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1. Nature of the Business Nature of the Business and Basis of Presentation Pulmatrix, Inc. (“Pulmatrix” or the “Company”) was incorporated in 2013 as a Delaware corporation. The Company is a biopharmaceutical company that has focused on the development of a novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs using its patented iSPERSE™ technology. The Company’s proprietary dry powder delivery platform, iSPERSE™, is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. Agreement and Plan of Merger and Reorganization On November 13, 2024, Pulmatrix and Cullgen Inc., a Delaware corporation (“Cullgen”) entered into an Agreement and Plan of Merger and Reorganization, as amended by Amendment No. 1 thereto on April 7, 2025 (the “Merger Agreement”), pursuant to which, among other matters, PCL Merger Sub, Inc., a direct wholly owned subsidiary of Pulmatrix (“Merger Sub”), will merge with and into Cullgen, with Cullgen surviving as a wholly owned subsidiary of Pulmatrix, and the surviving corporation of the merger (the “Merger”). Pursuant to the Merger Agreement, prior to the closing of the Merger (the “Closing”), Pulmatrix currently expects to declare a cash dividend to the pre-Merger Pulmatrix stockholders equal in the aggregate to Pulmatrix’s reasonable, good faith approximation of the amount by which Pulmatrix’s net cash (as determined pursuant to the Merger Agreement) will exceed $2.5 million, subject to certain adjustments and limitations (such excess amount, the “Cash Dividend”). Subject to the terms and conditions of the Merger Agreement, at the Closing, (a) each then-outstanding share of Cullgen common stock other than dissenting shares, will be converted into the right to receive a number of shares of Pulmatrix common stock calculated in accordance with the Merger Agreement (the “Exchange Ratio”), (b) each then-outstanding share of Cullgen preferred stock, other than dissenting shares, will be converted into the right to receive a number of shares of Pulmatrix common stock equal to the number of shares of Cullgen common stock issuable upon conversion of each share of Cullgen preferred stock multiplied by the Exchange Ratio and (c) each then-outstanding option to purchase Cullgen common stock, whether vested or unvested, will be assumed by Pulmatrix, subject to adjustment to reflect the Exchange Ratio as set forth in the Merger Agreement. In connection with the Merger: (i) each share of Pulmatrix common stock that is issued and outstanding at the Effective Time (as defined below) of the Merger will remain issued and outstanding and such shares, subject to the proposed Pulmatrix reverse stock split, will be unaffected by the Merger; (ii) each option to acquire shares of Pulmatrix common stock outstanding but then not vested or exercisable shall be accelerated in full; (iii) each option to acquire shares of Pulmatrix common stock with an exercise price per share greater than $<span id="xdx_90B_eus-gaap--SharePrice_iI_pid_c20241113__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zyuTUv62Qdga" title="Price per share">10.00 per share shall be cancelled for no consideration; (iv) each option to acquire shares of Pulmatrix common stock with an exercise price less than or equal to the Pulmatrix Closing Price (as defined herein) will be converted into the right to receive the number of shares underlying such Pulmatrix option, reduced as set forth in the Merger Agreement; (v) each option to acquire shares of Pulmatrix common stock with an exercise price greater than the volume weighted average closing trading price of a share of Parent Common Stock on Nasdaq for the five (5) consecutive trading days ending three (3) trading days immediately prior to the Closing Date as reported by Bloomberg L.P. (the “Pulmatrix Closing Price”), but less than $<span id="xdx_90E_eus-gaap--SharePrice_iI_pid_c20241113__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zoQ2matFaBXj" title="Price per share">10.00 per share, will remain outstanding; and (vi) each warrant to acquire shares of Pulmatrix common stock that is outstanding and unexercised immediately prior to the Effective Time of the Merger shall survive the Closing and remain outstanding in accordance with its terms; provided that the holders of any such warrants which remain outstanding following closing may elect to require Pulmatrix to pay such holders cash in exchange for the termination of the remaining unexercised portion of such warrants if contemplated by the terms of such warrants. Under the Exchange Ratio formula in the Merger Agreement, upon the Closing, on a pro forma basis and based upon the number of shares of Pulmatrix common stock expected to be issued in the Merger, pre-Merger Cullgen stockholders will own approximately <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_uPure_c20241113__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PreMergerCullgenIncMember_zD1G6nvLBgv3" title="Minority interest ownership percentage by noncontrolling owners">96.4% of the combined company and pre-Merger Pulmatrix stockholders will own approximately <span id="xdx_90F_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_dp_uPure_c20241113__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PreMergerPulmatrixIncMember_zfz7YgsuNYSa" title="Minority interest ownership percentage by parent">3.6% of the combined company on a fully-diluted basis (excluding out-of-the-money options and warrants and any shares reserved for future grants under Pulmatrix’s equity incentive plans). Under certain circumstances further described in the Merger Agreement, the ownership percentages may be adjusted upward or downward based on Pulmatrix’s net cash at the Closing. The Exchange Ratio assumes (i) a valuation for Pulmatrix of $<span id="xdx_907_ecustom--ExchangeRatioValuationAmount_pn5n6_c20241113__20241113__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PulmatrixIncMember_z4ezbwy0rZP7" title="Valuation amount">10.5 million (comprised of $<span id="xdx_90C_ecustom--EnterpriseValue_pn5n6_c20241113__20241113__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PulmatrixIncMember_zPZc8EYlroX" title="Enterprise value">8 million in enterprise value and $2.5 million in cash) and (ii) a valuation for Cullgen of $<span id="xdx_902_ecustom--ExchangeRatioValuationAmount_pn5n6_c20241113__20241113__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--CullgenIncMember_zx68zKOoJqj8" title="Valuation amount">280.0 million. The Exchange Ratio is also based on the relative capitalization of each of Pulmatrix and Cullgen, for which, for the purposes of calculating the Exchange Ratio, the shares of Pulmatrix common stock underlying Pulmatrix’s in-the-money stock options outstanding immediately prior to the time of the Closing (the “Effective Time”), as adjusted to take into account the Cash Dividend will be deemed outstanding, and all shares of Cullgen common stock underlying outstanding Cullgen’s stock options will be deemed outstanding, subject to certain exceptions as set forth in the Merger Agreement. On June 16, 2025, the Company held a special meeting in lieu of the annual meeting of Pulmatrix stockholders, at which the Company’s stockholders approved the Merger and related proposals. The Closing is subject to other customary closing conditions, including Nasdaq’s approval of the listing of the shares of Pulmatrix common stock to be issued in connection with the Merger and approval from the China Securities Regulatory Commission (“CSRC”) pursuant to the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises (the “Trial Measures”), No. 1 to No. 6 Supporting Guidance Rules, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC. These regulations established a filing-based regime to regulate overseas offerings and listings by Chinese domestic companies. As of the date of this filing, Pulmatrix has not yet received approval from the CSRC to complete the Merger. As previously disclosed, on August 1, 2025, Pulmatrix and Cullgen, as provided for in the Merger Agreement, mutually agreed to extend the “End Date”, a term defined in the Merger Agreement, by 60 days from August 13, 2025, to October 12, 2025. The Merger Agreement does not have a defined term and does not terminate on the “End Date”. The “End Date” is simply the date at which certain termination options become available to either party. On December 17, 2025, the Company, Cullgen and PLC Merger Sub, Inc. (collectively, the “Parties”) entered into a mutual waiver agreement (the “Waiver Agreement”), pursuant to which the Parties agreed to mutually waive compliance with Section 5.4 of the Merger Agreement, which such provision imposes restrictions on each party during the Pre-Closing Period (as defined in the Merger Agreement). Except as expressly waived pursuant to the Waiver Agreement, the Merger Agreement remains in full force and effect in all respects, and no other provision of the Merger Agreement has otherwise been amended, waived, or modified. If the Merger is completed, the business of Cullgen will continue as the business of the combined company. Concurrent with the Merger, the Company will seek to monetize its intellectual property, including iSPERSE™ and its clinical assets (the “Asset Sale”). The Company’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated. There can be no assurance that the strategic review process or any transaction relating to a specific asset, including the Merger and any Asset Sale, will result in the Company pursuing such a transaction, or that any transactions, if pursued, will be completed on terms favorable to Pulmatrix and its stockholders in the existing Pulmatrix entity or any possible entity that results from a combination of entities. If the strategic review process is unsuccessful, and if the Merger is not consummated, the Company’s board of directors may decide to pursue a dissolution and liquidation in the future.

2500000

10.00

0.964

0.036

10500000 8000000

2500000

280000000.0

2. Summary of Significant Accounting Policies and Recent Accounting Standards Principles of Consolidation The consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Risks, Uncertainties and Liquidity The Company’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company believes that its cash and cash equivalents as of December 31, 2025, would be adequate to fund its operating expenses for at least twelve months from the date these consolidated financial statements are issued. However, in order to continue development of its programs, the Company would need to secure substantial additional funding in the future, from one or more equity or debt financings, collaborations, or other sources. Additional funding may not be available to the Company on acceptable terms, or at all. The Company’s board of directors may also decide in the future to pursue a dissolution and liquidation in lieu of continuing program development. Should the Company continue development of its product candidates, the Company would be subject to risks and uncertainties. The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials. The Company’s success in developing its product candidates would depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company. Use of Estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, with any changes applied prospectively. Concentrations of Credit Risk Cash and cash equivalents is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits. For the year ended December 31, 2025, the Company recognized no revenue. For the year ended December 31, 2024, revenue from two customers accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_zslBOK17f7Ca" title="Concentration risk percentage">100% of revenue recognized in the accompanying consolidated financial statements. <p id="xdx_84A_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_z9Fhuxy9VYL6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents are held in US banks and consist of cash deposited in operating and money market accounts. As of December 31, 2025, $10 was deposited in a money market account as security for a credit card and presented as long-term restricted cash in the consolidated balance sheet. During the year ended December 31, 2024, $1,421 of restricted cash collateralizing a letter of credit related to the Company’s former headquarters lease in Bedford, Massachusetts, became unrestricted, providing additional cash available for operations. Fair Value of Financial Instruments The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement, establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Valuations based on quoted prices for similar assets or liabilities in markets that are not active, or for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. As of December 31, 2024, certain of the Company’s outstanding warrants were classified as liabilities and measured at fair value in accordance with FASC ASC Topic 815, Derivatives and Hedging. The Company measures the Level 3 fair value of the warrant liability using the Black-Scholes option-pricing model with changes in fair value recognized as increases or reductions to other income (expense) in the consolidated statement of operations. These warrants expired during the year ended December 31, 2025. As of December 31, 2025 and 2024, the Company did not hold any other financial assets or liabilities that were measured at fair value on a recurring or nonrecurring basis. During the years ended December 31, 2025 and 2024, there were no transfers between Level 1, Level 2 and Level 3. Leases The Company accounts for leases in accordance with FASB ASC Topic 842, Leases. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Options to renew a lease are not included in the Company’s initial lease term assessment unless there is reasonable certainty that the Company will renew. The Company monitors its plans to renew its material leases on a quarterly basis. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items, such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected to account for the lease and non-lease components as a combined lease component. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Revenue Recognition No revenues were recognized for the year ended December 31, 2025. The Company’s principal source of revenue during the year ended December 31, 2024, was derived from a collaboration arrangement and license agreement that relate to the development and commercialization of PUR1900 under the Cipla Agreement (as defined below). At inception, management determines whether contracts are within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) or other topics, including FASB ASC Topic 808, Collaborative Arrangements (“ASC 808”). For contracts that are within the scope of ASC 808, the Company evaluates whether the counterparty is a customer for any of the units of account (i.e., distinct goods and services) in the contract. For units of account where the counterparty is considered a customer, the Company applies ASC 606 to those unit(s) of account, including recognition, measurement, presentation, and disclosure guidance. To date, the Company has determined it is appropriate to apply ASC 606 to all contracts and units of account for contracts within the scope of ASC 808. For contracts and units of account that are determined to be within the scope of ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which management expects to be entitled to receive in exchange for these goods and services. To achieve this core principle, management applies the following five steps (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Identification of Performance Obligations. Performance obligations promised in a contract are identified at contract inception based on the goods and services that are both capable of being distinct and are distinct in the context of the contract. To the extent a contract includes multiple promised goods and services, management applies judgment to determine whether promised goods and services are both capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation. Transaction Price and Milestone Payments. The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. At the inception of each contract that includes research or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. Management evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each reporting period, management reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjust the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Exclusive Licenses. If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the counterparty can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods. Research and Development Services. The promises under the Company’s arrangements may include research and development services to be performed by the Company on behalf of the counterparty. Payments or reimbursements from customers resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. The Company uses an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the performance obligation. In management’s judgment, this input method is the best measure of the transfer of control of the performance obligation. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Reimbursements from and payments to the counterparty that are the result of a collaborative relationship, instead of a customer relationship, such as co-development activities, are recognized as the services are performed and presented as a reduction to research and development expense. To date, the Company has determined that all arrangements which include research and development services have been transacted with customers and recognized on a gross basis using ASC 606. Royalties. For contracts that include sales-based royalties, including milestone payments upon first commercial sales and milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. Customer Options. If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options that are not determined to be material rights are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised. For a complete discussion of accounting for the Company’s revenue contracts, see Note 5, Significant Agreements. Research and Development Costs Research and development costs are expensed as incurred and include salaries, benefits, bonus, stock-based compensation, license fees, milestone payments due under license agreements, costs paid to third-party contractors to perform research, conduct clinical trials, and develop drug materials and delivery devices; and associated overhead and facilities costs. Clinical trial costs are a substantial component of research and development expenses and include costs associated with third-party contractors, clinical research organizations (“CROs”) and clinical manufacturing organizations (“CMOs”). Invoicing from third-party contractors for services performed can lag several months. The Company accrues the costs of services rendered in connection with third-party contractor activities based on management’s estimate of fees and costs associated with the contract that were rendered during the period and they are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as prepaid expenses and amortized over the service period as the services are provided. <p id="xdx_847_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zJpWekPaVKfg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Stock-based Compensation The Company recognizes all employee stock-based compensation as a cost in the consolidated financial statements. Equity-classified awards principally related to stock options, which are measured at the grant date fair value of the award. The Company determines grant-date fair value of stock option awards using the Black-Scholes option-pricing model. For service-based vesting grants, expense is recognized over the requisite service period based on the number of options or shares expected to ultimately vest. For performance-based vesting grants, expense is recognized over the requisite period until the performance obligation is met, assuming that it is probable. No expense is recognized for performance-based grants until it is probable the vesting criteria will be satisfied. Stock-based payments to non-employees are recognized as services are rendered, generally on a straight-line basis. The Company believes that the fair values of these awards are more reliably measurable than the fair values of the services rendered. Common Stock Warrants The Company classifies as equity any warrants that (i) require physical settlement or net-share settlement or (ii) provide the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any warrants that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control), (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement) or (iii) that contain reset provisions that do not qualify for the scope exception. The Company assesses classification of its common stock warrants and other freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. The Company’s freestanding derivatives consist of warrants to purchase common stock that were issued in connection with its (i) convertible preferred stock, (ii) private placements, (iii) term loan, (iv) consulting services and (v) underwriting and representative services. Warrants that are determined to require equity classification are measured at fair value upon issuance and are not subsequently remeasured unless they are required to be reclassified. Warrants that are determined to require liability classification are subject to re-measurement at each balance sheet date until exercised, terminated or reclassified, and any change in fair value is recognized in the Company’s consolidated statements of operations. Basic and Diluted Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing the weighted-average number common shares outstanding during the period, after taking into consideration any potentially dilutive effects from outstanding stock options or warrants. Basic and diluted earnings (loss) per share are computed using the two-class method, which is an earnings allocation method that determines earnings (loss) per share for common shares and participating securities. The participating securities consist of outstanding warrants to purchase common stock. Undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. In periods of loss, no allocation is made to the participating securities. Basic and diluted net loss per share are the same in periods for which the effect of potentially dilutive securities would be antidilutive. Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided, if, based upon the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances. <p id="xdx_843_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z74u3FF7h22i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company did not adopt any new accounting pronouncements during the year ended December 31, 2025, that had a material effect on its consolidated financial statements. In December 2023, the FASB issued Accounting Standard Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The guidance in ASU 2023-09 improves the transparency of income tax disclosures by greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The standard becomes effective for the annual period beginning on January 1, 2025, with early adoption permitted. The Company prospectively adopted ASU 2023-09 in its 2025 annual period, which resulted in additional income tax disclosures. Refer to Note 11, Income Taxes for further information. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The guidance in ASU 2024-03 requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2024-03 may have on its consolidated financial statements. As of December 31, 2025, there are no other new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s consolidated financial statements.

Principles of Consolidation The consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Risks, Uncertainties and Liquidity The Company’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company believes that its cash and cash equivalents as of December 31, 2025, would be adequate to fund its operating expenses for at least twelve months from the date these consolidated financial statements are issued. However, in order to continue development of its programs, the Company would need to secure substantial additional funding in the future, from one or more equity or debt financings, collaborations, or other sources. Additional funding may not be available to the Company on acceptable terms, or at all. The Company’s board of directors may also decide in the future to pursue a dissolution and liquidation in lieu of continuing program development. Should the Company continue development of its product candidates, the Company would be subject to risks and uncertainties. The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials. The Company’s success in developing its product candidates would depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company.

Use of Estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, with any changes applied prospectively.

Concentrations of Credit Risk Cash and cash equivalents is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits. For the year ended December 31, 2025, the Company recognized no revenue. For the year ended December 31, 2024, revenue from two customers accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_zslBOK17f7Ca" title="Concentration risk percentage">100% of revenue recognized in the accompanying consolidated financial statements.

<p id="xdx_84A_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_z9Fhuxy9VYL6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents are held in US banks and consist of cash deposited in operating and money market accounts. As of December 31, 2025, $10 was deposited in a money market account as security for a credit card and presented as long-term restricted cash in the consolidated balance sheet. During the year ended December 31, 2024, $1,421 of restricted cash collateralizing a letter of credit related to the Company’s former headquarters lease in Bedford, Massachusetts, became unrestricted, providing additional cash available for operations.

10000

1421000

Fair Value of Financial Instruments The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement, establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Valuations based on quoted prices for similar assets or liabilities in markets that are not active, or for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. As of December 31, 2024, certain of the Company’s outstanding warrants were classified as liabilities and measured at fair value in accordance with FASC ASC Topic 815, Derivatives and Hedging. The Company measures the Level 3 fair value of the warrant liability using the Black-Scholes option-pricing model with changes in fair value recognized as increases or reductions to other income (expense) in the consolidated statement of operations. These warrants expired during the year ended December 31, 2025. As of December 31, 2025 and 2024, the Company did not hold any other financial assets or liabilities that were measured at fair value on a recurring or nonrecurring basis. During the years ended December 31, 2025 and 2024, there were no transfers between Level 1, Level 2 and Level 3.

Leases The Company accounts for leases in accordance with FASB ASC Topic 842, Leases. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Options to renew a lease are not included in the Company’s initial lease term assessment unless there is reasonable certainty that the Company will renew. The Company monitors its plans to renew its material leases on a quarterly basis. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items, such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected to account for the lease and non-lease components as a combined lease component. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.

Revenue Recognition No revenues were recognized for the year ended December 31, 2025. The Company’s principal source of revenue during the year ended December 31, 2024, was derived from a collaboration arrangement and license agreement that relate to the development and commercialization of PUR1900 under the Cipla Agreement (as defined below). At inception, management determines whether contracts are within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) or other topics, including FASB ASC Topic 808, Collaborative Arrangements (“ASC 808”). For contracts that are within the scope of ASC 808, the Company evaluates whether the counterparty is a customer for any of the units of account (i.e., distinct goods and services) in the contract. For units of account where the counterparty is considered a customer, the Company applies ASC 606 to those unit(s) of account, including recognition, measurement, presentation, and disclosure guidance. To date, the Company has determined it is appropriate to apply ASC 606 to all contracts and units of account for contracts within the scope of ASC 808. For contracts and units of account that are determined to be within the scope of ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which management expects to be entitled to receive in exchange for these goods and services. To achieve this core principle, management applies the following five steps (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Identification of Performance Obligations. Performance obligations promised in a contract are identified at contract inception based on the goods and services that are both capable of being distinct and are distinct in the context of the contract. To the extent a contract includes multiple promised goods and services, management applies judgment to determine whether promised goods and services are both capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation. Transaction Price and Milestone Payments. The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. At the inception of each contract that includes research or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. Management evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each reporting period, management reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjust the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Exclusive Licenses. If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the counterparty can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods. Research and Development Services. The promises under the Company’s arrangements may include research and development services to be performed by the Company on behalf of the counterparty. Payments or reimbursements from customers resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. The Company uses an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the performance obligation. In management’s judgment, this input method is the best measure of the transfer of control of the performance obligation. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Reimbursements from and payments to the counterparty that are the result of a collaborative relationship, instead of a customer relationship, such as co-development activities, are recognized as the services are performed and presented as a reduction to research and development expense. To date, the Company has determined that all arrangements which include research and development services have been transacted with customers and recognized on a gross basis using ASC 606. Royalties. For contracts that include sales-based royalties, including milestone payments upon first commercial sales and milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. Customer Options. If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options that are not determined to be material rights are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised. For a complete discussion of accounting for the Company’s revenue contracts, see Note 5, Significant Agreements.

Research and Development Costs Research and development costs are expensed as incurred and include salaries, benefits, bonus, stock-based compensation, license fees, milestone payments due under license agreements, costs paid to third-party contractors to perform research, conduct clinical trials, and develop drug materials and delivery devices; and associated overhead and facilities costs. Clinical trial costs are a substantial component of research and development expenses and include costs associated with third-party contractors, clinical research organizations (“CROs”) and clinical manufacturing organizations (“CMOs”). Invoicing from third-party contractors for services performed can lag several months. The Company accrues the costs of services rendered in connection with third-party contractor activities based on management’s estimate of fees and costs associated with the contract that were rendered during the period and they are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as prepaid expenses and amortized over the service period as the services are provided.

<p id="xdx_847_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zJpWekPaVKfg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Stock-based Compensation The Company recognizes all employee stock-based compensation as a cost in the consolidated financial statements. Equity-classified awards principally related to stock options, which are measured at the grant date fair value of the award. The Company determines grant-date fair value of stock option awards using the Black-Scholes option-pricing model. For service-based vesting grants, expense is recognized over the requisite service period based on the number of options or shares expected to ultimately vest. For performance-based vesting grants, expense is recognized over the requisite period until the performance obligation is met, assuming that it is probable. No expense is recognized for performance-based grants until it is probable the vesting criteria will be satisfied. Stock-based payments to non-employees are recognized as services are rendered, generally on a straight-line basis. The Company believes that the fair values of these awards are more reliably measurable than the fair values of the services rendered.

Common Stock Warrants The Company classifies as equity any warrants that (i) require physical settlement or net-share settlement or (ii) provide the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any warrants that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control), (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement) or (iii) that contain reset provisions that do not qualify for the scope exception. The Company assesses classification of its common stock warrants and other freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. The Company’s freestanding derivatives consist of warrants to purchase common stock that were issued in connection with its (i) convertible preferred stock, (ii) private placements, (iii) term loan, (iv) consulting services and (v) underwriting and representative services. Warrants that are determined to require equity classification are measured at fair value upon issuance and are not subsequently remeasured unless they are required to be reclassified. Warrants that are determined to require liability classification are subject to re-measurement at each balance sheet date until exercised, terminated or reclassified, and any change in fair value is recognized in the Company’s consolidated statements of operations.

