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NV 04-3562325 4960 Peachtree Industrial Blvd. Suite 240 Norcross GA 30071 678 620 -3186 Common Stock GALT NASDAQ Yes Yes Non-accelerated Filer true false false 65856898 14111000 17720000 1580000 1716000 15691000 19436000 68000 96000 15759000 19532000 3121000 3245000 4186000 4722000 0 63000 7307000 8030000 32878000 32702000 2979000 3962000 102832000 101033000 145996000 145727000 1000 1000 176 176 176 176 7966000000 1760000000 1723000 1723000 0.01 0.01 20000000 20000000 20000000 20000000 0 0 1742500 1742500 1185000 1185000 1210000 1210000 1210000000 480000 490000 0.001 0.001 150000000 150000000 65856898 65856898 65201995 65201995 65000 65000 305108000 304073000 -437613000 -432546000 -131960000 -127918000 15759000 19532000 2231000 6485000 1846000 1412000 4077000 7897000 -4077000 -7897000 36000 35000 983000 -25000 1988000 1744000 -969000 -1734000 -5046000 -9631000 21000 -26000 -5067000 -9605000 -0.08 -0.08 -0.15 -0.15 65782000 65782000 63204000 63204000 -5046000 -9631000 686000 468000 12000 10000 156000 347000 -983000 25000 -140000 -217000 -662000 -522000 1831000 1397000 -3866000 -7689000 257000 0 257000 0 -3609000 -7689000 17720000 15120000 14111000 7431000 61000 62000 0 61000 176 1723000 176 1723000 176 1723000 176 1723000 1235000 500000 63157235 62000 296217000 -401572000 -104793000 12350 15000 22000 37000 17600 21000 4000 25000 104400 1000 377000 378000 -9631000 -9631000 1235000 500000 63291585 63000 296630000 -411177000 -113984000 1210000 490000 65201995 65000 304073000 -432546000 -127918000 11850 33000 2000 35000 17600 49000 -23000 26000 -25000 -10000 4368 10000 173333 257000 257000 447752 686000 686000 -5046000 -5046000 1185000 480000 65856898 65000 305108000 -437613000 -131960000 <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">1. Basis of Presentation and Liquidity</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Galectin Therapeutics Inc. and subsidiaries (the “Company”) is a clinical stage biopharmaceutical company that is applying its leadership in galectin science and drug development to create new therapies for fibrotic disease and cancer. These candidates are based on the Company’s targeting of galectin proteins which are key mediators of biologic and pathologic function. These compounds also may have application for drugs to treat other diseases and chronic health conditions.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The unaudited condensed consolidated financial statements as reported in this Quarterly Report on Form 10-Q reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company as of March 31, 2026 and the results of its operations for the three months ended March 31, 2026 and 2025 and its cash flows for the three months ended March 31, 2026 and 2025. All adjustments made to the interim financial statements include all those of a normal and recurring nature. Amounts presented in the condensed consolidated balance sheet as of December 31, 2025 are derived from the Company’s audited consolidated financial statements as of that date, but do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date these financial statements are available to be issued. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. The unaudited condensed consolidated financial statements of the Company should be read in conjunction with its Annual Report on Form 10-K for the year ended December 31, 2025.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 35.7pt; margin-left: 0.1pt;"> <span style="font-size: 10.0pt;">These consolidated financial statements have been prepared in accordance with US generally accepted accounting principles (GAAP) assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. </span> </div> <div style="text-indent: 35.9pt;"> </div> <div style="margin: 0in; font-size: 12pt; text-indent: 35.9pt;"><span style="font-size:10.0pt">The Company has operated at a loss since its inception and has had no revenues. The Company anticipates that losses will continue for the foreseeable future. At March 31, 2026, the Company had $14.1 million of unrestricted cash and cash equivalents available to fund future operations. As of March 31, 2026, the Company has available borrowings under a line of credit in the amount of $10 million provided by our chairman, Richard Uihlein, (See Note 10). The Company believes there is sufficient cash, including availability of the line of credit, to fund currently planned operations through May 2027. To meet its future capital needs, the Company intends to raise additional capital through debt or equity financings, collaborations, partnerships or other strategic transactions. However, there can be no assurance that the Company will be able to complete any such transactions on acceptable terms or otherwise. The inability of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations and financial condition.</span></div><div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name “Pro-Pharmaceuticals, Inc.,” and changed its name to “Galectin Therapeutics Inc.” on May 26, 2011.</span> </div> 14100000 10000000 <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">2. Accrued Expenses and Other</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Accrued expenses consist of the following:</span> </div> <div style="font-size: 10pt;">  </div> <table cellpadding="0" style="margin-left: 1pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center;"> <span style="font-weight: bold;">March 31, <br/> 2026</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; text-align: center; width: 1%;"><br/></td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">December 31,<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: block;"><br/></span>2025</span></td><td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="7" style="vertical-align: bottom; text-align: center;"> (in thousands) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -27pt; padding-left: 27pt;"> Legal and accounting fees </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 1pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">67</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 1pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 1pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">68</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -27pt; padding-left: 27pt;"> Accrued compensation </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">545</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,056</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -27pt; padding-left: 27pt;"> Lease liability </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">6</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">22</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -27pt; padding-left: 27pt;"> Accrued research and development costs and other </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">3,568</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">3,576</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -27pt; padding-left: 27pt;"> Total </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 1pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;"><div style="-sec-ix-hidden: hidden-fact-2">4,186</div></td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 1pt; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 1pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;"><div style="-sec-ix-hidden: hidden-fact-3">4,722</div></td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Research and development expenses, including personnel costs, allocated facility costs, lab supplies, outside services, contract laboratory costs related to manufacturing drug product, clinical trials and preclinical studies are charged to research and development expense as incurred. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. Our current NAVIGATE clinical trial is being supported by third-party contract research organizations, or CROs, and other vendors. We accrue expenses for clinical trial activities performed by CROs based upon the estimated amount of work completed on each trial. For clinical trial expenses and related expenses associated with the conduct of clinical trials, the significant factors used in estimating accruals include the number of patients enrolled, the number of active clinical sites, and the duration for which the patients have been enrolled in the trial. We monitor patient enrollment levels and related activities to the extent possible through internal reviews, review of contractual terms and correspondence with CROs. We base our estimates on the best information available at the time. We monitor patient enrollment levels and related activities to the extent possible through discussions with CRO personnel and based our estimates of clinical trial costs on the best information available at the time. However, additional information may become available to us which will allow us to make a more accurate estimate in future periods. In that event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain.</span> </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Accrued expenses consist of the following:</span> </div> <div style="font-size: 10pt;">  </div> <table cellpadding="0" style="margin-left: 1pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center;"> <span style="font-weight: bold;">March 31, <br/> 2026</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; text-align: center; width: 1%;"><br/></td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">December 31,<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: block;"><br/></span>2025</span></td><td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="7" style="vertical-align: bottom; text-align: center;"> (in thousands) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -27pt; padding-left: 27pt;"> Legal and accounting fees </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 1pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">67</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 1pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 1pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">68</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -27pt; padding-left: 27pt;"> Accrued compensation </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">545</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,056</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -27pt; padding-left: 27pt;"> Lease liability </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">6</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">22</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -27pt; padding-left: 27pt;"> Accrued research and development costs and other </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">3,568</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">3,576</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -27pt; padding-left: 27pt;"> Total </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 1pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;"><div style="-sec-ix-hidden: hidden-fact-2">4,186</div></td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 1pt; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 1pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;"><div style="-sec-ix-hidden: hidden-fact-3">4,722</div></td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 67000 68000 545000 1056000 6000 22000 3568000 3576000 4186000 4722000 <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">3. Convertible Notes Payable – Related Party</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">On April 16, 2021, the Company and Richard E. Uihlein entered into a debt financing arrangement whereby Mr. Uihlein loaned $10,000,000 to the Company. In consideration for the loan, the Company issued a convertible promissory note (the “April 2021 Note”) in the principal amount of ten million dollars.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The April 2021 Note had an original maturity date of April 16, 2025, is prepayable at the option of the Company in whole or in part at any time and is convertible into the Company’s common stock at a conversion price equal to $5.00 per share at the option of the noteholder. The April 2021 Note bears interest at the rate of two percent (2%) per annum, compounded annually with an effective interest rate of approximately 3%. For the three months ended March 31, 2026 and 2025, approximately $54,000 and $53,000, respectively, of interest expense was accrued and included with the principal in the financial statements.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The April 2021 Note also includes a contingent interest component that requires the Company to pay additional interest at a rate of two and one-half percent (2.5%) per quarter (10% per annum) (the “Additional Interest”) beginning on the date of issuance of this Note and ending on the maturity date, provided however, that such payment is only required if and only if the noteholder elects to convert the entire balance of the April 2021 Note into the Company’s common stock on or prior to maturity. As the contingent event is not based on creditworthiness, such feature is not clearly and closely related to the host instrument and accordingly must be bifurcated and recognized as a derivative liability and a debt discount on the April 2021 Note at its inception. The fair value of the contingent interest derivative liability was $420,000 at note inception (April 16, 2021). The fair value of the contingent interest derivative liability was $1,330,000 and $1,680,000 at March 31, 2026 and December 31, 2025, respectively, and is recognized as a derivative liability in the consolidated balance sheet. The change in the fair value of the derivative liability for the three months ended March 31, 2026 and 2025 of $(350,000) and $89,000 respectively, was charged to other expense for the three months ended March 31, 2026 and 2025. The amortization of the original $420,000 debt discount of $26,000 was recorded as additional interest expense for the three months ended March 31, 2025. The debt discount was fully amortized at December 31, 2025.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">On May 14, 2024, Mr. Uihlein, as holder of the April 2021 Note irrevocably elected to convert the entire principal amount of such note, plus accrued and unpaid interest, into shares of common stock of the Company at a price of $5.00 per share, effective as of April 16, 2025, which is the maturity date of the April 2021 Note. In connection with entering into the March 2025 Supplemental Line of Credit (see Note 10), the Company agreed to extend the maturity date of the Convertible Promissory Note dated April 2021 from April 16, 2025 to September 30, 2025. Additionally, in connection with entering into the July 2025 Supplemental Line of Credit (see Note 10), the Company agreed to extend the maturity date of the Convertible Promissory Note dated April 2021 (and the September 2021 and December 2021 Convertible Notes) from September 30, 2025 to September 30, 2026. Finally, in connection with entering into the December 2025 Supplemental Line of Credit (see Note 9), the Company agreed to extend the maturity date of the Convertible Promissory Note dated April 2021 (and the September 2021 and December 2021 Convertible Notes) from September 30, 2026 to June 30, 2027. The April 2021 Note will remain outstanding and accrue interest until maturity, and no shares of common stock will be issued as a result of this election until June 30, 2027.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The September 2021 Note had an original maturity date of September 17, 2025, is prepayable at the option of the Company in whole or in part at any time and is convertible into the Company’s common stock at a conversion price equal to $8.64 per share at the option of the noteholder. The September 2021 Note bears interest at the rate of two percent (2%) per annum, compounded annually with an effective interest rate of approximately 3%. For the three months ended March 31, 2026 and 2025, approximately $54,000 and $53,000, respectively, of interest expense was accrued and included with the principal in the financial statements.