, the Company issued Senior Secured Convertible Notes dated November 22, 2024, referred to herein as the “2024 Convertible Notes”, which are accounted under the “fair value option election” as discussed below. Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815, Derivative and Hedging, (“ASC 815”), a financial instrument containing embedded features and/or options may be required to be bifurcated from the financial instrument host and recognized as separate derivative asset or liability, with the bifurcated derivative asset or liability initially measured at estimated fair value as of the transaction issue date and then subsequently remeasured at estimated fair value as of each reporting period balance sheet date. Alternatively, FASB ASC Topic 825, Financial Instruments, (“ASC 825”) provides for the “fair value option” (“FVO”) election. In this regard, ASC 825-10-15-4 provides for the FVO election (to the extent not otherwise prohibited by ASC 825-10-15-5) to be afforded to financial instruments, wherein the financial instrument is initially measured at estimated fair value as of the transaction issue date and then subsequently remeasured at estimated fair value as of each reporting period balance sheet date, with changes in the estimated fair value recognized as other income (expense) in the statement of operations. The estimated fair value adjustment of the 2024 Convertible Note, including the component related to accrued interest, is presented in a single line item within other income (expense) in the accompanying unaudited condensed consolidated statement of operations (as provided for by ASC 825-10-50-30(b)). Further, as required by ASC 825-10-45-5, to the extent a portion of the fair value adjustment is attributed to a change in the instrument-specific credit risk, such portion would be recognized as a component of other comprehensive income (“OCI”) (for which there was no such adjustment with respect to the 2024 Convertible Notes). See Note 9, Financial Instruments Fair Value Measurements, with respect to the FVO election; and Note 10, Debt, for a discussion of the 2024 Convertible Notes. Recent Accounting Standards Updates Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update enhances financial statement disclosures by requiring public business entities to disclose specified information about certain costs and expenses including the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, and (d) intangible asset amortization included in each relevant expense caption. The update also requires disclosure of certain amounts that are already required to be disclosed under current GAAP, disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this update may be applied either prospectively or retrospectively and are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its unaudited condensed consolidated financial statements. In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This update modifies the disclosure or presentation requirements of a variety of topics in the Accounting Standards Codification to conform with certain SEC amendments in Release No. 33-10532, Disclosure Update and Simplification. The amendments in this update should be applied prospectively, and the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or S-K becomes effective. However, if the SEC has not removed the related disclosure from its regulations by June 30, 2027, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company is currently evaluating the potential impact this update will have on its unaudited condensed consolidated financial statements and disclosures.

Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”), and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company is a non-consolidated subsidiary of PAVmed, which has the ability to exercise significant influence over the Company. The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. As permitted under SEC rules, certain footnotes or other financial information normally required by U.S. GAAP have been condensed or omitted. The balance sheet as of December 31, 2025 has been derived from audited consolidated financial statements at such date. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements, and in the opinion of management, include all adjustments, consisting only of routine recurring adjustments, necessary for a fair statement of the Company’s unaudited condensed consolidated financial information. The unaudited condensed consolidated results of operations for the three months ended March 31, 2026 are not necessarily indicative of the consolidated results to be expected for the year ending December 31, 2026 or for any other interim period or for any other future periods. The accompanying unaudited condensed consolidated financial statements and related unaudited condensed consolidated financial information should be read in conjunction with the Company’s audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 25, 2026. All amounts in the accompanying unaudited condensed consolidated financial statements and the notes thereto are presented in thousands of dollars, if not otherwise noted as being presented in millions of dollars, except for shares and per share amounts.

Use of Estimates In preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and the determination of corresponding carrying value reserves, if any, and liabilities and the disclosure of contingent losses, as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Significant estimates in these unaudited condensed consolidated financial statements include those related to the estimated fair value of debt obligations, stock-based equity awards and intangible assets. Other significant estimates include the estimated incremental borrowing rate, the provision or benefit for income taxes and the corresponding valuation allowance on deferred tax assets. In addition, revenue recognition requires management to make significant estimates related to variable consideration in customer contracts and the determination of the amount of such consideration that is not constrained. Additionally, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. On an ongoing basis, the Company evaluates its estimates and assumptions. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates.

