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10-Q true 2026-03-31 2026 false 001-41002 Tevogen Bio Holdings Inc. DE 98-1597194 15 Independence Boulevard Suite #210 Warren NJ 07059 (877) 838-6434 Common Stock, $0.0001 par value per share TVGN NASDAQ Warrants, each exercisable for one share of Common Stock for $575 per share TVGNW NASDAQ Yes Yes Non-accelerated Filer true true false false 4187505

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NOTE 1. NATURE OF BUSINESS Tevogen Bio Holdings Inc., a Delaware corporation (the “Company”), is a clinical-stage specialty immunotherapy company harnessing the power of CD8+ cytotoxic T lymphocytes (“CD8+ CTLs”) to develop off-the-shelf, precision T cell therapies for the treatment of infectious diseases, cancers, and other disorders. The Company’s precision T cell technology, ExacTcellTM, is a set of processes and methodologies to develop, enrich, and expand single human leukocyte antigen-restricted CTL therapies with proactively selected, precisely defined targets. The Company has completed a Phase 1 proof-of-concept trial for the first clinical product of ExacTcell, TVGN 489, for the treatment of ambulatory, high-risk adult COVID-19 patients, and has other product candidates in its pipeline. In addition, through the Company’s Tevogen.AI artificial intelligence (“AI”) initiative, it is focused on harnessing the potential of AI to expedite drug development, optimize laboratory processes and clinical trials, unravel complex biological data, improve patient outcomes, and pass on related savings to patients. Reverse Stock Split Effective March 6, 2026, the Company effected a reverse stock split at a ratio of 1-for-50 shares of its common stock (the “Reverse Stock Split”). As a result, every fifty shares of the Company’s issued and outstanding common stock were automatically combined into one share. The Reverse Stock Split affected all stockholders uniformly and did not alter any stockholder’s percentage ownership interest in the Company. No fractional shares were issued as a result of the Reverse Stock Split and the split did not impact the par value of the Company’s common stock. Any fractional shares that would otherwise have resulted from the Reverse Stock Split were rounded down to the next whole share.

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NOTE 2. DEVELOPMENT-STAGE RISKS AND LIQUIDITY The Company has generally incurred losses and negative cash flows from operations since inception. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales from its product candidates currently in development. On July 3, 2025, the Company entered into a Sales Agreement (the “Sales Agreement”) with A.G.P./Alliance Global Partners (the “Agent”), pursuant to which the Company may issue and sell from time to time up to $50,000,000 of shares of common stock through the Agent as the Company’s sales agent by any method that is deemed to be an “at-the-market” equity offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. Management believes that cash of $692,305 as of March 31, 2026, net proceeds of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20260401__20260515__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_zzXnvvCYrh9e" title="Net proceeds from sale of common stock">0.1 million received from sales of common stock under the Sales Agreement subsequent to March 31, 2026, and net proceeds of $<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260511__20260511__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zgsrCJ9oldvg" title="Aggregate purchase price">3,000,000 received from the sale of prefunded common stock purchase warrants in May 2026 (as described in Note 11), combined with the amounts available under the Loan Agreement (as defined in Note 5) entered into in June 2024 and the remaining commitment for a $7,000,000 grant from KRHP LLC, a New Jersey limited liability company (“KRHP”), will allow the Company to have adequate cash and financial resources to operate for at least the next 12 months from the date of issuance of these unaudited consolidated financial statements. The Company does not plan to initiate a clinical trial until additional funding is received. Management regularly evaluates different strategies to obtain funding for operations for subsequent periods. These strategies may include but are not limited to private placements of securities, licensing and/or marketing arrangements, partnerships with other pharmaceutical or biotechnology companies, and public offerings of securities. The Company may not be able to obtain financing on acceptable terms and the Company may not be able to enter into strategic alliances or other arrangements on favorable terms. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain sufficient funding, the Company could be required to delay, reduce or eliminate research and development programs, product portfolio expansion, or future commercialization efforts, which could adversely affect its business prospects. Operations since inception have consisted primarily of organizing the Company, securing financing, developing licensed technologies, performing research, conducting pre-clinical studies and a clinical trial, and pursuing and completing the business combination pursuant to that certain Agreement and Plan of Merger, dated June 28, 2023 (the “Merger Agreement”), by and among Semper Paratus Acquisition Corporation, a Cayman Islands exempted company (“Semper Paratus”), Semper Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Semper Paratus (“Merger Sub”), SSVK Associates, LLC, a Delaware limited liability company, in its capacity as purchaser representative, Tevogen Bio Inc (n/k/a Tevogen Bio Inc.), a Delaware corporation (“Tevogen Bio”), and Dr. Ryan Saadi, in his capacity as seller representative, pursuant to which Merger Sub merged with and into Tevogen Bio (the “Merger”), with Tevogen Bio being the surviving company and a wholly owned subsidiary of Semper Paratus (the “Business Combination”). The Company is subject to risks associated with any specialty biotechnology company that requires considerable expenditures for research and development. The Company’s research and development projects may not be successful, products developed may not obtain necessary regulatory approval, and any approved product may not be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants.