</span> </div> <div style="font-size: 10pt;">  </div> <div style="margin: 0in; font-size: 12pt; text-indent: 0.5in;"><span style="font-size: 10pt;">The September 2021 Note also includes a contingent interest component that requires the Company to pay additional interest at a rate of two and one-half percent (2.5%) per quarter (10% per annum) (the “Additional Interest”) beginning on the date of issuance of this Note and ending on the maturity date, provided however, that such payment is only required if and only if the noteholder elects to convert the entire balance of the September 2021 Note into the Company’s common stock on or prior to maturity. As the contingent event is not based on creditworthiness, such feature is not clearly and closely related to the host instrument and accordingly must be bifurcated and recognized as a derivative liability and a debt discount on the September Note at its inception. The fair value of the contingent interest derivative liability was $433,000 at note inception (September 17, 2021). The fair value of the contingent interest derivative liability was $613,000 and $924,000 at March 31, 2026 and December 31, 2025, respectively, and is recognized as a derivative liability in the consolidated balance sheet. The change in the fair value of the derivative liability for the three months ended March 31, 2026 and 2025 of $(311,000) and $(21,000), respectively, was recorded to other expense for the three months ended March 31, 2026 and 2025. The amortization of the original $433,000 debt discount of $27,000 was recorded as additional interest expense for the three months ended March 31, 2025. The debt discount was fully amortized at December 31, 2025.</span></div><div style="margin: 0in; font-size: 12pt; text-indent: 0.5in;"><span style="font-size: 10pt;">On December 20, 2021, the second of the two promissory notes under the Loan Agreement was executed and delivered, (the “December 2021 Note”) to evidence the second loan in the principal amount of $10,000,000. The December 2021 Note had an original maturity date of December 20, 2025, is prepayable at the option of the Company in whole or in part at any time and is convertible into the Company’s common stock at a conversion price equal to $5.43 per share at the option of the noteholder. The December Note bears interest at the rate of two percent (2%) per annum, compounded annually with an effective interest rate of approximately 3%. For the three months ended March 31, 2026 and 2025, approximately $54,000 and $53,000, respectively, of interest expense was accrued and included with the principal in the financial statements.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">  </span></div><div style="margin: 0in; font-size: 12pt; text-indent: 0.5in;"><span style="font-size: 10pt;">The December 2021 Note also includes a contingent interest component that requires the Company to pay additional interest at a rate of two and one-half percent (2.5%) per quarter (10% per annum) (the “Additional Interest”) beginning on the date of issuance of this Note and ending on the maturity date, provided however, that such payment is only required if and only if the noteholder elects to convert the entire balance of the December 2021 Note into the Company’s common stock on or prior to maturity. As the contingent event is not based on creditworthiness, such feature is not clearly and closely related to the host instrument and accordingly must be bifurcated and recognized as a derivative liability and a debt discount on the December Note at its inception. The fair value of the contingent interest derivative liability was $415,000 at note inception (December 20, 2021). The fair value of the contingent interest derivative liability was $1,036,000 and $1,358,000 at March 31, 2026 and December 31, 2025, respectively, and is recognized as a derivative liability in the consolidated balance sheet. The change in the fair value of the derivative liability for the three months ended March 31, 2026 and 2025. of $(322,000) and $(43,000), respectively was recorded to other expense for the three months ended March 31, 2026 and 2025. The amortization of the original $415,000 debt discount of $26,000 was recorded as additional interest expense for the three months ended March 31, 2025. The debt discount was fully amortized at December 31, 2025.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">  </span></div><div style="margin: 0in; font-size: 12pt; text-indent: 0.5in;"><span style="font-size: 10pt;">The Company’s contractual cash obligations related to the outstanding convertible notes payable is a repayment of the September 2021 Note of the $10,000,000 plus accrued interest on June 30, 2027 and a repayment of the December 2021 Note of the $10,000,000 plus accrued interest on June 30, 2027, unless converted at the option of the noteholder.</span></div> 10000000 10000000 2025-04-16 5 0.02 0.03 54000 53000 0.025 0.10 420000 1330000 1680000 -350000 89000 420000 26000 5 2025-04-16 2027-06-30 0 2025-09-17 8.64 0.02 0.03 54000 53000 0.025 0.10 433000 613000 924000 -311000 -21000 433000 27000 2 10000000 2025-12-20 5.43 0.02 0.03 54000 53000 0.025 0.10 415000 1036000 1358000 -322000 -43000 415000 26000 10000000 10000000 <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">4. Fair Value of Financial Instruments</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The Company has certain financial assets and liabilities recorded at fair value. Fair values determined by Level 1 inputs utilize observable data such as quoted prices in active markets. Fair values determined by Level 2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts reflected in the consolidated balance sheets for cash equivalents, accounts payable and accrued expenses approximate their carrying value due to their short-term nature. There were no level 1 or 2 assets or liabilities at March 31, 2026 or December 31, 2025. See below for Fair Value of Derivatives related to Convertible Notes Payable at March 31, 2026 and December 31, 2025, which are level 3 liabilities.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Level 3 assets and liabilities measured and recorded at fair value on a recurring basis at March 31, 2026 and December 31, 2025 were as follows:</span> </div> <div style="font-size: 10pt;">  </div> <table cellpadding="0" style="text-align: left; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="vertical-align : middle; width : 1%; text-align : center; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">March 31,<br/>2026</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="vertical-align: middle; width: 1%; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">December 31,<br/>2025</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Derivative Liability – Contingent Interest April Note </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,330,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,680,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> Derivative Liability – Contingent Interest September Note </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">613,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">924,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Derivative Liability – Contingent Interest December Note </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,036,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,358,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table><div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The April Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at March 31, 2026 and December 31, 2025 are as follows:</span> </div> <div style="font-size: 10pt;">  </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: center;"> <div style="letter-spacing : normal; text-decoration-thickness : initial; text-decoration-style : initial; text-decoration-color : initial; text-indent : 0px; padding-left : 0px; "><span style="font-weight: bold;">March 31,</span></div><div style="letter-spacing : normal; text-decoration-thickness : initial; text-decoration-style : initial; text-decoration-color : initial; "><span style="font-weight: bold;">2026</span></div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> <div style="letter-spacing: normal; text-align: center; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-weight: bold;">December 31,</span></div><div style="letter-spacing: normal; text-align: center; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-weight: bold;">2025</span></div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Stock Price </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2.79</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">4.16</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> Conversion Price of conversion feature </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">5.00</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">5.00</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td><span style="letter-spacing: normal; text-indent: -16px; background-color: rgb(204, 238, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Term</span></td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"><span style="letter-spacing: normal; text-indent: -24px; background-color: rgb(204, 238, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1.25 years</span></td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold;"><span style="font-weight: 400; letter-spacing: normal; background-color: rgb(204, 238, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1.5 years</span></td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: left; width: 1%;"> </td> </tr><tr style="vertical-align: top;"> <td> <div> Risk Free Interest Rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.68</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.48</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Credit Adjusted Discount Rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13.40</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">12.03</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div> Volatility </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">105</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">113</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Dividend Rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> </table><div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The roll forward of the April Note derivative liability – contingent interest is as follows for the three months ended March 31, 2026 and 2025:</span> </div> <div style="font-size: 10pt;">  </div> <table cellpadding="0" style="margin-left: 0.25pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2025 </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,680,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(350,000</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Balance – March 31, 2026 </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">1,330,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2024 </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">47,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">89,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Balance – March 31, 2025 </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">136,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> </table><div style="text-indent: 36pt; text-align: justify;"> <span style="font-size: 10.0pt; color: #000000;">The September Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at March 31, 2026 and December 31, 2025 are as follows:</span> </div> <table cellpadding="0" style="margin-left: auto; border-collapse: collapse; margin-right: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; text-align: center;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center;"> <div style="text-indent: 6pt;"> <span style="font-weight: bold;">March 31,</span> </div> <div style="text-indent: 6pt;"> <span style="font-weight: bold;">2026</span> </div> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center;"> <div style="text-indent: 6pt;"> <span style="font-weight: bold;">December 31,</span></div> <div style="text-indent: 6pt;"> <span style="font-weight: bold;">2025</span> </div> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Stock Price </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2.79</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">4.16</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Conversion Price of conversion feature </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">8.64</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">8.64</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Term </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> <div style="text-indent: -18pt; padding-left: 18pt;"><br/></div> </td><td style="text-align: right; width: 9%; vertical-align: bottom;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1.25 years</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1.5 years</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Risk Free Interest Rate </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.68</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.48</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Credit Adjusted Discount Rate </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13.40</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">12.03</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Volatility </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">105</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">113</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Dividend Rate </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> </table><div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The roll forward of the September Note derivative liability – contingent interest is as follows:</span> </div> <div style="font-size: 10pt;">  </div> <table cellpadding="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Balance – December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">924,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(311,000</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Balance – March 31, 2026 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">613,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Balance – December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">94,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(21,000</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Balance – March 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">73,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The December Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at March 31, 2026 and December 31, 2025 are as follows:</span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 38.45pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center;"> <div style="text-indent: 6pt;"> <span style="font-weight: bold;">March 31,</span> </div> <div style="text-indent: 6pt;"> <span style="font-weight: bold;">2026</span> </div> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <span style="font-weight: bold;">December 31, <br/> 2025</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> Stock Price </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2.79</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">4.16</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> Conversion Price of conversion feature </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">5.43</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">5.43</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> Term </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"><br/></td><td style="vertical-align: bottom; text-align: right; width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1.25 