Revenue Recognition Revenues are recognized when the satisfaction of the performance obligation occurs, in an amount that reflects the consideration the Company expects to collect in exchange for those services. The Company’s revenue is primarily generated by its laboratory testing services utilizing its EsoGuard Esophageal DNA tests. The services are completed upon release of a patient’s test result to the ordering healthcare provider. Revenue recognized is inclusive of both variable consideration in connection with an individual patient’s third-party insurance coverage policy and fixed consideration in connection with a contracted services arrangement with an unrelated third party legal entity. To determine revenue recognition for the arrangements that the Company determines are within the scope of ASC 606, Revenue from Contracts with Customers, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The key aspects considered by the Company include the following: Contracts— The Company’s customer is primarily the patient, but the Company does not enter into a formal reimbursement contract with a patient. The Company establishes a contract with a patient in accordance with other customary business practices, which is the point in time an order is received from a provider and a patient specimen has been returned to the laboratory for testing. Payment terms are a function of a patient’s existing insurance benefits, including the impact of coverage decisions with Center for Medicare & Medicaid Services (“CMS”) and applicable reimbursement contracts established between the Company and payers. The Company’s consideration can be deemed variable or fixed depending on the structure of specific payer contracts, and the Company considers collection of such consideration to be probable to the extent that it is unconstrained. Performance obligations—A performance obligation is a promise in a contract to transfer a distinct good or service (or a bundle of goods or services) to the customer. The Company’s contracts have a single performance obligation, which is satisfied upon rendering of services, which culminates in the release of a patient’s test result to the ordering healthcare provider. The Company elects the practical expedient related to the disclosure of unsatisfied performance obligations, as the duration of time between providing testing supplies, the receipt of a sample, and the release of a test result to the ordering healthcare provider is far less than one year. Transaction price—The transaction price is the amount of consideration that the Company expects to collect in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes). The consideration expected to be collected from a contract with a customer may include fixed amounts, variable amounts, or both. If the consideration derived from the contracts is deemed to be variable, the Company estimates the amount of consideration to which it will be entitled in exchange for the promised goods or services. The Company limits the amount of variable consideration included in the transaction price to the unconstrained portion of such consideration. In other words, the Company recognizes revenue up to the amount of variable consideration that is not subject to a significant reversal until additional information is obtained or the uncertainty associated with the additional payments or refunds is subsequently resolved. When the Company does not have significant historical experience or that experience has limited predictive value, the constraint over estimates of variable consideration may result in no revenue being recognized upon delivery of patient EsoGuard test results to the ordering healthcare provider. As such, the Company recognizes revenue up to the amount of variable consideration not subject to a significant reversal until additional information is obtained or the uncertainty associated with additional payments or refunds, if any, is subsequently resolved. Differences between original estimates and subsequent revisions, including final settlements, represent changes in estimated expected variable consideration, with the change in estimate recognized in the period of such revised estimate. With respect to a contracted service arrangement, the fixed consideration revenue is recognized on an as-billed basis upon delivery of the laboratory test report with realization of such fixed consideration deemed probable based upon actual historical experience. Allocate transaction price—The transaction price is allocated entirely to the performance obligation contained within the contract with a customer on the basis of the relative standalone selling prices of each distinct good or service. Practical Expedients—The Company does not adjust the transaction price for the effects of a significant financing component, as at contract inception, the Company expects the collection cycle to be one year or less.

Fair Value Option (“FVO”) Election Under a Securities Purchase Agreement dated November 12, 2024, the Company issued Senior Secured Convertible Notes dated November 22, 2024, referred to herein as the “2024 Convertible Notes”, which are accounted under the “fair value option election” as discussed below. Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815, Derivative and Hedging, (“ASC 815”), a financial instrument containing embedded features and/or options may be required to be bifurcated from the financial instrument host and recognized as separate derivative asset or liability, with the bifurcated derivative asset or liability initially measured at estimated fair value as of the transaction issue date and then subsequently remeasured at estimated fair value as of each reporting period balance sheet date. Alternatively, FASB ASC Topic 825, Financial Instruments, (“ASC 825”) provides for the “fair value option” (“FVO”) election. In this regard, ASC 825-10-15-4 provides for the FVO election (to the extent not otherwise prohibited by ASC 825-10-15-5) to be afforded to financial instruments, wherein the financial instrument is initially measured at estimated fair value as of the transaction issue date and then subsequently remeasured at estimated fair value as of each reporting period balance sheet date, with changes in the estimated fair value recognized as other income (expense) in the statement of operations. The estimated fair value adjustment of the 2024 Convertible Note, including the component related to accrued interest, is presented in a single line item within other income (expense) in the accompanying unaudited condensed consolidated statement of operations (as provided for by ASC 825-10-50-30(b)). Further, as required by ASC 825-10-45-5, to the extent a portion of the fair value adjustment is attributed to a change in the instrument-specific credit risk, such portion would be recognized as a component of other comprehensive income (“OCI”) (for which there was no such adjustment with respect to the 2024 Convertible Notes). See Note 9, Financial Instruments Fair Value Measurements, with respect to the FVO election; and Note 10, Debt, for a discussion of the 2024 Convertible Notes.

Recent Accounting Standards Updates Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update enhances financial statement disclosures by requiring public business entities to disclose specified information about certain costs and expenses including the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, and (d) intangible asset amortization included in each relevant expense caption. The update also requires disclosure of certain amounts that are already required to be disclosed under current GAAP, disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this update may be applied either prospectively or retrospectively and are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its unaudited condensed consolidated financial statements. In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This update modifies the disclosure or presentation requirements of a variety of topics in the Accounting Standards Codification to conform with certain SEC amendments in Release No. 33-10532, Disclosure Update and Simplification. The amendments in this update should be applied prospectively, and the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or S-K becomes effective. However, if the SEC has not removed the related disclosure from its regulations by June 30, 2027, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company is currently evaluating the potential impact this update will have on its unaudited condensed consolidated financial statements and disclosures.

Note 4 — Revenue from Contracts with Customers Revenue Recognized In the three months ended March 31, 2026 and 2025, the Company recognized revenue of $1,256 and $828, respectively, resulting from the delivery of patient EsoGuard test results. Revenue recognized from customer contracts deemed to include a variable consideration transaction price is limited to the unconstrained portion of the variable consideration. Cost of Revenue The cost of revenues principally includes the costs related to the Company’s laboratory operations (excluding estimated costs associated with research activities), the costs related to the EsoCheck cell collection device, cell sample mailing kits and license royalties. In the three months ended March 31, 2026 and 2025, the cost of revenue was $1,625 and $1,551, respectively, primarily related to costs for our laboratory operations and EsoCheck device supplies.

