16. Subsequent Events

The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that except as disclosed below, no events have occurred that would require adjustment to, or disclosures in, the Consolidated Financial Statements.

BARDA Agreement

On April 8, 2026, the Company announced it entered into a ten-year agreement with the Biomedical Advanced Research and Development Authority (“BARDA”), part of the Administration for Strategic Preparedness and Response within the U.S. Department of Health and Human Services. Under the agreement, the Company will maintain an inventory of RECELL products available for immediate deployment upon notice from BARDA, support surge procurement of additional product to ensure scalable emergency response capacity, and provide logistics, quality assurance, and deployment readiness to meet BARDA’s mission for preparedness.

The agreement carries a total potential value of up to $25.5 million over ten years, including procurement options. Of this amount, approximately $3.97 million, paid over ten years, is expected revenue to the Company in the form of annual access-maintenance fees and readiness support, while the balance reflects procurement options that BARDA may exercise over the contract term.

Appointments of President and Chief Executive Officer and Chair of the Board

Effective April 30, 2026, the Company’s Board of Directors (the “Board”) appointed Cary Vance, the Company’s Interim Chief Executive Officer, as the Company’s President and Chief Executive Officer. Simultaneously with Mr. Vance’s appointment, the Board appointed Jan Stern Reed as Chair of the Board and discontinued her previous position as Lead Independent Director. Mr. Vance will continue to serve on the Board of Directors as an executive director.