Basic and Diluted Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing the weighted-average number common shares outstanding during the period, after taking into consideration any potentially dilutive effects from outstanding stock options or warrants. Basic and diluted earnings (loss) per share are computed using the two-class method, which is an earnings allocation method that determines earnings (loss) per share for common shares and participating securities. The participating securities consist of outstanding warrants to purchase common stock. Undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. In periods of loss, no allocation is made to the participating securities. Basic and diluted net loss per share are the same in periods for which the effect of potentially dilutive securities would be antidilutive.

Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided, if, based upon the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances.

<p id="xdx_843_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z74u3FF7h22i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company did not adopt any new accounting pronouncements during the year ended December 31, 2025, that had a material effect on its consolidated financial statements. In December 2023, the FASB issued Accounting Standard Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The guidance in ASU 2023-09 improves the transparency of income tax disclosures by greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The standard becomes effective for the annual period beginning on January 1, 2025, with early adoption permitted. The Company prospectively adopted ASU 2023-09 in its 2025 annual period, which resulted in additional income tax disclosures. Refer to Note 11, Income Taxes for further information. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The guidance in ASU 2024-03 requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2024-03 may have on its consolidated financial statements. As of December 31, 2025, there are no other new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s consolidated financial statements.

<p id="xdx_80C_ecustom--DisclosureOfPrepaidExpensesAndOtherCurrentAssetsTextBlock_zpCxvj2d592k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">3. Prepaid Expenses and Other Current Assets <p id="xdx_89B_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zNhPzJGcNIha" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Prepaid expenses and other current assets consisted of the following: Schedule of Prepaid Expenses and Other Current Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zmw2E4bhp1U" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zTYFtiqiF471" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_ecustom--PrepaidSoftwareAndHostingCosts_iI_pn3n3_maPEAOAzMg1_zQzleT38I2le" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Software and hosting costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidInsurance_iI_pn3n3_maPEAOAzMg1_zHaFQLV3idhf" style="vertical-align: bottom; background-color: White"> <td>Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maPEAOAzMg1_z6qIrPLMrov4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">180</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzMg1_zLHwwg8K9DDe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total prepaid expenses and other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">399</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_89B_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zNhPzJGcNIha" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Prepaid expenses and other current assets consisted of the following: Schedule of Prepaid Expenses and Other Current Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zmw2E4bhp1U" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zTYFtiqiF471" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_ecustom--PrepaidSoftwareAndHostingCosts_iI_pn3n3_maPEAOAzMg1_zQzleT38I2le" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Software and hosting costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidInsurance_iI_pn3n3_maPEAOAzMg1_zHaFQLV3idhf" style="vertical-align: bottom; background-color: White"> <td>Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maPEAOAzMg1_z6qIrPLMrov4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">180</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzMg1_zLHwwg8K9DDe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total prepaid expenses and other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">399</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

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41000

399000

<p id="xdx_80C_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zyedQTPEDSVi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">4. Accrued Expenses and Other Current Liabilities <p id="xdx_890_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zp26crTxSTgk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zilQeKM23KTl" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_zkQCVYLMu9Lh" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_zBp1eJbyRhU1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Wages and incentives</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">38</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maALCzWj2_z4ORNpA7CnH7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Legal and patents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_ztWKMacYgu9l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">71</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_pn3n3_mtALCzWj2_zS0agzuQTqRc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_890_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zp26crTxSTgk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zilQeKM23KTl" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_zkQCVYLMu9Lh" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_zBp1eJbyRhU1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Wages and incentives</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">38</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maALCzWj2_z4ORNpA7CnH7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Legal and patents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_ztWKMacYgu9l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">71</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_pn3n3_mtALCzWj2_zS0agzuQTqRc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

41000

38000

2000

11000

14000

71000

57000

120000

5. Significant Agreements Development and Commercialization Agreement with Cipla Technologies LLC (“Cipla”) On April 15, 2019, the Company entered into a Development and Commercialization Agreement (the “Cipla Agreement”) with Cipla for the co-development and commercialization, on a worldwide exclusive basis, of PUR1900, the Company’s inhaled iSPERSE™ drug delivery system (the “Product”) enabled formulation of the antifungal drug itraconazole, which is only available as an oral drug, for the treatment of all pulmonary indications, including allergic bronchopulmonary aspergillosis (“ABPA”) in patients with asthma. The Company entered into an amendment to the Cipla Agreement on November 8, 2021 (the “Second Amendment”) and a subsequent amendment on January 6, 2024 (the “Third Amendment”). All references to the Cipla Agreement herein refer to the Cipla Agreement, as amended. The Company received a non-refundable upfront payment of $<span id="xdx_900_eus-gaap--ProceedsFromRelatedPartyDebt_pn5n6_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--CiplaAgreementMember__dei--LegalEntityAxis__custom--CiplaTechnologiesLlcMember_z9f0Lrp9wa29" title="Non-refundable upfront payment received">22.0 million (the “Upfront Payment”) under the Cipla Agreement. Upon receipt of the Upfront Payment, the Company irrevocably assigned to Cipla the following assets, solely to the extent that each covers the Product in connection with any treatment, prevention, and/or diagnosis of diseases of the pulmonary system (“Pulmonary Indications”): all existing and future technologies, current and future drug master files, dossiers, third-party contracts, regulatory filings, regulatory materials and regulatory approvals, patents, and intellectual property rights, as well as any other associated rights and assets directly related to the Product, specifically in relation to Pulmonary Indications (collectively, the “Assigned Assets”), excluding most specifically the Company’s iSPERSE™ technology. A portion of the Upfront Payment was deposited by the Company into a bank account, along with an equal amount from the Company, and was dedicated to the development of the Product (the “Initial Development Funding”). The Initial Development Funding was depleted during the year ended December 31, 2021, at which point the Company and Cipla each became responsible for a portion of the development costs actually incurred as described below (the “Co-Development Phase”). Pursuant to the Second Amendment, the Company and Cipla were each responsible for 60% and 40%, respectively, of the Company’s overhead costs and the time spent by the Company’s employees and consultants on development of the Product (“Direct Costs”). The Company shared all other development costs with Cipla that were not Direct Costs, such as the cost of clinical research organizations, manufacturing costs and other third-party costs, on a 50/50 basis. Pursuant to the Third Amendment, the Company and Cipla agreed that, during the period commencing on January 6, 2024 and ending July 30, 2024 (the “Wind Down Period”), the Company would complete all Phase 2b activities, assign or license all patents to Cipla and their registration with the appropriate authorities in regions other than the United States, complete a physical and demonstrable technology transfer and secure all data from the Phase 2b study for inclusion in the safety database. The Company shared costs with Cipla during the Wind Down Period in the same proportions in effect with the Second Amendment discussed above, but subject to a maximum reimbursement amount by Cipla as approved by the joint steering committee. The Company completed all Phase 2b activities by the end of the Wind Down Period. Accounting Treatment The Company originally concluded that because both it and Cipla are active participants in the arrangement and are exposed to the significant risks and rewards of the collaboration, the Company’s collaboration with Cipla is within the scope of ASC 808. The Company concluded that Cipla is a customer since they contracted with the Company to obtain research and development services and a license to the Assigned Assets, each of which is an output of the Company’s ordinary activities, in exchange for consideration. Therefore, the Company has applied the guidance in ASC 606 to account for the research and development services and a license within the contract. The Company determined that the research and development services and license to the Assigned Assets are considered highly interdependent and highly interrelated and therefore are considered a single combined performance obligation because Cipla cannot benefit from the license without the performance by the Company of the research and development services. Such research and development services are highly specialized and proprietary to the Company and therefore not available to Cipla from any other third party. The Company initially determined the total transaction price to be $22.0 million – comprised of $<span id="xdx_90C_ecustom--TransactionCosts_iI_pn5n6_c20251231__us-gaap--TypeOfArrangementAxis__custom--CiplaAgreementMember__dei--LegalEntityAxis__custom--CiplaTechnologiesLlcMember__srt--ProductOrServiceAxis__custom--ResearchAndDevelopmentServiceMember_zyEUXWnUvxr5" title="Transaction cost">12.0 million for research and development services for the Product and $<span id="xdx_900_ecustom--TransactionCosts_iI_pn5n6_c20251231__dei--LegalEntityAxis__custom--CiplaTechnologiesLlcMember__us-gaap--TypeOfArrangementAxis__custom--CiplaAgreementMember__srt--ProductOrServiceAxis__custom--IrrevocableLicenseMember_zRKvH7tBmHo1" title="Transaction cost">10.0 million for the irrevocable license to the Assigned Assets. Any consideration related to the Co-Development Phase was not initially included in the transaction price as such amounts were subject to the variable consideration constraint. Additionally, the Company has fully constrained any transaction price that might be realized upon commercialization. Revenue is recognized for the Cipla Agreement as the research and development services are provided using an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the Company’s obligations. In management’s judgment, this input method is the best measure of the transfer of control of the combined performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s consolidated balance sheets, with amounts expected to be recognized in the next 12 months recorded as current. The Company concluded that the Third Amendment is a contract modification that should be accounted for as part of the existing contract. During the years ended December 31, 2025 and 2024, the Company recognized $<span id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn6n6_c20250101__20251231__dei--LegalEntityAxis__custom--CiplaTechnologiesLlcMember__us-gaap--TypeOfArrangementAxis__custom--CiplaAgreementMember__srt--ProductOrServiceAxis__custom--ResearchAndDevelopmentServiceMember_zHhCiS6bpLag" title="Revenue">0 and $<span id="xdx_90E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn5n6_c20240101__20241231__dei--LegalEntityAxis__custom--CiplaTechnologiesLlcMember__us-gaap--TypeOfArrangementAxis__custom--CiplaAgreementMember__srt--ProductOrServiceAxis__custom--ResearchAndDevelopmentServiceMember_zMA2Bk3zu3e4" title="Revenue">6.9 million, respectively, in revenue related to the research and development services and irrevocable license to the Assigned Assets in the Company’s consolidated statements of operations. The revenue recognized during the year ended December 31, 2024 was primarily associated with the cumulative catch-up recorded as a result of the contract modification, that had been included in deferred revenue at the beginning of that period. As of December 31, 2025, all of the Company’s performance obligations under the Cipla Agreement have been satisfied. Agreements with MannKind Corporation (“MannKind”) On May 28, 2024, the Company executed certain agreements with MannKind and the Company’s landlord (collectively, the “MannKind Transaction”), all of which closed during July 2024. The agreements with MannKind included a Bill of Sale and Assignment Agreement (the “Bill of Sale”) with respect to the assignment of the Company’s rental facility at 36 Crosby Drive, Bedford, Massachusetts (the “Bedford Facility”) to MannKind along with the transfer of all leasehold improvements, laboratory equipment and other related personal property. In connection with the assignment of the Bedford Facility, the Company, MannKind and Cobalt Propco 2020, LLC (the “Landlord”) entered into an Amendment to Lease and Consent to Assignment of Lease (the “Lease Assignment Agreement”) pursuant to that certain Lease Agreement, dated as of January 7, 2022 (the “Lease Agreement”), by and between the Company and the Landlord. Pursuant to the Lease Assignment Agreement, MannKind assumed all of the Company’s obligations under the Lease Agreement, including all rent and other payments. In connection with these transactions, the Company and MannKind entered into an Intellectual Property Cross License Agreement (the “Cross License Agreement”). Pursuant to the Cross License Agreement, the Company granted to MannKind (i) an exclusive license to develop, use, manufacture, market, offer and sell iSPERSE formulations of Clofazimine, (ii) an exclusive license to develop, use, manufacture, market, offer and sell formulations of iSPERSE with one more active pharmaceutical ingredients for the treatment of nontuberculous mycobacteria lung disease in humans, (iii) an exclusive license to develop, use, manufacture, market, offer and sell iSPERSE formulations of insulin, (iv) a non-exclusive license to develop, use, manufacture, market, offer and sell formulations of iSPERSE with one more active pharmaceutical ingredients for the treatment of endocrine disease in humans, and (v) a non-exclusive license to develop, use, manufacture, market, offer and sell formulations of iSPERSE with one more active pharmaceutical ingredients for the treatment of interstitial lung diseases (including IPF, PPF and other related lung diseases) in humans (collectively, the “Out-License”). Additionally, pursuant to the Cross License Agreement, MannKind granted to the Company (i) the exclusive right to develop, use, manufacture, market, offer and sell its single-use disposable dry powder inhaler (including all modifications or improvement thereto made by or on behalf of the Company, the “Cricket Device”) for the inhaled delivery of dihydroergotamine in any formulation whatsoever, including the Company’s PUR3100 treatment of acute migraine and (ii) a non-exclusive license to develop, use, manufacture, market, offer and sell the Cricket Device for the inhaled delivery of one more active pharmaceutical ingredients formulated with iSPERSE for the treatment of neurological disease in humans (collectively, the “In-License”). Additionally, pursuant to the Master Services Agreement, by and between the Company and MannKind, MannKind shall provide certain development services to the Company, including but not limited to, activities to develop a dry powder formulation of the active pharmaceutical ingredient that the Company provides to MannKind for oral inhalation using iSPERSE. To maintain continuity of iSPERSE platform knowledge, MannKind hired certain members of the Company’s research and development staff in July 2024. Accounting Treatment The Company determined that the MannKind Transaction represents a combined agreement for accounting purposes, as the individual components have the same overall commercial objectives and the consideration under each component is dependent on the other components. The consideration due to the Company in the MannKind Transaction consists solely of the non-cash consideration in the form of the In-License. The fair value of the non-cash consideration received should be allocated to the other components of the MannKind Transaction to determine the consideration received for the other components. The Company determined that the fair value of the In-License is immaterial given that adequate alternative inhaler devices are already available on the market (and indeed, the Company has already established use of another third-party inhalation device in their PUR3100 Phase 1 trial that performed well as a DHE delivery device as reported in a peer-reviewed publication), and considering optional purchases of Cricket Devices are at market prices. Accordingly, the consideration allocated to other components of the MannKind Transaction was immaterial. During the year ended December 31, 2024, the Company accounted for the Lease Assignment Agreement upon execution as a lease modification that reduced the lease term to the assignment date in July 2024. Accordingly, the Company remeasured its operating lease liability as of the modification date to reflect the decrease in fixed lease payments, with the amount of the remeasurement, $<span id="xdx_905_ecustom--IncreaseDecreaseInRightOfUseAsset_pn5n6_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--LeaseAssignmentAgreementMember_zuXnhZ3DSSH7" title="Decrease in right-of-use asset">8.4 million, adjusted by a corresponding reduction to the right-of-use asset. The Company determined that its operating lease right-of-use asset and property and equipment subject to the Bill of Sale represented a disposal group. The Company recorded a full write-down of the disposal group’s carrying value in the amount of $<span id="xdx_90C_eus-gaap--DisposalGroupNotDiscontinuedOperationLossGainOnWriteDown_pn5n6_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--LeaseAssignmentAgreementMember_z44tjC6IE22i" title="Disposal group write-down of carrying value">2.6 million during the year ended December 31, 2025. Concurrent with the closing of the MannKind Transaction, the Company terminated and MannKind hired the majority of the Company’s research and development employees, representing approximately two-thirds of the Company’s workforce at the time. The Company agreed to provide termination benefits to these employees, which was fully paid during the year ended December 31, 2024.

22000000.0

Pursuant to the Second Amendment, the Company and Cipla were each responsible for 60% and 40%, respectively, of the Company’s overhead costs and the time spent by the Company’s employees and consultants on development of the Product (“Direct Costs”). The Company shared all other development costs with Cipla that were not Direct Costs, such as the cost of clinical research organizations, manufacturing costs and other third-party costs, on a 50/50 basis. 22000000.0 12000000.0 10000000.0

6900000

8400000

2600000

6. Common Stock In May 2021, the Company entered into an At-The-Market Sales Agreement (the “Sales Agreement”) with H.C. Wainwright and Co., LLC (“HCW”) to act as the Company’s sales agent with respect to the issuance and sale of up to $<span id="xdx_90E_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember__srt--RangeAxis__srt--MaximumMember_zhjLkSJ7ZD9" title="Sale of stock, consideration received on transaction">20.0 million of the Company’s shares of common stock, from time to time in an at-the-market public offering (the “ATM Offering”). Upon filing of the Annual Report, the Company continued to be subject to General Instruction I.B.6 of Form S-3, pursuant to which in no event will <span id="xdx_90D_eus-gaap--SaleOfStockDescriptionOfTransaction_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_zu9XuJBpYLH4" title="Description of stock transaction">the Company sell its common stock in a registered primary offering using Form S-3 with a value exceeding more than one-third of its public float in any 12 calendar month period so long as its public float remains below $<span id="xdx_905_ecustom--EntitiesPublicFloat_iI_pp0p0_c20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember__srt--RangeAxis__srt--MaximumMember_zyFJqxzumbcd" title="Public float">75,000,000. Therefore, the amount that may be able to be raised using the ATM Offering will be significantly less than $<span id="xdx_906_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0p0_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ATMOfferingMember__srt--RangeAxis__srt--MaximumMember_ze6YSic6xJvk" title="Sale of stock, consideration received on transaction">20,000,000, until such time as the Company’s public float held by non-affiliates exceeds $75,000,000. Sales of common stock under the Sales Agreement are made pursuant to an effective shelf registration statement on Form S-3, which was filed with the SEC on May 17, 2024, and subsequently declared effective on May 30, 2024 (File No. 333-279491), and a related prospectus. HCW acts as the Company’s sales agent on a commercially reasonable efforts basis, consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The Nasdaq Capital Market. If expressly authorized by the Company, HCW may also sell the Company’s common stock in privately negotiated transactions. There is no specific date on which the ATM Offering will end, there are no minimum sale requirements and there are no arrangements to place any of the proceeds of the ATM Offering in an escrow, trust or similar account. HCW is entitled to compensation at a fixed commission rate of <span id="xdx_904_ecustom--CommissionPercentage_pid_dp_uPure_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_zOXjRI4HYyYf" title="Commission percentage">3.0% of the gross proceeds from the sale of the Company’s common stock pursuant to the Sales Agreement. During the years ended December 31, 2025, and 2024, <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_do_uShares_c20250101__20251231__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_z1obgKQsOYeg" title="Number of shares issued in transaction"><span id="xdx_906_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_do_uShares_c20240101__20241231__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_zL29j5gCTYRg" title="Number of shares issued in transaction">no shares of common stock were sold under the Sales Agreement.

20000000.0

the Company sell its common stock in a registered primary offering using Form S-3 with a value exceeding more than one-third of its public float in any 12 calendar month period so long as its public float remains below $75,000,000. Therefore, the amount that may be able to be raised using the ATM Offering will be significantly less than $20,000,000, until such time as the Company’s public float held by non-affiliates exceeds $75,000,000.

75000000

20000000

0.030

7. Warrants <p id="xdx_899_eus-gaap--ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_zx2hWGLWJ2xi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The following table summarizes warrant activity for the year ended December 31, 2025: Schedule of Rollforward of Common Stock Warrants Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Common Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average Remaining Contractual Term (Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zCBXMDSQqxab" style="width: 12%; text-align: right" title="Number of Common Warrants, Outstanding, Beginning Balance">934,373</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z7E8Lufsu1V6" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Beginning balance">55.01</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Warrants Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_pid_di_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zKJde9YLHOrl" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Common Warrants, Expired">(551,785</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsExpiredWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ztnqHU84S41" style="text-align: right" title="Weighted Average Exercise Price, Expired">79.15</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zjQFIjIcQkJ" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Common Warrants, Outstanding, Ending Balance">382,588</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zUagJ4I80GIb" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Ending balance">20.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zEn8MGexCyYf" style="text-align: right" title="Weighted Average Remaining Contractual Term (Years), Outstanding">0.82</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingAggregateIntrinsicValue_iE_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zMk5zzSlEZG7" style="text-align: right" title="Aggregate Intrinsic Value, Outstanding, Ending balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_89E_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zzR1wUmE2yri" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The following represents a summary of the warrants outstanding at December 31, 2025, all of which are equity-classified: Schedule of Warrants Outstanding and Exercisable <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issue Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjusted Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares Underlying Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 23%; text-align: left">December 17, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantOneMember_z0YEH3WyClCl" style="width: 22%; text-align: right" title="Warrants, Adjusted Exercise Price">14.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 23%; text-align: right">December 15, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zqAqKcfO26H5" style="width: 22%; text-align: right" title="Number of shares underlying exercisable warrants">36,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">December 17, 2021</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_z2INTIlUYkF3" style="text-align: right" title="Warrants, Adjusted Exercise Price">13.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">December 17, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zd0mKf7ZYI5h" style="text-align: right" title="Number of shares underlying exercisable warrants">281,047</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">February 16, 2021</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantThreeMember_zXsrJ0q3T3h7" style="text-align: right" title="Warrants, Adjusted Exercise Price">49.99</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt">February 11, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantThreeMember_zbMHbcL8ruE" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares Underlying Warrants, Outstanding and Exercisable">65,003</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zWsI9ORacOqc" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Underlying Warrants">382,588</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Warrants to purchase <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zY8Z3cAFnNOl" title="Warrants to purchase common stock expired">535,830 shares of common stock with a contingent cash redemption feature expired during the year ended December 31, 2025. These warrants included terms that could have given rise to an obligation of the Company to pay cash to its warrant holders following a change in control. Following the execution of the Merger Agreement on November 13, 2024, the Company concluded this contingent cash redemption feature was no longer within its control and accordingly reclassified these warrants from equity to liability, remeasuring the fair value of these warrants at approximately $67 thousand as of December 31, 2024, recording a corresponding loss in the Company’s consolidated statements of operations. Since the warrants expired during the year ended December 31, 2025, prior to a change in control occurring, the Company recorded a gain of $67 thousand in the Company’s consolidated statements of operations for the year ended December 31, 2025. Warrants to purchase <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_pid_c20260101__20260101__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zqdzvgWfPBBi" title="Warrants to purchase common stock expired">65,003 shares of common stock, with a weighted-average exercise price of $<span id="xdx_901_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsExpiredWeightedAverageExercisePrice_iI_pid_c20260101__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zIC2ITv4c0r4" title="Weighted-average exercise price">49.99, expired subsequent to December 31, 2025, but before the date these consolidated financial statements were issued.