1256000

828000

1625000

1551000

Note 5 — Related Party Transactions The aggregate Due To: PAVmed Inc. for the period indicated is summarized as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">MSA Fees</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Employee-Related Costs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">PAVmed Inc. OBO Payments</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:52%;">Balance - December 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">MSA fees</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">3,150</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">3,150</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">ERC - Benefits</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">860</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">860</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">On Behalf Of (OBO) activities</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">152</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">152</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Cash payments to PAVmed Inc.</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">(3,150</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">(860</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">(152</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">(4,162</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Balance - March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> PAVmed - Management Services Agreement The Company’s daily operations are also managed in part by personnel employed by PAVmed, for which the Company incurs a service fee, referred to as the “MSA Fee”, according to the provisions of a Management Services Agreement (“MSA”) with PAVmed. The MSA does not have a termination date, but may be terminated by the Company’s board of directors. The MSA Fee is charged on a monthly basis and is subject to periodic adjustment corresponding with changes in the services provided by PAVmed personnel to the Company, with any such change in the MSA Fee being subject to approval of the boards of directors of each of the Company and PAVmed. The MSA Fee expense classification in the unaudited condensed consolidated statement of operations for the periods noted is as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="6" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Three Months Ended</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">March 31,</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Sales & Marketing</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">266</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">164</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">General & Administrative</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">2,312</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">2,253</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Research & Development</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">572</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">733</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Total MSA Fee</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">3,150</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">3,150</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> The classification of the MSA Fee as presented above is based on the PAVmed classification of employee salary expense and other operating expenses. In this regard, PAVmed classifies employee salary expense as sales and marketing expenses for employees performing sales, sales support and marketing activities, research and development expenses for those employees who are engaged in product and services engineering development and design and /or clinical trials activities, and other employees and activities classified as general and administrative.

3150000

0 860000 0 860000 0 0 152000 152000 3150000 860000 152000 4162000

266000

164000

2312000

2253000

572000

733000

3150000

Note 6 — Prepaid Expenses, Deposits, and Other Current Assets Prepaid expenses and other current assets consisted of the following as of: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">December 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Advanced payments to service providers and suppliers</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">532</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">362</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Prepaid insurance</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">302</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">416</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Deposits</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1,494</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">989</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Total prepaid expenses, deposits and other current assets</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">2,328</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1,767</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table>

532000 362000

302000

416000

1494000 989000

2328000

1767000

Note 7 — Leases The Company’s future lease payments as of March 31, 2026, which are presented as operating lease liabilities, current portion and operating lease liabilities, less current portion on the Company’s unaudited condensed consolidated balance sheets are as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:85%;">2026 (remainder of year)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">749</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2027</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">942</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2028</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">19</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2029</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2030</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total lease payments</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">1,710</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Less: imputed interest</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(107</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Present value of lease liabilities</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">1,603</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> Supplemental disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Three Months Ended March 31,</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Cash paid for amounts included in the measurement of lease liabilities</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Operating cash flows from operating leases</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">249</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">267</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Non-cash investing and financing activities</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Right-of-use assets obtained in exchange for new operating lease liabilities</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">34</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Weighted-average remaining lease term - operating leases (in years)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1.74</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">2.71</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Weighted-average discount rate - operating leases</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">7.905</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">%</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">7.925</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">%</td></tr> </tbody></table> As of March 31, 2026 and December 31, 2025, the Company’s right-of-use assets from operating leases were $1,591 and $1,806, respectively, which are reported in operating lease right-of-use assets in the unaudited condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, the Company had outstanding operating lease obligations of $1,603 and $1,820, respectively, of which $908 and $893, respectively, are reported in operating lease liabilities, current portion and $695 and $927, respectively, are reported in operating lease liabilities less current portion in the Company’s unaudited condensed consolidated balance sheets. The Company calculates its incremental borrowing rates for specific lease terms, as a function of the financing terms the Company would likely receive on the open market.

749000

942000

19000

1710000

107000

1603000

249000

267000

34000

P1Y8M26D

P2Y8M15D

0.07905

0.07925

1591000

1806000

1603000

1820000

908000

893000

695000

927000

Note 8 — Commitment and Contingencies Other Matters In the ordinary course of Lucid’s business, particularly as it begins commercialization of its products, the Company may be subject to certain other legal actions and claims, including product liability, consumer, commercial, tax and governmental matters, which may arise from time to time. The Company is not aware of any such pending legal or other proceedings that are reasonably likely to have a material impact on the Company. Notwithstanding, legal proceedings are subject to inherent uncertainties, and an unfavorable outcome could include monetary damages, and excessive verdicts can result from litigation, and as such, could result in a material adverse impact on the Company’s business, financial position, results of operations, and/or cash flows. Additionally, although the Company has specific insurance for certain potential risks, the Company may in the future incur judgments or enter into settlements of claims which may have a material adverse impact on the Company’s business, financial position, results of operations, and /or cash flows.