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NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies in Note 3 to the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K filed with the SEC on March 31, 2026 (the “Annual Report”) have not materially changed, except as reflected in the following: Basis of Presentation These unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, all adjustments considered necessary for a fair statement of the financial position and results of operations of the Company have been included. Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.65in; text-align: justify">Level 1</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unadjusted quoted prices in active markets for identical assets or liabilities;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Observable inputs other than Level 1 prices, such as quoted prices for similar, but not identical, assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unobservable inputs in which there is little or no market data available and which require the Company to develop its own assumptions that market participants would use in pricing an asset or liability.</td></tr> </table> Financial instruments recognized at historical amounts in the balance sheets consist of accounts payable and notes payable. The Company believes that the carrying value of accounts payable and notes payable approximates their fair values due to the short-term nature of these instruments. There were no transfers between levels during the three months ended March 31, 2026 and 2025. The Company recorded a gain on change in fair value of derivative warrant liabilities of $25,831 during the three months ended March 31, 2026. The Company recorded a gain on change in fair value of $13,857 during the three months ended March 31, 2025. The change in value during these periods was largely attributable to changes in the price of the underlying common stock and risk-free rates. During the fiscal year ended December 31, 2024, the Company acquired private warrants in connection with the closing of the Business Combination (the “Closing”) of the transactions pursuant to the Merger Agreement on February 14, 2024 (the “Closing Date”) and issued written call options in connection with the Loan Agreement. The fair value of the written call options decreased to $0 between their issuance and December 31, 2024, and remained at $0 as of March 31, 2026. Such fair value measurements are Level 3 inputs. 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text-align: right" title="Derivative warrant liabilities, Balance">87,180</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueAdjustmentOfWarrants_c20250101__20250331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z5A7OPzOI4rg" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">(13,857</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Balance at March 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_985_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20250101__20250331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zsJi8IJ8xMrb" style="border-bottom: Black 1pt solid; text-align: right" title="Derivative warrant liabilities, Balance">73,323</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Balance at January 1, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zd3NtfN1vYN4" style="text-align: right" title="Derivative warrant liabilities, Balance">26,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Change in fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--FairValueAdjustmentOfWarrants_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdelg9l0W2Oa" style="border-bottom: Black 2.5pt double; text-align: right" title="Change in fair value">(25,831</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z0C2v83Qnxrf" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative warrant liabilities, Balance">648</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_893_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zt7k9FRHvdMf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at March 31, 2026, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Quoted Prices in Active Markets (Level 1)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Significant Other Observable Inputs (Level 2)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Significant Other Unobservable Inputs (Level 3)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 36%; text-align: justify">Derivative warrant liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zQLOkFW9dwv4" style="width: 12%; text-align: right" title="Derivative warrant liabilities">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zeUnRcGCpAmd" style="width: 12%; text-align: right" title="Derivative warrant liabilities"> -</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zUNsCmjfrh9a" style="width: 12%; text-align: right" title="Derivative warrant liabilities">648</td><td style="width: 1%; text-align: left"> </td></tr> </table> The Company used a Monte Carlo simulation (“MCS”) valuation methodology to determine the fair value of the freestanding $14,000,000 purchase option and remaining embedded $14,000,000 purchase option associated with the Loan Agreement as of December 31, 2024. The MCS methodology simulates the Company’s future stock price to estimate if and when the Trailing VWAP (as defined below) will reach $500.00 per share (as adjusted for the March 2026 stock split), and discounts the resulting payoff back to each valuation date using a present value factor. Significant assumptions used in determining the fair value of these options include volatilities of 78.98 % and 78.0% and discount rates of <span id="xdx_903_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember_zq04Mp74myKc" title="Alternative investment measurement input">3.7% and <span id="xdx_900_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20250331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember_zm4pNjWhPhXa" title="Alternative investment measurement input">3.9% for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026 and December 31, 2025, the MCS produced a fair value of $0 relating to these freestanding and embedded options. Net Loss Per Share The Company computes basic net loss per share by dividing net loss by the weighted-average common stock outstanding during the period. Given the Company’s net loss, basic and diluted net loss per share for the three months ended March 31, 2026 and 2025 are the same. Recently Issued Accounting Standards In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the financial statements. The amendments in this pronouncement will be effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently assessing the potential impacts of adoption on its unaudited consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements. This update clarifies the applicability of interim reporting guidance and the form and content of interim financial statements. It also establishes a disclosure principle requiring an entity to disclose material events and changes occurring since the end of the last annual reporting period. ASU 2025-11 is effective for the Company for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is assessing the impact of adopting this standard.

Basis of Presentation These unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, all adjustments considered necessary for a fair statement of the financial position and results of operations of the Company have been included.

Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.65in; text-align: justify">Level 1</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unadjusted quoted prices in active markets for identical assets or liabilities;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Observable inputs other than Level 1 prices, such as quoted prices for similar, but not identical, assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unobservable inputs in which there is little or no market data available and which require the Company to develop its own assumptions that market participants would use in pricing an asset or liability.</td></tr> </table> Financial instruments recognized at historical amounts in the balance sheets consist of accounts payable and notes payable. The Company believes that the carrying value of accounts payable and notes payable approximates their fair values due to the short-term nature of these instruments. There were no transfers between levels during the three months ended March 31, 2026 and 2025. The Company recorded a gain on change in fair value of derivative warrant liabilities of $25,831 during the three months ended March 31, 2026. The Company recorded a gain on change in fair value of $13,857 during the three months ended March 31, 2025. The change in value during these periods was largely attributable to changes in the price of the underlying common stock and risk-free rates. During the fiscal year ended December 31, 2024, the Company acquired private warrants in connection with the closing of the Business Combination (the “Closing”) of the transactions pursuant to the Merger Agreement on February 14, 2024 (the “Closing Date”) and issued written call options in connection with the Loan Agreement. The fair value of the written call options decreased to $0 between their issuance and December 31, 2024, and remained at $0 as of March 31, 2026. Such fair value measurements are Level 3 inputs. The following table provides a roll-forward of the aggregate fair values of the warrants. <p id="xdx_896_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zLkWXOP28EDc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> SCHEDULE OF FAIR VALUES OF WARRANTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Derivative warrant liabilities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold; text-align: left">Balance at January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20250101__20250331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zKco9IUfh0Pb" style="width: 16%; text-align: right" title="Derivative warrant liabilities, Balance">87,180</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueAdjustmentOfWarrants_c20250101__20250331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z5A7OPzOI4rg" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">(13,857</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Balance at March 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_985_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20250101__20250331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zsJi8IJ8xMrb" style="border-bottom: Black 1pt solid; text-align: right" title="Derivative warrant liabilities, Balance">73,323</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Balance at January 1, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zd3NtfN1vYN4" style="text-align: right" title="Derivative warrant liabilities, Balance">26,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Change in fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--FairValueAdjustmentOfWarrants_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdelg9l0W2Oa" style="border-bottom: Black 2.5pt double; text-align: right" title="Change in fair value">(25,831</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z0C2v83Qnxrf" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative warrant liabilities, Balance">648</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_893_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zt7k9FRHvdMf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at March 31, 2026, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Quoted Prices in Active Markets (Level 1)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Significant Other Observable Inputs (Level 2)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Significant Other Unobservable Inputs (Level 3)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 36%; text-align: justify">Derivative warrant liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zQLOkFW9dwv4" style="width: 12%; text-align: right" title="Derivative warrant liabilities">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zeUnRcGCpAmd" style="width: 12%; text-align: right" title="Derivative warrant liabilities"> -</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zUNsCmjfrh9a" style="width: 12%; text-align: right" title="Derivative warrant liabilities">648</td><td style="width: 1%; text-align: left"> </td></tr> </table> The Company used a Monte Carlo simulation (“MCS”) valuation methodology to determine the fair value of the freestanding $14,000,000 purchase option and remaining embedded $14,000,000 purchase option associated with the Loan Agreement as of December 31, 2024. The MCS methodology simulates the Company’s future stock price to estimate if and when the Trailing VWAP (as defined below) will reach $500.00 per share (as adjusted for the March 2026 stock split), and discounts the resulting payoff back to each valuation date using a present value factor. Significant assumptions used in determining the fair value of these options include volatilities of 78.98 % and 78.0% and discount rates of <span id="xdx_903_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20260331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember_zq04Mp74myKc" title="Alternative investment measurement input">3.7% and <span id="xdx_900_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20250331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember_zm4pNjWhPhXa" title="Alternative investment measurement input">3.9% for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026 and December 31, 2025, the MCS produced a fair value of $0 relating to these freestanding and embedded options.