<p id="xdx_899_eus-gaap--ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_zx2hWGLWJ2xi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The following table summarizes warrant activity for the year ended December 31, 2025: Schedule of Rollforward of Common Stock Warrants Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Common Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average Remaining Contractual Term (Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zCBXMDSQqxab" style="width: 12%; text-align: right" title="Number of Common Warrants, Outstanding, Beginning Balance">934,373</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z7E8Lufsu1V6" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Beginning balance">55.01</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Warrants Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_pid_di_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zKJde9YLHOrl" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Common Warrants, Expired">(551,785</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsExpiredWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ztnqHU84S41" style="text-align: right" title="Weighted Average Exercise Price, Expired">79.15</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zjQFIjIcQkJ" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Common Warrants, Outstanding, Ending Balance">382,588</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zUagJ4I80GIb" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Ending balance">20.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zEn8MGexCyYf" style="text-align: right" title="Weighted Average Remaining Contractual Term (Years), Outstanding">0.82</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingAggregateIntrinsicValue_iE_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zMk5zzSlEZG7" style="text-align: right" title="Aggregate Intrinsic Value, Outstanding, Ending balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

934373

55.01

551785

79.15

382588

20.20 P0Y9M25D

<p id="xdx_89E_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zzR1wUmE2yri" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The following represents a summary of the warrants outstanding at December 31, 2025, all of which are equity-classified: Schedule of Warrants Outstanding and Exercisable <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issue Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjusted Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares Underlying Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 23%; text-align: left">December 17, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantOneMember_z0YEH3WyClCl" style="width: 22%; text-align: right" title="Warrants, Adjusted Exercise Price">14.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 23%; text-align: right">December 15, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zqAqKcfO26H5" style="width: 22%; text-align: right" title="Number of shares underlying exercisable warrants">36,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">December 17, 2021</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_z2INTIlUYkF3" style="text-align: right" title="Warrants, Adjusted Exercise Price">13.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">December 17, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zd0mKf7ZYI5h" style="text-align: right" title="Number of shares underlying exercisable warrants">281,047</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">February 16, 2021</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantThreeMember_zXsrJ0q3T3h7" style="text-align: right" title="Warrants, Adjusted Exercise Price">49.99</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt">February 11, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantThreeMember_zbMHbcL8ruE" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares Underlying Warrants, Outstanding and Exercisable">65,003</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zWsI9ORacOqc" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Underlying Warrants">382,588</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2021-12-17

14.99

2026-12-15

36538

2021-12-17

13.99

2026-12-17

281047

2021-02-16

49.99

2026-02-11

65003

382588

535830

67000

-67000

65003

49.99

<p id="xdx_80A_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zN609f7uWE34" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">8. Stock-based Compensation The Company sponsored the Pulmatrix, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan (the “Incentive Plan”), which expired on June 10, 2025. No new awards may be made under the Incentive Plan after its expiration date. Awards issued under the Incentive Plan prior to its expiration remain outstanding in accordance with their terms. <p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zyfxNPecaX0b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLWJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_do_c20250101__20251231_zwa67u9ADre9" title="Stock options granted"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLWJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_do_c20240101__20241231_z2jrbVpDIgOh" title="Stock options granted">No stock options were granted during the years ended December 31, 2025, and 2024. The following table summarizes stock option activity for the year ended December 31, 2025: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted- Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted- Average Remaining Contractual Term (Years)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding — January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zjS4OhYIEbhf" style="width: 12%; text-align: right" title="Number of Options, Outstanding, Balance">34,046</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zbiUHGUVObb8" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">30.55</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zKvcusZ4wAQi" style="width: 12%; text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Forfeited or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zHR0EKlhfTRf" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired">(188</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zECby9jnYQNc" style="text-align: right" title="Weighted Average Exercise Price, Forfeited or expired">2,350.64</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding — December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zTeVQbm0zO5f" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">33,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zSqRMcN7uIP8" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">17.67</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zA3AsA1pYDXa" title="Weighted Average Remaining Contractual Term (Years), Outstanding">5.72</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zH5bJ8s4T3ra" style="text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable — December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zE7PrMczx04k" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Exercisable">30,961</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zrTqApEncHtd" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">18.95</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z77ju5tXv4oe" title="Weighted Average Remaining Contractual Term (Years), Exercisable">5.60</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pn3n3_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zeerVLXedag7" style="text-align: right" title="Aggregate Intrinsic Value, Exercisable">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company records stock-based compensation expense related to stock options based on their grant-date fair value. As of December 31, 2025, there was an immaterial amount of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s Incentive Plan. <p id="xdx_89B_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zS6urv7DGSsl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The following table presents total stock-based compensation expense for the years ended December 31, 2025, and 2024: Schedule of Stock-based Compensation Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20251231_zdIattDcvg2l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zcOxl54EdCC7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__PULM--ResearchAndDevelopment_zQNTAKnW8dv6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">149</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__PULM--GeneralAndAdministrative_zSewRTdhZC55" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">362</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__PULM--StockBasedCompensation_zb6t7vtNbSQ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">511</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zyfxNPecaX0b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLWJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_do_c20250101__20251231_zwa67u9ADre9" title="Stock options granted"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLWJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_do_c20240101__20241231_z2jrbVpDIgOh" title="Stock options granted">No stock options were granted during the years ended December 31, 2025, and 2024. The following table summarizes stock option activity for the year ended December 31, 2025: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted- Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted- Average Remaining Contractual Term (Years)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding — January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zjS4OhYIEbhf" style="width: 12%; text-align: right" title="Number of Options, Outstanding, Balance">34,046</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zbiUHGUVObb8" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">30.55</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zKvcusZ4wAQi" style="width: 12%; text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Forfeited or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zHR0EKlhfTRf" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired">(188</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zECby9jnYQNc" style="text-align: right" title="Weighted Average Exercise Price, Forfeited or expired">2,350.64</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding — December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zTeVQbm0zO5f" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">33,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zSqRMcN7uIP8" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">17.67</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zA3AsA1pYDXa" title="Weighted Average Remaining Contractual Term (Years), Outstanding">5.72</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zH5bJ8s4T3ra" style="text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable — December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zE7PrMczx04k" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Exercisable">30,961</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zrTqApEncHtd" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">18.95</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z77ju5tXv4oe" title="Weighted Average Remaining Contractual Term (Years), Exercisable">5.60</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pn3n3_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zeerVLXedag7" style="text-align: right" title="Aggregate Intrinsic Value, Exercisable">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

34046

30.55

188

2350.64

33858

17.67

P5Y8M19D

30961

18.95

P5Y7M6D

<p id="xdx_89B_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zS6urv7DGSsl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The following table presents total stock-based compensation expense for the years ended December 31, 2025, and 2024: Schedule of Stock-based Compensation Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20251231_zdIattDcvg2l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zcOxl54EdCC7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__PULM--ResearchAndDevelopment_zQNTAKnW8dv6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">149</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__PULM--GeneralAndAdministrative_zSewRTdhZC55" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">362</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__PULM--StockBasedCompensation_zb6t7vtNbSQ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">511</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

149000

25000

362000

25000

511000

<p id="xdx_804_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z4L6cYvXbUfa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">9. Commitments and Contingencies Research and Development Activities The Company has contracted with various other organizations to conduct research and development activities, including clinical trials. The scope of the services under contracts for research and development activities may be modified and the contracts, subject to certain conditions, may generally be cancelled by the Company upon written notice. In some instances, the contracts, subject to certain conditions, may be cancelled by the third party. As of December 31, 2025, the Company had no material noncancellable commitments. Legal Proceedings In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations.

10. Leases Following the closing of the MannKind Transaction in the third quarter of 2024, in which the Company assigned its former lease to MannKind, the Company has operated as a virtual company. The Company entered into a short-term agreement to maintain a corporate address at 945 Concord Street, Framingham, Massachusetts. No lease liability or right-of-use asset has been recorded for this short-term lease, and the short-term lease cost associated with this lease is immaterial. Previous Headquarters On May 28, 2024, as part of the MannKind Transaction (see further discussion in Note 5, Significant Agreements), the Company and the Landlord executed the Lease Assignment Agreement to assign the Lease Agreement to MannKind in July 2024. The Company accounted for the Lease Assignment Agreement as a lease modification that reduced the lease term to the assignment date in July 2024. Accordingly, during the year ended December 31, 2024, the Company remeasured its lease liability as of the modification date to reflect the decrease in fixed lease payments, with the amount of the remeasurement, $<span id="xdx_907_ecustom--IncreaseDecreaseInRightOfUseAsset_pn5n6_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--LeaseAssignmentAgreementMember_z6EsS1InvHlf" title="Decrease in right-of-use asset">8.4 million, adjusted by a corresponding reduction to the right-of-use asset. Following the closing of the MannKind Transaction, $1.4 million of restricted cash was released in August 2024, which had been held in a depository account at a financial institution to collateralize a conditional stand-by letter of credit related to the Lease Agreement. The components of lease expense for the Company for the years ended December 31, 2025, and 2024 were as follows: Schedule of Components of Lease Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zWDbLSSJc5qb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240101__20241231_zb5CL0d9Rue7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LeaseCostAbstract_iB_zMUhI1qhavRf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OperatingLeaseCost_i01_pn3n3_maLCzryb_zXcJMkShg0z6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left; padding-left: 10pt">Fixed lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">678</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--VariableLeaseCost_i01_pn3n3_maLCzryb_z5VHC6d4VpGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Variable lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">214</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LeaseCost_i01T_pn3n3_mtLCzryb_zvzCV344Zqw" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">892</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other information</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeasePayments_i01_pn3n3_z1VmwRMgGy7k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Cash paid for amounts included in the measurement of lease liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">681</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Weighted-average remaining lease term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Weighted-average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> </table>

8400000

1400000

The components of lease expense for the Company for the years ended December 31, 2025, and 2024 were as follows: Schedule of Components of Lease Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zWDbLSSJc5qb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240101__20241231_zb5CL0d9Rue7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LeaseCostAbstract_iB_zMUhI1qhavRf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OperatingLeaseCost_i01_pn3n3_maLCzryb_zXcJMkShg0z6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left; padding-left: 10pt">Fixed lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">678</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--VariableLeaseCost_i01_pn3n3_maLCzryb_z5VHC6d4VpGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Variable lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">214</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LeaseCost_i01T_pn3n3_mtLCzryb_zvzCV344Zqw" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">892</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other information</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeasePayments_i01_pn3n3_z1VmwRMgGy7k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Cash paid for amounts included in the measurement of lease liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">681</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Weighted-average remaining lease term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Weighted-average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> </table>

678000

214000

892000

681000

11. Income Taxes The Company had no income tax expense due to operating losses incurred for the years ended December 31, 2025 and 2024. <p id="xdx_897_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zdt6OoYsZfsg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Company adopted ASU 2023-09 on a prospective basis beginning with the year ended December 31, 2025. The following table presents the required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to the actual effective amount and rate for the year ended December 31, 2025: Schedule of Reconciliation of U.S Federal Statutory Tax and Effective Amount and Rate <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Percent</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">U.S federal statutory tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_z1hAAPyARuXg" style="width: 16%; text-align: right" title="U.S federal statutory tax rate">(1,084</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zaRTodkQPUV5" title="U.S federal statutory tax rate, effective percent">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Changes in valuation allowances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_zKuYnL9X1Z0d" style="text-align: right" title="Changes in valuation allowances">1,018</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_z9VCLdcVJJ6l" title="Changes in valuation allowance, percent">(19.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Nontaxable or nondeductible items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_zLoiyoZeERx5" style="text-align: right" title="Nontaxable or nondeductible items : Stock-based compensation">63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zqi605d9Kl7j" title="Nontaxable or nondeductible items : Stock-based compensation, percent">(1.2</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_ziB299MVWzeg" style="border-bottom: Black 1pt solid; text-align: right" title="Nontaxable or nondeductible items : Other">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zpiRgLrcXfGi" title="Nontaxable or nondeductible items : Other, percent">(0.1</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--IncomeTaxExpenseBenefit_iTP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_zcdZ2jhHl1Q4" style="border-bottom: Black 2.5pt double; text-align: right" title="Provision for (benefit from) taxes">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iTP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zzR9BasS6mwl" title="Effective tax rate, percent">-</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p id="xdx_89A_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zcE1hQxk98ic" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The following table presents the required disclosure prior to the adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax rate to the actual effective income tax rate for the years ended December 31, 2024: Schedule of Reconciliation of Federal Statutory Income Tax Rate To Effective Income Tax Rate <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240101__20241231_znyZuRwI2kd5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_zuPN5bbjXfSj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Income tax computed at federal statutory tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_zoI4ZMDfYdte" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.5</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_iN_pid_dpi_uPure_z3SxBdUhblx7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research and development credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.8</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_uPure_zKjryxFfBzt8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expiration of stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7.7</td><td style="text-align: left">)%</td></tr> <tr id="xdx_409_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentDifferences_pid_dp_uPure_z5VXhJwvEQSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.4</td><td style="text-align: left">)%</td></tr> <tr id="xdx_400_ecustom--EffectiveIncomeTaxReconciliationLimitationsOnCreditAndNetOperatingLosses_pid_dp_uPure_zWw7Hyo8rfSb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Limitations on credits and net operating losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.2</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_zXlT5HglNpEf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21.0</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_zAfiX80W3R37" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_89F_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z4qkxpzsRmM1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The significant components of the Company’s deferred tax assets as of December 31, 2025 and 2024 were as follows: Schedule of Components of Deferred Tax Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zhKBRlraflV3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zxkt0Xrf36nj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_maDTAGzPCi_z8sUYcT08iQ6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left; padding-left: 10pt">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,311</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">16,116</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredTaxAssetsDeferredExpenseCapitalizedResearchAndDevelopment_iI_pn3n3_maDTAGzPCi_zvKRuBkCdxM9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Capitalized research and experimental costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,836</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn3n3_maDTAGzPCi_zdUFdWbXd4v8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Research and development credit carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,945</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,945</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredTaxAssetsDeferredExpenseCapitalizedStartup_iI_pn3n3_maDTAGzPCi_zAh6cyHZbP71" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Capitalized start-up expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_maDTAGzPCi_zdpo7XsSOJQl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_maDTAGzPCi_zp2HGsqmcp09" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">660</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">309</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGzPCi_maDTANzRar_z1fZ0eOon4v6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,849</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,524</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzRar_zVDtVg93Jq4g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(27,849</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(26,524</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzRar_zMeKNskDmhyd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Subject to the limitations described below, as of December 31, 2025, the Company had federal net operating loss carryforwards of approximately $81.7 million available to reduce future taxable income, of which $3.8 million is subject to <span id="xdx_903_eus-gaap--OperatingLossCarryforwardsLimitationsOnUse_pn5n6_c20250101__20251231__us-gaap--TaxPeriodAxis__custom--TaxYear2026to2037Member_zVTdPUEOrrob" title="Operating loss carryforwards expiration">expiration between 2026 and 2037 and $77.9 million may be carried forward indefinitely. As of December 31, 2025, the Company had state net operating loss carryforwards of approximately $<span id="xdx_905_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_iI_pn5n6_c20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zmtj36KCaSBg" title="State net operating loss carryforwards">33.9 million, which is subject to expiration <span id="xdx_90C_eus-gaap--OperatingLossCarryforwardsLimitationsOnUse_pn5n6_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zSRtn8jmY8dg" title="Net operating loss carryforwards expiration">between 2030 and 2045. The Company also had research and development credits of approximately $<span id="xdx_90A_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn5n6_c20251231__us-gaap--TaxCreditCarryforwardAxis__us-gaap--ResearchMember_zJiW8Fan7MPa" title="Research and development tax credits">1.9 million as of December 31, 2025 to offset future federal and state income taxes, which is subject to <span id="xdx_901_eus-gaap--TaxCreditCarryforwardLimitationsOnUse_pn5n6_c20250101__20251231__us-gaap--TaxCreditCarryforwardAxis__us-gaap--ResearchMember_zKM5lDQEHUK2" title="Tax credit carryforwards expiration">expiration at various times through 2044. Under the provisions of the Internal Revenue Code, the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has completed several financings since its inception which it believes has resulted in changes in control as defined by Sections 382 and 383 of the Internal Revenue Code. Management of the Company evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets and determined that it is more likely than not that the Company will not recognize the benefits of the deferred tax assets. As a result, a full valuation allowance was recorded as of December 31, 2025 and 2024. The valuation allowance increased by $1.3 million during the year ended December 31, 2025, primarily due to the increase in loss carryforwards by the Company. The One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. on July 4, 2025. OBBBA introduced significant changes to the U.S. federal corporate tax system, including retroactive relief for certain small business taxpayers, such as reinstatement of immediate expensing for domestic research and development expenditures and modifications to the business interest expense limitation. Under U.S. GAAP, the effects of changes in tax laws are recognized in the period in which the new law is enacted. Accordingly, the provisions impacting the Company have been reflected in the financial statements for the year ended December 31, 2025, and did not have a material impact as the Company has a valuation allowance against its net deferred tax assets. The Company is currently not under examination by the Internal Revenue Service or any other jurisdictions for any tax years. The Company files income tax returns in the United States for federal and state income taxes. In the normal course of business, the Company is subject to examination by tax authorities in the United States. Since the Company is in a loss carryforward position, the Company is generally subject to U.S. federal and state income tax examinations by tax authorities for all years for which a loss carryforward is utilized. The Company’s returns remain subject to federal and state audits for the years 2022 through 2025. However, carryforward attributes from prior years may still be adjusted upon examination by tax authorities if they are used in an open period. The Company may from time to time be assessed interest or penalties by major tax jurisdictions. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company has not recorded interest or penalties on any unrecognized tax benefits since its inception. <p id="xdx_894_eus-gaap--ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_zU5mZ1O6qQ32" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The roll-forward of the Company’s gross uncertain tax positions is as follows: Schedule of Roll-forward of Gross Uncertain Tax Positions <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gross Uncertain Tax Position</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance — January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_c20240101__20241231_zXKrpOalYI31" style="width: 16%; text-align: right" title="Beginning balance">505</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Additions for current year tax positions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_pn3n3_c20240101__20241231_zqTVRQVqiM33" style="border-bottom: Black 1pt solid; text-align: right" title="Additions for current year tax positions">139</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance — December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_c20250101__20251231_zNR8tcSsxNw8" style="text-align: right" title="Gross uncertain tax positions, Beginning balance">644</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Additions for current year tax positions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_pn3n3_c20250101__20251231_zTXv8gVQlGf6" style="border-bottom: Black 1pt solid; text-align: right" title="Additions for current year tax positions">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance — December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--UnrecognizedTaxBenefits_iE_pn3n3_c20250101__20251231_z3i4E4vSI2Ul" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross uncertain tax positions, Ending balance">644</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company’s total uncertain tax positions did not have any changes during the year ended December 31, 2025. None of the uncertain tax positions, if realized, would affect the Company’s effective tax rate in future periods due to a valuation allowance provided against the Company’s net deferred tax assets.

<p id="xdx_897_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zdt6OoYsZfsg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Company adopted ASU 2023-09 on a prospective basis beginning with the year ended December 31, 2025. The following table presents the required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to the actual effective amount and rate for the year ended December 31, 2025: Schedule of Reconciliation of U.S Federal Statutory Tax and Effective Amount and Rate <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Percent</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">U.S federal statutory tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_z1hAAPyARuXg" style="width: 16%; text-align: right" title="U.S federal statutory tax rate">(1,084</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zaRTodkQPUV5" title="U.S federal statutory tax rate, effective percent">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Changes in valuation allowances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_zKuYnL9X1Z0d" style="text-align: right" title="Changes in valuation allowances">1,018</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_z9VCLdcVJJ6l" title="Changes in valuation allowance, percent">(19.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Nontaxable or nondeductible items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_zLoiyoZeERx5" style="text-align: right" title="Nontaxable or nondeductible items : Stock-based compensation">63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zqi605d9Kl7j" title="Nontaxable or nondeductible items : Stock-based compensation, percent">(1.2</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_ziB299MVWzeg" style="border-bottom: Black 1pt solid; text-align: right" title="Nontaxable or nondeductible items : Other">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zpiRgLrcXfGi" title="Nontaxable or nondeductible items : Other, percent">(0.1</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--IncomeTaxExpenseBenefit_iTP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_zcdZ2jhHl1Q4" style="border-bottom: Black 2.5pt double; text-align: right" title="Provision for (benefit from) taxes">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iTP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zzR9BasS6mwl" title="Effective tax rate, percent">-</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table>

-1084000

0.210

1018000

-0.197

63000

-0.012

3000

-0.001

<p id="xdx_89A_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zcE1hQxk98ic" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The following table presents the required disclosure prior to the adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax rate to the actual effective income tax rate for the years ended December 31, 2024: Schedule of Reconciliation of Federal Statutory Income Tax Rate To Effective Income Tax Rate <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240101__20241231_znyZuRwI2kd5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_zuPN5bbjXfSj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Income tax computed at federal statutory tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_zoI4ZMDfYdte" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.5</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_iN_pid_dpi_uPure_z3SxBdUhblx7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research and development credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.8</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_uPure_zKjryxFfBzt8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expiration of stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7.7</td><td style="text-align: left">)%</td></tr> <tr id="xdx_409_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentDifferences_pid_dp_uPure_z5VXhJwvEQSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.4</td><td style="text-align: left">)%</td></tr> <tr id="xdx_400_ecustom--EffectiveIncomeTaxReconciliationLimitationsOnCreditAndNetOperatingLosses_pid_dp_uPure_zWw7Hyo8rfSb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Limitations on credits and net operating losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.2</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_zXlT5HglNpEf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21.0</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_zAfiX80W3R37" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

0.210

0.055

-0.058

-0.077

-0.024 -0.012

-0.210

<p id="xdx_89F_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z4qkxpzsRmM1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The significant components of the Company’s deferred tax assets as of December 31, 2025 and 2024 were as follows: Schedule of Components of Deferred Tax Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zhKBRlraflV3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zxkt0Xrf36nj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_maDTAGzPCi_z8sUYcT08iQ6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left; padding-left: 10pt">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,311</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">16,116</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredTaxAssetsDeferredExpenseCapitalizedResearchAndDevelopment_iI_pn3n3_maDTAGzPCi_zvKRuBkCdxM9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Capitalized research and experimental costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,836</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn3n3_maDTAGzPCi_zdUFdWbXd4v8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Research and development credit carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,945</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,945</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredTaxAssetsDeferredExpenseCapitalizedStartup_iI_pn3n3_maDTAGzPCi_zAh6cyHZbP71" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Capitalized start-up expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_maDTAGzPCi_zdpo7XsSOJQl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_maDTAGzPCi_zp2HGsqmcp09" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">660</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">309</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGzPCi_maDTANzRar_z1fZ0eOon4v6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,849</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,524</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzRar_zVDtVg93Jq4g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(27,849</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(26,524</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzRar_zMeKNskDmhyd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

19311000

16116000

5708000 7836000

1945000

117000 135000

108000

183000

660000

309000

27849000

26524000

27849000

26524000

81700000

3800000

expiration between 2026 and 2037

77900000

33900000

between 2030 and 2045

1900000

expiration at various times through 2044

1300000

<p id="xdx_894_eus-gaap--ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_zU5mZ1O6qQ32" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The roll-forward of the Company’s gross uncertain tax positions is as follows: Schedule of Roll-forward of Gross Uncertain Tax Positions <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gross Uncertain Tax Position</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance — January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_c20240101__20241231_zXKrpOalYI31" style="width: 16%; text-align: right" title="Beginning balance">505</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Additions for current year tax positions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_pn3n3_c20240101__20241231_zqTVRQVqiM33" style="border-bottom: Black 1pt solid; text-align: right" title="Additions for current year tax positions">139</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance — December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_c20250101__20251231_zNR8tcSsxNw8" style="text-align: right" title="Gross uncertain tax positions, Beginning balance">644</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Additions for current year tax positions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_pn3n3_c20250101__20251231_zTXv8gVQlGf6" style="border-bottom: Black 1pt solid; text-align: right" title="Additions for current year tax positions">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance — December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--UnrecognizedTaxBenefits_iE_pn3n3_c20250101__20251231_z3i4E4vSI2Ul" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross uncertain tax positions, Ending balance">644</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

505000

139000

644000

12. Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is calculated by dividing net loss by the weighted-average number common shares outstanding during the period, after taking into consideration any potentially dilutive effects from outstanding stock options or warrants. Basic and diluted net loss per share were the same for the years ended December 31, 2025, and 2024, as the effect of potentially dilutive securities would have been anti-dilutive. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an anti-dilutive impact: <p id="xdx_894_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zWBKJq9Y0nWj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"> Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Options to purchase common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zV8pnZdANYt4" title="Options to purchase common stock">33,858</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zTyNvcHl7vm6" title="Options to purchase common stock">34,046</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Warrants to purchase common stock</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_zOBhp70GWRha" title="Warrants to purchase common stock">382,588</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_zV3iKbpai9Rb" title="Warrants to purchase common stock">934,373</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total potentially dilutive securities excluded</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">416,446</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">968,419</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_894_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zWBKJq9Y0nWj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"> Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Options to purchase common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zV8pnZdANYt4" title="Options to purchase common stock">33,858</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zTyNvcHl7vm6" title="Options to purchase common stock">34,046</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Warrants to purchase common stock</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_zOBhp70GWRha" title="Warrants to purchase common stock">382,588</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_zV3iKbpai9Rb" title="Warrants to purchase common stock">934,373</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total potentially dilutive securities excluded</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">416,446</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">968,419</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

33858000

34046000

382588000

934373000

416446000

968419000

13. Segment Reporting The Company operates in a single reportable segment. The accounting policies of the segment are the same as those described in the summary of significant accounting policies (Note 2). The measure of segment assets is reported on the balance sheet as total consolidated assets. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM uses net loss to assess financial performance of the Company and allocate resources, in addition to operating forecasts and clinical results. The Company’s single segment revenue, significant segment expenses, other segment items and net loss are each presented separately on the Company’s consolidated statements of operations.