Note 9 — Financial Instruments Fair Value Measurements Recurring Fair Value Measurements The fair value hierarchy table for the reporting date noted is as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="14" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Fair Value Measurement on a Recurring Basis at Reporting Date Using1</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Level-1 Inputs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Level-2 Inputs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Level-3 Inputs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Total</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:52%;">March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">2024 Convertible Notes</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Totals</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Level-1 Inputs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Level-2 Inputs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Level-3 Inputs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Total</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:52%;">December 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">2024 Convertible Notes</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Totals</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> <table style="border-collapse:collapse;height:auto;width:100%;"><tbody><tr><td style="padding:0;vertical-align:top;width:18pt;"> 1</td><td style="padding:0;vertical-align:top;">There were no transfers between the respective Levels during the three months ended March 31, 2026.</td></tr> </tbody></table> As discussed in Note 10, Debt, the Company issued Senior Secured Convertible Notes dated November 22, 2024 with a $21.975 million face value principal (“2024 Convertible Notes”). The convertible notes are accounted for under the fair value option (“FVO”) election, wherein, the financial instruments are initially measured at their issue date estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date. The estimated fair value of the financial instruments classified within the Level 3 category was determined using both observable inputs and unobservable inputs. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long- dated volatilities) inputs. The estimated fair value of the 2024 Convertible Notes as of each March 31, 2026 and December 31, 2025 was computed using a Monte Carlo simulation of the present value of its cash flows using a synthetic credit rating analysis and a required rate-of-return, using the following assumptions: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">2024 Convertible Notes:</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">2024 Convertible Notes:</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">December 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Fair Value</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Face value principal payable</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">21,975</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">21,975</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Required rate of return</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">30.70</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">%</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">29.50</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">%</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Conversion Price</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1.00</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1.00</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Value of common stock</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1.15</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1.09</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Expected term (years)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">3.65</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">3.90</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Volatility</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">40.00</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">%</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">40.00</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">%</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Risk free rate</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">3.77</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">%</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">3.57</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">%</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Dividend yield</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">%</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">%</td></tr> </tbody></table> The estimated fair values reported utilized the Company’s common stock price along with certain Level 3 inputs (as discussed in the table above), in the development of Monte Carlo simulation models, discounted cash flow analyses, and/or Black-Scholes valuation models. The estimated fair values are subjective and are affected by changes in inputs to the valuation models and analyses, including the Company’s common stock price, the Company’s dividend yield, the risk-free rates based on U.S. Treasury security yields, and certain other Level-3 inputs including, assumptions regarding the estimated volatility in the value of the Company’s common stock price and the volatility of similar entities within the medical device industry. Changes in these assumptions can materially affect the estimated fair values.

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="14" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Fair Value Measurement on a Recurring Basis at Reporting Date Using1</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Level-1 Inputs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Level-2 Inputs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Level-3 Inputs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Total</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:52%;">March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">2024 Convertible Notes</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Totals</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Level-1 Inputs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Level-2 Inputs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Level-3 Inputs</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Total</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:52%;">December 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">2024 Convertible Notes</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Totals</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table>

25200000

24000000

21975000

25200000

24000000

21975000

0.307

0.295

1.15

1.09

3.65

3.9

0.40

0.0377

0.0357

Note 10 — Debt The fair value and face value principal outstanding of the 2024 Convertible Notes as of the dates indicated are as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Face Value</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:20.8%;">Contractual</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Stated</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Conversion</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Principal</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Maturity Date</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Interest Rate</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Price per Share</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Outstanding</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Fair Value</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:31.2%;">2024 Convertible Notes</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">November 22, 2029</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">12.000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0px;padding-right:0;padding-top:0;width:1%;">%</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">1.00</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">21,975</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Balance as of March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">21,975</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Face Value</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:19.4%;">Contractual</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Stated</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Conversion</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Principal</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Maturity Date</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Interest Rate</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Price per Share</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Outstanding</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Fair Value</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:32.6%;">2024 Convertible Notes</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">November 22, 2029</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">12.000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0px;padding-right:0;padding-top:0;width:1%;">%</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">1.00</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">21,975</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Balance as of December 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">21,975</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> The changes in the fair value of debt during the three months ended March 31, 2026 is as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">2024</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Other Income</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Convertible Notes</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">(expense)</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Fair Value at December 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Non-installment payments – common stock</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(75</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Non-installment payments – cash interest paid</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(584</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Change in fair value</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1,859</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(1,859</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Fair Value at March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Other Income (Expense) - Change in fair value – three months ended March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(1,859</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> </tbody></table> The changes in the fair value of debt during the three months ended March 31, 2025 is as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">2024</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Other Income</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Convertible Notes</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">(expense)</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Fair Value at December 31, 2024</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">18,600</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Non-installment payments – common stock</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(32</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Non-installment payments – cash interest paid</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(246</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Change in fair value</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">14,478</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(14,478</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Fair Value at March 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">32,800</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Other Income (Expense) - Change in fair value – three months ended March 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(14,478</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> </tbody></table> 2024 Convertible Notes On November 22, 2024, the Company closed on the sale of $21.975 million in principal amount of Senior Secured Convertible Notes (collectively, the “2024 Convertible Notes”), in a private placement, to certain accredited investors (the “2024 Note Investors”). The sale of the 2024 Convertible Notes was completed pursuant to the terms of that certain Securities Purchase Agreement, dated as of November 12, 2024 (the “2024 SPA”), between the Company and the 2024 Note Investors. The Company realized gross proceeds of $21.975 million and, after giving effect to the repayment in full of the March 2023 Senior Convertible Note, net proceeds of $18.3 million from the sale of the 2024 Convertible Notes. Each 2024 Convertible Note has a 12.0% annual stated interest rate, a contractual maturity date of five years from the date of issuance, and a contractual conversion price of $1.00 per share of the Company’s common stock (subject to (i) in the event of certain issuances of additional securities by the Company at a price per share less than the then applicable conversion price, adjustment to such lower price per share, and (ii) customary proportionate adjustment upon any stock split, stock dividend, stock combination, recapitalization or other similar transaction). The Company held a stockholder meeting on June 18, 2025 at which the stockholders approved the issuance of the shares issuable upon conversion of the Notes in excess of any primary market limitations. Under the 2024 Convertible Notes, the Company is subject to certain customary affirmative and negative covenants regarding the incurrence of indebtedness, the existence of liens, the repayment of indebtedness and the making of investments, the payment of cash in respect of dividends, distributions or redemptions, the transfer of assets, the maturity of other indebtedness, transactions with affiliates, and the consummation of fundamental transactions where the aggregate consideration payable in respect thereof, as determined on a per share of the Company’s common stock basis, has a fair market value that is less than $1.50, among other customary matters. Under the 2024 Convertible Notes, the Company is subject to a financial covenant requiring that the amount of its available cash equal or exceed $5.0 million at all times that at least 25% of the principal amount of 2024 Convertible Notes issued are outstanding. The Company was in compliance with all covenants as of March 31, 2026. The Company filed a resale registration statement on Form S-3 Registration No. 333-287496 effective May 30, 2025 covering the resale of all shares of the Company’s common stock issuable upon conversion of the 2024 Convertible Notes.