25831

13857

0 0

<p id="xdx_896_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zLkWXOP28EDc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> SCHEDULE OF FAIR VALUES OF WARRANTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Derivative warrant liabilities</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold; text-align: left">Balance at January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20250101__20250331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zKco9IUfh0Pb" style="width: 16%; text-align: right" title="Derivative warrant liabilities, Balance">87,180</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueAdjustmentOfWarrants_c20250101__20250331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z5A7OPzOI4rg" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">(13,857</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Balance at March 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_985_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20250101__20250331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zsJi8IJ8xMrb" style="border-bottom: Black 1pt solid; text-align: right" title="Derivative warrant liabilities, Balance">73,323</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Balance at January 1, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zd3NtfN1vYN4" style="text-align: right" title="Derivative warrant liabilities, Balance">26,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Change in fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--FairValueAdjustmentOfWarrants_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdelg9l0W2Oa" style="border-bottom: Black 2.5pt double; text-align: right" title="Change in fair value">(25,831</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance at March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20260101__20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z0C2v83Qnxrf" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative warrant liabilities, Balance">648</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

87180

-13857

73323

26479

-25831

648

<p id="xdx_893_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zt7k9FRHvdMf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at March 31, 2026, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Quoted Prices in Active Markets (Level 1)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Significant Other Observable Inputs (Level 2)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Significant Other Unobservable Inputs (Level 3)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 36%; text-align: justify">Derivative warrant liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zQLOkFW9dwv4" style="width: 12%; text-align: right" title="Derivative warrant liabilities">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zeUnRcGCpAmd" style="width: 12%; text-align: right" title="Derivative warrant liabilities"> -</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20260331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zUNsCmjfrh9a" style="width: 12%; text-align: right" title="Derivative warrant liabilities">648</td><td style="width: 1%; text-align: left"> </td></tr> </table>

648

14000000 14000000

500.00

78.98

78.0

3.7

3.9

Net Loss Per Share The Company computes basic net loss per share by dividing net loss by the weighted-average common stock outstanding during the period. Given the Company’s net loss, basic and diluted net loss per share for the three months ended March 31, 2026 and 2025 are the same.

Recently Issued Accounting Standards In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the financial statements. The amendments in this pronouncement will be effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently assessing the potential impacts of adoption on its unaudited consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements. This update clarifies the applicability of interim reporting guidance and the form and content of interim financial statements. It also establishes a disclosure principle requiring an entity to disclose material events and changes occurring since the end of the last annual reporting period. ASU 2025-11 is effective for the Company for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is assessing the impact of adopting this standard.

NOTE 4. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consisted of the following: SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260331_zdvfjge4GHLe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_zh7wfDcGakle" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALCzC3I_zYjLrMslhDRh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Professional services</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,142,378</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,168,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzC3I_z7pYeqnzx2Ef" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">98,830</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">331,086</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzC3I_zZZDOPFNtDe5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,241,208</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,499,624</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued expenses and other liabilities consisted of the following: SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260331_zdvfjge4GHLe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_zh7wfDcGakle" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALCzC3I_zYjLrMslhDRh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Professional services</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,142,378</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,168,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzC3I_z7pYeqnzx2Ef" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">98,830</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">331,086</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzC3I_zZZDOPFNtDe5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,241,208</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,499,624</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1142378