14. Subsequent Events The Company has completed an evaluation of all subsequent events after the balance sheet date of December 31, 2025, through the date the consolidated financial statements were issued to ensure that the consolidated financial statements include appropriate disclosure of events both recognized in the consolidated financial statements as of December 31, 2025, and events which occurred subsequently but were not recognized in the consolidated financial statements. The Company has concluded that no subsequent events have occurred that require disclosure, except as disclosed within the consolidated financial statements.

3324000

4088000

700000

465000

41000

4489000

4129000

7000

10000

4496000

4139000

651000

272000

254000

57000

905000

329000

905000

329000

0.0001

500000

1100

1000

950000

0.0001

200000000

3652285

306131000

306128000

-303490000

-302318000

3591000

3810000

4496000

4139000

3000

19000

1289000

1828000

1292000

1847000

-1292000

-1847000

12000

53000

-66000

108000

-80000

120000

39000

-1172000

-1808000

-0.32

-0.50

3652285

306128000

-302318000

3810000

950000

3000

-1172000

950000

3652285

306131000

-303490000

3591000

3652285

306103000

-297156000

8947000

3652285

306103000

-297156000

8947000

8000

-1808000

3652285

306111000

-298964000

7147000

3652285

306111000

-298964000

7147000

-1172000

-1808000

3000

8000

-66000

16000

424000

-82000

-13000

379000

-152000

147000

126000

-1067000

-1813000

1000000

-67000

-1813000

4098000

9531000

4031000

7718000

3324000

7708000

700000

7000

10000

4031000

7718000

4031000

7718000

50000

1. Organization Pulmatrix, Inc. (“Pulmatrix” or the “Company”) was incorporated in 2013 as a Delaware corporation. The Company is a biopharmaceutical company that has focused on the development of a novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs using its patented iSPERSE™ technology. The Company’s proprietary dry powder delivery platform, iSPERSE™, is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. Agreement and Plan of Merger and Reorganization On March 26, 2026, Pulmatrix and Eos SENOLYTIX, Inc., a Delaware corporation (“Eos”), entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), pursuant to which, among other matters, PUOS Merger Sub, Inc., a direct wholly owned subsidiary of Pulmatrix (“Merger Sub”), will merge with and into Eos, with Eos continuing as the surviving corporation and a wholly owned subsidiary of Pulmatrix (the “Merger”). In connection with the Merger, Eos and Pulmatrix entered into definitive agreements for concurrent private financings of $19 million in aggregate gross proceeds (collectively, the “Financings”), including a $1.0 million investment in Pulmatrix. Under the Exchange Ratio formula set forth in the Merger Agreement, upon the closing of the Merger (the “Closing”), on a pro forma basis and based upon the number of shares of Pulmatrix common stock expected to be issued in the Merger, pre-Merger Eos stockholders, including investors participating in the Financings and holders of shares issued in payment of placement agent and advisory fees, will own approximately <span id="xdx_906_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20260326__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PreMergerEosIncMember_z38FQHcrbGX2" title="Minority interest ownership percentage by noncontrolling owners">94% of the combined company and Pulmatrix stockholders will own approximately <span id="xdx_904_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20260326__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PreMergerPulmatrixIncMember_zgFMruezo5m9" title="Minority interest ownership percentage by parent">6% of the combined company on a fully-diluted basis (excluding any shares reserved for future grants under Pulmatrix’s equity incentive plans). The consummation of the Merger is subject to approval by Pulmatrix stockholders and Eos stockholders, as well as other customary closing conditions, including the effectiveness of a registration statement filed with the Securities and Exchange Commission in connection with the transaction and Nasdaq’s approval of the listing of the shares of Pulmatrix common stock to be issued in connection with the Merger. If the Merger is completed, the business of Eos will continue as the business of the combined company. The Merger Agreement contains certain termination rights of each of Pulmatrix and Eos. At the Effective Time, the board of directors of Pulmatrix is expected to consist of six members, one of which will be a director designated by Pulmatrix, and the remainder of which will be designated by Eos. The Company’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company’s board of directors may decide to pursue a dissolution and liquidation.

19000000

1000000.0

0.94

0.06

2. Summary of Significant Accounting Policies and Recent Accounting Standards Basis of Presentation The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026 (the “Annual Report”). The financial information as of March 31, 2026, and for the three months ended March 31, 2026 and 2025, is unaudited. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. The balance sheet data as of December 31, 2025, was derived from audited consolidated financial statements. The results of the Company’s operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year. Liquidity and going concern The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued. The Company’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company may seek other strategic alternatives or pursue a dissolution and liquidation. The Company anticipates that its cash position is sufficient to fund its operations at least through the anticipated closing of the proposed Merger with Eos. However, the Company expects to incur significant costs in connection with the Merger and even if the Merger is ultimately not consummated, including legal and professional services costs related to filing registration statements with the SEC and obtaining shareholder approval. As of March 31, 2026, the Company had $3.3 million in cash and cash equivalents, as well as $0.7 million in restricted cash that would become unrestricted following consummation of the Merger or upon any termination of the Merger Agreement in accordance with its terms. Management believes that, given the Company’s current cash position and forecasted negative cash flows from operating activities over the next twelve months, there is substantial doubt about its ability to continue as a going concern after the date that is one year from the date that these financial statements are issued without the closing of the Merger. The accompanying financial statements do not include any adjustments that might be necessary if the Company is not able to continue as a going concern. In order to continue development of its programs, the Company would need to secure substantial additional funding in the future, from one or more equity or debt financings, collaborations, or other sources. Additional funding may not be available to the Company on acceptable terms, or at all. Should the Company continue development of its product candidates, the Company would be subject to risks and uncertainties. The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials. The Company’s success in developing its product candidates would depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company. Use of Estimates In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, with any changes applied prospectively. Concentrations of Credit Risk Cash and cash equivalents is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, Summary of Significant Accounting Policies and Recent Accounting Standards, in the Annual Report. During the three months ended March 31, 2026, the Company did not make any changes to its significant accounting policies. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company did not adopt any new accounting pronouncements during the three months ended March 31, 2026, that had a material effect on its condensed consolidated financial statements. In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The guidance in ASU 2024-03 requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2024-03 may have on its consolidated financial statements. In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock (“ASU 2026-01”). The guidance in ASU 2026-01 clarifies how issuers initially measure paid-in-kind (“PIK”) dividends on equity-classified preferred stock by requiring issuers to use the PIK dividend rate stated in the preferred stock agreement. ASU 2026-01 will be effective for the Company’s annual reporting periods beginning after December 15, 2026, and for interim reporting periods within those annual periods, with early adoption permitted. Entities may apply the amendments on either a prospective basis or a modified retrospective basis for equity-classified preferred stock instruments that are outstanding as of the initial application date. The Company is currently evaluating the impact that adoption of ASU 2026-01 may have on its consolidated financial statements. As of March 31, 2026, there are no other new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s condensed consolidated financial statements.

Basis of Presentation The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026 (the “Annual Report”). The financial information as of March 31, 2026, and for the three months ended March 31, 2026 and 2025, is unaudited. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. The balance sheet data as of December 31, 2025, was derived from audited consolidated financial statements. The results of the Company’s operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year.

Liquidity and going concern The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued. The Company’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company may seek other strategic alternatives or pursue a dissolution and liquidation. The Company anticipates that its cash position is sufficient to fund its operations at least through the anticipated closing of the proposed Merger with Eos. However, the Company expects to incur significant costs in connection with the Merger and even if the Merger is ultimately not consummated, including legal and professional services costs related to filing registration statements with the SEC and obtaining shareholder approval. As of March 31, 2026, the Company had $3.3 million in cash and cash equivalents, as well as $0.7 million in restricted cash that would become unrestricted following consummation of the Merger or upon any termination of the Merger Agreement in accordance with its terms. Management believes that, given the Company’s current cash position and forecasted negative cash flows from operating activities over the next twelve months, there is substantial doubt about its ability to continue as a going concern after the date that is one year from the date that these financial statements are issued without the closing of the Merger. The accompanying financial statements do not include any adjustments that might be necessary if the Company is not able to continue as a going concern. In order to continue development of its programs, the Company would need to secure substantial additional funding in the future, from one or more equity or debt financings, collaborations, or other sources. Additional funding may not be available to the Company on acceptable terms, or at all. Should the Company continue development of its product candidates, the Company would be subject to risks and uncertainties. The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials. The Company’s success in developing its product candidates would depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company.

3300000

700000

Use of Estimates In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, with any changes applied prospectively.

Concentrations of Credit Risk Cash and cash equivalents is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits.

Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, Summary of Significant Accounting Policies and Recent Accounting Standards, in the Annual Report. During the three months ended March 31, 2026, the Company did not make any changes to its significant accounting policies.

Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company did not adopt any new accounting pronouncements during the three months ended March 31, 2026, that had a material effect on its condensed consolidated financial statements. In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The guidance in ASU 2024-03 requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2024-03 may have on its consolidated financial statements. In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock (“ASU 2026-01”). The guidance in ASU 2026-01 clarifies how issuers initially measure paid-in-kind (“PIK”) dividends on equity-classified preferred stock by requiring issuers to use the PIK dividend rate stated in the preferred stock agreement. ASU 2026-01 will be effective for the Company’s annual reporting periods beginning after December 15, 2026, and for interim reporting periods within those annual periods, with early adoption permitted. Entities may apply the amendments on either a prospective basis or a modified retrospective basis for equity-classified preferred stock instruments that are outstanding as of the initial application date. The Company is currently evaluating the impact that adoption of ASU 2026-01 may have on its consolidated financial statements. As of March 31, 2026, there are no other new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s condensed consolidated financial statements.

3. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: Schedule of Prepaid Expenses and Other Current Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260331_zRlNUxgQQP58" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20251231_zH3O34Zj8JN7" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidInsurance_iI_pn3n3_maPEAOAzMg1_ztdizCrXEoj1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Insurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">338</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--PrepaidSoftwareAndHostingCosts_iI_pn3n3_maPEAOAzMg1_zQdEQo8B2nLg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Software and hosting costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maPEAOAzMg1_zzXk5ipQ22g4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">120</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzMg1_zyE7MVbG2Kl5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total prepaid expenses and other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">465</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Prepaid expenses and other current assets consisted of the following: Schedule of Prepaid Expenses and Other Current Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260331_zRlNUxgQQP58" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20251231_zH3O34Zj8JN7" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidInsurance_iI_pn3n3_maPEAOAzMg1_ztdizCrXEoj1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Insurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">338</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--PrepaidSoftwareAndHostingCosts_iI_pn3n3_maPEAOAzMg1_zQdEQo8B2nLg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Software and hosting costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maPEAOAzMg1_zzXk5ipQ22g4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">120</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzMg1_zyE7MVbG2Kl5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total prepaid expenses and other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">465</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

338000

3000

7000 4000

120000

34000

465000

41000

4. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260331_zBARYKgrPbQl" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_zzptmV6z47g7" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40E_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maALCzWj2_zUEJXgO7JLSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Legal and patents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">230</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_zN3UZv0Y5i2j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Wages and incentives</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_z4Z0LMR7Kq1f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_pn3n3_mtALCzWj2_zU9PU0FcJYvf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">254</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260331_zBARYKgrPbQl" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_zzptmV6z47g7" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40E_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maALCzWj2_zUEJXgO7JLSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Legal and patents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">230</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_zN3UZv0Y5i2j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Wages and incentives</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_z4Z0LMR7Kq1f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_pn3n3_mtALCzWj2_zU9PU0FcJYvf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">254</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

230000

2000

14000

41000

10000

14000

254000

57000

5. Preferred Stock The Company’s amended and restated certificate of incorporation (the “Articles”) provides for a class of authorized stock known as preferred stock, consisting of 500,000 shares, $0.0001 par value per share, issuable from time to time in one or more series. The Company previously designated <span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_z6JEZe1h1DEh" title="Preferred stock, shares authorized"><span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_znoQRWlo1st5" title="Preferred stock, shares authorized">6,746 shares as Series A Convertible Preferred Stock, none of which remain issued and outstanding as of March 31, 2026 or December 31, 2025. During the three months ended March 31, 2026, the Company designated <span id="xdx_908_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember_zky0ze0KvBda" title="Preferred stock, shares authorized">1,100 shares of Series B Convertible Preferred Stock, par value of $<span id="xdx_90A_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember_zJuPzMgevK21" title="Preferred stock, par value">0.0001 and stated value equal to $1,000 (the “Series B Convertible Preferred Stock”). In connection with the entry into the Merger Agreement, Pulmatrix entered into a Securities Purchase Agreement (the “Purchase Agreement”), dated as of March 26, 2026, with an affiliate of Eos (the “Buyer”), pursuant to which the Company agreed to issue and sell to the Buyer in a private placement an aggregate of <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260101__20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_z3V8LIbSqOA3" title="Number of shares issued">1,000 shares of Series B Convertible Preferred Stock for aggregate gross proceeds of $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_pn5n6_c20260101__20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zoDMIUZwTdZ3" title="Gross proceeds">1.0 million, which the Company received during the three months ended March 31, 2026. The Company delivered the shares of Series B Convertible Preferred Stock to the Buyer on April 16, 2026. The following paragraph summarizes the terms of the Series B Convertible Preferred Stock. Conversion Price: The Series B Convertible Preferred Stock is convertible into the shares of Pulmatrix common stock at an initial conversion price of $<span id="xdx_90B_eus-gaap--PreferredStockConvertibleConversionPrice_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember_zsUYdkHoZyHl" title="Conversion price">2.20 per share (the “Conversion Price”). The Conversion Price is subject to customary adjustments for stock dividends, stock splits, reclassifications, stock combinations and the like (subject to certain exceptions). Each conversion of Series B Convertible Preferred Stock is subject to certain beneficial ownership limitations. Optional conversion: Each share of Series B Convertible Preferred Stock is convertible at any time after the date that is 90 days following the initial date of issuance (the “Original Issuance Date”) at the election of the holder. Automatic conversion: Effective as of 5:00 p.m. Eastern time on the fifth business day after the date that is the earlier of (i) the one-year anniversary from the Original Issuance Date (ii) the closing date of the Merger, each share of Series B Convertible Preferred Stock then outstanding shall automatically convert into shares of common stock. Cumulative dividends: Holders of Series B Convertible Preferred Stock are entitled to receive cumulative dividends at eight percent (<span id="xdx_90F_eus-gaap--PreferredStockDividendRatePercentage_pid_dp_uPure_c20260101__20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember_z6LfDFlejGFb" title="Dividend percentage">8.0%) per annum, payable on each conversion date (with respect only to Series B Convertible Preferred Stock being converted) in duly authorized, validly issued, fully paid and non-assessable shares of common stock at the Conversion Price then in effect. The dividends accrue daily commencing on the issuance date, April 16, 2026. Voting rights: Holders of Series B Convertible Preferred Stock are entitled to vote upon, in the same manner and with the same effect as the holders of the Company’s common stock, voting together with the holders of the Company’s common stock as a single class. Each share of Series B Convertible Preferred Stock entitle the holder thereof to cast that number of votes per share of Series B Convertible Preferred Stock as is equal to the stated value of the Series B Convertible Preferred Stock, divided by the Conversion Price, and subject to adjustments for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions. In connection with the Purchase Agreement, the Company and the Buyer entered into a voting agreement, pursuant to which the Buyer has agreed to vote in favor of matters as related to the proposed Merger at any annual or special meeting and other matters the Company’s board of directors of has recommended the stockholders to vote in favor of. The Company evaluated the classification of the Series B Convertible Preferred Stock and determined equity classification was appropriate due to no mandatory or contingently redeemable redemption features. Although the preferred shares were not yet delivered to the Buyer as of March 31, 2026, the Company concluded that a firm commitment existed as of that date, and therefore the Series B Convertible Preferred Stock is reported on the balance sheet as of March 31, 2026, net of $50 thousand of issuance costs incurred in connection with the Purchase Agreement. Pursuant to the Purchase Agreement, prior to the date of the consummation of the Merger, the Company shall be permitted to use up to $250 thousand of the net proceeds for working capital and other general corporate purposes and shall not use the remainder of the net proceeds, subject to certain exceptions. From and after the date of the consummation of the Merger, or upon any termination of the Merger Agreement in accordance with its terms, these restrictions no longer apply. Accordingly, the Company reported $<span id="xdx_901_eus-gaap--ProceedsFromSaleOfRestrictedInvestments_pn3n3_c20260101__20260331__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zefSMU6dxmm8" title="Proceeds from restricted cash">700 thousand of the net proceeds as restricted cash on the accompanying balance sheet as of March 31, 2026.

500000

0.0001

6746

1100

0.0001

1000

1000000.0

2.20

0.080

50000

250000

700000

6. Common Stock In May 2021, the Company entered into an At-The-Market Sales Agreement (the “Sales Agreement”) with H.C. Wainwright and Co., LLC (“HCW”) to act as the Company’s sales agent with respect to the issuance and sale of up to $<span id="xdx_90E_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember__srt--RangeAxis__srt--MaximumMember_zVeUR7djYHlb" title="Sale of stock, consideration received on transaction">20.0 million of the Company’s shares of common stock, from time to time in an at-the-market public offering (the “ATM Offering”). Upon filing of the Annual Report, the Company continued to be subject to General Instruction I.B.6 of Form S-3, pursuant to which in no event will the Company sell its common stock in a registered primary offering using Form S-3 with a value exceeding more than one-third of its public float in any 12 calendar month period so long as its public float remains below $<span id="xdx_900_ecustom--EntitiesPublicFloat_iI_pp0p0_c20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember__srt--RangeAxis__srt--MaximumMember_z5VEbx4vgP2k" title="Public float">75,000,000. Therefore, the amount that may be able to be raised using the ATM Offering will be significantly less than $<span id="xdx_902_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0p0_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ATMOfferingMember__srt--RangeAxis__srt--MaximumMember_zlWHUOx0RZ95" title="Sale of stock, consideration received on transaction">20,000,000, until such time as the Company’s public float held by non-affiliates exceeds $75,000,000. Sales of common stock under the Sales Agreement are made pursuant to an effective shelf registration statement on Form S-3, which was filed with the SEC on May 17, 2024, and subsequently declared effective on May 30, 2024 (File No. 333-279491), and a related prospectus. HCW acts as the Company’s sales agent on a commercially reasonable efforts basis, consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The Nasdaq Capital Market. If expressly authorized by the Company, HCW may also sell the Company’s common stock in privately negotiated transactions. There is no specific date on which the ATM Offering will end, there are no minimum sale requirements and there are no arrangements to place any of the proceeds of the ATM Offering in an escrow, trust or similar account. HCW is entitled to compensation at a fixed commission rate of <span id="xdx_90C_ecustom--CommissionPercentage_pid_dp_uPure_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_zspNBIIfcOr8" title="Commission percentage">3.0% of the gross proceeds from the sale of the Company’s common stock pursuant to the Sales Agreement. During the three months ended March 31, 2026, and 2025, <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_do_uShares_c20260101__20260331__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_zqHf52ifO6qd" title="Number of shares issued in transaction"><span id="xdx_902_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_do_uShares_c20250101__20250331__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_zYw365j2TwNi" title="Number of shares issued in transaction">no shares of the Company’s common stock were sold under the Sales Agreement.

20000000.0

75000000

20000000

0.030

7. Warrants There were no warrants issued or exercised during the three months ended March 31, 2026. During the three months ended March 31, 2026, warrants to purchase up to 65,003 shares of common stock at a weighted-average exercise price of $49.99 per share expired. The following represents a summary of the warrants outstanding and exercisable at March 31, 2026, all of which are equity-classified: Schedule of Warrants Outstanding and Exercisable <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issue Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjusted Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares Underlying Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 23%">December 17, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zNCYAPS3Sw7c" style="width: 22%; text-align: right" title="Warrants, Adjusted Exercise Price">14.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 23%; text-align: right">December 15, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20260331__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zBI1b3ZuRoB4" style="width: 22%; text-align: right" title="Number of shares underlying exercisable warrants">36,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">December 17, 2021</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_ziDJEucsmj2c" style="padding-bottom: 1pt; text-align: right" title="Warrants, Adjusted Exercise Price">13.99</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt">December 17, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20260331__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zAV6zxDYTo98" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares underlying exercisable warrants">281,047</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20260331__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zvi3ZOwyxXT9" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Underlying Warrants">317,585</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

65003

49.99

Schedule of Warrants Outstanding and Exercisable <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Issue Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjusted Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares Underlying Warrants</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 23%">December 17, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zNCYAPS3Sw7c" style="width: 22%; text-align: right" title="Warrants, Adjusted Exercise Price">14.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 23%; text-align: right">December 15, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20260331__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zBI1b3ZuRoB4" style="width: 22%; text-align: right" title="Number of shares underlying exercisable warrants">36,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">December 17, 2021</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260331__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_ziDJEucsmj2c" style="padding-bottom: 1pt; text-align: right" title="Warrants, Adjusted Exercise Price">13.99</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt">December 17, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20260331__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zAV6zxDYTo98" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares underlying exercisable warrants">281,047</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20260331__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zvi3ZOwyxXT9" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Underlying Warrants">317,585</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2021-12-17

14.99

2026-12-15

36538

2021-12-17

13.99

2026-12-17

281047

317585

8. Stock-based Compensation The Company sponsored the Pulmatrix, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan (the “Incentive Plan”), which expired on June 10, 2025. No new awards may be made under the Incentive Plan after its expiration date. Awards issued under the Incentive Plan prior to its expiration remain outstanding in accordance with their terms. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLWJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_do_c20260101__20260331_znCyeVhVJqy2" title="Stock options granted"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLWJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_do_c20260101__20260331_zNPzyQb02mv7" title="Stock options excercised">No stock options were granted or exercised during the three months ended March 31, 2026. The following table summarizes stock option activity for the three months ended March 31, 2026: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted- Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted- Average Remaining Contractual Term (Years)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Outstanding — January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zzMIOTkBD4Z9" style="width: 10%; text-align: right" title="Number of Options, Outstanding, Balance">33,858</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zqONtWDPhvxf" style="width: 10%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">17.67</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zzNsBl5xLIj9" style="width: 10%; text-align: right" title="Aggregate Intrinsic Value, Balance"> - </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Forfeited, cancelled and expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zPRIEZAuzLoh" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired">(1,569</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zyyJ9Ypu9m47" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired">48.53</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding — March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zqMSoIe8WmM3" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">32,289</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zbZlwHkwaFXb" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">16.17</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zDhh7LsDswZ3" title="Weighted Average Remaining Contractual Term (Years), Outstanding">5.54</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zus7ehB43NWd" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable — March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zOCWir5JFzk3" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Exercisable">30,136</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z4ZpNR2PZ8i4" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">17.04</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zsGHIRsB2frg" title="Weighted Average Remaining Contractual Term (Years), Exercisable">5.45</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pn3n3_c20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zxJcEElCb0ei" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Exercisable">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company records stock-based compensation expense related to stock options based on their grant-date fair value. As of March 31, 2026, there was an immaterial amount of unrecognized stock-based compensation expense related to unvested stock options granted under the Incentive Plan. During the three months ended March 31, 2026, and 2025, the Company recognized $3 thousand and $8 thousand of stock-based compensation expense, all of which was classified within general and administrative expense.