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Face Value</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:20.8%;">Contractual</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Stated</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Conversion</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Principal</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Maturity Date</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Interest Rate</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Price per Share</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Outstanding</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Fair Value</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:31.2%;">2024 Convertible Notes</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">November 22, 2029</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">12.000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0px;padding-right:0;padding-top:0;width:1%;">%</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">1.00</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">21,975</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Balance as of March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">21,975</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Face Value</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:19.4%;">Contractual</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Stated</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Conversion</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Principal</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Maturity Date</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Interest Rate</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Price per Share</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Outstanding</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Fair Value</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:32.6%;">2024 Convertible Notes</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">November 22, 2029</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">12.000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0px;padding-right:0;padding-top:0;width:1%;">%</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">1.00</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">21,975</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Balance as of December 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">21,975</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table>

2029-11-22

0.12

21975000

25200000

21975000

25200000

2029-11-22

0.12

21975000

24000000

21975000

24000000

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">2024</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Other Income</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Convertible Notes</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">(expense)</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Fair Value at December 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">24,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Non-installment payments – common stock</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(75</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Non-installment payments – cash interest paid</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(584</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Change in fair value</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1,859</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(1,859</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Fair Value at March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">25,200</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Other Income (Expense) - Change in fair value – three months ended March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(1,859</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">2024</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Other Income</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Convertible Notes</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">(expense)</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Fair Value at December 31, 2024</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">18,600</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Non-installment payments – common stock</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(32</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Non-installment payments – cash interest paid</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(246</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Change in fair value</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">14,478</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(14,478</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Fair Value at March 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">32,800</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Other Income (Expense) - Change in fair value – three months ended March 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(14,478</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> </tbody></table>