years</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"><br/></td><td style="vertical-align: bottom; text-align: right; width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1.5 years</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> Risk Free Interest Rate </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.68</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.48</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> Credit Adjusted Discount Rate </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13.40</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">12.03</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> Volatility </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">105</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">113</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> Dividend Rate </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> </table><div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The roll forward of the December Note derivative liability – contingent interest is as follows:</span> </div> <div style="font-size: 10pt;">  </div> <table cellpadding="0" style="margin-left: 0.25pt; color: rgb(0, 0, 0); font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> <span style="color: rgb(0, 0, 0);">Balance – December 31, 2025</span> </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; color: rgb(0, 0, 0); width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; color: rgb(0, 0, 0); width: 9%;">1,358,000</td><td style="vertical-align: bottom; text-align: left; color: rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> <span style="color: rgb(0, 0, 0);">Fair Value Adjustment</span> </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; color: rgb(0, 0, 0); width: 9%; border-bottom: 2px solid black;">(322,000</td><td style="vertical-align: bottom; text-align: left; color: rgb(0, 0, 0); width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> <span style="color: rgb(0, 0, 0);">Balance – March 31, 2026</span> </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; color: rgb(0, 0, 0); width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; color: rgb(0, 0, 0); width: 9%; border-bottom: 2px solid black;">1,036,000</td><td style="vertical-align: bottom; text-align: left; color: rgb(0, 0, 0); width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> <span style="color: rgb(0, 0, 0);">Balance – December 31, 2024</span> </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; color: rgb(0, 0, 0); width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; color: rgb(0, 0, 0); width: 9%;">275,000</td><td style="vertical-align: bottom; text-align: left; color: rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> <span style="color: rgb(0, 0, 0);">Fair Value Adjustment</span> </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; color: rgb(0, 0, 0); width: 9%; border-bottom: 2px solid black;">(43,000</td><td style="vertical-align: bottom; text-align: left; color: rgb(0, 0, 0); width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> <span style="color: rgb(0, 0, 0);">Balance – March 31, 2025</span> </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; color: rgb(0, 0, 0); width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; color: rgb(0, 0, 0); width: 9%; border-bottom: 2px solid black;">232,000</td><td style="vertical-align: bottom; text-align: left; color: rgb(0, 0, 0); width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> </table> 0 0 0 0 0 0 0 0 <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Level 3 assets and liabilities measured and recorded at fair value on a recurring basis at March 31, 2026 and December 31, 2025 were as follows:</span> </div> <div style="font-size: 10pt;">  </div> <table cellpadding="0" style="text-align: left; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="vertical-align : middle; width : 1%; text-align : center; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">March 31,<br/>2026</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="vertical-align: middle; width: 1%; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">December 31,<br/>2025</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Derivative Liability – Contingent Interest April Note </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,330,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,680,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> Derivative Liability – Contingent Interest September Note </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">613,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">924,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Derivative Liability – Contingent Interest December Note </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,036,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,358,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table> 1330000 1680000 613000 924000 1036000 1358000 <div style="text-indent: 36pt; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The April Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at March 31, 2026 and December 31, 2025 are as follows:</span> </div> <div style="font-size: 10pt;">  </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: center;"> <div style="letter-spacing : normal; text-decoration-thickness : initial; text-decoration-style : initial; text-decoration-color : initial; text-indent : 0px; padding-left : 0px; "><span style="font-weight: bold;">March 31,</span></div><div style="letter-spacing : normal; text-decoration-thickness : initial; text-decoration-style : initial; text-decoration-color : initial; "><span style="font-weight: bold;">2026</span></div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> <div style="letter-spacing: normal; text-align: center; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-weight: bold;">December 31,</span></div><div style="letter-spacing: normal; text-align: center; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-weight: bold;">2025</span></div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Stock Price </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2.79</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">4.16</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> Conversion Price of conversion feature </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">5.00</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">5.00</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td><span style="letter-spacing: normal; text-indent: -16px; background-color: rgb(204, 238, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Term</span></td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"><span style="letter-spacing: normal; text-indent: -24px; background-color: rgb(204, 238, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1.25 years</span></td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold;"><span style="font-weight: 400; letter-spacing: normal; background-color: rgb(204, 238, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1.5 years</span></td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: left; width: 1%;"> </td> </tr><tr style="vertical-align: top;"> <td> <div> Risk Free Interest Rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.68</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.48</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Credit Adjusted Discount Rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13.40</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">12.03</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div> Volatility </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">105</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">113</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Dividend Rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> </table> 2.79 4.16 5 5 P1Y3M P1Y6M 3.68 3.48 13.4 12.03 105 113 0 0 <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The roll forward of the April Note derivative liability – contingent interest is as follows for the three months ended March 31, 2026 and 2025:</span> </div> <div style="font-size: 10pt;">  </div> <table cellpadding="0" style="margin-left: 0.25pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2025 </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,680,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(350,000</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Balance – March 31, 2026 </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">1,330,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2024 </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">47,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">89,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Balance – March 31, 2025 </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">136,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> </table> 1680000 -350000 1330000 47000 89000 136000 <div style="text-indent: 36pt; text-align: justify;"> <span style="font-size: 10.0pt; color: #000000;">The September Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at March 31, 2026 and December 31, 2025 are as follows:</span> </div> <table cellpadding="0" style="margin-left: auto; border-collapse: collapse; margin-right: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; text-align: center;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center;"> <div style="text-indent: 6pt;"> <span style="font-weight: bold;">March 31,</span> </div> <div style="text-indent: 6pt;"> <span style="font-weight: bold;">2026</span> </div> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center;"> <div style="text-indent: 6pt;"> <span style="font-weight: bold;">December 31,</span></div> <div style="text-indent: 6pt;"> <span style="font-weight: bold;">2025</span> </div> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Stock Price </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2.79</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">4.16</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Conversion Price of conversion feature </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">8.64</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">8.64</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Term </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> <div style="text-indent: -18pt; padding-left: 18pt;"><br/></div> </td><td style="text-align: right; width: 9%; vertical-align: bottom;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1.25 years</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%; vertical-align: bottom;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1.5 years</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Risk Free Interest Rate </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.68</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.48</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Credit Adjusted Discount Rate </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13.40</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">12.03</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Volatility </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">105</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">113</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Dividend Rate </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> </table> 2.79 4.16 8.64 8.64 P1Y3M P1Y6M 3.68 3.48 13.4 12.03 105 113 0 0 <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The roll forward of the September Note derivative liability – contingent interest is as follows:</span> </div> <div style="font-size: 10pt;">  </div> <table cellpadding="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Balance – December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">924,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(311,000</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Balance – March 31, 2026 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">613,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -12pt; padding-left: 12pt;"> Balance – December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">94,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(21,000</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Balance – March 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">73,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> </table> 924000 -311000 613000 94000 -21000 73000 <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The December Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at March 31, 2026 and December 31, 2025 are as follows:</span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 38.45pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center;"> <div style="text-indent: 6pt;"> <span style="font-weight: bold;">March 31,</span> </div> <div style="text-indent: 6pt;"> <span style="font-weight: bold;">2026</span> </div> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <span style="font-weight: bold;">December 31, <br/> 2025</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> Stock Price </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2.79</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">4.16</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> Conversion Price of conversion feature </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">5.43</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">5.43</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> Term </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"><br/></td><td style="vertical-align: bottom; text-align: right; width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1.25 years</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"><br/></td><td style="vertical-align: bottom; text-align: right; width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1.5 years</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> Risk Free Interest Rate </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.68</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.48</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> Credit Adjusted Discount Rate </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13.40</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">12.03</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> Volatility </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">105</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">113</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> Dividend Rate </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> </table> 2.79 4.16 5.43 5.43 P1Y3M P1Y6M 3.68 3.48 13.4 12.03 105 113 0 0 <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The roll forward of the December Note derivative liability – contingent interest is as follows:</span> </div> <div style="font-size: 10pt;">  </div> <table cellpadding="0" style="margin-left: 0.25pt; color: rgb(0, 0, 0); font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> <span style="color: rgb(0, 0, 0);">Balance – December 31, 2025</span> </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; color: rgb(0, 0, 0); width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; color: rgb(0, 0, 0); width: 9%;">1,358,000</td><td style="vertical-align: bottom; text-align: left; color: rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> <span style="color: rgb(0, 0, 0);">Fair Value Adjustment</span> </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; color: rgb(0, 0, 0); width: 9%; border-bottom: 2px solid black;">(322,000</td><td style="vertical-align: bottom; text-align: left; color: rgb(0, 0, 0); width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> <span style="color: rgb(0, 0, 0);">Balance – March 31, 2026</span> </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; color: rgb(0, 0, 0); width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; color: rgb(0, 0, 0); width: 9%; border-bottom: 2px solid black;">1,036,000</td><td