1168538

98830

331086

1241208

1499624

NOTE 5. DEBT Loan Agreement In June 2024, the Company entered into a Loan Agreement (the “Loan Agreement”) with The Patel Family, LLP (the “Patel Family”), a related party of the Company, providing for an unsecured line of credit facility (the “Facility”) for term loans of up to an initial total of $<span id="xdx_90F_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20240630__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--LongtermDebtTypeAxis__us-gaap--UnsecuredDebtMember_zIW4GrZPTTF3" title="Line of credit maximum borrowing capacity">36,000,000. As of December 31, 2025, the Company had drawn $<span id="xdx_907_eus-gaap--LineOfCreditFacilityCurrentBorrowingCapacity_iI_c20251231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--LongtermDebtTypeAxis__us-gaap--UnsecuredDebtMember_zX0anegmgWvd" title="Line of credit borrowing capacity">4,400,000 from the Facility, with maturity dates ranging from July 2028 to June 2029. The Company drew $<span id="xdx_90E_eus-gaap--LineOfCredit_iI_c20260331__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--LongtermDebtTypeAxis__us-gaap--UnsecuredDebtMember__us-gaap--AwardTypeAxis__custom--FebruaryToMarchTwoThousandThirtyMember_z4DDij5Kby6b" title="Line of credit">2,000,000 during the first quarter of 2026, with a maturity date ranging from February to March 2030. As of March 31, 2026, the outstanding balance on the Loan Agreement was $<span id="xdx_902_eus-gaap--LineOfCredit_iI_c20260331__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--LongtermDebtTypeAxis__us-gaap--UnsecuredDebtMember_zeUT4ZL0urD8" title="Line of credit">6,400,000. As of March 31, 2026, $<span id="xdx_90F_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_c20260331__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--LongtermDebtTypeAxis__us-gaap--UnsecuredDebtMember_zkjxLxgYbInj" title="Line of credit remaining capacity">14,000,000 remained available for future financing. The Loan Agreement includes a purchase option whereby the Patel Family has the option to purchase up to $<span id="xdx_90F_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationGross_c20240601__20240630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zd63Q6mbcdT5" title="Option to purchase common stock, value">14,000,000 of shares of common stock at a purchase price equal to <span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_pid_dp_uPure_c20240601__20240630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zCg3YVnBbUzb" title="Percentage of price of common stock purchased">70% of the Trailing VWAP per share (the “$<span id="xdx_903_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationGross_pn6n6_c20240601__20240630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_z89HTdQ0ZP3h" title="Option to purchase common stock, value">14 million Purchase Option”). The $<span id="xdx_906_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationGross_pn6n6_c20240601__20240630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zNnG3HLS8ASg" title="Option to purchase common stock, value">14 million Purchase Option only becomes exercisable once Trailing VWAP reaches $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_c20240630__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember_zxu77HJUPL0j" title="Purchase, price per share">500.00 per share. The $<span id="xdx_90D_eus-gaap--DerivativeLiabilities_iI_pn6n6_c20240630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zFi2JC3GrFR4" title="Derivative liability">14 million Purchase Option was determined to be a freestanding derivative liability under ASC 815 and is carried at fair value, with changes in fair value recorded to change in fair value of written call option derivatives liabilities within the unaudited consolidated statements of operations and unaudited consolidated statements of cash flows. The Loan Agreement also includes a purchase option (the “Additional Amount Purchase Option”) that is identical to the $<span id="xdx_904_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationGross_pn6n6_c20240601__20240630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AdditionalAmountPurchaseOptionMember_zltrglcImqm8" title="Option to purchase common stock, value">14 million Purchase Option, except that the option is exercisable for an amount up to the then-remaining undrawn term loan amount under the Loan Agreement at the time Trailing VWAP reaches $<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20240630__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AdditionalAmountPurchaseOptionMember_z225MnBBvrrc" title="Purchase, price per share">500.00 per share. The Additional Amount Purchase Option was determined to be an embedded derivative within the written loan commitment that requires bifurcation under ASC 815, and thus is carried at fair value with changes in fair value recorded to change in fair value of written call option derivatives liabilities within the unaudited consolidated statements of operations and unaudited consolidated statements of cash flows. The $14 million Purchase Option and the Additional Amount Purchase Option are recorded to written call option derivative liabilities within the unaudited consolidated balance sheet and have a fair value of $0 as of March 31, 2026 and December 31, 2025, respectively. The Loan Agreement is a written loan commitment that is not eligible for the fair value option under ASC 825, Financial Instruments. However, management elected the fair value option for all draws under this commitment, and therefore has expensed all issuance costs associated with the Loan Agreement, which are comprised of the fair value of the <span id="xdx_907_ecustom--StockIssuedDuringPeriodSharesCommitmentSharesInConnectionWithUnsecuredEquityLineOfCreditFacility_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zNqzNideKVT9" title="Common stock fair value">20,000 shares of common stock issued to the Patel Family as well as the issuance date fair value of the $<span id="xdx_903_eus-gaap--DerivativeLiabilities_iI_pn6n6_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThePatelFamilyLLPMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zRBW6ZTQRnqh">14 million Purchase Option and Additional Amount Purchase Option. Notes Payable As a result of the Merger, the Company assumed notes payable held by Polar Multi-Strategy Master Fund (“Polar”) for which the proceeds were to be used for working capital purposes by Semper Paratus with an outstanding balance of $1,651,000 on the Closing Date and which remain outstanding at March 31, 2026. The notes payable do not accrue interest. The outstanding balance of the notes was required to be repaid in full within five business days of the Merger, and the Company is therefore in default of its obligations at March 31, 2026. The notes’ default provisions do not require the Company to transfer any shares or pay any amounts to Polar.

