June 30, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$

4,178

$

259

Short-term investments

—

4,304

Accounts receivable and other receivables, net of allowance for credit loss
   of $559 as of June 30, 2026 and December 31, 2025

559

425

Inventories

930

1,212

Prepaid expenses and other current assets

72

156

Total current assets

5,739

6,356

Property and equipment, net

—

8

Intangible assets, net

39

39

Other noncurrent assets

115

143

Total assets

$

5,893

$

6,546

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable and accrued expenses

$

1,383

$

1,789

Other current liabilities

263

270

Total current liabilities

1,646

2,059

Common stock warrant and option liabilities

3,614

347

Total liabilities

5,260

2,406

Commitments and contingencies (Note 13)

Stockholders’ equity:

Common stock, $0.001 par value—150,000,000 shares authorized as
   of June 30, 2026 and December 31, 2025; 2,181,715 and 1,373,120 shares issued
   and outstanding as of June 30, 2026 and December 31, 2025, respectively

66

65

Additional paid-in capital

292,435

285,292

Accumulated deficit

(291,868

)

(281,217

)

Total stockholders' equity

633

4,140

Total liabilities and stockholders’ equity

$

5,893

$

6,546

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues:

Product

$

1,443

$

1,455

$

2,543

$

2,655

Total revenues

1,443

1,455

2,543

2,655

Operating expenses (income):

Cost of revenues

812

824

1,512

1,506

Research and development

—

9

—

9

Gain on sale of intangible assets

—

—

—

(750

)

Change in fair value of contingent consideration

—

(1,000

)

—

(2,000

)

Selling, general and administrative

1,127

2,123

2,306

3,861

Total operating expenses

1,939

1,956

3,818

2,626

(Loss) Income from continuing operations

(496

)

(501

)

(1,275

)

29

Interest income

2

9

7

216

Credit loss

—

(4,489

)

—

(4,489

)

Other (loss) income, net

(2,781

)

1,071

(4,285

)

1,071

Loss on January 2026 Inducement Offer

—

—

(2,877

)

—

Valuation loss on June 2026 PIPE

(5,423

)

—

(5,423

)

—

Change in fair value of common stock warrant and option liabilities

3,083

(548

)

4,274

1,314

Issuance and offering costs

(651

)

—

(1,072

)

—

Net loss attributable to common stockholders

$

(6,266

)

$

(4,458

)

$

(10,651

)

$

(1,859

)

Net loss per share attributable to common stockholders:

Basic

$

(2.09

)

$

(3.26

)

$

(4.19

)

$

(1.36

)

Diluted

$

(2.09

)

$

(3.26

)

$

(4.19

)

$

(1.36

)

Weighted-average number of shares used in per share
   calculations:

Basic

2,992,555

1,367,040

2,540,234

1,366,553

Diluted

2,992,555

1,367,040

2,540,234

1,366,553

Six Months Ended June 30,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

(10,651

)

$

(1,859

)

Adjustments to reconcile net loss to cash used in operating activities:

Change in fair value of common stock warrant and option liabilities

(4,274

)

(1,314

)

Change in fair value of contingent consideration

—

(2,000

)

Issuance and offering costs

1,072

—

Valuation loss on June 2026 PIPE

5,423

—

Loss on January 2026 Inducement Offer

2,877

—

Depreciation

8

28

Lease amortization

—

117

Amortization of note receivable

—

(69

)

Gain on sale of intangible assets

—

(750

)

Gain on receipt of Above Food Ingredients, Inc. common stock

—

(1,067

)

Unrealized loss subsequent to receipt of Above Food Ingredients, Inc. common stock

4,304

—

Stock-based compensation

29

164

Credit loss

—

4,489

Changes in operating assets and liabilities:

—

—

Accounts receivable and other receivables

(134

)

(417

)

Inventories

282

(585

)

Prepaid expenses and other current assets

84

544

Other noncurrent assets

—

(56

)

Accounts payable and accrued expenses

(431

)

(630

)

Amounts due to related parties

—

(30

)

Other current liabilities

(7

)

(57

)

Operating lease liabilities

—

(129

)

Net cash used in operating activities

(1,418

)

(3,621

)

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of intangible assets

—

750

Net cash provided by investing activities

—

750

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from June 2026 PIPE

4,000

—

Payments of offering costs relating to June 2026 PIPE

(395

)

—

Proceeds from January 2026 Inducement Offer

2,082

—

Payments of offering costs relating to January 2026 Inducement Offer

(350

)

—

Proceeds from ESPP purchases

—

5

Net cash provided by financing activities

5,337

5

Net increase (decrease) in cash and cash equivalents

3,919

(2,866

)

Cash and cash equivalents — beginning of period

259

4,242

Cash and cash equivalents — end of period

$

4,178

$

1,376

NONCASH INVESTING AND FINANCING ACTIVITIES:

Accrued legal fees included in offering costs related to June 2026 PIPE

$

55

$

—

Preferred investment options issued to placement agent and included in offering costs related to June 2026 PIPE

$

201

$

—

Preferred investment options issued to placement agent and included in offering costs related to January 2026 Inducement Offer

$

71

$

—

Warrant and option modifications included in Loss on January 2026 Inducement Offer

$

555

$

—