style="vertical-align: bottom; text-align: left; color: rgb(0, 0, 0); width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> <span style="color: rgb(0, 0, 0);">Balance – December 31, 2024</span> </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; color: rgb(0, 0, 0); width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; color: rgb(0, 0, 0); width: 9%;">275,000</td><td style="vertical-align: bottom; text-align: left; color: rgb(0, 0, 0); width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> <span style="color: rgb(0, 0, 0);">Fair Value Adjustment</span> </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; color: rgb(0, 0, 0); width: 9%; border-bottom: 2px solid black;">(43,000</td><td style="vertical-align: bottom; text-align: left; color: rgb(0, 0, 0); width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> <span style="color: rgb(0, 0, 0);">Balance – March 31, 2025</span> </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; color: rgb(0, 0, 0); width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; color: rgb(0, 0, 0); width: 9%; border-bottom: 2px solid black;">232,000</td><td style="vertical-align: bottom; text-align: left; color: rgb(0, 0, 0); width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> </table> 1358000 -322000 1036000 275000 -43000 232000 <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">5. Stock-Based Compensation</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Following is the stock-based compensation expense related to common stock options, restricted common stock, common stock warrants and deferred stock units:</span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td colspan="5" style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Three Months Ended<br/>March 31,</span> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr><tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">2026</span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">2025</span></td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Research and development </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">284</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">190</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> General and administrative </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">491</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">278</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Total stock-based compensation expense </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">775</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">468</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-indent: 36pt;"><span style="font-size: 10.0pt; color: #000000;">The following table summarizes the stock option activity in the Company’s equity incentive plans, including non-plan grants to Company executives, from December 31, 2025 through March 31, 2026:</span> </div><div style="font-size: 10pt;">  </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"><br/><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br/><br/>Shares</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Weighted<br/>Average<br/>Exercise<br/>Price</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">6,572,509</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2.27</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-left: 10px;"> <div> Granted </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,020,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.05</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">(173,333</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1.48</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; padding-left: 10px;"> <div> Options forfeited/cancelled </div> </td> <td style="vertical-align: bottom; text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(211,583</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-width: medium; border-style: none; border-color: currentcolor;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-width: medium; border-style: none; border-color: currentcolor;">2.72</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, March 31, 2026 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">7,207,593</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2.38</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> </table><div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">As of March 31, 2026, there was $2,113,685 of unrecognized compensation related to 1,680,000 unvested options, which is expected to be recognized over a weighted–average period of approximately 0.9 years. The weighted-average grant date fair value for options granted during the three months ended March 31, 2026 was $2.22. The Company granted 1,020,000 stock options during the three months ended March 31, 2026.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The fair value of all other options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:</span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%;"> <span style="font-weight: bold;">Three <br/> Months<br/> Ended <br/> March 31,</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%;"> <span style="font-weight: bold;">Three <br/> Months <br/> Ended <br/> March 31,</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%;"> <div style="text-indent: -9pt; padding-left: 9pt;"> <span style="font-weight: bold;">2026</span> </div> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%;"> <span style="font-weight: bold;">2025</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Risk-free interest rate </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.84</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">4.48</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div> Expected life of the options </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> 5.6 years </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> 5.6 years </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Expected volatility of the underlying stock </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">88</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">83</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div> Expected dividend rate </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> </table><div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">In January 2026, the Company’s board chairman elected to take restricted stock grants in lieu of cash retainers for 2025. A total of 13,158 shares of restricted stock valued at approximately $40,000 is being amortized to expense on a straight-line basis until December 31, 2026 when the stock vests in full. In January 2025, the Company’s board chairman elected to take restricted stock grants in lieu of cash retainers for 2025. A total of 32,250 shares of restricted stock valued at approximately $40,000 is being amortized to expense on a straight-line basis until December 31, 2025 when the stock vested in full.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">During the three months ended March 31, 2026, the Company issued 505,000 restricted stock units to its employees valued at $1,535,000 at the date of grant. These restricted stock units will vest 100% on the earlier of entering into a partnership or December 31, 2026. The Company believes that is probable that the vesting condition will be met and is amortizing the restricted stock unit expense ratably in 2026. The amount of expense recorded during the quarter ended March 31, 2026 was $329,000.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">During the three months ended March 31, 2025, the Company issued 504,000 restricted stock units to its employees valued at $620,000 at the date of grant. These restricted stock units will vest 100% on the earlier of entering into a partnership or December 31, 2025. The Company believes that is probable that the vesting condition will be met and is amortizing the restricted stock unit expense ratably in 2025. The amount of expense recorded during the quarter ended March 31, 2025 was $124,000.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">In September 2020, the Company entered into an employment agreement with its new Chief Executive Officer whereby 20% of his base salary and performance bonuses will be paid in cash, and 80% will be paid in the form of deferred stock units (“DSUs”) through December 31, 2022 in accordance with the terms and subject to the provisions set forth in the DSU Agreement. DSUs credited to Mr. Lewis as of any date shall be fully vested and nonforfeitable at all times. Pursuant to an amendment to the DSU Agreement in July 2022, the Company shall issue the shares earned through December 31, 2022 underlying the outstanding whole number of DSUs credited to Mr. Lewis as follows: twenty five percent shall be issued on March 1, 2023, fifty percent shall be issued on March 1, 2024 and twenty five percent shall be issued on September 1, 2028. Additionally, a 2023 DSU Agreement was executed in July 2022, whereby Mr. Lewis would continue to receive 20% of salary in cash and 80% in DSUs through December 31, 2023. The shares under the 2023 DSU Agreement are to be issued fifty percent on March 1, 2025 and fifty percent on January 5, 2026.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">On January 5, 2026, fifty percent of the DSU’s were issued to Mr. Lewis in accordance with the 2023 DSU Agreement. A total of 137,563 shares were due to be issued; however, 56,336 shares were withheld to cover income tax withholding of $218,568 resulting in 81,232 shares actually issued.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">On March 1, 2025, fifty percent of the DSU’s were issued to Mr. Lewis in accordance with the 2023 DSU Agreement. A total of 137,563 shares were due to be issued; however, 56,420 shares were withheld to cover income tax withholding of $88,579 resulting in 81,144 shares actually issued.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">There is no unrecognized compensation expense related to the DSUs.</span> </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Following is the stock-based compensation expense related to common stock options, restricted common stock, common stock warrants and deferred stock units:</span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td colspan="5" style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Three Months Ended<br/>March 31,</span> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr><tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">2026</span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">2025</span></td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Research and development </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">284</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">190</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> General and administrative </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">491</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">278</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Total stock-based compensation expense </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">775</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">468</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 284000 190000 491000 278000 775000 468000 <div style="text-indent: 36pt;"><span style="font-size: 10.0pt; color: #000000;">The following table summarizes the stock option activity in the Company’s equity incentive plans, including non-plan grants to Company executives, from December 31, 2025 through March 31, 2026:</span> </div><div style="font-size: 10pt;">  </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"><br/><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br/><br/>Shares</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Weighted<br/>Average<br/>Exercise<br/>Price</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">6,572,509</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2.27</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-left: 10px;"> <div> Granted </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,020,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.05</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">(173,333</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1.48</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; padding-left: 10px;"> <div> Options forfeited/cancelled </div> </td> <td style="vertical-align: bottom; text-align: right; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(211,583</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-width: medium; border-style: none; border-color: currentcolor;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-width: medium; border-style: none; border-color: currentcolor;">2.72</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, March 31, 2026 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">7,207,593</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2.38</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> </table> 6572509 2.27 1020000 3.05 173333 1.48 211583 2.72 7207593 2.38 2113685 1680000 P0Y10M24D 2.22 1020000 <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The fair value of all other options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:</span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%;"> <span style="font-weight: bold;">Three <br/> Months<br/> Ended <br/> March 31,</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%;"> <span style="font-weight: bold;">Three <br/> Months <br/> Ended <br/> March 31,</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%;"> <div style="text-indent: -9pt; padding-left: 9pt;"> <span style="font-weight: bold;">2026</span> </div> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 9%;"> <span style="font-weight: bold;">2025</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Risk-free interest rate </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">3.84</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">4.48</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div> Expected life of the options </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> 5.6 years </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> 5.6 years </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Expected volatility of the underlying stock </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">88</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">83</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div> Expected dividend rate </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">%</td> </tr> </table> 0.0384 0.0448 P5Y7M6D P5Y7M6D 0.88 0.83 0 0 13158 40000 32250 40000 505000 1535000 1 329000 504000 620000 1 124000 0.20 0.80 0.25 0.50 0.25 0.20 0.80 0.50 0.50 0.50 137563 56336 218568 81232 0.50 137563 56420 88579 81144 0 <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">6. Common Stock Warrants</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The following table summarizes the common stock warrant activity from December 31, 2025 through March 31, 2026:</span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td> <td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Shares</span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Weighted Average<br/>Exercise Price</span></td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">4,172,144</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">5.93</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-left: 10px;"> <div> Granted </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  — </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">   — </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  — </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">   — </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-left: 10px;"> <div> Forfeited/cancelled </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  — </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">   — </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, March 31, 2026 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">4,172,144</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">5.93</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table><div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The weighted average expiration of the warrants outstanding as of March 31, 2026 is 1.3 years.