<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLWJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_do_c20260101__20260331_znCyeVhVJqy2" title="Stock options granted"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLWJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_do_c20260101__20260331_zNPzyQb02mv7" title="Stock options excercised">No stock options were granted or exercised during the three months ended March 31, 2026. The following table summarizes stock option activity for the three months ended March 31, 2026: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted- Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted- Average Remaining Contractual Term (Years)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Outstanding — January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zzMIOTkBD4Z9" style="width: 10%; text-align: right" title="Number of Options, Outstanding, Balance">33,858</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zqONtWDPhvxf" style="width: 10%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">17.67</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zzNsBl5xLIj9" style="width: 10%; text-align: right" title="Aggregate Intrinsic Value, Balance"> - </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Forfeited, cancelled and expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zPRIEZAuzLoh" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired">(1,569</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zyyJ9Ypu9m47" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired">48.53</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding — March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zqMSoIe8WmM3" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">32,289</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zbZlwHkwaFXb" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">16.17</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zDhh7LsDswZ3" title="Weighted Average Remaining Contractual Term (Years), Outstanding">5.54</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zus7ehB43NWd" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable — March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zOCWir5JFzk3" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Exercisable">30,136</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z4ZpNR2PZ8i4" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">17.04</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zsGHIRsB2frg" title="Weighted Average Remaining Contractual Term (Years), Exercisable">5.45</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pn3n3_c20260331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zxJcEElCb0ei" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Exercisable">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

33858

17.67

1569

48.53

32289

16.17

P5Y6M14D

30136

17.04

P5Y5M12D

3000

8000

9. Commitments and Contingencies Research and Development Activities The Company has contracted with various other organizations to conduct research and development activities, including clinical trials. The scope of the services under contracts for research and development activities may be modified and the contracts, subject to certain conditions, may generally be cancelled by the Company upon written notice. In some instances, the contracts, subject to certain conditions, may be cancelled by the third party. As of March 31, 2026, the Company had no material noncancellable commitments. Legal Proceedings In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations.

10. Income Taxes The Company had no income tax expense for the three months ended March 31, 2026, and 2025 due to operating losses incurred since inception. Management of the Company evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets and determined that it is more likely than not that the Company will not recognize the benefits of the deferred tax assets. As a result, a full valuation allowance was recorded as of March 31, 2026, and December 31, 2025. The Company applies FASB Accounting Standards Codification 740, Income Taxes, for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. Unrecognized tax benefits represent tax positions for which reserves have been established. A full valuation allowance has been provided against the Company’s deferred tax assets, so that the effect of the unrecognized tax benefits is to reduce the gross amount of the deferred tax asset and the corresponding valuation allowance. The Company has no material uncertain tax positions as of March 31, 2026, and December 31, 2025.

11. Net Loss Per Share Basic and diluted net loss per share are computed using the two-class method, which is an earnings allocation method that determines earnings (loss) per share for common and participating securities, which include the Series B Convertible Preferred Stock and certain warrants. Undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. In periods of loss, no allocation is made to the participating securities. Basic loss per share is then calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is calculated by dividing net loss by the weighted-average number common shares outstanding during the period, after taking into consideration any potentially dilutive effects from outstanding convertible instruments, stock options or warrants. Basic and diluted net loss per share were the same for the three months ended March 31, 2026, and 2025, as the effect of potentially dilutive securities would have been anti-dilutive. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an anti-dilutive impact. The Series B Convertible Preferred Stock is not included as potentially dilutive securities because they were not yet outstanding as of March 31, 2026. <p id="xdx_89E_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zut7R3coO96a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Options to purchase common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zpsYY7kyTQnj" title="Options to purchase common stock">32,289</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_906_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zmaBepPUX0v1" title="Options to purchase common stock">34,046</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Warrants to purchase common stock</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_zHiV9MO7SLdc" title="Warrants to purchase common stock">317,585</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_z19Douvvg5z4" title="Warrants to purchase common stock">934,373</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total potentially dilutive securities excluded</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">349,874</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">968,419</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_89E_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zut7R3coO96a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Options to purchase common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zpsYY7kyTQnj" title="Options to purchase common stock">32,289</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_906_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zmaBepPUX0v1" title="Options to purchase common stock">34,046</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Warrants to purchase common stock</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_zHiV9MO7SLdc" title="Warrants to purchase common stock">317,585</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_z19Douvvg5z4" title="Warrants to purchase common stock">934,373</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total potentially dilutive securities excluded</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">349,874</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">968,419</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

32289

34046

317585

934373

349874

968419

12. Segment Reporting The Company operates in a single reportable segment. The accounting policies of the segment are the same as those applicable to the Company. The measure of segment assets is reported on the balance sheet as total consolidated assets. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM uses net loss to assess financial performance of the Company and allocate resources, in addition to operating forecasts and clinical results. The Company’s significant segment expenses and other segment items and net loss are each presented separately on the Company’s consolidated statements of operations.

13. Subsequent Events The Company has completed an evaluation of all subsequent events after the balance sheet date of March 31, 2026, through the date the condensed consolidated financial statements were issued to ensure that the condensed consolidated financial statements include appropriate disclosure of events both recognized in the condensed consolidated financial statements as of March 31, 2026, and events which occurred subsequently but were not recognized in the condensed consolidated financial statements. The Company has determined that no events requiring recognition or disclosure exist other than those already disclosed herein.

18000

0.00001

2000000

0.00001

10000000

4000000

0.00001

1000000

311865

76845

-329915

-76895

-18000

35225

8970

217795

67925

253020

76895

-253020

-76895

-253020

-76895

-0.05

-0.07

5000000

1068493

4000000

-40

1000000

-10

76885

-76895

4000000

1000000

76845

-76895

345

234675

-253020

4000000

1000000

311865

-329915

-18000

-253020

-76895

234675 76885

345

18000

Nature of the Business and Basis of Presentation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">1.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">NATURE OF THE BUSINESS AND BASIS OF PRESENTATION</td></tr> </table> Eos SENOLYTIX, Inc. (the “Company” or “Eos” or “We”) was incorporated in the State of Delaware on October 15, 2024. Eos is a biotechnology company focused on developing novel and differentiated gerotherapeutic peptide medicines that target the underlying biological mechanisms of aging. Eos’s lead clinical candidates, PTC-2105 and PTC-2107, are powered by the Company’s proprietary MitoXcel™ Technology, a platform designed to precisely target the universal decline in the mitochondrial membrane potential (MMP), also called the “Δψm” that occurs across all cells as they age. Both proprietary geropeptides have demonstrated the ability to rejuvenate naturally aged mice via two separate mechanisms, both via a single, aging-specific target. These two mechanisms include (1) the return of the efficiency of mitochondrial function in aging cells almost immediately back to their younger, more efficient phenotype, and (2) the profound elimination of senescent cells throughout every organ in the body, including the brain, reducing their negative systemic inflammatory effects. Extensive preclinical studies suggest the MitoXcel™ platform may be a broad gerotherapeutic that improves body composition, increasing lean muscle mass, and enhancing physical function in aging animals. By targeting fundamental processes driving aging and aging-related diseases, the Company is pursuing a unique therapeutic opportunity to intervene in the aging process in ways that were once thought impossible. The Company’s principal office is located in Houston, Texas. The Company is subject to risks common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and clinical development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Summary of Significant Accounting Policies and Recent Accounting Standards <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2.</td> <td style="font: 10pt Times New Roman, Times, Serif">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</td></tr> </table> Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Income Taxes The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed at each balance sheet date for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. Stock-based Payments Stock-based Compensation The Company accounts for stock-based compensation under the provisions of FASB ASC 718, Compensation—Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In accordance with Accounting Standards Update (“ASU”) No. 2018-07, Compensation – Stock Compensation (Topic 718 share-based payment transactions with nonemployees are measured and recognized in a manner consistent with employee awards, unless specific guidance requires otherwise. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue upon satisfaction of the applicable vesting conditions. Product Development Costs In accordance with FASB ASC 730, research and development costs are expensed when incurred. Product development costs, which are included in research and development expense, were $35,225 and $8,970 for each of the years ended December 31, 2025 and 2024, respectively. Loss Per Share Basic and Diluted Net Loss Per Share The Company follows FASB ASC 260 when reporting earnings (loss) per share, which requires presentation of basic and diluted earnings (loss) per share. Because the Company reported a net loss for each of the periods ended December 31, 2025 and 2024, 683,990 and 137,815 stock options were excluded from diluted loss per share because their effect would have been anti-dilutive; therefore, the amounts reported for basic and diluted loss per share were the same. Segment Reporting The Company manages its operations as a single operating segment and one reportable segment for the purposes of assessing performance and making operating decisions and thus reports as a single reportable segment. The Company’s focus is on developing its MitoXcel Technology platform with emphasis on PTC-2105 and PTC-2107. Recently Adopted Accounting Pronouncements Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose significant segment expenses and other segment items on an interim and annual basis, and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative threshold to determine its reportable segments. The new disclosure requirements are also applicable to entities that account and report as a single operating segment entity. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The Company adopted the guidance for the reporting period ended December 31, 2024. There was no impact on the Company’s financial statements as the Company operates as a single operating segment and one reportable segment. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose specific categories in the effective tax rate reconciliation, as well as expanded disclosures on income taxes paid by jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted the guidance for the reporting period ended December 31, 2024. The adoption of ASU 2023-09 had no impact on the Company’s financial position, results of operations or cash flows, other than additional required disclosures. <p id="xdx_840_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zqcS0jWzrx6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220), which requires disclosure in the notes to the financial statements about specific types of expenses included in the expense captions presented on the face of the statement of operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The requirements may be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact related to the adoption of ASU 2024-03 on its financial statement disclosures. The Company currently believes there are no other issued and not yet effective accounting standards that are materially relevant to its financial statements.

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Income Taxes The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed at each balance sheet date for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.

Stock-based Payments Stock-based Compensation The Company accounts for stock-based compensation under the provisions of FASB ASC 718, Compensation—Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In accordance with Accounting Standards Update (“ASU”) No. 2018-07, Compensation – Stock Compensation (Topic 718 share-based payment transactions with nonemployees are measured and recognized in a manner consistent with employee awards, unless specific guidance requires otherwise. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue upon satisfaction of the applicable vesting conditions.

Product Development Costs In accordance with FASB ASC 730, research and development costs are expensed when incurred. Product development costs, which are included in research and development expense, were $35,225 and $8,970 for each of the years ended December 31, 2025 and 2024, respectively.

35225

8970

Loss Per Share Basic and Diluted Net Loss Per Share The Company follows FASB ASC 260 when reporting earnings (loss) per share, which requires presentation of basic and diluted earnings (loss) per share. Because the Company reported a net loss for each of the periods ended December 31, 2025 and 2024, 683,990 and 137,815 stock options were excluded from diluted loss per share because their effect would have been anti-dilutive; therefore, the amounts reported for basic and diluted loss per share were the same.

683990

137815

Segment Reporting The Company manages its operations as a single operating segment and one reportable segment for the purposes of assessing performance and making operating decisions and thus reports as a single reportable segment. The Company’s focus is on developing its MitoXcel Technology platform with emphasis on PTC-2105 and PTC-2107.

Recently Adopted Accounting Pronouncements Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose significant segment expenses and other segment items on an interim and annual basis, and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative threshold to determine its reportable segments. The new disclosure requirements are also applicable to entities that account and report as a single operating segment entity. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The Company adopted the guidance for the reporting period ended December 31, 2024. There was no impact on the Company’s financial statements as the Company operates as a single operating segment and one reportable segment. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose specific categories in the effective tax rate reconciliation, as well as expanded disclosures on income taxes paid by jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted the guidance for the reporting period ended December 31, 2024. The adoption of ASU 2023-09 had no impact on the Company’s financial position, results of operations or cash flows, other than additional required disclosures.

<p id="xdx_840_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zqcS0jWzrx6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220), which requires disclosure in the notes to the financial statements about specific types of expenses included in the expense captions presented on the face of the statement of operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The requirements may be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact related to the adoption of ASU 2024-03 on its financial statement disclosures. The Company currently believes there are no other issued and not yet effective accounting standards that are materially relevant to its financial statements.

Going Concern <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">3.</td> <td style="font: 10pt Times New Roman, Times, Serif">GOING CONCERN</td></tr> </table> The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant losses and negative cash flow from operations since inception and has limited liquidity, with a cash balance of zero as of December 31, 2025. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that these financial statements are issued. Since inception, the Company has focused on developing and implementing its business plan. The Company believes that its existing cash resources will not be sufficient to sustain operations for one year after the date that these financial statements are issued. The Company currently needs to obtain financing through the sale of debt and/or equity securities in order to sustain its operations. The issuance of additional equity would result in dilution to existing shareholders. If the Company is unable to obtain additional funds when they are needed or if such funds cannot be obtained on terms acceptable to the Company, the Company would be unable to execute upon the business plan or pay costs and expenses as they are incurred, which would have a material, adverse effect on the business, financial condition and results of operations. As of May 6, 2026, the Company has a cash position of approximately $1.7 million. Based upon the current cash position and the Company’s planned expense run rate, management believes the Company has funds currently to finance its operations into June 2026 which is less than one year after the date these financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

1700000

Common Stock <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">4.</td> <td style="font: 10pt Times New Roman, Times, Serif">COMMON STOCK</td></tr> </table> On October 15, 2024, the Company filed its certificate of incorporation, which authorized the Company to issue up to 6,000,000 shares of Class A common stock, $<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20241015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTfH4FLVgokc" title="Common stock, par or atated value per share">0.00001 par value per share, 1,000,000 shares of Class B common stock, $<span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20241015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z2Eagr18ios5" title="Common stock, par or atated value per share">0.00001 par value per share and 1,000 shares of preferred stock, $0.00001 par value per share. As of December 31, 2025 and 2024, there were 4,000,000 shares of Class A common stock issued and outstanding and 1,000,000 shares of Class B common stock issued and outstanding. As of December 31, 2025 and 2024 there were no shares of preferred stock issued or outstanding. Each share of Class A common stock entitles the holder to one vote per share. Each share of Class B common stock entitles the holder to ten votes per share. Voting is the only economic or non-economic difference between Class A and Class B common stock. Each share of preferred stock would have the same voting rights as the Class A common stock. Common stockholders are entitled to receive dividends, when and if declared by the Company’s Board of Directors, subject to the preferential dividend rights of the holders of the Company’s preferred stock. As of December 31, 2025 and 2024, no cash dividends have been declared or paid. The Class B common stock is automatically convertible into Class A common stock upon the election of the holder or in the event of a non-permitted transfer. Unless permitted or in connection with a merger, consolidation, or other business combination with a third-party purchaser, stockholders will not, directly or indirectly, voluntarily or involuntarily, transfer any of their shares. The definition of “transfer” means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate, or similarly dispose of, either voluntarily or involuntarily, by operation of law or otherwise, or to enter into any contract, option, or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation, or similar disposition of, any common stock or preferred stock owned by a person or any interest (including a beneficial interest) in any common stock or preferred stock owned by a person.

6000000

0.00001

1000000

0.00001

1000

0.00001

4000000

1000000

Each share of Class A common stock entitles the holder to one vote per share

Each share of Class B common stock entitles the holder to ten votes per share

<p id="xdx_80F_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zsPeZ2kztpva" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Stock-based Compensation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">5.</td> <td style="font: 10pt Times New Roman, Times, Serif">STOCK OPTIONS AND WARRANTS</td></tr> </table> 2024 Equity Incentive Plan On October 15, 2024, the Company’s Board of Directors (the “Board of Directors”), adopted and the Company’s stockholders approved, the 2024 Equity Incentive Plan (the “2024 Plan”). The 2024 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock awards and restricted stock units. The total number of securities reserved for issuance under the 2024 Plan is <span id="xdx_908_ecustom--CommonStockCapitalSharesReserved_iI_c20241015__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_z9ZNMYuS5eE3" title="Total number of securities reserved for issuance">882,353 shares of common stock. The 2024 Plan is administered by a committee consisting of one or more members of the Board of Directors (the “Committee”). In the absence of a committee, the Board of Directors will act as the Committee. The exercise prices, vesting periods and other restrictions are determined at the discretion of the Committee, except that the exercise price per share of options may not be less than 100% of the fair market value of the common stock on the date of grant. Stock options awarded under the 2024 Plan expire 10 years after the grant date, unless the Board of Directors sets a shorter term. Awards granted to employees, officers, members of the Board of Directors and consultants typically vest upon achieving certain milestones or over a period of one to four years. During the periods ended December 31, 2025 and December 31, 2024, the Company granted to employees, directors and consultants options to purchase <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250101__20251231__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zq7VwzH6wIX2" title="Purchase of options granted shares">546,175 shares, with a fair value of $<span id="xdx_900_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20250101__20251231__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zd7FqKOvV5t6" title="Share granted fair value">5,462 and <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20241015__20241231__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zZyJs9xAXcs6" title="Purchase of options granted">137,815 shares with a fair value of $<span id="xdx_906_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20241015__20241231__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_z7WjdD8IyK5i" title="Share granted fair value">1,378, respectively, of common stock. During the periods ended December 31, 2025 and December 31, 2024, the Company recorded stock-based compensation expense related to options granted to employees and directors of $345 and $10, respectively. Of the options to purchase <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250101__20251231__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zZzejzIah5o5" title="Purchase of options granted shares">546,175 shares of common stock granted during the year ended December 31, 2025, options to purchase 505,000 shares of common stock vest over a term of <span id="xdx_909_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm_dc_c20250101__20251231_zodAxVBz6CCk" title="Options vested term">four years, subject to either the closing of a Qualified Financing or the execution of a licensing or collaboration agreement whereby the majority of the Company’s board votes that such transaction is considered to be a Validating event. Upon the closing of either a Qualified Financing or Validating event, 25% of the grants will vest immediately and the remaining shares will vest ratably over the following 36 months. No compensation expense related to these options was recognized during the year ended December 31, 2025 as the closing of either event was not considered probable for accounting purposes as of December 31, 2025. Of the remaining 41,175 options granted during the year ended December 31, 2025, <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20251231__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zU3dMURLOC7h" title="Options vested">23,529 options will vest over <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20250101__20251231__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zQwaxonT0nN6" title="Vesting period">four years, and <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20251231__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zMwyAf4tmle7" title="Options vested">17,646 options will vest over <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20250101__20251231__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zwdKpIzBJx64" title="Vesting period">twelve months. Vesting for the <span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber_c20250101__20251231__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zjD4iyzusRaj" title="Options vested accelerated">17,646 options will be accelerated if the Company closes on certain transactions valued at $5 million (50% vesting) and $10 million (100% vesting). <p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zRoNSIvDuqGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">The following is a summary of stock option activity under the stock option plans for the periods ended December 31, 2025 and 2024: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Intrinsic Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding as of October 15, 2024 (date of inception)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zb9T01AgEkOi" style="width: 12%; text-align: right" title="Number of Options, Outstanding, Balance">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsPUDXwDVteg" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zfOTpD5T2And" style="width: 12%; text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zUIypNbefifk" style="text-align: right" title="Number of Options, Granted">137,815</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zhG1Hr87zBK" style="text-align: right" title="Weighted Average Exercise Price, Granted">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zP7kCDaHwpTe" style="text-align: right" title="Number of Options, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z8kaGBQSjfM2" style="text-align: right" title="Weighted Average Exercise Price, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1pY4vwiUH0a" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsEAi8WRyVU7" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding as of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMjh2HZHSoZ7" style="text-align: right" title="Number of Options, Outstanding, Balance">137,815</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zStxBvao84Cc" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYPCQjP3KHgd" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.97</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z5DdgrpjzXw7" style="text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zC3ITy1eLULd" style="text-align: right" title="Number of Options, Granted">546,175</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zJ8PCXqyyind" style="text-align: right" title="Weighted Average Exercise Price, Granted">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYPQ30Y7Q2df" style="text-align: right" title="Number of Options, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYPgviOdGTd5" style="text-align: right" title="Weighted Average Exercise Price, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zC0cGe4zCwU5" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zFtGM04waXY" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zw5qYzPCvNm6" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">683,990</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z00QSNZagNv4" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">0.01</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQ3ncbALPfz2" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.14</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z6hxJnu39Mba" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercisable as of December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zkqudQcqSgv6" style="text-align: right" title="Number of Options, Exercisable">34,450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsevopFwTphi" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zieDgnZyxara" title="Weighted Average Remaining Contractual Term (Years), Exercisable">8.97</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMO4kVvA9NJ3" style="text-align: right" title="Aggregate Intrinsic Value, Exercisable">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Vested and expected to vest as of December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zk4s62g4WtO8" style="text-align: right" title="Number of Vested">683,990</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z4x2bjYJeuj5" style="text-align: right" title="Vested and expected to vest, Exercisable">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zZzrrY7eKNf7" title="Weighted Average Remaining Contractual Term (Years), Vested and expected to vest">9.14</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zNe6rKnElFhe" style="text-align: right" title="Aggregate Intrinsic Value, Vested and expected to vest">-</td><td style="text-align: left"> </td></tr> </table> The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock of $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKQ7e4qQfzQ3" title="Vested and expected to vest, Exercisable">0.01 and $<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_c20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zJEpaKJha9vh" title="Vested and expected to vest, exercisable">0.01 as of December 31, 2025 and 2024. As of December 31, 2025, there was $6,410 of total unrecognized stock-based compensation expense related to nonvested options which is expected to be recognized over a remaining weighted-average vesting period of <span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231_zoqNWKWL6Ff1" title="Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term">2.1 years. As of December 31, 2024, there was $1,368 of total unrecognized stock-based compensation expense related to nonvested options which is expected to be recognized over a remaining weighted-average vesting period of <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20241015__20241231_z6iYgKaD9GMc" title="Vesting period">4 years. Stock Option Valuation The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. Expected volatility is estimated based on the historical volatility of guideline public companies in the Company’s industry, as the Company is privately held and does not have its own trading history. For awards that meet the “plain vanilla” criteria, the Company may use the SEC simplified method to estimate the expected term. However, for awards whose exercisability is subject to a performance condition that was not probable as of December 31, 2025, the awards do not meet the “plain vanilla” criteria. Accordingly, the Company did not use the simplified method for those awards. In the absence of sufficient historical exercise data or supportable evidence of the milestone achievement date, management used the contractual term as the expected term for valuation purposes for such awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero, based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The Company estimated the fair value of the Company’s common stock on the date of grant to be $0.01, which was based primarily on the 409A valuation reports of Eos’s owner, SENOTHERAPEUTIX, Inc. (“SENOTHERAPEUTIX”), a Delaware registered company. The strike price of the options was $0.01. <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock_zzdfpUVybnS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during 2025 and 2024: Schedule of Grant-Date Fair Value of Stock Options <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4.24</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4.41</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">112.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113.4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> </table>

882353

546175

5462

137815

1378

345

546175

505000

P4Y

Upon the closing of either a Qualified Financing or Validating event, 25% of the grants will vest immediately and the remaining shares will vest ratably over the following 36 months. No compensation expense related to these options was recognized during the year ended December 31, 2025 as the closing of either event was not considered probable for accounting purposes as of December 31, 2025. Of the remaining 41,175 options granted during the year ended December 31, 2025, 23,529 options will vest over four years, and 17,646 options will vest over twelve months. Vesting for the 17,646 options will be accelerated if the Company closes on certain transactions valued at $5 million (50% vesting) and $10 million (100% vesting).