36000000

4400000

2000000

6400000

14000000

0.70

14000000

500.00

14000000

500.00

14000000

20000

14000000

1651000

NOTE 6. STOCK-BASED COMPENSATION In connection with the Closing, the Company adopted the Tevogen Bio Holdings Inc. 2024 Omnibus Incentive Plan (the “2024 Plan”) and no longer grants awards pursuant to the 2020 Equity Incentive Plan (the “2020 Plan”). Each restricted stock unit (“RSU”) award granted under the 2020 Plan that was outstanding and unvested as of the Closing Date was automatically canceled and converted into an award under the 2024 Plan with respect to the common stock of the Company (the “Rollover RSUs”). Such Rollover RSUs remain subject to the same terms and conditions as set forth under the applicable award agreement prior to the Closing. In addition to covering the Rollover RSUs, under the 2024 Plan, as of December 31, 2024, the Company was authorized to grant awards up to an aggregate <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20241231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember_zuoUZB27aH8" title="Compensation shares authorized">800,000 shares of common stock. During the year ended December 31, 2025, the number of shares authorized under the 2024 Plan was increased to <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember_zry58USNd2Cl" title="Compensation shares authorized">977,991. The 2024 Plan provides for the grant of options, stock appreciation rights, restricted common stock (“Restricted Stock”), RSUs, and other equity-based awards. As of March 31, 2026, awards for <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20260331__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember_zDorWru6R1B4" title="Shares available to be granted">189,398 shares remained available to be granted under the 2024 Plan. The Company has issued RSUs that are subject to either service-based vesting conditions or service-based and performance-based vesting conditions. Compensation expense for service-based RSUs is recognized on a straight-line basis over the vesting period of the award. Compensation expense for service-based and performance-based RSUs (“Performance-Based RSUs”) is recognized when the performance condition, which is based on a liquidity event condition being satisfied, is deemed probable of achievement. The fair value of RSUs vested during the three months ended March 31, 2026 and 2025 was $<span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn5n6_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zOQYfugLzmvd" title="Fair value of RSUs vested">0.3 million and $<span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn5n6_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zH9pJLQx897l" title="Fair value of RSUs vested">7.8 million, respectively. On June 27, 2025, the Company issued an aggregate of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250627__20250627__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zEL2Jdfurcb7" title="Number of shares issued for RSUs">185,000 shares of Restricted Stock under the 2024 Plan to the Company’s executive officers, including a grant of <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20250627__20250627__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zALNaoKFnTLa" title="Number of shares issued for granted">160,000 shares of Restricted Stock to Dr. Saadi. The shares of Restricted Stock granted to Dr. Saadi will vest in four equal annual installments beginning on June 27, 2032 and the shares of Restricted Stock granted to each other grantee will vest in three equal annual installments beginning on June 27, 2030 (the “RSA Vesting Period”), subject in each case to the applicable grantee’s continuous service with the Company through the vesting date, and provided that the shares will automatically vest in full in the event of termination due to death or disability. Pursuant to the terms of these awards, the Company’s executive officers are entitled to vote the Restricted Stock, but the shares may not be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered, subject to automatic forfeit. The Company’s executive officers will automatically forfeit all unvested Restricted Stock in the event they depart the Company for any reason, unless termination of their service triggers accelerated vesting pursuant to the terms of the applicable award agreement or the 2024 Plan. The fair value per share for these awards was determined to be $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_uUSDPShares_c20250627__20250627__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zCTlX2568j2g" title="Fair value per share for award">62 per share, equivalent to the Company’s stock price on the grant date, resulting in a total grant date fair value of $<span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20250627__20250627__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourPlanMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zx1flhnQAThc" title="Grant date fair value of shares">11,470,000. In accordance with ASC 718, the Company will recognize compensation expense on a straight-line basis from the grant date until the completion of the RSA Vesting Period. Restricted Stock and RSU activity was as follows: SCHEDULE OF RESTRICTED STOCK AND RSU ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Service-Based Restricted Stock and RSUs</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average grant-date fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Nonvested as of January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zIe91U2DULU6" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">619,793</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zxC5JPjWU046" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">163.47</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zpbjZMPdqq67" style="text-align: right" title="Nonvested Shares, Granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zztmcJfcF403" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zmSGO03AEdT6" style="text-align: right" title="Nonvested Shares, Vested">(14,328</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zIpMLwJwNUUi" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">51.24</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z6vueQxwcd23" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zmF757bUhc79" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Nonvested as of March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zz3HuVUFTnwg" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">605,465</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zNfuZxtM2Jof" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">166.12</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Service-Based Restricted Stock and RSUs</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average grant-date fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Nonvested as of January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zvo1zs4koGgg" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">533,805</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zi0vOpSHRtLe" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">177.00</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z9YV41cxWVHd" style="text-align: right" title="Nonvested Shares, Granted">12,336</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zZ6DNVTYm6Bf" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">70</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zk2V3KcdKcH3" style="text-align: right" title="Nonvested Shares, Vested">(111,556</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zOkrDSKKFGHb" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">52.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zJ1Bsd9SdPU1" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z9ykSi2Ql1Yg" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Nonvested as of March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zfhs03bkedDh" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">434,585</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zmcze2wrC2Zg" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">209.50</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Performance-Based RSUs</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average grant-date fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Nonvested as of January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zU7nu9VTIw8e" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">5,633</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zhcGi5sAd1dg" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">265.67</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z3xeQgh1yXe" style="text-align: right" title="Nonvested Shares, Granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z2B29FnCLfC6" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zC0AOBGKC3Ye" style="text-align: right" title="Nonvested Shares, Vested">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zBBDVoD5xfti" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z97Uju8Wltxc" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z0EZW0U843Me" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Nonvested as of March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z91Vp0GlMFO3" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">5,633</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zAtw6kEhxcuh" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">265.67</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Performance-Based RSUs</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average grant-date fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Nonvested as of January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zrdwe0NuFcB6" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">25,792</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zRmFbFoaj2oe" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">185.00</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zo50kgnTYIwa" style="text-align: right" title="Nonvested Shares, Granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zbLloKw4cAoa" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_ziGqWVmom54f" style="text-align: right" title="Nonvested Shares, Vested">(4,031</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_ztBMx7fyUODd" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">171.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zEtiW7dRvwck" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zWl3vsqojYIg" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Nonvested as of March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zve8KAIQ4Rti" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">21,761</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zosXRhHovzw7" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">188.00</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> There was $2,669,557 of compensation cost related to shares of service-based Restricted Stock and service-based RSUs during the three months ended March 31, 2026. There was $<span id="xdx_905_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pid_c20260331__us-gaap--AwardTypeAxis__custom--ServicebasedRestrictedStockAndRSUMember_z0S8A35z28Gj" title="Unrecognized compensation cost">81,181,796 of unrecognized compensation cost related to shares of service-based Restricted Stock and service-based RSUs as of March 31, 2026, which will be expensed over a weighted average period of <span id="xdx_90C_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServicebasedRestrictedStockAndRSUMember_zQ7bY70jsoek" title="Weighted average period for recognition">8.2 years. There was $180,035 of compensation cost related to Performance-Based RSUs during the three months ended March 31, 2026. There was $<span id="xdx_902_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z2FwOExORgj6" title="Unrecognized compensation cost">926,353 of unrecognized compensation cost related to Performance-Based RSUs as of March 31, 2026, which will be expensed over a weighted average period of <span id="xdx_909_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z6BTSSHy8Zi5" title="Weighted average period for recognition">1.3 years. <p id="xdx_89F_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zeRGudOQR2W" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company recorded stock-based compensation expense in the following expense categories in the accompanying unaudited consolidated statements of operations: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260101__20260331_z5l82AzQc5g9" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2026</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20250331_zb5wiPQ1ivva" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Three months ended March 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2026</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_zsp7C9Tc6Fq3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,885,318</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,826,348</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense_zcrvKc8B92s" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">964,274</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,466,353</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ShareBasedCompensation_zPkmAAe20Msf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,849,592</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,292,701</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