</span> </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The following table summarizes the common stock warrant activity from December 31, 2025 through March 31, 2026:</span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td> <td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Shares</span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Weighted Average<br/>Exercise Price</span></td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">4,172,144</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">5.93</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-left: 10px;"> <div> Granted </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  — </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">   — </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  — </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">   — </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-left: 10px;"> <div> Forfeited/cancelled </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  — </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">   — </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, March 31, 2026 </div> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">4,172,144</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">5.93</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table> 4172144 5.93 0 0 0 0 0 0 4172144 5.93 P1Y3M18D <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">7. Loss Per Share</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Basic net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares and other potential common shares then outstanding. Potential common shares consist of common shares issuable upon the assumed exercise of in-the-money stock options and warrants and potential common shares related to the conversion of the preferred stock. The computation of diluted net loss per share does not assume the issuance of common shares that have an anti-dilutive effect on net loss per share.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Dilutive shares which could exist pursuant to the exercise of outstanding stock instruments and which were not included in the calculation because their affect would have been anti-dilutive are as follows:</span> </div> <table style="border-spacing: 0px; border-collapse: collapse; width: 100%; font-size: 10pt;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">March 31,<br/>2026</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">March 31,<br/>2025</span></td> <td style="vertical-align: bottom;"> </td> </tr><tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(shares)</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(shares)</span></td> <td style="vertical-align: bottom;"> </td> </tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0px;"> <div> Warrants to purchase shares of common stock </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 4,172,144 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 9,595,777 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0;"> <div> Options to purchase shares of common stock </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 7,207,593 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 7,999,758 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0px;"> <div> Restricted stock units </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 518,158 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 536,520 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0;"> <div> Shares of common stock issuable upon conversion of convertible notes payable – related party </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 7,785,092 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 7,175,772 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0px;"> <div> Shares of common stock issuable upon conversion of convertible line of credit – related party </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 33,642,982 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 25,515,956 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0;"> <div> Shares of common stock issuable upon conversion of preferred stock </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px 0px 0.5pt; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> </td> <td style="padding: 0px 0px 0.5pt; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 490,840 </td> <td style="padding: 0px 0px 0.5pt; border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px 0px 0.5pt; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> </td> <td style="padding: 0px 0px 0.5pt; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 499,174 </td> <td style="padding: 0px 0px 0.5pt; border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px 0px 1.1pt; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> </td> <td style="padding: 0px 0px 1.1pt; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 53,816,809 </td> <td style="padding: 0px 0px 1.1pt; border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px 0px 1.1pt; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> </td> <td style="padding: 0px 0px 1.1pt; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 51,322,957 </td> <td style="padding: 0px 0px 1.1pt; border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom;"> </td> </tr> </table> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Dilutive shares which could exist pursuant to the exercise of outstanding stock instruments and which were not included in the calculation because their affect would have been anti-dilutive are as follows:</span> </div> <table style="border-spacing: 0px; border-collapse: collapse; width: 100%; font-size: 10pt;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">March 31,<br/>2026</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">March 31,<br/>2025</span></td> <td style="vertical-align: bottom;"> </td> </tr><tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(shares)</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: center;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(shares)</span></td> <td style="vertical-align: bottom;"> </td> </tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0px;"> <div> Warrants to purchase shares of common stock </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 4,172,144 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 9,595,777 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0;"> <div> Options to purchase shares of common stock </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 7,207,593 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 7,999,758 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0px;"> <div> Restricted stock units </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 518,158 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 536,520 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0;"> <div> Shares of common stock issuable upon conversion of convertible notes payable – related party </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 7,785,092 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 7,175,772 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0px;"> <div> Shares of common stock issuable upon conversion of convertible line of credit – related party </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 33,642,982 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 25,515,956 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0;"> <div> Shares of common stock issuable upon conversion of preferred stock </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px 0px 0.5pt; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> </td> <td style="padding: 0px 0px 0.5pt; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 490,840 </td> <td style="padding: 0px 0px 0.5pt; border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px 0px 0.5pt; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> </td> <td style="padding: 0px 0px 0.5pt; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 499,174 </td> <td style="padding: 0px 0px 0.5pt; border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px 0px 1.1pt; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> </td> <td style="padding: 0px 0px 1.1pt; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 53,816,809 </td> <td style="padding: 0px 0px 1.1pt; border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> </td> <td style="padding: 0px 0px 1.1pt; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> </td> <td style="padding: 0px 0px 1.1pt; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 51,322,957 </td> <td style="padding: 0px 0px 1.1pt; border-width: medium; border-style: none; border-color: currentcolor; vertical-align: bottom;"> </td> </tr> </table> 4172144 9595777 7207593 7999758 518158 536520 7785092 7175772 33642982 25515956 490840 499174 53816809 51322957 <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">8. Common Stock</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 18pt;"> <span style="font-size: 10.0pt; font-style: italic;">2020 At Market Issuance of Common Stock</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">On May 11, 2020, the Company entered into an At Market Issuance Sales Agreement (the “2020 At Market Agreement”) with a sales agent under which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $40.0 million from time to time through the sales agent. Sales of the Company’s common stock through the sales agent, if any, will be made by any method that is deemed an “at the market” offering as defined by the U.S. Securities and Exchange Commission. The Company will pay to the sales agent a commission rate equal to 3.0% of the gross proceeds from the sale of any shares of common stock sold through the sales agent under the 2020 At Market Agreement. During the quarters ended March 31, 2026 and 2025, there were no issuances of shares of common stock under the 2020 At Market Agreement.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">For each of the three months ended March 31, 2026 and 2025, the Company issued a total of 29,450 and 29,950 shares of common stock, respectively, for dividends on Series A and Series C Preferred Stock.</span> </div> 40000000 0.03 0 0 29450 29950 <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">9. Convertible Line of Credit – Related Party and Supplemental Convertible Lines of Credit – Related Party</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">On July 25, 2022, the Company and Richard E. Uihlein (the “Lender”) entered into a Line of Credit Letter Agreement (the “Credit Agreement”), pursuant to which the Lender shall provide the Company a line of credit of up to $60.0 million (the “Line of Credit”) to finance the Company’s working capital needs. The Company may draw upon the Line of Credit through July 31, 2024.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Each advance made pursuant to the Credit Agreement shall be evidenced by an unsecured, convertible promissory note (individually, a “Promissory Note,” and collectively, the “Promissory Notes”), and bear interest at the Applicable Federal Rate for short term loans, plus two (2%) percent. </span><span style="font-size: 10.0pt;">Principal and interest on the Promissory Notes were originally due on or before January 31, 2026, however, the maturity date was extended to September 30, 2026 in connection with a new line of credit dated July 8, 2025. Due to the extension of the maturity date for all lines of credit, the remaining amortization expense of the warrants issued with each draw was adjusted prospectively from July 8, 2025 through September 30, 2026. In connection with another new line of credit dated December 31, 2025, the maturity date for all lines of credit was extended to June 30, 2027. Only with the consent of the Lender, may the Promissory Notes be prepaid, in whole or in part, at any time without premium or penalty, but with interest on the amount or amounts prepaid.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">At the election of Lender, the principal and accrued interest on Promissory Note(s) may be converted into the number of shares of the Company’s Common Stock equal to the amount of principal and accrued interest on such Promissory Note divided by the price equal to the closing price of the Common Stock on the date of such Promissory Note, but in no event less than $3.00 per share.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">In connection with the Credit Agreement, the Company agreed to issue the Lender warrants to purchase up to an aggregate of 1,700,000 shares of the Company’s common stock, par value $0.001 per share (collectively, the “Warrants”). Upon execution of the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 500,000 shares of Company’s Common Stock at an exercise price of $5.00 per share, which Warrant is exercisable upon issuance. Further, pursuant to the Credit Agreement, the Company shall issue to the Lender additional Warrants to purchase up to the remaining 1,200,000 shares of the Company’s common stock, ratably, upon borrowings under the Credit Agreement, with exercise prices equal to 150% of the closing price of the Company’s common Stock on the date of the Promissory Note evidencing such draw, but in no event more than $10.00 per share nor less than $3.00 per share. The Warrants expire on July 31, 2029.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The fair value of the 500,000 warrants vested at closing on July 25, 2022 was $738,000 at the date of issuance based on the following assumptions: an expected life of 7 years, volatility of 92%, risk free interest rate of 3.19% and zero dividends. The fair value of the vested warrants was recorded in other assets (non-current) as a deferred financing cost and initially was being amortized on a straight-line basis from July 25, 2022 through January 31, 2026. The amortization period was adjusted through the extended maturity date of June 30, 2027. Amortization for the three months ended March 31, 2026 and 2025 of $12,000 and $52,000, respectively, was recorded as interest expense.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">On December 19, 2022, the Company executed a $10 million Promissory Note under the Line of Credit. The interest rate on this draw is 6.46% (Applicable Federal Rate for short term loans on date of draw of 4.46% plus 2%). The effective interest rate is approximately 7.1%. Accrued interest on this draw was $2,355,000 and $2,158,000 at March 31, 2026 and December 31, 2025, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $3.00 per share, which Warrant is exercisable upon issuance.</span> </div> <div style="font-size: 10pt;">  </div> <div style="margin: 0in; font-size: 12pt; text-indent: 0.5in;"><span style="font-size: 10pt;">The fair value of the 200,000 warrants vested at closing on December 19, 2022 was $160,780 at the date of issuance based on the following assumptions: an expected life of 7 years, volatility of 91%, risk free interest rate of 4.06% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal to be amortized on a straight-line basis, which is not materially different than the effective interest method, from December 19, 2022 through June 30, 2027. Amortization for the three months ended March 31, 2026 and March 31, 2025 of $3,000 and $13,000, respectively, was recorded as interest expense. The fair value of warrants that vest in the future based on borrowings will be computed when those borrowings occur and amortized over the remaining period through June 30, 2027.