41175

23529

P4Y

17646

P12M

17646

<p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zRoNSIvDuqGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">The following is a summary of stock option activity under the stock option plans for the periods ended December 31, 2025 and 2024: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Intrinsic Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding as of October 15, 2024 (date of inception)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zb9T01AgEkOi" style="width: 12%; text-align: right" title="Number of Options, Outstanding, Balance">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsPUDXwDVteg" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zfOTpD5T2And" style="width: 12%; text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zUIypNbefifk" style="text-align: right" title="Number of Options, Granted">137,815</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zhG1Hr87zBK" style="text-align: right" title="Weighted Average Exercise Price, Granted">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zP7kCDaHwpTe" style="text-align: right" title="Number of Options, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z8kaGBQSjfM2" style="text-align: right" title="Weighted Average Exercise Price, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1pY4vwiUH0a" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsEAi8WRyVU7" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding as of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMjh2HZHSoZ7" style="text-align: right" title="Number of Options, Outstanding, Balance">137,815</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zStxBvao84Cc" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYPCQjP3KHgd" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.97</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z5DdgrpjzXw7" style="text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zC3ITy1eLULd" style="text-align: right" title="Number of Options, Granted">546,175</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zJ8PCXqyyind" style="text-align: right" title="Weighted Average Exercise Price, Granted">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYPQ30Y7Q2df" style="text-align: right" title="Number of Options, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYPgviOdGTd5" style="text-align: right" title="Weighted Average Exercise Price, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zC0cGe4zCwU5" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zFtGM04waXY" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zw5qYzPCvNm6" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">683,990</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z00QSNZagNv4" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">0.01</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQ3ncbALPfz2" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.14</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z6hxJnu39Mba" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercisable as of December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zkqudQcqSgv6" style="text-align: right" title="Number of Options, Exercisable">34,450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsevopFwTphi" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zieDgnZyxara" title="Weighted Average Remaining Contractual Term (Years), Exercisable">8.97</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMO4kVvA9NJ3" style="text-align: right" title="Aggregate Intrinsic Value, Exercisable">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Vested and expected to vest as of December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zk4s62g4WtO8" style="text-align: right" title="Number of Vested">683,990</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z4x2bjYJeuj5" style="text-align: right" title="Vested and expected to vest, Exercisable">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zZzrrY7eKNf7" title="Weighted Average Remaining Contractual Term (Years), Vested and expected to vest">9.14</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zNe6rKnElFhe" style="text-align: right" title="Aggregate Intrinsic Value, Vested and expected to vest">-</td><td style="text-align: left"> </td></tr> </table>

137815

0.01

137815

0.01

P9Y11M19D

546175

0.01

683990

0.01

P9Y1M20D

34450

0.01

P8Y11M19D

683990

0.01

P9Y1M20D

0.01

6410

P2Y1M6D

1368

P4Y

0.01

<p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock_zzdfpUVybnS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during 2025 and 2024: Schedule of Grant-Date Fair Value of Stock Options <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4.24</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4.41</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">112.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113.4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> </table>

0.0424

0.0441

P9Y8M12D

P6Y1M6D

1.123

1.134

0.0000

Income Taxes <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">6.</td> <td style="font: 10pt Times New Roman, Times, Serif">INCOME TAXES</td></tr> </table> The Company follows FASB ASC 740-10-10 whereby an entity recognizes deferred tax assets and liabilities for future tax consequences or events that have been previously recognized in the Company’s financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on provisions of enacted tax law. The effects of future changes in tax laws or rates are not anticipated. <p id="xdx_89A_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_z1yyyEFVsItk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">The income tax benefit for the periods ended December 31, 2025 and 2024 consists of the following: Schedule of Income Tax Benefit <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zV0JCOO1E4Af" style="border-bottom: Black 1pt solid; text-align: center">12/31/2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20241231_zThGxQNwi8k9" style="border-bottom: Black 1pt solid; text-align: center">12/31/2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">12/31/2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">12/31/2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsGross_iI_zfSQRLAjHqS1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Current</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsDeferredIncome_iNI_di_z65ST8PfIvq6" style="vertical-align: bottom; background-color: White"> <td>Deferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(64,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_zZt8vugb1cbe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">64,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNet_iTI_z5bPqVA4ol5a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_895_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_z5WSnhwU2JBa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">Income taxes paid (Disaggregated) 2025: Schedule of Income Taxes Paid <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_495_20250101__20251231_z9BrEVDvgRIh" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Amount</td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">(in dollars)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxPaidFederalAfterRefundReceived_maITPNzjha_zqNDX1G6YL9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">U.S. Federal</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxPaidStateAndLocalAfterRefundReceived_maITPNzjha_z4ryws5ePwT3" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">U.S. State</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxPaidForeignAfterRefundReceived_maITPNzjha_zyBuiIdKji8g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Foreign</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxesPaidNet_iT_mtITPNzjha_zisyUiSSq2Ud" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total Income Taxes Paid</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> Enhanced Disclosures (ASU 2023-09 – 2025) Effective Tax Rate Reconciliation The following is a reconciliation of the statutory federal income tax rate applied to pre-tax net loss compared to the income taxes in the statement of operations for the periods ended December 31, 2025 and 2024. <p id="xdx_89B_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zAhqeuqCU345" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">In accordance with ASU 2023-09, reconciling items greater than 5% of the statutory tax rate are presented separately. Amounts below this threshold are aggregated within “Other.” Schedule of Reconciliation of Federal Statutory Income Tax Rate To Effective Income Tax Rate <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">U.S. federal statutory tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span id="xdx_904_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_di_c20250101__20251231_z5cMd4ZunYlk" title="Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount">53,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dpi_uPure_c20250101__20251231_zX8sjE6pbEbb" title="Effective income tax rate reconciliation, U.S. federal statutory tax rate">(21.0</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">16,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">(21.0</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dpi_uPure_c20250101__20251231_zsjLh7f16Dya" title="Effective income tax rate reconciliation, State taxes, net of federal benefit">(4.2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.8</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_906_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_c20250101__20251231_zAmnKAlWYgzk" title="Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount">(64,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_c20250101__20251231_z6eGcbda6XDg" title="Effective income tax rate reconciliation, Change in valuation allowance">25.2</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24.8</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p id="xdx_896_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z1Vx0p7Ym5F" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">The primary component of the Company’s December 31, 2025 and 2024 deferred tax assets and related valuation allowances is its net operating loss carryforwards. Schedule of Components of Deferred Tax Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zEiiys3SwBh2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20241231_zJ0qQ2c8pbjk" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLossCarryforwards_iI_maDTANzpqC_zsXxK7rnQII7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">83,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--DeferredTaxAssetsChangeValuationAllowance_iNI_di_msDTANzpqC_zikZW3H6Ugb7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(83,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANzpqC_zc82wPTYe1V3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of December 31, 2025 and 2024, the Company had net operating loss carry forwards of approximately $330,000 and $77,000, respectively, comprised entirely of net operating losses which are allowed for an indefinite carryforward period but may be subject to limitations. This amount can be used to offset future taxable income of the Company In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the net operating losses and temporary differences become deductible. Management considered projected future taxable income and tax planning strategies in making this assessment. The value of the deferred tax assets was offset by a valuation allowance, due to the current uncertainty of the future realization of the deferred tax assets. The timing and manner in which the Company can utilize operating loss carryforwards in any year may be limited by provisions of the Internal Revenue Code regarding changes in ownership of corporations. Such limitation may have an impact on the ultimate realization of its carryforwards and future tax deductions. The Company follows FASB ASC 740-10, which provides guidance for the recognition and measurement of certain tax positions in an enterprise’s financial statements. Recognition involves a determination of whether it is more likely than not that a tax position will be sustained upon examination with the presumption that the tax position will be examined by the appropriate taxing authority having full knowledge of all relevant information. The Company’s policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. As of January 1, 2025, the Company had no unrecognized tax benefits and no charge during 2025, and accordingly, the Company did not recognize any interest or penalties during 2025 related to unrecognized tax benefits. There is no accrual for uncertain tax positions as of December 31, 2025. The Company files U.S. income tax returns and a state income tax return. With few exceptions, the U.S. and state income tax returns filed for the tax years ending on December 31, 2024 and thereafter are subject to examination by the relevant taxing authorities.

<p id="xdx_89A_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_z1yyyEFVsItk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">The income tax benefit for the periods ended December 31, 2025 and 2024 consists of the following: Schedule of Income Tax Benefit <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zV0JCOO1E4Af" style="border-bottom: Black 1pt solid; text-align: center">12/31/2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20241231_zThGxQNwi8k9" style="border-bottom: Black 1pt solid; text-align: center">12/31/2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">12/31/2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">12/31/2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsGross_iI_zfSQRLAjHqS1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Current</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsDeferredIncome_iNI_di_z65ST8PfIvq6" style="vertical-align: bottom; background-color: White"> <td>Deferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(64,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_zZt8vugb1cbe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">64,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNet_iTI_z5bPqVA4ol5a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

64000

19000

64000

19000

<p id="xdx_895_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_z5WSnhwU2JBa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">Income taxes paid (Disaggregated) 2025: Schedule of Income Taxes Paid <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_495_20250101__20251231_z9BrEVDvgRIh" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Amount</td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">(in dollars)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxPaidFederalAfterRefundReceived_maITPNzjha_zqNDX1G6YL9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">U.S. Federal</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxPaidStateAndLocalAfterRefundReceived_maITPNzjha_z4ryws5ePwT3" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">U.S. State</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxPaidForeignAfterRefundReceived_maITPNzjha_zyBuiIdKji8g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Foreign</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxesPaidNet_iT_mtITPNzjha_zisyUiSSq2Ud" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total Income Taxes Paid</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

<p id="xdx_89B_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zAhqeuqCU345" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">In accordance with ASU 2023-09, reconciling items greater than 5% of the statutory tax rate are presented separately. Amounts below this threshold are aggregated within “Other.” Schedule of Reconciliation of Federal Statutory Income Tax Rate To Effective Income Tax Rate <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">U.S. federal statutory tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span id="xdx_904_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_di_c20250101__20251231_z5cMd4ZunYlk" title="Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount">53,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dpi_uPure_c20250101__20251231_zX8sjE6pbEbb" title="Effective income tax rate reconciliation, U.S. federal statutory tax rate">(21.0</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">16,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">(21.0</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dpi_uPure_c20250101__20251231_zsjLh7f16Dya" title="Effective income tax rate reconciliation, State taxes, net of federal benefit">(4.2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.8</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_906_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_c20250101__20251231_zAmnKAlWYgzk" title="Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount">(64,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_c20250101__20251231_z6eGcbda6XDg" title="Effective income tax rate reconciliation, Change in valuation allowance">25.2</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24.8</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table>

-53000

0.210

-16000

0.210

-11000

0.042

-3000

0.038

-64000

0.252

-19000

0.248

<p id="xdx_896_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z1Vx0p7Ym5F" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">The primary component of the Company’s December 31, 2025 and 2024 deferred tax assets and related valuation allowances is its net operating loss carryforwards. Schedule of Components of Deferred Tax Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zEiiys3SwBh2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20241231_zJ0qQ2c8pbjk" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLossCarryforwards_iI_maDTANzpqC_zsXxK7rnQII7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">83,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--DeferredTaxAssetsChangeValuationAllowance_iNI_di_msDTANzpqC_zikZW3H6Ugb7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(83,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANzpqC_zc82wPTYe1V3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

83000

19000

83000 19000

330000

77000

Leases <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">7.</td> <td style="font: 10pt Times New Roman, Times, Serif">OPERATING LEASES</td></tr> </table> As of December 31, 2025 and 2024 the Company was not party to any operating leases.

Related Party Transactions <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">8.</td> <td style="font: 10pt Times New Roman, Times, Serif">RELATED PARTY TRANSACTIONS</td></tr> </table> During the periods ended December 31, 2025 and 2024, SENOTHERAPEUTIX paid approximately $235,000 and approximately $77,000 in expenses on behalf of the Company. These expenses were for regulatory and clinical consultants, strategic planning fees and legal costs. Since SENOTHERAPEUTIX does not require these amounts to be repaid, the amounts were credited to additional paid in capital as capital contributions.

235000

77000

Subsequent Events <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">9.</td> <td style="font: 10pt Times New Roman, Times, Serif">SUBSEQUENT EVENTS</td></tr> </table> License and Service Agreement On February 9, 2026, the Company entered into a license and service agreement (the “Agreement”) with SENOTHERAPEUTIX to develop products (other than food, cosmetics or supplements) for the diagnosis, cure, mitigation, treatment, or prevention of disease in humans, other than cancer and neoplastic diseases and use in or with gene-therapy. Under the terms of the Agreement, SENOTHERAPEUTIX, has agreed to grant the Company a worldwide, exclusive, right and license to use certain SENOTHERAPEUTIX intellectual property to research, develop, make, use, sell, have sold, offer for sale and import products developed by the Company. Under the Agreement the Company will own all Patents, know-how and other intellectual property rights in all technical information and materials invented, authored or otherwise created in connection with the performance of the Agreement (“Eos IP”). The Company also granted SENOTHERAPEUTIX a worldwide, exclusive, right and license, under the Eos IP to practice such Eos IP for the conduct of any SENOTHERAPEUTIX development program and to make, use, sell, have sold, offer for sale and import products or processes resulting from created in or developed by such programs. The intellectual property rights granted to each party are sublicensable pursuant to a written sublicense agreement which shall be consistent with, and conform to, the terms and conditions of the Agreement. Under the terms of the Agreement, SENOTHERAPEUTIX will provide to the Company general and administrative, research and development and other services agreed to by each party (the “Service Agreement”). The Service Agreement expires in February 2029. The Company will pay SENOTHERAPEUTIX’s fully burdened cost for providing the services plus ten percent or other such amounts agreed to by the Parties. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_902_eus-gaap--BusinessAcquisitionDescriptionOfAcquiredEntity_c20260206__20260206__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8e3mZPxmxxi" title="Business acquisition, description">Pursuant to the Agreement, the Company, its affiliates or any sublicensees will pay SENOTHERAPEUTIX milestone payments upon the achievement of certain development, regulatory and commercial milestones of a product developed by the Company. The Agreement provides that the Company will pay up to $40 million in development and regulatory milestones and up to $75 million in commercial milestones. Under the terms of the Agreement the Company has also agreed to pay royalties of a mid-to-high single-digit percentage to SENOTHERAPEUTIX based on the Company, its affiliates or any sublicensees, on net sales of any product developed by the Company. Proposed Merger Agreement and Closing of Private Placement with Pulmatrix, Inc. On March 26, 2026, the Company and Pulmatrix, Inc. (“Pulmatrix”), a biopharmaceutical public company that has been focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs, announced their intent to enter into a definitive merger agreement under which Pulmatrix will acquire Eos (the “Merger”). <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90A_ecustom--MergerAgreementsDescriptionAndTerms_c20260326__20260326__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPT3qihyfMb4" title="Merger agreements description">In connection with the Merger, the Company and Pulmatrix have entered into definitive agreements for concurrent private financings of $19 million in aggregate gross proceeds (the “Financings”), including a $1 million investment in Pulmatrix (the “Pulmatrix Investment”) from RCM Eos PIPE HOLDINGS LLC, a related party of Eos due to common control and a bridge component for the Company from RCM Eos Holdings, LLC, a related party of Eos due to common control both managed by Rapha Capital Management, LLC, a related party of Eos due to common control. The proceeds are expected to support advancement of the Company’s proprietary MitoXcel™ platform, including its lead clinical candidate, PTC-2105, for sarcopenia and sarcopenic obesity. The proposed Merger has been unanimously approved by the boards of directors of both companies and is currently expected to close in the third quarter of 2026, subject to customary closing conditions, including approval by the stockholders of each company and the effectiveness of a registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission. Following the closing of the proposed Merger and payment of all placement and M&A advisory fees, the pre-Merger Pulmatrix stockholders are expected to own approximately 6% of the combined company, while pre-Merger Eos stockholders, including investors participating in the Financings and holders of shares issued in payment of placement agent and M&A advisory fees, are expected to own approximately 94%. With respect to the Financings, Eos received $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_903_ecustom--FinancingFees_iI_pn6n6_c20260409__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPsCQzvkjkp7" title="Financing fees">1 million on April 9, 2026, and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90F_ecustom--FinancingFees_iI_pn5n6_c20260505__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zZywqnvTyj0l" title="Financing fees">1.5 million on May 5, 2026. In exchange for the $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_909_eus-gaap--ExchangeFees_pn5n6_c20260505__20260505__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zImhMcPRGjWc" title="Exchange fees">2.5 million, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90F_eus-gaap--ConversionOfStockDescription_c20260505__20260505__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zdF9wEMh7Tsf" title="Convertible notes, description">the Company expects to issue convertible notes to RCM Eos Holdings, LLC which will pay 8% interest annually, will have maturity date of 18 months following issuance of the notes and are convertible into common stock at a conversion price of $17 per share. The Merger will be accounted for as a reverse asset acquisition in accordance with GAAP. Under this method of accounting, Eos is considered to be the accounting acquirer for financial reporting purposes since immediately following the Merger: (i) Eos’s equity holders will own a substantial majority of the voting rights in the Combined Company; (ii) Eos’s largest stockholder will retain the largest interest in the Combined Company; (iii) Eos will designate all but one of the initial members of the Combined Company board of directors; and (iv) Eos’s executive management team will become the management of the Combined Company. Accordingly, the Merger is expected to be treated for accounting purposes as the equivalent of Eos issuing stock to acquire the net assets of Pulmatrix. As a result of Eos being treated as the accounting acquirer, Eos’s assets and liabilities will be recorded at their pre-combination carrying amounts and the net assets of Pulmatrix will be allocated a portion of the purchase price and recorded based on their relative fair values at the time of closing. Upon completion of the Merger, the historical financial statements of Eos will become the historical consolidated financial statements of Pulmatrix. Series A Preferred Stock Private Placement Offering On April 25, 2026, the Company began offering on a “No Minimum” basis (the “Offering”) shares of the Company’s Series A Preferred Stock, par value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20260425__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zGrs7EIwd5zg" title="Preferred stock, par value">0.00001 per share (the “Series A Preferred Stock” or the “Securities”) at a purchase price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_905_eus-gaap--SaleOfStockPricePerShare_iI_c20260425__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zJuBpjIEMi1" title="Purchase price, per share">17.00 per share, for an aggregate investment of up to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_907_eus-gaap--EquityMethodInvestmentAggregateCost_iI_c20260425__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--RangeAxis__srt--MaximumMember_zUB0DKH2H2we" title="Aggregate investment cost">25,000,000 (the “Investment Amount”). This Offering is being made on a “No Minimum” basis, meaning no minimum amount of money must be raised. Each Commitment shall be no less than $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90A_eus-gaap--OtherCommitment_iI_c20260425__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zkqXM4ouFN13" title="Other commitment">250,000 unless otherwise agreed to by the Company in its sole and absolute discretion. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_905_eus-gaap--SubsequentEventDescription_c20260326__20260326__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zOXSFHRtfbEb" title="Subsequent event, description">Upon execution of a subscription agreement, each Investor shall fund 20% of its Commitment in exchange for the applicable amount of Series A Preferred Stock. The balance of each Investor’s Commitment shall be funded to the Company no later than (i) 30 days after the declared effective date of the registration statement on Form S-4 filed in connection with the Merger, with written notice by the Company to the Investor of such effective date, or (ii) 35 days prior to the consummation of certain Liquidity Events, as defined in the Offering with written notice by the Company to the Investor of the anticipated consummation date of such Liquidity Event. The Company may continue to accept new Investors for the financing contemplated by this Memorandum until the earliest to occur of (a) 12 months from the date of the first closing hereunder, (b) the consummation of the Merger, or (c) the consummation of a Liquidity Event. There is no guarantee that the Company will raise all of the funds necessary to implement the business plan and investments could be lost. All net proceeds from the sale of the Securities being offered will be used to repay outstanding debt of the Company, if any, general corporate purposes and working capital including, but not limited to support of IND-enabling studies for the Company’s lead clinical candidate, PTC-2105, licensing and/or royalty fees to affiliates entities, and/or rent pursuant to market rate leases with affiliates. In connection with the above, as of April 24, 2026, amended and restated its certificate of incorporation to authorize additional shares of common stock and preferred stock. The total number of shares that Eos is authorized to issue is <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90A_eus-gaap--CapitalUnitsAuthorized_iI_c20260424__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zUudud8XPnO2" title="Shares authorized">13,000,000, of which <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_c20260424__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zNlACXktunOe" title="Common stock, shares authorized">10,000,000 shares are Class A common stock, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_iI_c20260424__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zkoPQ6WxFPc8" title="Preferred stock, shares authorized">1,000,000 shares are Class B common stock, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90D_eus-gaap--PreferredStockSharesAuthorized_iI_c20260424__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zYQ8r4CpXzf9" title="Preferred stock, shares authorized">2,000,000 shares are preferred stock, and of such preferred stock, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_c20260424__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zH6P3FX23oad" title="Preferred stock, shares authorized">1,900,000 shares of which are designated as Series A Preferred Stock. The accompanying financial statements and related notes reflect the amended authorized share amounts. License Agreement <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_906_ecustom--AgreementsDescription_c20260401__20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zdwSQhu7zVwd" title="Agreements description">In April 2026, the Company entered into a license agreement (the “License”) with K2 Biolabs, Inc., (“K2”) under which the Company will license a combination of common and dedicated office and laboratory space at K2’s premises in Houston, TX. The initial License term is approximately 13 months, commencing on April 1, 2026, and may be automatically extended at the end of the initial term or any other extension term for a 12-month period. Monthly license payments are $83,042 (plus any applicable taxes), which are subject to a 4% annual increase each year. The Company may terminate the License for convenience, and without penalty, with 60 days’ written notice prior to the License expiration date. If the Company terminates the License during the initial term or any extension term, the Company will be subject to a termination fee ranging from 10% to 80% of the remaining License term, depending on how much advance notice the Company provides to K2 prior to the then current License termination date. K2 is partially owned by the Company’s Chairman and Chief Executive Officer Dr. Slawin. He owns (a) approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--K2BiolabsIncMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrSlawinMember_z1YhAVmsBnIa" title="Ownership percentage">0.33% of K2’s outstanding equity interests personally through an option grant for serving as a board member, and (b) SENOTHERAPEUTIX, an entity controlled by Dr. Slawin, holds approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--K2BiolabsIncMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SenotherapeutixMember_zb1Cpi1jeuc7" title="Ownership percentage">3.33% of K2’s outstanding equity interests. Eos obtained certain facility access through intercompany arrangements with SENOTHERAPEUTIX beginning in February 2026 with the execution of the Agreement by and between Eos and SENOTHERAPEUTIX; however, because such intercompany service arrangements terminate upon consummation of the Merger transaction with Pulmatrix, Eos entered into the K2 License Agreement to secure standalone facility access for its operations. In addition, Eos and SENOTHERAPEUTIX have arrangements relating to shared use of certain vivarium space at the K2 facility and allocation of related costs. Stock Option Grants In January 2026, the three members of the Board of Directors received stock options to purchase an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260131__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_zChr7BBzPutc" title="Stock option grant in period, shares">129,412 shares of the Company’s common stock at an exercise price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_907_eus-gaap--StockOptionExercisePriceIncrease_c20260101__20260131__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_zFQyglEqWdy4" title="Exercise price, per share">0.01 per share. These stock options fully vest after one year. In March 2026, the Board of Directors granted, to two consultants, stock options to purchase an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260331__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_zU5kuVFJYoJl" title="Stock option grant in period, shares">35,292 shares of the Company’s common stock at an exercise price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_901_eus-gaap--StockOptionExercisePriceIncrease_c20260101__20260331__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_z792DEHSezEc" title="Exercise price, per share">17 per share. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20260101__20260331__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_z8W7tk37DMXc" title="Stock option grant in period, description">These stock options will vest over a four-year period, with 25% vesting on the first anniversary of the grant and the remaining 75% will vest monthly over the following 36 months.