800000

977991

189398

300000

7800000

185000

160000

11470000

Restricted Stock and RSU activity was as follows: SCHEDULE OF RESTRICTED STOCK AND RSU ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Service-Based Restricted Stock and RSUs</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average grant-date fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Nonvested as of January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zIe91U2DULU6" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">619,793</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zxC5JPjWU046" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">163.47</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zpbjZMPdqq67" style="text-align: right" title="Nonvested Shares, Granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zztmcJfcF403" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zmSGO03AEdT6" style="text-align: right" title="Nonvested Shares, Vested">(14,328</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zIpMLwJwNUUi" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">51.24</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z6vueQxwcd23" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zmF757bUhc79" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Nonvested as of March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zz3HuVUFTnwg" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">605,465</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zNfuZxtM2Jof" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">166.12</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Service-Based Restricted Stock and RSUs</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average grant-date fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Nonvested as of January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zvo1zs4koGgg" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">533,805</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zi0vOpSHRtLe" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">177.00</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z9YV41cxWVHd" style="text-align: right" title="Nonvested Shares, Granted">12,336</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zZ6DNVTYm6Bf" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">70</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zk2V3KcdKcH3" style="text-align: right" title="Nonvested Shares, Vested">(111,556</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zOkrDSKKFGHb" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">52.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zJ1Bsd9SdPU1" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z9ykSi2Ql1Yg" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Nonvested as of March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zfhs03bkedDh" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">434,585</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zmcze2wrC2Zg" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">209.50</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Performance-Based RSUs</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average grant-date fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Nonvested as of January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zU7nu9VTIw8e" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">5,633</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zhcGi5sAd1dg" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">265.67</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z3xeQgh1yXe" style="text-align: right" title="Nonvested Shares, Granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z2B29FnCLfC6" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zC0AOBGKC3Ye" style="text-align: right" title="Nonvested Shares, Vested">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zBBDVoD5xfti" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z97Uju8Wltxc" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z0EZW0U843Me" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Nonvested as of March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z91Vp0GlMFO3" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">5,633</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zAtw6kEhxcuh" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">265.67</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Performance-Based RSUs</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted average grant-date fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Nonvested as of January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zrdwe0NuFcB6" style="width: 16%; text-align: right" title="Nonvested Shares, Outstanding">25,792</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zRmFbFoaj2oe" style="width: 16%; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">185.00</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zo50kgnTYIwa" style="text-align: right" title="Nonvested Shares, Granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zbLloKw4cAoa" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_ziGqWVmom54f" style="text-align: right" title="Nonvested Shares, Vested">(4,031</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_ztBMx7fyUODd" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">171.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zEtiW7dRvwck" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested Shares, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zWl3vsqojYIg" style="border-bottom: Black 1pt solid; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Nonvested as of March 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zve8KAIQ4Rti" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Outstanding">21,761</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20250101__20250331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zosXRhHovzw7" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested weighted average grant-date fair value, Outstanding">188.00</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

619793

163.47

14328

51.24

605465

166.12

533805

177.00

12336

111556

52.00

434585

209.50

5633

265.67

5633

265.67

25792

185.00

4031

171.00

21761

188.00

2669557

81181796

P8Y2M12D

180035

926353

P1Y3M18D

<p id="xdx_89F_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zeRGudOQR2W" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company recorded stock-based compensation expense in the following expense categories in the accompanying unaudited consolidated statements of operations: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260101__20260331_z5l82AzQc5g9" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2026</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20250331_zb5wiPQ1ivva" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Three months ended March 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2026</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_zsp7C9Tc6Fq3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,885,318</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,826,348</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense_zcrvKc8B92s" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">964,274</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,466,353</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ShareBasedCompensation_zPkmAAe20Msf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,849,592</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,292,701</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1885318