24000000

-75000 -584000 1859000 -1859000

25200000

-1859000

18600000

-32000 0 -246000 0 14478000 -14478000

32800000

-14478000

21975000

18300000

0.12

1.5 5000000 0.25

Note 11 — Stock-Based Compensation Lucid Diagnostics 2018 Long-Term Incentive Equity Plan The Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan (“Lucid Diagnostics 2018 Equity Plan”) is separate and apart from the PAVmed 2014 Equity Plan discussed below. The Lucid Diagnostics 2018 Equity Plan is designed to enable Lucid Diagnostics to offer employees, officers, directors, and consultants, an opportunity to acquire shares of common stock of Lucid Diagnostics. The types of awards that may be granted under the Lucid Diagnostics 2018 Equity Plan include stock options, stock appreciation rights, restricted stock, and other stock-based awards subject to limitations under applicable law. All awards are subject to approval by the Lucid Diagnostics compensation committee. A total of 26,603,181 shares of common stock of Lucid Diagnostics are reserved for issuance under the Lucid Diagnostics 2018 Equity Plan, with 976,335 shares available for grant as of March 31, 2026. The share reservation is not diminished by a total of 523,300 stock options and 50,000 restricted stock awards granted outside the Lucid Diagnostics 2018 Equity Plan, as of March 31, 2026. In January 2026, the number of shares available for grant was increased by 8,260,980 in accordance with the evergreen provisions of the plan. Lucid Diagnostics Stock Options Lucid Diagnostics stock options granted under the Lucid Diagnostics 2018 Equity Plan and stock options granted outside such plan are summarized as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Weighted</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Remaining</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Number of</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Average</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Contractual</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Intrinsic</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Stock Options</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Exercise Price</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Term (Years)</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Value(2)</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:52%;">Outstanding stock options at December 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">10,272,642</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.62</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">7.5</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">396</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Granted(1)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">2,228,500</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.35</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Exercised</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">(15,157</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.29</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Forfeited</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">(132,443</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.33</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Outstanding stock options at March 31, 2026(3)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">12,353,542</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.57</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">7.6</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">472</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Vested and exercisable stock options at March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">7,680,579</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid #000000;border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid #000000;border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.74</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid #000000;border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid #000000;border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">6.6</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">402</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> <table style="border-collapse:collapse;height:auto;width:100%;"><tbody><tr><td style="padding:0;vertical-align:top;width:36pt;"> (1)</td><td style="padding:0;vertical-align:top;">Stock options granted under the Lucid Diagnostics 2018 Equity Plan and those granted outside such plan generally vest one-third in one year then ratably over the next eight quarters, and have a ten-year contractual term from date-of-grant.</td></tr> <tr><td style="padding:0;vertical-align:top;width:36pt;"> (2)</td><td style="padding:0;vertical-align:top;">The intrinsic value is computed as the difference between the quoted price of the Lucid Diagnostics common stock on each of March 31, 2026 and December 31, 2025 and the exercise price of the underlying Lucid Diagnostics stock options, to the extent such quoted price is greater than the exercise price.</td></tr> <tr><td style="padding:0;vertical-align:top;width:36pt;"> (3)</td><td style="padding:0;vertical-align:top;">The outstanding stock options presented in the table above are inclusive of 523,300 stock options granted outside the Lucid Diagnostics 2018 Equity Plan, as of March 31, 2026 and December 31, 2025.</td></tr> </tbody></table> On February 20, 2026, the Company granted 2,161,000 stock options to employees under the Lucid Diagnostics Inc 2018 Equity Plan with a weighted average exercise price of $1.36. Each option will vest one-third on December 31, 2026 and then ratably over the next eight quarters. Lucid Diagnostics Restricted Stock Awards Lucid Diagnostics restricted stock awards granted under the Lucid Diagnostics 2018 Equity Plan and restricted stock awards granted outside such plan are summarized as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Weighted</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Number of</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Average</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Restricted</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Grant Date</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Stock Awards</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Fair Value</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Unvested restricted stock awards as of December 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">6,584,240</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">4.02</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Granted</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">5,746,000</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1.36</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Vested</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(20,622</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1.49</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Forfeited</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(14,378</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1.49</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Unvested restricted stock awards as of March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">12,295,240</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">2.78</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> On February 20, 2026, a total of 5,746,000 restricted stock awards were granted to employees, management and directors under the Lucid Diagnostics 2018 Equity Plan, with such restricted stock awards having an aggregate fair value of approximately $7.8 million, which was measured using the grant date quoted closing price per share of Lucid Diagnostics Inc. common stock, with the fair value recognized as stock-based compensation expense ratably on a straight-line basis over the vesting period, which is commensurate with the service period. The vesting of the restricted stock awards vest on a single vest date of May 20, 2029. The restricted stock awards are subject to forfeiture if the requisite service period is not completed. PAVmed Inc. 2014 Equity Plan The PAVmed 2014 Long-Term Incentive Equity Plan (the “PAVmed 2014 Equity Plan”), is separate and apart from the Lucid Diagnostics 2018 Equity Plan (as such equity plan is discussed above). Stock-Based Compensation Expense The stock-based compensation expense recognized by the Company for both the Lucid Diagnostics 2018 Equity Plan and the PAVmed 2014 Equity Plan, for the periods indicated, was as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="6" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Three Months Ended</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">March 31,</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Lucid Diagnostics 2018 Equity Plan – cost of revenue</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">113</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">33</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Lucid Diagnostics 2018 Equity Plan – sales and marketing</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">253</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">221</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Lucid Diagnostics 2018 Equity Plan - general and administrative</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">905</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">600</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Lucid Diagnostics 2018 Equity Plan - research and development</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">131</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">95</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">PAVmed 2014 Equity Plan - cost of revenue</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">38</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">PAVmed 2014 Equity Plan - sales and marketing</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">2</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">18</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">PAVmed 2014 Equity Plan - general and administrative</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">2</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">PAVmed 2014 Equity Plan - research and development</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">4</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">24</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Total stock-based compensation expense</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1,411</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1,030</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> The stock-based compensation expense, as presented above, is inclusive of: stock options and restricted stock awards granted under the Lucid Diagnostics 2018 Equity Plan to employees of PAVmed, the physician inventors of the technology licensed under the Amended CWRU License Agreement, and members of the board of directors of Lucid Diagnostics, as well as the stock options granted under the PAVmed 2014 Equity Plan to the physician inventors. As of March 31, 2026, unrecognized stock-based compensation expense and weighted average remaining requisite service period with respect to stock options and restricted stock awards issued under each of the Lucid Diagnostics 2018 Equity Plan and the PAVmed 2014 Equity Plan, as discussed above, is as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Weighted</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Average</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Remaining</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Unrecognized</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Service Period</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Expense</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">(Years)</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Lucid Diagnostics 2018 Equity Plan</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Stock Options</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">3,696</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">2.1</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Restricted Stock Awards</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">10,415</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">2.3</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">PAVmed 2014 Equity Plan</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Stock Options</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">30</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">1.2</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Restricted Stock Awards</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">108</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">2.1</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> </tbody></table> Stock-based compensation expense recognized with respect to stock options granted under the Lucid Diagnostics 2018 Equity Plan was based on a weighted average estimated fair value of such stock options of $0.84 per share and $0.94 per share during the three months ended March 31, 2026 and 2025, respectively, calculated using the following weighted average Black-Scholes valuation model assumptions: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Three Months Ended March 31,</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:70%;">Expected term of stock options (in years)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5.8</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5.8</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Expected stock price volatility</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">67</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">%</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">68</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">%</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Risk free interest rate</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3.8</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">%</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">4.4</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">%</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Expected dividend yield</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">%</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">%</td></tr> </tbody></table> Lucid Diagnostics Inc Employee Stock Purchase Plan (“Lucid ESPP”) A total of 242,284 shares and 203,051 shares of common stock of Lucid Diagnostics were purchased for proceeds of approximately $210 and $141 on March 31, 2026 and 2025, respectively, under the Lucid ESPP. The Lucid ESPP has a total reservation of 3,500,000 shares of common stock of which 1,662,087 shares are available for issue as of March 31, 2026.