</span></div><div style="text-indent: 36pt;"> </div> <div style="text-indent: 35.5pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt; color: #000000;">On March 31, 2023, the Company executed an additional $10 million Promissory Note under the Line of Credit. The interest rate on this draw is 6.41% (Applicable Federal Rate for short term loans on date of draw of 4.41% plus 2%). The effective interest rate is approximately 7.1%. Accrued interest on this draw was approximately $2,114,000 and $1,922,000 at March 31, 2026 and December 31, 2025, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $3.26 per share, which Warrant is exercisable upon issuance.</span> </div><div style="text-indent: 35.6pt; margin-left: 0.2pt;"><span style="font-size: 10.0pt;">The fair value of the 200,000 warrants vested at closing on March 31, 2023 was $296,680 at the date of issuance based on the following assumptions: an expected life of 6.33 years, volatility of 88%, risk free interest rate of 3.94% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from March 31, 2023 through June 30, 2027. Amortization for the quarters ended March 31, 2026 and 2025 of $6,000 and $26,000, respectively, was recorded as interest expense.</span> </div><div style="font-size: 10pt;">  </div> <div style="text-indent: 35.6pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">On June 30, 2023, the Company executed an additional $10 million Promissory Note under the Line of Credit. The interest rate on this draw is 6.34% (Applicable Federal Rate for short term loans on date of draw of 4.34% plus 2%). The effective interest rate is approximately 7.1%. Accrued interest on this draw was approximately $1,899,000 and $1,713,000 at March 31, 2026 and December 31, 2026, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $3.00 per share, which Warrant is exercisable upon issuance.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 35.6pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">The fair value of the 200,000 warrants vested at closing on June 30, 2023 was $179,920 at the date of issuance based on the following assumptions: an expected life of 6.08 years, volatility of 85%, risk free interest rate of 3.59% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from June 30, 2023 through June 30, 2027. Amortization for the quarters ended March 31, 2026 and 2025 of $4,000 and $17,000, respectively, was recorded as interest expense.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 35.6pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">On December 29, 2023, the Company executed an additional $10 million Promissory Note under the Line of Credit. The interest rate on this draw is 7.13% (Applicable Federal Rate for short term loans on date of draw of 5.13% plus 2%). The effective interest rate is approximately 7.5%. Accrued interest on this draw was approximately $1,739,000 and $1,532,000 at March 31, 2026 and December 31, 2025, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $3.00 per share, which Warrant is exercisable upon issuance.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 35.6pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">The fair value of the 200,000 warrants vested at closing on December 31, 2023 was $193,745 at the date of issuance based on the following assumptions: an expected life of 5.7 years, volatility of 79%, risk free interest rate of 4.49% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from December 29, 2023 through June 30, 2027. Amortization for the quarters ended March 31, 2026 and 2025 of $5,000 and $23,000, respectively, was recorded as interest expense.</span> </div> <div style="margin-left: 0.2pt; font-size: 10pt;">  </div> <div style="text-indent: 35.6pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">On March 29, 2024, the Company executed an additional $10 million Promissory Note under the Line of Credit. The interest rate on this draw is 6.62% (Applicable Federal Rate for short term loans on date of draw of 4.62% plus 2%). The effective interest rate is approximately 7.1%. Accrued interest on this draw was $1,416,000 and $1,229,000 at March 31, 2026 and December 31, 2025, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $3.59 per share, which Warrant is exercisable upon issuance.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 35.6pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">The fair value of the 200,000 warrants vested at closing on March 29, 2024, was $277,389 at the date of issuance based on the following assumptions: an expected life of 5.33 years, volatility of 75%, risk free interest rate of 4.19% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from March 29, 2024 through June 30, 2027. Amortization for the quarters ended March 31, 2026 and 2025 of $9,000 and $38,000, respectively, was recorded as interest expense.</span> </div> <div style="margin-left: 0.3pt; font-size: 10pt;">  </div> <div style="text-indent: 35.4pt; margin-left: 0.3pt;"> <span style="font-size: 10.0pt;">On June 28, 2024, the Company executed an additional $10 million Promissory Note under the Line of Credit. The interest rate on this draw is 7.01% (Applicable Federal Rate for short term loans on date of draw of 5.01% plus 2%). The effective interest rate is approximately 7.4%. Accrued interest on this draw was $1,305,000 and $1,110,000 at March 31, 2026 and December 31, 2025, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $3.39 per share, which Warrant is exercisable upon issuance.</span> </div> <div style="margin-left: 0.3pt; font-size: 10pt;">  </div> <div style="text-indent: 35.6pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">The fair value of the 200,000 warrants vested at closing on June 28, 2024, was $260,000 at the date of issuance based on the following assumptions: an expected life of 5.03 years, volatility of 77%, risk free interest rate of 4.29% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from June 28, 2024 through June 30, 2027. Amortization for the quarters ended March 31, 2026 and 2025 of $41,000 and $9,000, respectively, was recorded as interest expense.</span> </div><div style="text-indent: 35.2pt; margin-left: 0.3pt;"> <span style="font-size: 10.0pt; color: #000000;">On March 29, 2024, the Company and Richard E. Uihlein (the “Lender”) entered into a Supplemental Line of Credit Letter Agreement (the “Supplemental Credit Agreement”), pursuant to which the Lender shall provide the Company a line of credit of up to $10.0 million (the “Supplemental Line of Credit”) to finance the Company’s working capital needs. The Company may draw upon the Supplemental Line of Credit through March 31, 2025.</span> </div> <div style="margin-left: 0.3pt; font-size: 10pt;">  </div> <div style="text-indent: 35.4pt; margin-left: 0.3pt;"> <span style="font-size: 10.0pt;">Each advance made pursuant to the Supplemental Credit Agreement shall be evidenced by an unsecured, convertible promissory note (individually, a “Promissory Note,” and collectively, the “Promissory Notes”), and bear interest at the Applicable Federal Rate for short term loans, plus two (2%) percent. Principal and interest on the Promissory Notes are due on or before January 31, 2026, which was extended through June 30, 2027 in connection with the December 2025 agreement. Only with the consent of the Lender, may the Promissory Notes be prepaid, in whole or in part, at any time without premium or penalty, but with interest on the amount or amounts prepaid.</span> </div> <div style="margin-left: 0.3pt; font-size: 10pt;">  </div> <div style="text-indent: 35.4pt; margin-left: 0.3pt;"> <span style="font-size: 10.0pt;">At the election of Lender, the principal and accrued interest on Promissory Note(s) may be converted into the number of shares of the Company’s Common Stock equal to the amount of principal and accrued interest on such Promissory Note divided by the price equal to the closing price of the Common Stock on the date of such Promissory Note, but in no event less than $3.00 per share.</span> </div> <div style="margin-left: 0.3pt; font-size: 10pt;">  </div> <div style="text-indent: 35.4pt; margin-left: 0.3pt;"> <span style="font-size: 10.0pt;">In connection with the Supplemental Credit Agreement, the Company agreed to issue the Lender warrants to purchase up to an aggregate of 200,000 shares of the Company’s common stock, par value $0.001 per share (collectively, the “Warrants”). The Company shall issue to the Lender Warrants ratably, upon borrowings under the Supplemental Line of Credit, with exercise prices equal to 150% of the closing price of the Company’s common Stock on the date of the Promissory Note evidencing such draw, but in no event more than $10.00 per share nor less than $3.00 per share. The Warrants expire on July 31, 2029.</span> </div> <div style="margin-left: 0.3pt; font-size: 10pt;">  </div> <div style="text-indent: 35.6pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">On September 30, 2024, the Company executed a $10 million Promissory Note under the Supplemental Line of Credit. The interest rate on this draw is 6.13% (Applicable Federal Rate for short term loans on date of draw of 5.01% plus 2%). The effective interest rate is approximately 6.4%. Accrued interest on this draw was $1,017,000 and $841,000 at March 31, 2026 and December 31, 2025, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $4.13 per share, which Warrant is exercisable upon issuance. The fair value of the 200,000 warrants vested at closing on September 30, 2024, was $307,780 at the date of issuance based on the following assumptions: an expected life of 4.83 years, volatility of 78%, risk free interest rate of 3.58% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from October 1, 2024 through June 30, 2027. Amortization for the quarters ended March 31, 2026 and 2025 of $13,000 and $58,000, respectively, was recorded as interest expense.</span> </div><div style="text-indent: 35.4pt; margin-left: 0.3pt;"> <span style="font-size: 10.0pt;">On November 14, 2024, the Company and Richard E. Uihlein (the “Lender”) entered into an additional Supplemental Line of Credit Letter Agreement (the “November 2024 Supplemental Credit Agreement”), pursuant to which the Lender shall provide the Company a line of credit of up to $6.0 million (the “November 2024 Supplemental Line of Credit”) to finance the Company’s working capital needs. The Company may draw upon the November 2024 Supplemental Line of Credit, as amended, through May 31, 2025. On April 30, 2025, The Company executed a $6 million promissory note under the November 2024 Supplemental Line of Credit.</span> </div> <div style="margin-left: 0.3pt; font-size: 10pt;">  </div> <div style="text-indent: 35.4pt; margin-left: 0.3pt;"> <span style="font-size: 10.0pt;">Each advance made pursuant to the November 2024 Supplemental Credit Agreement shall be evidenced by an unsecured, convertible promissory note (individually, a “Promissory Note,” and collectively, the “Promissory Notes”), and bear interest at the Applicable Federal Rate for short term loans, plus two (2%) percent. Principal and interest on the Promissory Notes are due on or before March 31, 2026, which was extended to June 30, 2027 as part of the December 2025 agreement. Only with the consent of the Lender, may the Promissory Notes be prepaid, in whole or in part, at any time without premium or penalty, but with interest on the amount or amounts prepaid.</span> </div> <div style="margin-left: 0.3pt; font-size: 10pt;">  </div> <div style="text-indent: 35.4pt; margin-left: 0.3pt;"> <span style="font-size: 10.0pt;">At the election of Lender, the principal and accrued interest on Promissory Note(s) may be converted into the number of shares of the Company’s Common Stock equal to the amount of principal and accrued interest on such Promissory Note divided by the price equal to the closing price of the Common Stock on the date of such Promissory Note, but in no event less than $3.00 per share.</span> </div> <div style="margin-left: 0.3pt; font-size: 10pt;">  </div> <div style="text-indent: 35.5pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">In connection with the November 2024 Supplemental Credit Agreement, the Company agreed to issue the Lender warrants to purchase up to an aggregate of 120,000 shares of the Company’s common stock, par value $0.001 per share (collectively, the “Warrants”). The Company shall issue to the Lender Warrants ratably, upon borrowings under the November 2024 Supplemental Line of Credit, with exercise prices equal to 150% of the closing price of the Company’s common Stock on the date of the Promissory Note evidencing such draw, but in no event more than $10.00 per share nor less than $3.00 per share. The Warrants expire on July 31, 2029.</span> </div> <div style="margin-left: 0.2pt; font-size: 10pt;">  </div> <div style="text-indent: 31.5pt;"> <span style="font-size: 10.0pt;">On April 30, 2025, the Company executed a $6 million Promissory Note under the November 2024 Supplemental Line of Credit. The interest rate on this draw is 6.13% (Applicable Federal Rate for short term loans on date of draw of 4.13% plus 2%). The effective interest rate is approximately 6.4%. Accrued interest on this draw was $344,000 and $248,000 at March 31, 2026 and December 31, 2025, repsectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 120,000 shares of Company’s Common Stock at an exercise price of $3.00 per share, which Warrant is exercisable upon issuance.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 31.5pt;"> <span style="font-size: 10.0pt;">The fair value of the 120,000 warrants vested at closing on April 30, 2025, was $80,040 at the date of issuance based on the following assumptions: an expected life of 4.25 years, volatility of 84%, risk free interest rate of 3.65% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from April 30, 2025 through March 31, 2026, which was adjusted to September 30, 2026 in connection with the extension of maturity in July 2025, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 2025. Amortization for the three months ended March 31, 2026 of $6,000 was recorded as interest expense.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 31.5pt;"> <span style="font-size: 10.0pt;">On March 31, 2025, the Company and Richard E. Uihlein (the “Lender”) entered into a Supplemental Line of Credit Letter Agreement (the “March 2025 Supplemental Credit Agreement”), pursuant to which the Lender shall provide the Company a line of credit of up to $5.0 million (the “March 2025 Supplemental Line of Credit”) to finance the Company’s working capital needs. The Company may draw upon the March 2025 Supplemental Line of Credit through September 30, 2025.</span> </div> <div style="margin-left: 0.1pt; font-size: 10pt;">  </div> <div style="text-indent: 35.8pt; margin-left: 0.1pt;"> <span style="font-size: 10.0pt;">Each advance made pursuant to the March 2025 Supplemental Credit Agreement shall be evidenced by an unsecured, convertible promissory note (individually, a “Promissory Note,” and collectively, the “Promissory Notes”), and bear interest at the Applicable Federal Rate for short term loans, plus two (2%) percent. Principal and interest on the Promissory Notes are due on or before March 31, 2026, which was extended to June 30, 2027 as part of the December 2025 agreement. Only with the consent of the Lender, may the Promissory Notes be prepaid, in whole or in part, at any time without premium or penalty, but with interest on the amount or amounts prepaid.</span> </div> <div style="margin-left: 0.1pt; font-size: 10pt;">  </div> <div style="text-indent: 35.8pt; margin-left: 0.1pt;"> <span style="font-size: 10.0pt;">At the election of Lender, the principal and accrued interest on Promissory Note(s) may be converted into the number of shares of the Company’s Common Stock equal to the amount of principal and accrued interest on such Promissory Note divided by the price equal to the closing price of the Common Stock on the date of such Promissory Note, but in no event less than $3.00 per share.