Pursuant to the Agreement, the Company, its affiliates or any sublicensees will pay SENOTHERAPEUTIX milestone payments upon the achievement of certain development, regulatory and commercial milestones of a product developed by the Company. The Agreement provides that the Company will pay up to $40 million in development and regulatory milestones and up to $75 million in commercial milestones

In connection with the Merger, the Company and Pulmatrix have entered into definitive agreements for concurrent private financings of $19 million in aggregate gross proceeds (the “Financings”), including a $1 million investment in Pulmatrix (the “Pulmatrix Investment”) from RCM Eos PIPE HOLDINGS LLC, a related party of Eos due to common control and a bridge component for the Company from RCM Eos Holdings, LLC, a related party of Eos due to common control both managed by Rapha Capital Management, LLC, a related party of Eos due to common control. The proceeds are expected to support advancement of the Company’s proprietary MitoXcel™ platform, including its lead clinical candidate, PTC-2105, for sarcopenia and sarcopenic obesity. The proposed Merger has been unanimously approved by the boards of directors of both companies and is currently expected to close in the third quarter of 2026, subject to customary closing conditions, including approval by the stockholders of each company and the effectiveness of a registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission. Following the closing of the proposed Merger and payment of all placement and M&A advisory fees, the pre-Merger Pulmatrix stockholders are expected to own approximately 6% of the combined company, while pre-Merger Eos stockholders, including investors participating in the Financings and holders of shares issued in payment of placement agent and M&A advisory fees, are expected to own approximately 94%. 1000000 1500000

2500000

the Company expects to issue convertible notes to RCM Eos Holdings, LLC which will pay 8% interest annually, will have maturity date of 18 months following issuance of the notes and are convertible into common stock at a conversion price of $17 per share.

0.00001

17.00

25000000

250000

Upon execution of a subscription agreement, each Investor shall fund 20% of its Commitment in exchange for the applicable amount of Series A Preferred Stock. The balance of each Investor’s Commitment shall be funded to the Company no later than (i) 30 days after the declared effective date of the registration statement on Form S-4 filed in connection with the Merger, with written notice by the Company to the Investor of such effective date, or (ii) 35 days prior to the consummation of certain Liquidity Events, as defined in the Offering with written notice by the Company to the Investor of the anticipated consummation date of such Liquidity Event. The Company may continue to accept new Investors for the financing contemplated by this Memorandum until the earliest to occur of (a) 12 months from the date of the first closing hereunder, (b) the consummation of the Merger, or (c) the consummation of a Liquidity Event.

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In April 2026, the Company entered into a license agreement (the “License”) with K2 Biolabs, Inc., (“K2”) under which the Company will license a combination of common and dedicated office and laboratory space at K2’s premises in Houston, TX. The initial License term is approximately 13 months, commencing on April 1, 2026, and may be automatically extended at the end of the initial term or any other extension term for a 12-month period. Monthly license payments are $83,042 (plus any applicable taxes), which are subject to a 4% annual increase each year. The Company may terminate the License for convenience, and without penalty, with 60 days’ written notice prior to the License expiration date. If the Company terminates the License during the initial term or any extension term, the Company will be subject to a termination fee ranging from 10% to 80% of the remaining License term, depending on how much advance notice the Company provides to K2 prior to the then current License termination date. 83042

0.0033

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These stock options will vest over a four-year period, with 25% vesting on the first anniversary of the grant and the remaining 75% will vest monthly over the following 36 months

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Nature of the Business and Basis of Presentation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">1.</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">NATURE OF THE BUSINESS AND BASIS OF PRESENTATION</td></tr> </table> Eos SENOLYTIX, Inc. (the “Company” or “Eos” or “We”) was incorporated in the State of Delaware on October 15, 2024. Eos is a biotechnology company focused on developing first-in-class gerotherapeutic peptide medicines that target the underlying biological mechanisms of aging. Eos’s lead clinical candidates, PTC-2105 and PTC-2107, are powered by the Company’s proprietary MitoXcel™ Technology, a platform designed to precisely target the universal decline in the mitochondrial membrane potential (MMP), also called the “∆ψm” that occurs across all cells as they age. Both proprietary geropeptides have demonstrated the ability to rejuvenate naturally aged mice via two separate mechanisms, both via a single, aging-specific target. These two mechanisms include (1) the return of the efficiency of mitochondrial function in aging cells almost immediately back to their younger, more efficient phenotype, and (2) the profound elimination of senescent cells throughout every organ in the body, including the brain, reducing their negative systemic inflammatory effects. Extensive preclinical studies suggest the MitoXcel™ platform may be a broad gerotherapeutic that improves body composition, increasing lean muscle mass, and enhancing physical function in aging animals. By targeting fundamental processes driving aging and aging-related diseases, the Company is pursuing a unique therapeutic opportunity to intervene in the aging process in ways that were once thought impossible. The Company’s principal office is located in Houston, Texas. Risks and uncertainties The Company is subject to risks common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Financial Statements The accompanying unaudited interim financial statements of Eos SENOLYTIX, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented, consisting only of normal recurring adjustments, have been included. The accompanying unaudited interim financial statements have been prepared on a basis consistent with the audited financial statements and related notes thereto for the year ended December 31, 2025 included elsewhere in this Registration Statement. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations. Accordingly, these interim financial statements should be read in conjunction with the audited financial statements and related notes thereto for the year ended December 31, 2025 included elsewhere in this Registration Statement. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2026 or any other future interim or annual period.

Summary of Significant Accounting Policies and Recent Accounting Standards <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2.</td> <td style="font: 10pt Times New Roman, Times, Serif">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</td></tr> </table> Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Income Taxes The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed at each balance sheet date for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. Stock-based Payments The Company accounts for stock-based compensation under the provisions of FASB ASC 718, Compensation—Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In accordance with Accounting Standards Update (“ASU”) No. 2018-07, Compensation – Stock Compensation (Topic 718) share-based payment transactions with nonemployees are measured and recognized in a manner consistent with employee awards, unless specific guidance requires otherwise. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue upon satisfaction of the applicable vesting conditions. Research and Development Costs Research and development costs are expensed as incurred in accordance with ASC 730, Research and Development. Research and development expenses consist primarily of costs incurred for preclinical studies, contract research and manufacturing services, personnel-related expenses, laboratory supplies, regulatory activities and allocated facilities costs. The Company accrues research and development expenses associated with third-party service providers, including contract research organizations, laboratories and other vendors, based on estimates of the services performed and efforts expended pursuant to contracts with such service providers. These estimates are based on information provided by the service providers regarding the progress or stage of completion of the related activities. Significant judgment and estimates are required in determining the accrued balances at each reporting date, and actual results could differ from those estimates. Payments made in advance of the receipt of goods or services to be used in future research and development activities are recorded as prepaid expenses and recognized as expense as the related goods are delivered or services are performed. Loss Per Share The Company follows FASB ASC 260 when reporting earnings (loss) per share, which requires presentation of basic and diluted earnings (loss) per share. Because the Company reported a net loss for each of the periods ended March 31, 2026 and 2025, 848,694 and 666,344 stock options were excluded from diluted loss per share because their effect would have been anti-dilutive; therefore, the amounts reported for basic and diluted loss per share were the same. Segment Reporting Operating segments are identified as components of an enterprise for which separate discrete financial information is available and is regularly reviewed by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company has determined that it operates as a single operating and reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has one operating segment and one reportable segment. Recently Adopted Accounting Pronouncements There were no new accounting standards adopted during the three months ended March 31, 2026 that materially affected the Company’s financial statements or disclosures. <p id="xdx_848_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zR3ZTte9NGRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220), which requires disclosure in the notes to the financial statements about specific types of expenses included in the expense captions presented on the face of the statement of operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The requirements may be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact related to the adoption of ASU 2024-03 on its financial statement disclosures. The Company currently believes there are no other issued and not yet effective accounting standards that are materially relevant to its financial statements.

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Income Taxes The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed at each balance sheet date for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.

Stock-based Payments The Company accounts for stock-based compensation under the provisions of FASB ASC 718, Compensation—Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In accordance with Accounting Standards Update (“ASU”) No. 2018-07, Compensation – Stock Compensation (Topic 718) share-based payment transactions with nonemployees are measured and recognized in a manner consistent with employee awards, unless specific guidance requires otherwise. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue upon satisfaction of the applicable vesting conditions.

Research and Development Costs Research and development costs are expensed as incurred in accordance with ASC 730, Research and Development. Research and development expenses consist primarily of costs incurred for preclinical studies, contract research and manufacturing services, personnel-related expenses, laboratory supplies, regulatory activities and allocated facilities costs. The Company accrues research and development expenses associated with third-party service providers, including contract research organizations, laboratories and other vendors, based on estimates of the services performed and efforts expended pursuant to contracts with such service providers. These estimates are based on information provided by the service providers regarding the progress or stage of completion of the related activities. Significant judgment and estimates are required in determining the accrued balances at each reporting date, and actual results could differ from those estimates. Payments made in advance of the receipt of goods or services to be used in future research and development activities are recorded as prepaid expenses and recognized as expense as the related goods are delivered or services are performed.

Loss Per Share The Company follows FASB ASC 260 when reporting earnings (loss) per share, which requires presentation of basic and diluted earnings (loss) per share. Because the Company reported a net loss for each of the periods ended March 31, 2026 and 2025, 848,694 and 666,344 stock options were excluded from diluted loss per share because their effect would have been anti-dilutive; therefore, the amounts reported for basic and diluted loss per share were the same.

848694

666344

Segment Reporting Operating segments are identified as components of an enterprise for which separate discrete financial information is available and is regularly reviewed by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company has determined that it operates as a single operating and reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has one operating segment and one reportable segment.

Recently Adopted Accounting Pronouncements There were no new accounting standards adopted during the three months ended March 31, 2026 that materially affected the Company’s financial statements or disclosures.

<p id="xdx_848_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zR3ZTte9NGRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220), which requires disclosure in the notes to the financial statements about specific types of expenses included in the expense captions presented on the face of the statement of operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The requirements may be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact related to the adoption of ASU 2024-03 on its financial statement disclosures. The Company currently believes there are no other issued and not yet effective accounting standards that are materially relevant to its financial statements.

Going Concern <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">3.</td> <td style="font: 10pt Times New Roman, Times, Serif">GOING CONCERN</td></tr> </table> The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant losses and negative cash flow from operations since inception and has limited liquidity, with a cash balance of $14,934 as of March 31, 2026. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that these financial statements are issued. Since inception, the Company has focused on developing and implementing its business plan. The Company believes that its existing cash resources will not be sufficient to sustain operations for one year after the date that these financial statements are issued. The Company currently needs to obtain financing through the sale of debt and/or equity securities in order to sustain its operations. The issuance of additional equity would result in dilution to existing shareholders. If the Company is unable to obtain additional funds when they are needed or if such funds cannot be obtained on terms acceptable to the Company, the Company would be unable to execute upon the business plan or pay costs and expenses as they are incurred, which would have a material, adverse effect on the business, financial condition and results of operations. As of June 29, 2026, the Company has a cash position of approximately $0.9 million. Based upon the current cash position and the Company’s planned expense run rate, management believes the Company has funds currently to finance its operations into August which is less than one year after the date these financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

14934

900000

Deferred Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">4.</td> <td style="font: 10pt Times New Roman, Times, Serif">DEFERRED ASSETS</td></tr> </table> Deferred assets consisted of the following: Schedule of Deferred Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260331_zJrNK7CRPDba" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_znaek82qOcD9" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_400_eus-gaap--OtherDeferredCostsNet_iI_maDAzDPX_zYax60U2YmB7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Deferred asset acquisition costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">384,288</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredOfferingCosts_iI_maDAzDPX_zg5ryaMVy3S9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred financing costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30,154</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredCostsCurrent_iTI_mtDAzDPX_z9kc9N5Aun6i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Deferred assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">414,442</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company has deferred certain costs relating to the proposed merger agreement and to planned future financings. See Note 13 – Proposed Merger Agreement, Note 14 – Backstop Financing Agreement and Note 15 – Subsequent Events. Deferred assets consisted of the following: Schedule of Deferred Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260331_zJrNK7CRPDba" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_znaek82qOcD9" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_400_eus-gaap--OtherDeferredCostsNet_iI_maDAzDPX_zYax60U2YmB7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Deferred asset acquisition costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">384,288</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredOfferingCosts_iI_maDAzDPX_zg5ryaMVy3S9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred financing costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30,154</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredCostsCurrent_iTI_mtDAzDPX_z9kc9N5Aun6i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Deferred assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">414,442</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

384288

30154

414442

<p id="xdx_80E_ecustom--DisclosureOfPrepaidExpensesAndOtherCurrentAssetsTextBlock_zAglrO31fP6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"> Prepaid Expenses and Other Current Assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">5.</td> <td style="font: 10pt Times New Roman, Times, Serif">PREPAID EXPENSES</td></tr> </table> <p id="xdx_894_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zuaVc8b6dUVb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Prepaid expenses consisted of the following: Schedule of Prepaid Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260331_zUx8sbuh2Nbe" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zMIv45KGL39" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_ecustom--LegalRetainerFees_maPECz6rN_zvkW7lVk0uri" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Legal retainer fees</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">75,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PrepaidExpenseCurrent_iTI_mtPECz6rN_zV2l0rgy5iY5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total Prepaid Expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">75,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_894_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zuaVc8b6dUVb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Prepaid expenses consisted of the following: Schedule of Prepaid Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260331_zUx8sbuh2Nbe" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zMIv45KGL39" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_ecustom--LegalRetainerFees_maPECz6rN_zvkW7lVk0uri" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Legal retainer fees</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">75,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">-</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PrepaidExpenseCurrent_iTI_mtPECz6rN_zV2l0rgy5iY5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total Prepaid Expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">75,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

75000

<p id="xdx_80A_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zoafImcPbMTk" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify; text-indent: 0.25in"> Accrued Expenses and Other Current Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">6.</td> <td style="font: 10pt Times New Roman, Times, Serif">ACCRUED EXPENSES</td></tr> </table> Accrued expenses consisted of the following: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260331_z3fU4VMQU3F" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zFz9LtWBAHu6" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_407_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALCzzOa_zHgN3SYidcj3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Consultant and professional fees</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">497,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">18,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ExternalResearchAndDevelopmentExpenses_iI_maALCzzOa_zovfHMUp6oti" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">External research and development expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">173,993</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzzOa_zxE2b8rVGDD" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzzOa_zZQMCwiepokg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">672,227</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued expenses consisted of the following: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260331_z3fU4VMQU3F" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zFz9LtWBAHu6" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_407_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALCzzOa_zHgN3SYidcj3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Consultant and professional fees</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">497,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">18,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ExternalResearchAndDevelopmentExpenses_iI_maALCzzOa_zovfHMUp6oti" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">External research and development expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">173,993</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzzOa_zxE2b8rVGDD" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzzOa_zZQMCwiepokg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">672,227</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

497234

18000

173993

1000

672227

18000

Short Term Loan <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">7.</td> <td style="font: 10pt Times New Roman, Times, Serif">SHORT TERM LOAN</td></tr> </table> On February 12, 2026, the Company received $100,000 from an unrelated third-party investor in advance of negotiations regarding a larger financing. The Company ultimately entered into the Backstop Financing Agreement (Note 14) and Series A Preferred Financing (Note 15) in lieu of accepting the unrelated third-party investor’s proposed financing terms, and as a result, the Company expects to return the $<span id="xdx_900_eus-gaap--Investments_iI_c20260212__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--UnrelatedThirdPartyInvestorMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredFinancingMember_zJO32xzHU2S4" title="Invest fund">100,000 to prior to the closing of the Merger, unless the investor agrees to invest such funds in the Series A Preferred Financing. The Company categorized this $100,000 as an unsecured promissory note that bears no interest and matures upon the successful closing of the proposed Merger.

100000

Common Stock <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">8.</td> <td style="font: 10pt Times New Roman, Times, Serif">COMMON STOCK</td></tr> </table> On October 15, 2024, the Company filed its certificate of incorporation, which authorized the Company to issue up to 6,000,000 shares of Class A common stock, $0.00001 par value per share, 1,000,000 shares of Class B common stock, $0.00001 par value per share and 1,000 shares of preferred stock, $0.00001 par value per share. As of March 31, 2026 and December 31, 2025, there were 4,000,000 shares of Class A common stock issued and outstanding and 1,000,000 shares of Class B common stock issued and outstanding. As of March 31, 2026 and December 31, 2025 there were no shares of preferred stock issued or outstanding. Each share of Class A common stock entitles the holder to one vote per share. Each share of Class B common stock entitles the holder to ten votes per share. Voting is the only economic or non-economic difference between Class A and Class B common stock. Each share of preferred stock would have the same voting rights as the Class A common stock. Common stockholders are entitled to receive dividends, when and if declared by the Company’s Board of Directors, subject to the preferential dividend rights of the holders of the Company’s preferred stock. To date, no cash dividends have been declared or paid. The Class B common stock is automatically convertible into Class A common stock upon the election of the holder or in the event of a non-permitted transfer. Unless permitted or in connection with a merger, consolidation, or other business combination with a third-party purchaser, stockholders will not, directly or indirectly, voluntarily or involuntarily, transfer any of their shares. The definition of “transfer” means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate, or similarly dispose of, either voluntarily or involuntarily, by operation of law or otherwise, or to enter into any contract, option, or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation, or similar disposition of, any common stock or preferred stock owned by a person or any interest (including a beneficial interest) in any common stock or preferred stock owned by a person.

6000000

0.00001

1000000

0.00001

1000

0.00001

4000000

1000000

Each share of Class A common stock entitles the holder to one vote per share

Each share of Class B common stock entitles the holder to ten votes per share

<p id="xdx_804_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zTLodmPdUNt9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Stock-based Compensation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">9.</td> <td style="font: 10pt Times New Roman, Times, Serif">STOCK OPTIONS AND WARRANTS</td></tr> </table> 2024 Equity Incentive Plan On October 15, 2024, the Company’s Board of Directors (the “Board of Directors”), adopted and the Company’s stockholders approved, the 2024 Equity Incentive Plan (the “2024 Plan”). The 2024 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock awards and restricted stock units. The total number of securities reserved for issuance under the 2024 Plan is <span id="xdx_90C_ecustom--CommonStockCapitalSharesReserved_iI_c20241015__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zk1rMTlMiXjk" title="Total number of securities reserved for issuance">882,353 shares of common stock. The 2024 Plan is administered by a committee consisting of one or more members of the Board of Directors (the “Committee”). In the absence of a committee, the Board of Directors will act as the Committee. The exercise prices, vesting periods and other restrictions are determined at the discretion of the Committee, except that the exercise price per share of options may not be less than 100% of the fair market value of the common stock on the date of grant. Stock options awarded under the 2024 Plan expire 10 years after the grant date, unless the Board of Directors sets a shorter term. Awards granted to employees, officers, members of the Board of Directors and consultants typically vest upon achieving certain milestones or over a period of one to four years. During the three months ended March 31, 2026, the Company granted to employees, directors and consultants options to purchase <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20260101__20260331__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zFmK7xuBbdTj" title="Purchase of options granted shares">164,704 shares of common stock, with a fair value of $<span id="xdx_90E_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20260101__20260331__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zIuqt2LcmLQ2" title="Share granted fair value">521,322. Of the <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20260101__20260331__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_z2DCSc7nCbWf" title="Purchase of options granted shares">164,704 options granted during the three months ended March 31, 2026, 129,412 will vest over 12 months and the remaining 35,292 options will vest over <span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dc_c20260101__20260331_zZ3zPbjgFx6g" title="Options vested term">four years. During the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense related to options granted to employees, directors and consultants of $7,455 and $86, respectively. During the three months ended March 31, 2025, the Company granted to employees, directors and consultants options to purchase <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250101__20250331__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zqdRmlBY0vnf" title="Granted Options to purchase shares">528,529 shares of common stock, with a fair value of $<span id="xdx_908_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20250101__20250331__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zwNNFDFhUXUd" title="Share granted fair value">5,285. Of the <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250101__20250331__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_z5xufj50SU2f" title="Purchase of options granted">528,529 options granted during the three months ended March 31, 2025, 505,000 shares of common stock contain both service and performance-based vesting conditions. The options vest over a term of <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dc_c20250101__20250331_zOsRl9m4ezIj" title="Options vested term">four years, subject to either the closing of a Qualified Financing or the execution of a licensing or collaboration agreement whereby the majority of the Company’s board votes that such transaction is considered to be a Validating event. Upon the closing of either a Qualified Financing or Validating event, 25% of the grants will vest immediately and the remaining shares will vest ratably over the following 36 months. No compensation expense related to these options was recognized during the three months ended March 31, 2026 or 2025 because the performance condition was not considered probable of achievement as of March 31, 2026 or March 31, 2025. The remaining 23,529 options granted during the three months ended March 31, 2025 will vest over a period of <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20250101__20250331__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zZh3iA5Fq1lk" title="Vesting period">four years. <p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zdr6KbmrwuB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">The following is a summary of stock option activity under the stock option plans for the three months ended March 31, 2026: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Intrinsic Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Outstanding as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zcvnv2InpmOa" style="width: 11%; text-align: right" title="Number of Options, Outstanding, Balance">683,990</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zIg83YsvWcW9" style="width: 11%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">0.01</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zEt5RqPsaWV4" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.14</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7lscpvbt7" style="width: 11%; text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zyEPIEQbiyyd" style="text-align: right" title="Number of Options, Granted">164,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_ztVDeRolWBp7" style="text-align: right" title="Weighted Average Exercise Price, Granted">3.65</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z3Jvjz54P0Q4" style="text-align: right" title="Number of Options, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z2paYj0dYbi4" style="text-align: right" title="Weighted Average Exercise Price, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zP48muPR6u51" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zzd4fdtD7IWa" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zPlWhEa1p36b" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">848,694</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z490iXReW9A7" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">0.72</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zq02i4e2OJ9d" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.07</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zI6L9smv9TS2" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Exercisable as of March 31, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zPIhhSLuoe6a" style="text-align: right" title="Number of Options, Exercisable">49,435</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zEhLapxCAl2h" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zDyebn9sEKD" title="Weighted Average Remaining Contractual Term (Years), Exercisable">8.74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zbBmyNE1XFra" style="text-align: right" title="Aggregate Intrinsic Value, Exercisable">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt">Vested and expected to vest as of March 31, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z00vFx3Zfjrb" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Vested">848,694</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_pid_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zuB4Rkheh8w1" style="padding-bottom: 1pt; text-align: right" title="Vested and expected to vest, Exercisable">0.72</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKsLisA5a3sd" title="Weighted Average Remaining Contractual Term (Years), Vested and expected to vest">9.07</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iI_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zwmU1w5Bhf9g" style="padding-bottom: 1pt; text-align: right" title="Aggregate Intrinsic Value, Vested and expected to vest">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock of $<span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zR2I5sQpZwYk" title="Options exercise price">17.00 and $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_c20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zCJFFqwdYkRa" title="Options exercise price">0.01 as of March 31, 2026 and 2025, respectively. As of March 31, 2026, there was $520,352 of total unrecognized stock-based compensation expense related to nonvested options which is expected to be recognized over a remaining weighted-average vesting period of <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331_zKjkAflAbr6b" title="Remaining weighted-average vesting period">2.5 years. Stock Option Valuation The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. Expected volatility is estimated based on the historical volatility of guideline public companies in the Company’s industry, as the Company is privately held and does not have its own trading history. For awards that meet the “plain vanilla” criteria, the Company may use the SEC simplified method to estimate the expected term. However, for awards whose exercisability is subject to a performance condition that was not probable as of March 31, 2026, the awards do not meet the “plain vanilla” criteria. Accordingly, the Company did not use the simplified method for those awards. In the absence of sufficient historical exercise data or supportable evidence of the milestone achievement date, management used the contractual term as the expected term for valuation purposes for such awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero, based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The weighted average grant-date fair value of options granted during the three months ended March 31, 2026 and 2025 was $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20260101__20260331_zCjQ0juXb5I3" title="Weighted average grant-date fair value of options, granted">3.17 and $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20250331_zado4BjXcT24" title="Weighted average grant-date fair value of options, granted">0.01, respectively. The Company estimated the fair value of the Company’s common stock granted during the three months ended March 31, 2025 to be $0.01, which was based primarily on the 409A valuation reports of Eos’s owner, SENOTHERAPEUTIX, Inc. (“SENOTHERAPEUTIX”), a Delaware registered company. The strike price of the options was $0.01. <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock_zoXRGBDw2UP8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the three months ended March 31, 2026 and 2025: Schedule of Grant-Date Fair Value of Stock Options <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.78</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4.25</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.62</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.83</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">112.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> </table>