26603181

976335

523300

50000

8260980

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Weighted</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Remaining</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Number of</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Average</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Contractual</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Intrinsic</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Stock Options</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Exercise Price</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Term (Years)</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Value(2)</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:52%;">Outstanding stock options at December 31, 2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">10,272,642</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.62</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">7.5</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">396</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Granted(1)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">2,228,500</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.35</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Exercised</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">(15,157</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.29</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Forfeited</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">(132,443</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.33</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Outstanding stock options at March 31, 2026(3)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">12,353,542</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.57</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">7.6</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">472</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Vested and exercisable stock options at March 31, 2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">7,680,579</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid #000000;border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid #000000;border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.74</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid #000000;border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid #000000;border-top:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">6.6</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">402</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table>

10272642

1.62

P7Y6M

396000

2228500

1.35

15157

1.29

132443

1.33

12353542

1.57

P7Y7M6D

472000

7680579

1.74

P6Y7M6D

402000

523300

2161000

1.36

6584240

4.02

5746000

1.36

20622

1.49

14378

1.49

12295240

2.78

5746000

7800000

113000

33000

253000

221000

905000

600000

131000

95000

1000

38000

2000

18000

2000

1000

4000

24000

1411000

1030000

3696000

P2Y1M6D

10415000

P2Y3M18D

30000

P1Y2M12D

108000

P2Y1M6D

0.84

0.94

P5Y9M18D

0.67

0.68

0.038

0.044

242284

203051

210000

141000

3500000

1662087

Note 12 — Stockholders’ Equity Series B Preferred Stock Offering and Exchange As of March 31, 2026 and December 31, 2025, there were zero and 44,140 shares, respectively, of Series B Convertible Preferred Stock, classified in permanent equity, issued and outstanding. Each holder of Series B Preferred Stock (i) was entitled to receive, and did receive, a dividend on March 13, 2025 equal to 20% of the number of shares of Common Stock issuable upon conversion of the Series B Preferred Stock then held by such holder on March 13, 2025, and (ii) was entitled to receive, and did receive, a dividend on March 13, 2026 equal to 20% of the number of shares of Common Stock issuable upon conversion of the Series B Preferred Stock then held by such holder on March 13, 2026. The Company issued in the aggregate 7,117,463 common shares, with such shares having a fair value of approximately $9.1 million at the time of issuance, in satisfaction of the March 13, 2025 Series B Preferred Stock dividend. On March 13, 2026, the Company issued in the aggregate 7,094,159 common shares, with such shares having a fair value of approximately $9.7 million at the time of issuance, in satisfaction of the March 13, 2026 Series B Preferred Stock dividend. On or about March 13, 2026, the mandatory conversion date for the Series B Preferred Stock, the Company issued 22,176,525 shares of common stock to the holders of the Series B Preferred Stock, to satisfy its contractual obligations in accordance with the Certificate of Designation of those securities. As a result of the application of the beneficial ownership limitations in such Certificate of Designations, 13,294,267 shares of common stock otherwise issuable upon conversion of the Series B Preferred Stock are held in abeyance until such time that they can be issued without exceeding any such limitations. As of the mandatory conversion date, there were no Series B Convertible Preferred stock outstanding. Subsequent to March 31, 2026, in May 2026, the Company issued 3,358,162 shares of common stock held in abeyance. Series B-1 Preferred Stock Offering As of March 31, 2026 and December 31, 2025, there were 10,134 shares of Series B-1 Convertible Preferred Stock, classified in permanent equity, issued and outstanding. Each holder of Series B-1 Preferred Stock (i) was entitled to receive, and did receive, a dividend on or about May 6, 2025 equal to 20% of the number of shares of Common Stock issuable upon conversion of the Series B-1 Preferred Stock then held by such holder on May 6, 2025, and (ii) was entitled to receive, and did receive, a dividend on or about May 6, 2026 equal to a number of shares of Common Stock equal to 20% of the number of shares of Common Stock issuable upon conversion of the Series B-1 Preferred Stock then held by such holder on May 6, 2026 (subject to the applicable beneficial ownership limitation set forth in the Certificate of Designation of those securities). The Company issued in the aggregate 2,803,960 common shares, with such shares having a fair value of approximately $3.5 million at the time of issuance, in satisfaction of the May 6, 2025 Series B-1 Preferred Stock dividend. Subsequent to March 31, 2026, in May 2026, the Company issued in the aggregate 742,534 common shares, with such shares having a fair value of approximately $0.8 million at the time of issuance, in satisfaction of the May 6, 2026 Series B-1 Preferred Stock dividend. In addition, as a result of the application of the beneficial ownership limitations in such Certificate of Designations, 2,061,428 shares of common stock otherwise issuable upon satisfaction of the May 6, 2026 Series B-1 Preferred Stock dividend are held in abeyance until such time that they can be issued without exceeding any such limitations, with such shares having a fair value of approximately $2.2 million as of the May 6, 2026 Series B-1 Preferred Stock dividend date. On or about May 6, 2026, the mandatory conversion date for the Series B-1 Preferred Stock, the Company issued 3,712,663 shares of common stock to the holders of the Series B-1 Preferred Stock, to satisfy its contractual obligations in accordance with the Certificate of Designation of those securities. As a result of the application of the beneficial ownership limitations in such Certificate of Designations, 10,307,139 shares of common stock otherwise issuable upon conversion of the Series B-1 Preferred Stock are held in abeyance until such time that they can be issued without exceeding any such limitations. As of the mandatory conversion date, there were no Series B-1 Convertible Preferred stock outstanding. April 2026 Registered Direct Offering Subsequent to March 31, 2026, on April 24, 2026, the Company closed on the sale of 18,000,000 shares of its common stock at a price of $1.00 per share in a registered direct offering. The net proceeds of the offering, after deducting approximately $1.2 million of the underwriting discount and other estimated expenses, was approximately $16.8 million. Committed Equity Facility and ATM Facility On May 30, 2025, the Company entered into a Controlled Equity Offering Agreement (also “ATM” or “At-The-market” offering) between the Company and Maxim Group LLC for up to $25.0 million of its common stock that may be offered and sold from time to time. In the three months ended March 31, 2026, the Company sold 4,161,747 shares through their ATM equity facility for net proceeds of approximately $5.3 million, after payment of 3% commissions, approximately $0.2 million.