1826348

964274

5466353

2849592

7292701

NOTE 7. STOCKHOLDERS’ DEFICIT Common Stock As of March 31, 2026, the Company had 4,168,705 shares of common stock issued and outstanding. For accounting purposes related to earnings per share, only shares that are fully vested are considered issued and outstanding. Below is a reconciliation of shares of common stock issued and outstanding: SCHEDULE OF RECONCILIATION OF SHARES OF COMMON STOCK ISSUED AND OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">March 31, 2026</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Total shares of common stock issued and outstanding</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,168,705</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plus: shares to be issued:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Vested RSUs not yet legally settled into common stock (a)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--VestedPerformancebasedRestrictedStockUnitsFromSatisfactionOfLiquidityConditionUponClosing_iI_c20260331_fKGEp_zJZl7ySZiO77" style="text-align: right" title="Vested RSUs not yet legally settled into common stock">8,425</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Shares subject to future vesting:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Issuance of restricted common stock subject to forfeiture (b)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--SharesSubjectToFutureVestingIssuanceOfRestrictedCommonStockSubjectToForfeiture_iI_c20260331_fKGIp_zJf881ZW0kZd" style="border-bottom: Black 1pt solid; text-align: right" title="Issuance of restricted common stock subject to forfeiture">(571,979</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total shares, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_ecustom--CommonStockSharesIssuedAndOutstandingInclusionOfSharesToBeIssuedAndExclusionOfSharesSubjectToForfeiture_iI_c20260331_zDiNgR9aVGcf" style="border-bottom: Black 2.5pt double; text-align: right" title="Total shares issued and outstanding">3,605,151</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of March 31, 2026, there were RSUs that had vested but had not been legally settled into common stock.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company’s executive officers will automatically forfeit all unvested Restricted Stock in the event they depart the Company.</td></tr> </table> Public Warrants As of March 31, 2026, there are 17,386,580 public warrants outstanding. Private Placement Warrants As of March 31, 2026, there are <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SemperParatusMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zzPCaFmLmonb" title="Number of warrants outstanding">588,398 private placement warrants outstanding. See Note 3 for additional information on the Company’s warrant accounting policy.

4168705

Below is a reconciliation of shares of common stock issued and outstanding: SCHEDULE OF RECONCILIATION OF SHARES OF COMMON STOCK ISSUED AND OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">March 31, 2026</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Total shares of common stock issued and outstanding</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,168,705</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plus: shares to be issued:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Vested RSUs not yet legally settled into common stock (a)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--VestedPerformancebasedRestrictedStockUnitsFromSatisfactionOfLiquidityConditionUponClosing_iI_c20260331_fKGEp_zJZl7ySZiO77" style="text-align: right" title="Vested RSUs not yet legally settled into common stock">8,425</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Shares subject to future vesting:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Issuance of restricted common stock subject to forfeiture (b)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--SharesSubjectToFutureVestingIssuanceOfRestrictedCommonStockSubjectToForfeiture_iI_c20260331_fKGIp_zJf881ZW0kZd" style="border-bottom: Black 1pt solid; text-align: right" title="Issuance of restricted common stock subject to forfeiture">(571,979</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total shares, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_ecustom--CommonStockSharesIssuedAndOutstandingInclusionOfSharesToBeIssuedAndExclusionOfSharesSubjectToForfeiture_iI_c20260331_zDiNgR9aVGcf" style="border-bottom: Black 2.5pt double; text-align: right" title="Total shares issued and outstanding">3,605,151</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of March 31, 2026, there were RSUs that had vested but had not been legally settled into common stock.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company’s executive officers will automatically forfeit all unvested Restricted Stock in the event they depart the Company.</td></tr> </table>

4168705

8425 -571979 3605151

17386580

588398

NOTE 8. NET LOSS PER SHARE The below table is a reconciliation of net loss to net loss attributable to common stockholders. Given the Company’s net loss, basic and diluted net loss per share are the same. SCHEDULE OF RECONCILIATION OF NET LOSS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260101__20260331_zKqREPu4brh" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2026</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20250331_zx9mfKVdA7bc" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Three months ended March 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2026</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_iT_pp0p0_zyEGLZ5DPz7i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,446,255</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(10,367,061</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_z5S3px3qCS4h" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Series A cumulative preferred stock dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(34,521</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(24,932</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zZCQundZvIvd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Series C cumulative preferred stock dividend</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(140,548</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(112,192</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zOPH5gxBziua" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Preferred stock dividend</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(140,548</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(112,192</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_ztbwp38hVd3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net loss attributable to common stockholders</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,621,323</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(10,504,185</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> The Company excluded the following potential shares from the computation of diluted net loss per share because including them would have had an anti-dilutive effect: <p id="xdx_898_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zkkpVRtkIcc3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> SCHEDULE OF ANTI-DILUTIVE NET LOSS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260331_zS4XjlenBBT7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20250331_zGqnQhy7lFkd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31,</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zxGt7UNohFd9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Outstanding RSUs (a)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">38,930</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">69,366</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zAwZYHcvkXFf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Restricted Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">571,979</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">386,979</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zO1sT7Z9tUWj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">359,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">359,500</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EarnoutSharesMember_zAdCKnD5pAM9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Earnout Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">490,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">490,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_z9jJU14BpdE9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,460,409</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,305,844</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of March 31, 2026 there were an additional <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFOVEktRElMVVRJVkUgTkVUIExPU1MgUEVSIFNIQVJFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zInUkR2YadM7" title="Stock option vested">8,425 RSUs that had vested but had not been legally settled into common stock and therefore were included in the basic net income per share. </td></tr> </table> The above table excludes any potentially anti-dilutive shares as a result of the $14 million Purchase Option and the Additional Amount Purchase Option (see Note 5). These are excluded as the number of shares issuable cannot be determined until the conditions for issuance are met and the share prices are known upon exercise.

The below table is a reconciliation of net loss to net loss attributable to common stockholders. Given the Company’s net loss, basic and diluted net loss per share are the same. SCHEDULE OF RECONCILIATION OF NET LOSS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260101__20260331_zKqREPu4brh" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2026</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20250331_zx9mfKVdA7bc" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Three months ended March 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2026</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_iT_pp0p0_zyEGLZ5DPz7i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(5,446,255</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(10,367,061</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_z5S3px3qCS4h" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Series A cumulative preferred stock dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(34,521</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(24,932</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zZCQundZvIvd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Series C cumulative preferred stock dividend</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(140,548</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(112,192</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--PreferredStockDividendsIncomeStatementImpact_iN_di_hus-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zOPH5gxBziua" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Preferred stock dividend</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(140,548</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(112,192</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_ztbwp38hVd3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net loss attributable to common stockholders</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,621,323</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(10,504,185</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