</span> </div> <div style="margin-left: 0.1pt; font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt;">In connection with the March 2025 Supplemental Credit Agreement, the Company agreed to issue the Lender warrants to purchase up to an aggregate of 100,000 shares of the Company’s common stock, par value $0.001 per share (collectively, the “Warrants”). The Company shall issue to the Lender Warrants ratably, upon borrowings under the March 2025 Supplemental Line of Credit, with exercise prices equal to 150% of the closing price of the Company’s common Stock on the date of the Promissory Note evidencing such draw, but in no event more than $10.00 per share nor less than $3.00 per share. The Warrants expire on July 31, 2029.</span> </div> <div style="margin-left: 0.2pt; font-size: 10pt;">  </div> <div style="text-indent: 35.8pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;"> On June 30, 2025, the Company executed a $5 million Promissory Note under the March 2025 Supplemental Line of Credit. The interest rate on this draw is 5.93% (Applicable Federal Rate for short term loans on date of draw of 3.93% plus 2%). The effective interest rate is approximately 6.4%. Accrued interest on this draw was $227,000 and $150,000 at March 31, 2026 and December 31, 2025, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share.</span> </div> <div style="margin-left: 0.2pt; font-size: 10pt;">  </div> <div style="text-indent: 35.8pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 100,000 shares of Company’s Common Stock at an exercise price of $3.00 per share, which Warrant is exercisable upon issuance. The fair value of the 100,000 warrants vested at closing on June 30, 2025, was $132,000 at the date of issuance based on the following assumptions: an expected life of 4.08 years, volatility of 86%, risk free interest rate of 3.75% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from June 30, 2025 through June 30, 2027. Amortization for the three months ended March 31, 2026 of $13,000 was recorded as interest expense.</span> </div> <div style="margin-left: 0.2pt; font-size: 10pt;">  </div> <div style="text-indent: 35.8pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">On July 8, 2025, the Company and Richard E. Uihlein (the “Lender”) entered into a Supplemental Line of Credit Letter Agreement (the “July 2025 Supplemental Credit Agreement”), pursuant to which the Lender shall provide the Company a line of credit of up to $10.0 million (the “July 2025 Supplemental Line of Credit”) to finance the Company’s working capital needs. The Company may draw upon the July 2025 Supplemental Line of Credit through April 30, 2026. Additionally, in connection with the July 2025 Supplemental Credit Agreement, the maturity dates of the Convertible Notes Payable – Related Party and all borrowings under the Convertible Lines of Credit –Related Party were extended to September 30, 2026, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 2025.</span> </div><div style="margin: 0in 0in 0in 0.2pt; font-size: 12pt; text-indent: 35.8pt;"><span style="font-size:10.0pt">Each advance made pursuant to the July 2025 Supplemental Credit Agreement shall be evidenced by an unsecured, convertible promissory note (individually, a “Promissory Note,” and collectively, the “Promissory Notes”), and bear interest at the Applicable Federal Rate for short term loans, plus two (2%) percent. Principal and interest on the Promissory Notes are due on or before June 30, 2027. Only with the consent of the Lender, may the Promissory Notes be prepaid, in whole or in part, at any time without premium or penalty, but with interest on the amount or amounts prepaid. At the election of Lender, the principal and accrued interest on Promissory Note(s) may be converted into the number of shares of the Company’s Common Stock equal to the amount of principal and accrued interest on such Promissory Note divided by the price equal to the closing price of the Common Stock on the date of such Promissory Note, but in no event less than $3.00 per share.</span></div><div style="text-indent: 35.8pt; margin-left: 0.2pt;"> </div> <div style="text-indent: 35.8pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">In connection with the July 2025 Supplemental Credit Agreement, the Company agreed to issue the Lender warrants to purchase up to an aggregate of 200,000 shares of the Company’s common stock, par value $0.001 per share (collectively, the “Warrants”). The Company shall issue to the Lender Warrants ratably, upon borrowings under the July 2025 Supplemental Line of Credit, with exercise prices equal to 150% of the closing price of the Company’s common Stock on the date of the Promissory Note.</span> </div> <div style="margin-left: 0.2pt; font-size: 10pt;">  </div> <div style="text-indent: 35.8pt; margin-left: 0.2pt;"> <span style="font-size: 10.0pt;">On December 31, 2025, the Company executed a $10 million Promissory Note under the July 2025 Supplemental Line of Credit. The interest rate on this draw is 5.6% (Applicable Federal Rate for short term loans on date of draw of 3.6% plus 2%). The effective interest rate is approximately 5.9%. The principal and accrued interest is convertible at the option of the Lender at $4.05 per share. Accrued interest on this draw was $141,000 at March 31, 2026.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt;">In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $4.05 per share, which Warrant is exercisable upon issuance. The fair value of the 200,000 warrants vested at closing on December 31, 2025, was $454,000 at the date of issuance based on the following assumptions: an expected life of 3.58 years, volatility of 92%, risk free interest rate of 3.55% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from December 31, 2025 through June 30, 2027. Amortization for the three months ended March 31, 2026 of $76,000 was recorded as interest expense.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt;">On December 19, 2025, the Company and Richard E. Uihlein (the “Lender”) entered into a Supplemental Line of Credit Letter Agreement (the “December 2025 Supplemental Credit Agreement”), pursuant to which the Lender shall provide the Company a line of credit of up to $10.0 million (the “December 2025 Supplemental Line of Credit”) to finance the Company’s working capital needs. The Company may draw upon the December 2025 Supplemental Line of Credit through January 31, 2027.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt;">Each advance made pursuant to the December 2025 Supplemental Credit Agreement shall be evidenced by an unsecured, convertible promissory note (individually, a “Promissory Note,” and collectively, the “Promissory Notes”), and bear interest at the Applicable Federal Rate for short term loans, plus two (2%) percent. Principal and interest on the Promissory Notes are due on or before June 30, 2027. Only with the consent of the Lender, may the Promissory Notes be prepaid, in whole or in part, at any time without premium or penalty, but with interest on the amount or amounts prepaid. At the election of Lender, the principal and accrued interest on Promissory Note(s) may be converted into the number of shares of the Company’s Common Stock equal to the amount of principal and accrued interest on such Promissory Note divided by the price equal to the closing price of the Common Stock on the date of such Promissory Note, but in no event less than $4.38 per share.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt;">In connection with the December 2025 Supplemental Credit Agreement, the Company agreed to issue the Lender warrants to purchase up to an aggregate of 200,000 shares of the Company’s common stock, par value $0.001 per share (collectively, the “Warrants”). The Company shall issue to the Lender Warrants ratably, upon borrowings under the July 2025 Supplemental Line of Credit, with exercise prices equal to 150% of the closing price of the Company’s common Stock on the date of the Promissory Note.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt;">The fair value of warrants that vest in the future based on borrowings will be computed when those borrowings occur and amortized over the remaining period through June 30, 2027.</span> </div> 60000000 0.02 2027-06-30 3 1700000 0.001 500000 5 1200000 1.50 10 3 2029-07-31 500000 738000 P7Y 0.92 0.0319 0 12000 52000 10000000 0.0646 0.0446 0.02 0.071 2355000 2158000 3 200000 3 200000 160780 P7Y 0.91 0.0406 0 3000 13000 10000000 0.0641 0.0441 0.02 0.071 2114000 1922000 3 200000 3.26 200000 296680 P6Y3M29D 0.88 0.0394 0 6000 26000 10000000 0.0634 0.0434 0.02 0.071 1899000 1713000 3 200000 3 200000 179920 P6Y29D 0.85 0.0359 0 4000 17000 10000000 0.0713 0.0513 0.02 0.075 1739000 1532000 3 200000 3 200000 193745 P5Y8M12D 0.79 0.0449 0 5000 23000 10000000 0.0662 0.0462 0.02 0.071 1416000 1229000 3 200000 3.59 200000 277389 P5Y3M29D 0.75 0.0419 0 9000 38000 10000000 0.0701 0.0501 0.02 0.074 1305000 1110000 3 200000 3.39 200000 260000 P5Y10D 0.77 0.0429 0 41000 9000 10000000 0.02 2026-01-31 3 200000 0.001 1.50 10 3 2029-07-31 10000000 0.0613 0.0501 0.02 0.064 1017000 841000 3 200000 4.13 200000 307780 P4Y9M29D 0.78 0.0358 0 13000 58000 6000000 6000000 0.02 3 120000 0.001 1.50 10 3 2029-07-31 6000000 0.0613 0.0413 0.02 0.064 344000 248000 3 120000 3 120000 80040 P4Y3M 0.84 0.0365 0 2026-09-30 6000 5000000 0.02 3 100000 0.001 1.50 10 3 2029-07-31 5000000 0.0593 0.0393 0.02 0.064 227000 150000 3 100000 3 100000 132000 P4Y29D 0.86 0.0375 0 13000 10000000 0.02 2027-06-30 3 200000 0.001 1.50 10000000 0.056 0.036 0.02 0.059 4.05 141000 200000 4.05 200000 454000 P3Y6M29D 0.92 0.0355 0 76000 10000000 0.02 2027-06-30 4.38 200000 0.001 1.50 <div style="text-align: justify;"> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">10. Segments</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the CODM, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s CODM, the Chief Executive Officer, views the Company’s operations as one operating segment, which is focused on creating new therapies for fibrotic disease based on targeting galectin proteins. The Company does not have revenue in the current comparative period, incurs expenses primarily in North America and manages the business activities on a consolidated basis.</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-size: 10.0pt; color: #000000;">The accounting policies of the fibrotic disease therapeutics segment are the same as those described in the summary of significant accounting policies.</span> </div> <div style="text-align: justify; font-size: 10pt;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-size: 10.0pt; color: #000000;">The CODM assesses performance for the fibrotic disease therapeutics segment and decides how to allocate resources based on net loss that also is reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as cash and cash equivalents.</span> </div> <div style="text-align: justify; font-size: 10pt;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-size: 10.0pt; color: #000000;">The Company has not generated any product revenue in the current period and expects to continue to incur significant expenses and operating losses for the foreseeable future as the Company advances its product candidates through all stages of development and clinical trials.</span></div><div style="text-indent: 36pt; text-align: justify;"> <span style="font-size: 10.0pt; color: #000000;">As such, the CODM uses cash forecast models in deciding how to invest into the fibrotic disease therapeutics segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results, net cash used in operating activities for the period and cash on hand are used in assessing performance of the segment.</span> </div> <div style="text-align: justify; font-size: 10pt;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-size: 10.0pt; color: #000000;">The table below summarizes the significant expense categories regularly reviewed by the CODM for the three month periods ended March 31, 2026 and 2025 (in thousands).</span></div> <div style="text-align: justify; font-size: 10pt;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr> <td style="text-align: justify;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" valign="top"> </td><td colspan="6" style="text-align: center; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top"><b style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The Months Ended<br/>March 31, </b> </td> </tr> <tr> <td style="text-align: justify; padding-left: 10px;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; padding-left: 10px;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight: normal">2026</b></div> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; padding-left: 10px;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight: normal">2025</b></div> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" valign="top"> </td> </tr> <tr> <td style="text-align: justify;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; width: 1%;" valign="top"> </td><td colspan="5" style="text-align: center; width: 9%;" valign="top"><b style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="text-decoration-line: underline; text-decoration-thickness: initial;">(in thousands) </span></b></td> <td style="text-align: center; width: 1%;" valign="top"> </td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Operating expenses: </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Research and development </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top">$</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 9%; text-align: right; padding-left: 10px;" valign="top">2,231</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top"> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top">$</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 9%; text-align: right; padding-left: 10px;" valign="top">6,485</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">General and administrative </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">1,846</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">1,412</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Total operating expenses </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">4,077</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">7,897</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Total operating loss </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(4,077</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(7,897</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Other income (expense): </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Interest income </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 9%; text-align: right; padding-left: 10px;" valign="top">36</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top"> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 9%; text-align: right; padding-left: 10px;" valign="top">35</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top"> </td> </tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-align: justify;" valign="top"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Interest expense</span></td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; text-align: right; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; text-align: right; width: 9%;" valign="top">(1,988</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; text-align: left; width: 1%;" valign="top">)</td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; text-align: right; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; text-align: right; width: 9%;" valign="top">(1,744</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; text-align: left; width: 1%;" valign="top">)</td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Change in fair value of derivatives </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">983</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(25</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Total other expense </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(969</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(1,734</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Net loss </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">$</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(5,046</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">$</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(9,631</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Preferred stock dividends </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(21</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">26</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">)</td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Net loss applicable to common stockholders </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">$</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(5,067</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">$</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(9,605</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> </tr> </table><div style="text-align: justify; font-size: 10pt;"> </div><div style="text-indent: 32pt;"> <span style="font-size: 10.0pt;">Other segment items included in segment loss includes interest income and interest expense.