44140

0.20 0.20

7117463

9100000

7094159

9700000

22176525

13294267

3358162

10134

0.20 0.20

2803960

3.5

742534

800000

2061428 2200000

3712663

10307139

18000000

1200000

16800000

25000000

4161747

5300000

0.03

200000

Note 13 — Net Loss Per Share The Net loss per share basic and diluted for the respective periods indicated is as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="6" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Three Months Ended</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">March 31,</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Numerator</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Net loss</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(13,909</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(26,908</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Series B Convertible Preferred Stock dividends earned</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(9,719</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(9,110</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Net loss attributable to Lucid Diagnostics Inc. common stockholders</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(23,628</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(36,018</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Denominator</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Weighted average common shares outstanding, basic and diluted</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">140,096,782</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">68,796,392</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Net loss per share (1)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Net loss per share - basic and diluted</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(0.17</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">(0.52</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;margin-left:auto;margin-right:auto;width:100%;"><tbody><tr><td style="padding:0;vertical-align:top;width:3.2%;">(1)</td><td style="padding:0;vertical-align:top;width:auto;">- Convertible Preferred Stock would potentially be considered a participating security under the two-class method of calculating net loss per share. However, the Company has incurred net losses to-date, and as such holders are not contractually obligated to share in the losses, there is no impact on the Company’s net loss per share calculation for the periods indicated.</td></tr> </tbody></table> Basic weighted-average number of shares of common stock outstanding for the three months ended March 31, 2026 and 2025 includes the shares of the Company issued and outstanding during such periods, each on a weighted average basis. The basic weighted average number of shares of common stock outstanding excludes common stock equivalent incremental shares, while diluted weighted average number of shares of common stock outstanding includes such incremental shares. However, as the Company was in a loss position for all periods presented, basic and diluted weighted average shares outstanding are the same, as the inclusion of the incremental shares would be anti-dilutive. The common stock equivalents excluded from the computation of diluted weighted average shares outstanding are as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">March 31,</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:70%;">Stock options</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">12,353,542</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">9,956,444</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Unvested restricted stock awards</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">12,295,240</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">6,584,240</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;">Shares held in abeyance</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:12%;">13,294,267</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:12%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Preferred stock</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">16,823,764</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">49,607,115</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Total</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">54,766,813</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">66,147,799</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table>

-13909000

-26908000

9719000

9110000

-23628000

-36018000

140096782

68796392

-0.17

-0.52

12353542

9956444

12295240

6584240

13294267

16823764

49607115

54766813

66147799

Note 14 — Segment Information Lucid’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”). The CODM uses consolidated net income(loss) to assess segment profit or loss, allocate resources and assess performance. The Company manages the business activities on a consolidated basis and operates in one reportable segment. Further, the CODM reviews and utilizes functional expenses (cost of revenues, sales and marketing, research and development, and general and administrative) at the consolidated level to manage the Company’s operations. The Company’s significant segment expenses and other segment items align with the financial statements line items presented in its the unaudited condensed consolidated statements of operations. During the three months ended March 31, 2026 and 2025 revenues resulting from the delivery of patient EsoGuard test results was concentrated in the United States. The measure of segment assets is reported on the balance sheet as total consolidated assets, and concentrated in the United States.

<a href="#"></a><a href="#" id="otherinfo"></a>Item 5. Other Information Subsequent to March 31, 2026, on May 13, 2026, the Company and a majority-in-interest of the holders of the 2024 Convertible Notes entered into a waiver agreement, pursuant to which they agreed that the holders would not declare that an event of default has occurred due to the Company's failure to obtain a positive Medicare decision with respect to its EsoGuard product by May 22, 2026. Such waiver covers the period through August 22, 2026. During the fiscal quarter ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as those terms are defined in Item 408 of Regulation S-K). Stock options granted under the Lucid Diagnostics 2018 Equity Plan and those granted outside such plan generally vest one-third in one year then ratably over the next eight quarters, and have a ten-year contractual term from date-of-grant. There were no transfers between the respective Levels during the three months ended March 31, 2026. Convertible Preferred Stock would potentially be considered a participating security under the two-class method of calculating net loss per share. However, the Company has incurred net losses to-date, and as such holders are not contractually obligated to share in the losses, there is no impact on the Company’s net loss per share calculation for the periods indicated. The intrinsic value is computed as the difference between the quoted price of the Lucid Diagnostics common stock on each of March 31, 2026 and December 31, 2025 and the exercise price of the underlying Lucid Diagnostics stock options, to the extent such quoted price is greater than the exercise price. The outstanding stock options presented in the table above are inclusive of 523,300 stock options granted outside the Lucid Diagnostics 2018 Equity Plan, as of March 31, 2026 and December 31, 2025.