882353

164704

521322

164704

129412

35292

P4Y

7455

528529

5285

528529

505000

P4Y

Upon the closing of either a Qualified Financing or Validating event, 25% of the grants will vest immediately and the remaining shares will vest ratably over the following 36 months. No compensation expense related to these options was recognized during the three months ended March 31, 2026 or 2025 because the performance condition was not considered probable of achievement as of March 31, 2026 or March 31, 2025. The remaining 23,529 options granted during the three months ended March 31, 2025 will vest over a period of four years

23529

P4Y

<p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zdr6KbmrwuB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">The following is a summary of stock option activity under the stock option plans for the three months ended March 31, 2026: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Intrinsic Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Outstanding as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zcvnv2InpmOa" style="width: 11%; text-align: right" title="Number of Options, Outstanding, Balance">683,990</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zIg83YsvWcW9" style="width: 11%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">0.01</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zEt5RqPsaWV4" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.14</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7lscpvbt7" style="width: 11%; text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zyEPIEQbiyyd" style="text-align: right" title="Number of Options, Granted">164,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_ztVDeRolWBp7" style="text-align: right" title="Weighted Average Exercise Price, Granted">3.65</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z3Jvjz54P0Q4" style="text-align: right" title="Number of Options, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z2paYj0dYbi4" style="text-align: right" title="Weighted Average Exercise Price, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zP48muPR6u51" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zzd4fdtD7IWa" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zPlWhEa1p36b" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">848,694</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z490iXReW9A7" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">0.72</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zq02i4e2OJ9d" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.07</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zI6L9smv9TS2" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Exercisable as of March 31, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zPIhhSLuoe6a" style="text-align: right" title="Number of Options, Exercisable">49,435</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zEhLapxCAl2h" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zDyebn9sEKD" title="Weighted Average Remaining Contractual Term (Years), Exercisable">8.74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zbBmyNE1XFra" style="text-align: right" title="Aggregate Intrinsic Value, Exercisable">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt">Vested and expected to vest as of March 31, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z00vFx3Zfjrb" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Vested">848,694</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_pid_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zuB4Rkheh8w1" style="padding-bottom: 1pt; text-align: right" title="Vested and expected to vest, Exercisable">0.72</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKsLisA5a3sd" title="Weighted Average Remaining Contractual Term (Years), Vested and expected to vest">9.07</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iI_c20260331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zwmU1w5Bhf9g" style="padding-bottom: 1pt; text-align: right" title="Aggregate Intrinsic Value, Vested and expected to vest">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

683990

0.01

P9Y1M20D

164704

3.65

848694

0.72

P9Y25D

49435

0.01

P8Y8M26D

848694

0.72

P9Y25D

17.00

0.01

520352

P2Y6M

3.17

0.01

<p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock_zoXRGBDw2UP8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in">The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the three months ended March 31, 2026 and 2025: Schedule of Grant-Date Fair Value of Stock Options <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3.78</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4.25</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.62</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.83</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">112.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> </table>

0.0378

0.0425

P5Y7M13D

P9Y9M29D

1.093

1.123

0.0000

Income Taxes <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">10.</td> <td style="font: 10pt Times New Roman, Times, Serif">INCOME TAXES</td></tr> </table> The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. No such adjustment was made as of March 31, 2026 or March 31, 2025. The Company’s effective federal and state tax rate for each of the three months ended March 31, 2026 and 2025 was 0%, and the Company did not record any income tax expense or benefit during each of the three months ended March 31, 2026 and 2025, primarily as a result of estimated net operating losses for the fiscal year to date offset by the increase in the valuation allowance against its deferred tax asset. All losses before income taxes arose in the United States.

Leases <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">11.</td> <td style="font: 10pt Times New Roman, Times, Serif">OPERATING LEASES</td></tr> </table> As of March 31, 2026 the Company was not party to any operating leases.

Related Party Transactions <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">12.</td> <td style="font: 10pt Times New Roman, Times, Serif">RELATED PARTY TRANSACTIONS</td></tr> </table> License and Service Agreement On February 9, 2026, the Company entered into a license and service agreement (the “Agreement”) with SENOTHERAPEUTIX to develop products (other than food, cosmetics or supplements) for the diagnosis, cure, mitigation, treatment, or prevention of disease in humans, other than cancer and neoplastic diseases and use in or with gene-therapy. Under the terms of the Agreement, SENOTHERAPEUTIX, has agreed to grant the Company a worldwide, exclusive, right and license to use certain SENOTHERAPEUTIX intellectual property to research, develop, make, use, sell, have sold, offer for sale and import products developed by the Company. Under the Agreement the Company will own all Patents, know-how and other intellectual property rights in all technical information and materials invented, authored or otherwise created in connection with the performance of the Agreement (“Eos IP”). The Company also granted SENOTHERAPEUTIX a worldwide, exclusive, right and license, under the Eos IP to practice such Eos IP for the conduct of any SENOTHERAPEUTIX development program and to make, use, sell, have sold, offer for sale and import products or processes resulting from created in or developed by such programs. The intellectual property rights granted to each party are sublicensable pursuant to a written sublicense agreement which shall be consistent with, and conform to, the terms and conditions of the Agreement. Under the terms of the Agreement, SENOTHERAPEUTIX will provide to the Company general and administrative, research and development and other services agreed to by each party (the “Service Agreement”). The Service Agreement expires in February 2029. The Company will pay SENOTHERAPEUTIX’s fully burdened cost for providing the services plus ten percent or other such amounts agreed to by the Parties. Pursuant to the Agreement, the Company, its affiliates or any sublicensees will pay SENOTHERAPEUTIX milestone payments upon the achievement of certain development, regulatory and commercial milestones of a product developed by the Company. The Agreement provides that the Company will pay up to $40 million in development and regulatory milestones and up to $75 million in commercial milestones. Under the terms of the Agreement the Company has also agreed to pay royalties of a mid-to-high single-digit percentage to SENOTHERAPEUTIX based on the Company, its affiliates or any sublicensees, on net sales of any product developed by the Company. Expenses Paid on Behalf of Company During the three months ended March 31, 2026 and 2025, SENOTHERAPEUTIX paid $325,126 and $78,675, respectively, in expenses on behalf of the Company. These expenses were for regulatory, clinical and accounting consultants, payroll, rent, financial and strategic planning fees and legal costs. Since SENOTHERAPEUTIX does not require these amounts to be repaid, the amounts were credited to additional paid in capital as capital contributions. Backstop Financing Agreement During March 2026, the Company entered into a Backstop Financing Agreement with RCM Eos Holdings, LLC, an affiliate of the Company. See Note 14, Backstop Financing Agreement, for additional information. License Agreement Subsequent to March 31, 2026, the Company entered into a license agreement with K2 Biolabs, Inc., an entity in which the Company’s Chairman and Chief Executive Officer has ownership interests. See Note 15, Subsequent Events, for additional information regarding the arrangement.

325126

78675

Proposed Merger Agreement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">13.</td> <td style="font: 10pt Times New Roman, Times, Serif">PROPOSED MERGER AGREEMENT </td></tr> </table> On March 26, 2026, the Company and Pulmatrix, Inc. (“Pulmatrix”), a biopharmaceutical public company that has been focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs, announced their intent to enter into a definitive merger agreement under which Pulmatrix will acquire Eos (the “Merger”). In connection with the Merger, the Company and Pulmatrix have entered into definitive agreements for concurrent private financings of $19 million in aggregate gross proceeds (the “Financings”), including a $1 million investment in Pulmatrix (the “Pulmatrix Investment”) from RCM Eos PIPE HOLDINGS LLC, a related party of Eos due to common control and $2,500,000 in Initial Bridge Notes (the “Initial Bridge Notes”) for the Company from RCM Eos Holdings, LLC, a related party of Eos due to common control both managed by Rapha Capital Management, LLC, a related party of Eos due to common control. The proceeds are expected to support advancement of the Company’s proprietary MitoXcel™ platform, including its lead clinical candidate, PTC-2105, for sarcopenia and sarcopenic obesity. The proposed Merger has been unanimously approved by the boards of directors of both companies and is currently expected to close in the third quarter of 2026, subject to customary closing conditions, including approval by the stockholders of each company and the effectiveness of a registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission. Following the closing of the proposed Merger and payment of all placement and M&A advisory fees, the pre-Merger Pulmatrix common stockholders are expected to own approximately 6% of the combined company, while pre-Merger Eos stockholders, including investors participating in the Financings and holders of shares issued in payment of placement agent and M&A advisory fees, are expected to own approximately<span id="xdx_904_eus-gaap--DefinedContributionPlanEmployerMatchingContributionPercentOfMatch_pid_dp_uPure_c20260101__20260331__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zDvpBFz1tVOb" title="Percentage employer"> 94%. The Merger will be accounted for as a reverse asset acquisition in accordance with GAAP. Under this method of accounting, Eos is considered to be the accounting acquirer for financial reporting purposes since immediately following the Merger: (i) Eos’s equity holders will own a substantial majority of the voting rights in the Combined Company; (ii) Eos’s largest stockholder will retain the largest interest in the Combined Company; (iii) Eos will designate all but one of the initial members of the Combined Company board of directors; and (iv) Eos’s executive management team will become the management of the Combined Company. Accordingly, the Merger is expected to be treated for accounting purposes as the equivalent of Eos issuing stock to acquire the net assets of Pulmatrix. As a result of Eos being treated as the accounting acquirer, Eos’s assets and liabilities will be recorded at their pre-combination carrying amounts and the net assets of Pulmatrix will be allocated a portion of the purchase price and recorded based on their relative fair values at the time of closing. Upon completion of the Merger, the historical financial statements of Eos will become the historical consolidated financial statements of Pulmatrix.

19000000

1000000

2500000

0.06

0.94

Backstop Financing Agreement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">14.</td> <td style="font: 10pt Times New Roman, Times, Serif">BACKSTOP FINANCING AGREEMENT</td></tr> </table> In connection with the entry into the Merger, Eos entered into a Securities Purchase Agreement, dated as of March 26, 2026 (as amended, the “Backstop Financing Agreement”), with RCM Eos Holdings, LLC, a Delaware limited liability company and affiliate of Eos (“RCM Eos Holdings”), for the purchase and sale of certain convertible promissory notes (the “Eos Notes”) and shares of Eos common stock for an aggregate committed investment amount of $18 million, subject to reduction based on amounts previously funded under the Initial Bridge Notes and the amount of proceeds raised in the Series A Preferred Financing (as defined below) (the “Eos Financing”). The convertible promissory notes are convertible into shares of Eos Class A Common Stock based on a pre-Merger equity valuation of $100,000,000, which in turn will be exchanged for shares of the Combined Company by virtue of the Merger at the Effective Time. Additionally, Eos intends to initiate another private placement for further investment into Eos shortly after the signing of the Merger Agreement, but in any event prior to the closing of the Merger, pursuant to subscription agreements for the purchase of Series A Preferred Stock of Eos (the “Series A Preferred Financing”). At the initial closing of the Eos Financing (the “Initial Closing”), RCM Eos Holdings was obligated to deliver to Eos an aggregate of $<span id="xdx_901_eus-gaap--DebtDefaultLongtermDebtAmount_iI_c20260409__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zO1ghBcXWFj8" title="Aggregate debt instrument amount">2,500,000 for the Initial Bridge Notes. However, funding did not occur until April 9, 2026, when $1,000,000 was transferred on behalf of RCM Eos Holdings to Eos and on May 5, 2026, when $<span id="xdx_90C_eus-gaap--InducedConversionOfConvertibleDebtExpense_c20260409__20260409__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_ziQe2c6u5OY2" title="Transferred amount">1,500,000 was transferred on behalf of RCM Eos Holdings to Eos. Thus, Eos and RCM Eos Holdings entered into that certain Amended and Restated Securities Purchase Agreement with an effective date as of April 9, 2026, pursuant to which the parties thereto agreed to divide the Initial Closing into two tranches corresponding to the aforementioned dates of funding. Following the Initial Closing, the Company may deliver written notice to the purchasers requiring such purchasers to fund certain Additional Bridge Notes (as defined therein) if, prior to the date that is three months following the Initial Closing, Eos has not received aggregate proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromOtherDebt_c20260409__20260409__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8idnnDPHNL5" title="Aggregate gross proceeds amount">2,500,000 or more from any closings of the Series A Preferred Financing (each, an “Additional Closing”). The Eos Notes have a maturity date that is 18 months following the date of the issuance of the Initial Bridge Notes (the “Maturity Date”), accrue interest at a rate of <span id="xdx_904_eus-gaap--DebtConversionOriginalDebtInterestRateOfDebt_pid_dp_uPure_c20260409__20260409__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zttc3nbCTouk" title="Accrued interest rate">8% and are convertible into common stock at a conversion price of $<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20260409__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zJihgjiyEenj" title="Conversion price per share">17 per share. In the event that the Merger has not been consummated prior to the Maturity Date, the Company may, in its sole discretion, elect to convert the outstanding principal balance and all accrued and unpaid interest on the Eos Notes into shares of Eos common stock upon the earlier of: (a) the closing of an IPO; or (b) the closing of a Next Equity Financing (as defined in the Backstop Financing Agreement). Eos may, in its sole discretion, prepay all (but not less than all) of the outstanding principal balance and all accrued and unpaid interest on all outstanding Eos Notes, subject to proper notice. The Eos Notes contain certain customary events of default, and upon the occurrence and during the continuance of any event of default, the outstanding principal balance of the Eos Notes shall bear interest at a rate equal to 15% per annum. Upon receipt by the purchasers of written notice from Eos that approval of the Merger has occurred, each purchaser shall fund its pro rata share of the Eos Gross Proceeds (as defined in the Backstop Financing Agreement), less the amounts funded in the Initial Closing and any Additional Closing, and less aggregate proceeds actually received by Eos from the Series A Preferred Financing as of the date of such notice; provided, however, that if, as of the date of such notice, Eos has received aggregate proceeds from the Series A Preferred Financing equal to or greater than $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_c20260101__20260331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zLKpvM4inxah" title="Proceeds from preferred stock">15,500,000, less any amounts funded by the purchasers pursuant to the Additional Bridge Notes provision of the Backstop Financing Agreement, the purchasers shall have no obligation to fund any amounts pursuant to the terms of the Backstop Financing Agreement. The Backstop Financing Agreement also provides for the issuance to the purchasers of shares of Eos Class A Common Stock having an aggregate value of $<span id="xdx_908_ecustom--AggregateCommonStockValueOriginationFee_c20260101__20260331__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zfJWx981qoBb" title="Aggregate common stock value origination fee">1,000,000 as an origination fee, subject to forfeiture and reallocation provisions. Per the terms of the Merger, each Eos Note that is outstanding and unconverted as of immediately prior to the Effective Time shall be converted solely into the right to receive a number of shares of Pulmatrix common stock equal to (x) the number Eos Capital Stock that the holder of such Eos Note would have been entitled to had the Eos Note converted into Eos Capital Stock prior to the Effective Time, multiplied by (y) the Exchange Ratio. The Backstop Financing Agreement and Eos Notes additionally contain certain customary representations, warranties and covenants customary for transactions of such nature.

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Subsequent Events <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">15.</td> <td style="font: 10pt Times New Roman, Times, Serif">SUBSEQUENT EVENTS</td></tr> </table> Series A Preferred Stock Private Placement Offering On April 25, 2026, the Company began offering on a “No Minimum” basis (the “Offering”) shares of the Company’s Series A Preferred Stock, par value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20260425__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z56z0Ow1ZqDe" title="Preferred stock, par value">0.00001 per share (the “Series A Preferred Stock” or the “Securities”) at a purchase price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_905_eus-gaap--SaleOfStockPricePerShare_iI_c20260425__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zmEecaafLCq2" title="Purchase price, per share">17.00 per share, for an aggregate investment of up to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_907_eus-gaap--EquityMethodInvestmentAggregateCost_iI_c20260425__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--RangeAxis__srt--MaximumMember_zDhbpfuYhpk4" title="Aggregate investment cost">25,000,000 (the “Investment Amount”). This Offering is being made on a “No Minimum” basis, meaning no minimum amount of money must be raised. Each Commitment shall be no less than $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90A_eus-gaap--OtherCommitment_iI_c20260425__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zCepfw8daaSj" title="Other commitment">250,000 unless otherwise agreed to by the Company in its sole and absolute discretion. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90B_eus-gaap--SubsequentEventDescription_c20260326__20260326__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zXHwn7h55mZ1" title="Subsequent event, description">Upon execution of a subscription agreement, each Investor shall fund 20% of its Commitment in exchange for the applicable amount of Series A Preferred Stock. The balance of each Investor’s Commitment shall be funded to the Company no later than (i) 30 days after the declared effective date of the registration statement on Form S-4 filed in connection with the Merger, with written notice by the Company to the Investor of such effective date, or (ii) 35 days prior to the consummation of certain Liquidity Events, as defined in the Offering with written notice by the Company to the Investor of the anticipated consummation date of such Liquidity Event. The Company may continue to accept new Investors for the financing contemplated by this Memorandum until the earliest to occur of (a) 12 months from the date of the first closing hereunder, (b) the consummation of the Merger, or (c) the consummation of a Liquidity Event. There is no guarantee that the Company will raise all of the funds necessary to implement the business plan and investments could be lost. All net proceeds from the sale of the Securities being offered will be used to repay outstanding debt of the Company, if any, general corporate purposes and working capital including, but not limited to, support of IND-enabling studies for the Company’s lead clinical candidate, PTC-2105, licensing and/or royalty fees to affiliates entities, and/or rent pursuant to market rate leases with affiliates. In connection with the above, as of April 24, 2026, amended and restated its certificate of incorporation to authorize additional shares of common stock and preferred stock. The total number of shares that Eos is authorized to issue is <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90A_eus-gaap--CapitalUnitsAuthorized_iI_c20260424__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zvysY1IP4bt2" title="Shares authorized">13,000,000, of which <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_c20260424__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpSmgIRx54d4" title="Common stock, shares authorized">10,000,000 shares are Class A common stock, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_iI_c20260424__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zwnciZbtlo93" title="Preferred stock, shares authorized">1,000,000 shares are Class B common stock, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90D_eus-gaap--PreferredStockSharesAuthorized_iI_c20260424__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zRqBUJoSUWz3" title="Preferred stock, shares authorized">2,000,000 shares are preferred stock, and of such preferred stock, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_c20260424__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zTJJDX4epiN9" title="Preferred stock, shares authorized">1,900,000 shares of which are designated as Series A Preferred Stock. The accompanying financial statements and related notes reflect the amended authorized share amounts. License Agreement <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_903_ecustom--AgreementsDescription_c20260401__20260430__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z1HkMgIhq67f" title="Agreements description">In April 2026, the Company entered into a license agreement (the “License”) with K2 Biolabs, Inc., (“K2”) under which the Company will license a combination of common and dedicated office and laboratory space at K2’s premises in Houston, TX. The initial License term is approximately 13 months, commencing on April 1, 2026, and may be automatically extended at the end of the initial term or any other extension term for a 12-month period. Monthly license payments are $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90B_ecustom--LicensePayments_c20260401__20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zJFhq2n4EmM2" title="License payments">83,042 (plus any applicable taxes), which are subject to a 4% annual increase each year. The Company may terminate the License for convenience, and without penalty, with 60 days’ written notice prior to the License expiration date. If the Company terminates the License during the initial term or any extension term, the Company will be subject to a termination fee ranging from 10% to 80% of the remaining License term, depending on how much advance notice the Company provides to K2 prior to the then current License termination date. K2 is partially owned by the Company’s Chairman and Chief Executive Officer Dr. Slawin. He owns (a) approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--K2BiolabsIncMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrSlawinMember_z0fcDOEA8HGh" title="Ownership percentage">0.33% of K2’s outstanding equity interests personally through an option grant for serving as a board member, and (b) SENOTHERAPEUTIX, an entity controlled by Dr. Slawin, holds approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--K2BiolabsIncMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SenotherapeutixMember_zSN6qq7o1Kle" title="Ownership percentage">3.33% of K2’s outstanding equity interests. Eos obtained certain facility access through intercompany arrangements with SENOTHERAPEUTIX beginning in February 2026 with the execution of the Agreement by and between Eos and SENOTHERAPEUTIX; however, because such intercompany service arrangements terminate upon consummation of the Merger transaction with Pulmatrix, Eos entered into the K2 License Agreement to secure standalone facility access for its operations. In addition, Eos and SENOTHERAPEUTIX have arrangements relating to shared use of certain vivarium space at the K2 facility and allocation of related costs.

0.00001

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250000

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1000000

2000000

1900000

0.0033

0.0333