</span> </div> <div style="text-align: justify; font-size: 10pt;">  </div> <div style="text-indent: 32pt; text-align: justify;"> <span style="font-size: 10.0pt;">The Company is a single operating segment and therefore the measure of segment net loss is the same as consolidated net loss and does not require reconciliation.</span> </div> <div style="text-align: justify; font-size: 10pt;">  </div> <div style="text-indent: 32pt;"> <span style="font-size: 10.0pt;">For the three month periods ended March 31, 2026 and 2025, the net cash used in operating activities was $3.9 million and $7.7 million, respectively. The table below summarizes the significant asset categories regularly reviewed by the CODM for the years ended March 31, 2026 and December 31, 2025 (in thousands).</span></div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"> </td><td style="vertical-align: middle; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td> <td style="vertical-align: middle; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="vertical-align: middle; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> </tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">March 31,<br/>2026</span> </td><td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">December 31,<br/>2025</span> </td><td style="vertical-align: middle; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> </td> <td colspan="8" style="vertical-align: bottom; text-align: center;"> <span style="font-weight: bold;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Cash and cash equivalents </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">14,111</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">17,720</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table> 1 1 <div style="text-indent: 36pt; text-align: justify;"> <span style="font-size: 10.0pt; color: #000000;">The table below summarizes the significant expense categories regularly reviewed by the CODM for the three month periods ended March 31, 2026 and 2025 (in thousands).</span></div> <div style="text-align: justify; font-size: 10pt;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr> <td style="text-align: justify;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" valign="top"> </td><td colspan="6" style="text-align: center; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;" valign="top"><b style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The Months Ended<br/>March 31, </b> </td> </tr> <tr> <td style="text-align: justify; padding-left: 10px;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; padding-left: 10px;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight: normal">2026</b></div> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; padding-left: 10px;" valign="top"> <div style="margin: 0in;"><b style="mso-bidi-font-weight: normal">2025</b></div> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" valign="top"> </td> </tr> <tr> <td style="text-align: justify;" valign="top"> </td> <td style="text-align: center; width: 1%;" valign="top"> </td><td style="text-align: center; width: 1%;" valign="top"> </td><td colspan="5" style="text-align: center; width: 9%;" valign="top"><b style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="text-decoration-line: underline; text-decoration-thickness: initial;">(in thousands) </span></b></td> <td style="text-align: center; width: 1%;" valign="top"> </td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Operating expenses: </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Research and development </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top">$</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 9%; text-align: right; padding-left: 10px;" valign="top">2,231</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top"> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top">$</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 9%; text-align: right; padding-left: 10px;" valign="top">6,485</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">General and administrative </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">1,846</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">1,412</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Total operating expenses </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">4,077</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">7,897</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Total operating loss </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(4,077</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(7,897</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Other income (expense): </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Interest income </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 9%; text-align: right; padding-left: 10px;" valign="top">36</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top"> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 9%; text-align: right; padding-left: 10px;" valign="top">35</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%; text-align: left;" valign="top"> </td> </tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-align: justify;" valign="top"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Interest expense</span></td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; text-align: right; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; text-align: right; width: 9%;" valign="top">(1,988</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; text-align: left; width: 1%;" valign="top">)</td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; text-align: right; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; text-align: right; width: 9%;" valign="top">(1,744</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; text-align: left; width: 1%;" valign="top">)</td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Change in fair value of derivatives </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">983</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(25</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Total other expense </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(969</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(1,734</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Net loss </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">$</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(5,046</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">$</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(9,631</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> </tr> <tr style="background-color: rgb(204, 238, 255);"><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Preferred stock dividends </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(21</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">26</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">)</td> </tr> <tr><td style="text-align: justify;" valign="top"> <div style="margin: 0in;">Net loss applicable to common stockholders </div> </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">$</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(5,067</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> <td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; width: 1%;" valign="top"> </td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">$</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%; text-align: right; padding-left: 10px;" valign="top">(9,605</td><td style="margin-top: 0in; margin-right: 0in; margin-bottom: 0in; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: left;" valign="top">) </td> </tr> </table>The table below summarizes the significant asset categories regularly reviewed by the CODM for the years ended March 31, 2026 and December 31, 2025 (in thousands).<table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"> </td><td style="vertical-align: middle; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td> <td style="vertical-align: middle; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="vertical-align: middle; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> </tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">March 31,<br/>2026</span> </td><td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">December 31,<br/>2025</span> </td><td style="vertical-align: middle; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> </td> <td colspan="8" style="vertical-align: bottom; text-align: center;"> <span style="font-weight: bold;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Cash and cash equivalents </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">14,111</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">17,720</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table> 2231000 6485000 1846000 1412000 4077000 7897000 -4077000 -7897000 36000 35000 1988000 1744000 983000 -25000 -969000 -1734000 -5046000 -9631000 21000 -26000 -5067000 -9605000 -3900000 -7700000 14111000 17720000 <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">11. Commitments and Contingencies</span> </div> <div style="font-size: 10pt;">  </div> <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold; font-style: italic;">Other Legal Proceedings</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt; color: #000000;">The Company records accruals for such contingencies to the extent that the Company concludes that their occurrence is probable, and the related damages are estimable. There are no significant pending legal proceedings.</span> </div> <div style="font-size: 10pt;">  </div> <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold; font-style: italic;">Clinical Trial and Research Commitments</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 36pt;"> <span style="font-size: 10.0pt;">The Company has entered into agreements with contractors for research and development activities to further its product candidates. The contracts generally may be canceled at any time by providing thirty days’ notice. The Company is involved in a dispute with a contract vendor for clinical trial management services provided outside of the United States. The contract in question is a variable contract. The Company has accrued its estimate of the amount owed to the contract vendor at March 31, 2026 and December 31, 2025.</span> </div> P30D <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">12. Leases</span> </div> <div style="font-size: 10pt;">  </div> <div style="text-indent: 32pt;"> <span style="font-size: 10.0pt; color: #000000;">The Company has one operating lease for its office space which was amended effective March 1, 2022 for a term of 38 months with no residual value guarantees or material restrictive covenants. The amended lease provided for free rent for the first <span style="-sec-ix-hidden: hidden-fact-4">six and a half months</span> of the lease and continues the security deposit of $6,000. In addition to base rental payments included in the contractual obligations table above, the Company is responsible for our pro-rata share of the operating expenses for the building. Our lease cost for the three-month periods ended March 31, 2026 and 2025 was approximately $16,000 and $13,000, respectively, for each period and is included in general and administrative expenses. In March 2025, the Company renewed its existing office space lease effective for twelve months, ending April 30, 2026, at substantially the same terms. As of March 31, 2026, the right to use lease asset consisted of $6,000 and is included in <span style="-sec-ix-hidden: hidden-fact-5">other assets</span>. Also, at March 31, 2026, current lease liability of $6,000 is included in <span style="-sec-ix-hidden: hidden-fact-6">accrued expenses</span>. In April 2026, the Company renewed the lease for a minimum of twelve months and up to 36 months, at the Company’s option.</span> </div> 1 P38M 6000 16000 13000 P12M 6000 6000 P12M P36M <div> <span style="font-size: 10.0pt; color: #000000; font-weight: bold;">13. Galectin Sciences LLC</span> </div> <div style="font-size: 10pt;">  </div> <div style="margin: 0in; font-size: 12pt; text-indent: 0.5in;"><span style="font-size: 10pt;">In January 2014, we created Galectin Sciences, LLC (the “LLC” or “Investee”), a collaborative joint venture co-owned by SBH Sciences, Inc. (“SBH”), to research and develop small organic molecule inhibitors of galectin-3 for oral administration. The LLC was initially capitalized with a $400,000 cash investment to fund future research and development activities, which was provided by the Company, and specific in-process research and development (“IPR&amp;D”) contributed by SBH. The estimated fair value of the IPR&amp;D contributed by SBH, on the date of contribution, was $400,000. Initially, the Company and SBH each had a 50% equity ownership interest in the LLC, with neither party having control over the LLC. Accordingly, from inception through the fourth quarter of 2014, the Company accounted for its investment in the LLC using the equity method of accounting. Under the equity method of accounting, the Company’s investment was initially recorded at cost with subsequent adjustments to the carrying value to recognize additional investments in or distributions from the Investee, as well as the Company’s share of the Investee’s earnings, losses and/or changes in capital. The estimated fair value of the IPR&amp;D contributed to the LLC was immediately expensed upon contribution as there was no alternative future use available at the point of contribution. The operating agreement provides that if either party does not desire to contribute its equal share of funding required after the initial capitalization, then the other party, providing all of the funding, will have its ownership share increased in proportion to the total amount contributed from inception. In the fourth quarter of 2014, after the LLC had expended the $400,000 in cash, SBH decided not to contribute its share of the funding required. Cumulatively as of March 31, 2026, the Company has contributed a total of $4,208,000, including $20,000 and $28,000 for the three months ended March 31, 2026 and 2025, respectively, for expenses of the LLC. Since the end of 2014, SBH has contributed $711,000 for expenses in the LLC. As of March 31, 2026, the Company’s ownership percentage in the LLC was 85.6%. The Company accounts for the interest in the LLC as a consolidated, less than wholly owned subsidiary. Because the LLC’s equity is immaterial, the value of the non-controlling interest is also deemed to be immaterial.</span></div> 400000 400000 0.50 400000 4208000 20000 28000 711000 0.856 true March 31, 2026 http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent P6M15D http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent 0001133416 false Q1 --12-31