-5446255

-10367061

34521

24932

140548

112192

140548

112192

-5621323

-10504185

<p id="xdx_898_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zkkpVRtkIcc3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> SCHEDULE OF ANTI-DILUTIVE NET LOSS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260101__20260331_zS4XjlenBBT7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20250331_zGqnQhy7lFkd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31,</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zxGt7UNohFd9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Outstanding RSUs (a)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">38,930</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">69,366</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zAwZYHcvkXFf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Restricted Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">571,979</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">386,979</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zO1sT7Z9tUWj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">359,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">359,500</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EarnoutSharesMember_zAdCKnD5pAM9" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Earnout Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">490,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">490,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_z9jJU14BpdE9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,460,409</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,305,844</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of March 31, 2026 there were an additional <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFOVEktRElMVVRJVkUgTkVUIExPU1MgUEVSIFNIQVJFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zInUkR2YadM7" title="Stock option vested">8,425 RSUs that had vested but had not been legally settled into common stock and therefore were included in the basic net income per share. </td></tr> </table>

38930

69366

571979

386979

359500

490000

1460409

1305844

8425

NOTE 9. RELATED PARTY TRANSACTIONS Transactions with Sponsor Pursuant to the Merger Agreement, the Company incurred $2,000,000 in fees to SSVK Associates, LLC (the “Sponsor”) for advisory services (the “Sponsor Advisory Service Fee”). In connection with the Merger and thereafter, the Company and Sponsor agreed that $250,000 of the Sponsor Advisory Service Fee is payable in cash, $250,000 would be offset against amounts due from the Sponsor, and the remainder of the Sponsor Advisory Service Fee was paid with the issuance of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20260101__20260331__us-gaap--TypeOfArrangementAxis__custom--SponsorAdvisoryServicesFeeMember_zLoHzLMZWkqd" title="Number of shares issued for sponsor fees">3,000 shares of the Company’s common stock at Closing. The Sponsor Advisory Service Fee payable in cash is presented on the unaudited consolidated balance sheets under the line item “Due to related party.” As of March 31, 2026, the Sponsor owes the Company $158,819 to cover working capital expenses, which is presented on the unaudited consolidated balance sheets under the line item “Due from related party.” Loan Agreement See Note 5 for additional information on the Loan Agreement with the Patel Family, which provides for a Facility for term loans. Consulting Agreement In December 2024, the Company contracted with Dr. Manmohan Patel to provide advisory services to the Company in support of the Company’s manufacturing development, including but not limited to identifying and developing real estate, establishing quality management processes, attracting and hiring an executive to lead operations, providing medical advice, and addressing government affairs and regulatory matters. In exchange for his consultation services, Dr. Patel was granted <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20241201__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrManmohanPatelMember_zxyoULHESLK6" title="Granted, shares">120,000 RSUs, of which <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20241201__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrManmohanPatelMember__srt--StatementScenarioAxis__custom--ImmediateMember_zPMr8pdqb2J4" title="Vested shares">40,000 vested immediately and <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20241201__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrManmohanPatelMember__srt--StatementScenarioAxis__custom--JanuaryTwoThousandTwentyFiveMember_z6GroIPZjCyc" title="Vested shares"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20241201__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrManmohanPatelMember__srt--StatementScenarioAxis__custom--FebruaryTwoThousandTwentyFiveMember_zA3EK4n22NP5" title="Vested shares">40,000 RSUs vested in each of January 2025 and February 2025, with an aggregate grant date fair value of $<span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested_c20241201__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrManmohanPatelMember_zJVqqMzjr8E3" title="Aggregate grant date fair value">5,976,000. KRHP In January 2025, the Company received a grant of $2.0 million from KRHP to further the Company’s development of off-the-shelf, genetically unmodified precision T cell therapeutics to treat infectious diseases and cancers. In August 2025, the Company received an additional grant of $1.0 million from KRHP to advance Tevogen.AI. KRHP is affiliated with the Patel Family. KRHP also committed to provide an additional $7.0 million of grant funding to the Company to be used towards the Company’s ongoing operational expenses.

2000000

250000

3000

158819

120000

40000

5976000

2000000.0

1000000.0

7000000.0

NOTE 10. SEGMENT REPORTING The Company operates in one operating segment, and therefore one reportable segment, and is focused on the global discovery, development and commercialization of proprietary therapeutics. The Company’s business activities are managed on a consolidated basis through the development and potential commercialization of pharmaceutical products, which are aimed at the global market in the event that products are successful in receiving regulatory approvals. The Company’s determination that it operates as a single operating segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. The Company’s chief operating decision maker is the Chief Executive Officer. The accounting policies for the Company’s single operating segment are the same as those described in the summary of significant accounting policies. The Company’s single operating segment incurs expenses from the development of TVGN 489, which is developed by the Company’s research and development department, designed to target various disease indications. The Company has not yet generated revenue in its operating history. For the segment, the chief operating decision maker uses net loss, which is reported on the unaudited consolidated statements of operations as consolidated net loss, to allocate resources (including employees, property, and financial resources), predominantly during the annual budget and forecasting process. The chief operating decision maker also uses consolidated net loss, along with non-financial inputs and qualitative information, to evaluate the Company’s performance, establish compensation, monitor budget versus actual results, and decide the level of investment in the Company’s various research activities. The measure of segment assets is reported on the unaudited consolidated balance sheet as total consolidated assets.

NOTE 11. SUBSEQUENT EVENTS On May 11, 2026, the Company sold in a private placement to existing investor the Patel Family prefunded common stock purchase warrants exercisable for <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20260511__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zmT9C5O115ud" title="Number of common stock purchase warrants shares">375,000 shares of the Company’s common stock for an aggregate purchase price of approximately $<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn6n6_c20260511__20260511__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zE2IyOCxkpL3" title="Aggregate purchase price">3.0 million.

375000

3000000.0

false false false false As of March 31, 2026, there were RSUs that had vested but had not been legally settled into common stock. The Company’s executive officers will automatically forfeit all unvested Restricted Stock in the event they depart the Company. As of March 31, 2026 there were an additional 8,425 RSUs that had vested but had not been legally settled into common stock and therefore were included in the basic net income per share.