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Note 1. Basis of Presentation and Nature of Operations Basis of Presentation The accompanying condensed consolidated financial information of Oragenics, Inc. and its wholly-owned subsidiary Oragenics Australia Pty Ltd (collectively, the “Company”), is unaudited and has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial reporting. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) considered necessary for a fair presentation of the Company’s consolidated financial position, results of operations, and cash flows for the interim period presented have been included in consolidation. The condensed consolidated balance sheet as of December 31, 2025, has been derived from the audited financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 16, 2026. These interim financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The results of operations for the three and six months ended June 30, 2026, are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2026. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2026, as compared to those disclosed in the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Nature of Operations Oragenics, Inc. (the “Company”) is a development-stage biopharmaceutical company dedicated to the research and development of nasally delivered pharmaceutical therapies targeting neurological conditions and infectious diseases. The Company is currently focused on advancing the development and commercialization of its lead product candidate, ONP-002, a novel formulation intended for the treatment of mild traumatic brain injury (“mTBI” or “concussion”). ONP-002 is being developed as a potential first-in-class therapeutic targeting the unmet medical need for effective concussion treatment. The Company is progressing ONP-002 through Phase IIa clinical trials in Australia, with U.S. Phase IIb trials planned to follow. The Company believes its intranasal delivery platform has potential applications across multiple neurological conditions. Going Concern Considering our recurring losses, accumulated deficit, and negative cash flows, the report of our independent registered public accounting firm on our consolidated financial statements for the year ended December 31, 2025, included an explanatory paragraph raising substantial doubt about our ability to continue as a going concern. We have incurred operating losses and negative cash flow from operations since inception. To date, we have not generated significant revenues from our operations. We incurred a net loss of $4.7 million and used $4.4 million cash resources in operating activities during the six months ended June 30, 2026. As of June 30, 2026, we had an accumulated deficit of $231.4 million and cash and cash equivalents of $3.9 million. Subject to our ability to raise additional capital, of which there can be no assurances, we expect to continue to incur substantial expenses as we advance the development of ONP-002, our lead product candidate for the treatment of mild traumatic brain injury and explore potential acquisitions. Success in the biopharmaceutical and product development industry relies on the continuous development of novel product candidates. Most product candidates do not make it past the clinical development stage, as a result of which companies frequently look externally for innovation. Accordingly, we expect, from time to time, to seek strategic opportunities through various forms of business development, which can include strategic alliances, licensing deals, joint ventures, collaborations, equity or debt-based investments, dispositions, mergers, and acquisitions. We view these business development activities as a necessary component of our strategies, and we seek to enhance shareholder value by evaluating business development opportunities both within and complementary to our current business, as well as opportunities that may be new and separate from the development of our existing product candidates. Based on our lack of revenues, anticipated uses of cash and historical recurring cash losses from operating activity, and cash and cash equivalents as of June 30, 2026, we believe our current working capital will be sufficient to fund planned operations through December 31, 2026, depending on the timing and scope of our development activities and other strategic decisions. These factors raise substantial doubt regarding our ability to continue as a going concern. We plan to pursue additional financing to mitigate liquidity risk; however, substantial doubt about our ability to continue as a going concern remains unless and until we obtain sufficient capital to fund operations beyond the current planning horizon. There can be no assurance that we will be able to obtain such financing on acceptable terms, or at all. If we are unable to raise sufficient capital in the future, we may be forced to delay, reduce, or abandon our research and development programs and future acquisition and commercialization efforts, which would adversely affect our business prospects and ability to continue as a going concern. Based on these factors, there is substantial doubt about the Company’s ability to continue as a going concern.

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Note 2. New Accounting Pronouncements ASU 2024-03 In November 2024, the FASB issued ASU 2024-03 related to the disaggregation of certain income statement expenses. The amendments in this update require public entities to disclose incremental information related to purchases of inventory, team member compensation and depreciation, which will provide investors with the ability to better understand entity expenses and make their own judgements about entity performance. The amendments in this update are effective for fiscal years beginning after December 15, 2026. We plan to adopt this pronouncement and make the necessary updates to our disclosures for the year ending December 31, 2027, and, aside from these disclosure changes, we do not expect the amendments to have a material effect on our financial statements.

Note 3. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets were $1.6 million as of June 30, 2026, compared to $1.6 million as of December 31, 2025. While the overall balance remained relatively consistent during the period, the composition of prepaid expenses changed primarily due to the timing of insurance premium financing associated with annual policy renewals and advance payments of research and development service agreements supporting the ONP-002 program. The Company’s prepaid balances primarily consist of insurance premiums, research and development service agreements, and other vendor advances associated with ongoing clinical, manufacturing, and regulatory activities.

1600000

Note 4. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses totaled $1.8 million as of June 30, 2026, compared to $1.6 million as of December 31, 2025. The increase was primarily attributable to the timing of vendor invoicing and payments and higher accrued research and development expenses related to ongoing ONP-002 program activities during the quarter. These liabilities consist primarily of accounts payable to research and development vendors, payroll and benefits accruals, professional service fees, and other general corporate obligations.

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Note 5. Short-Term Notes Payable Short-term notes payable consisted of the following: Summary of Short-Term Notes Payable <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260630_zB8WTVfr5wP" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zOyqGi5Z3gja" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--NotesPayableCurrent_iI_hus-gaap--DebtInstrumentAxis__custom--InsurancePremiumFinancingOneMember_zxHe5yu7FO4k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left; padding-bottom: 1pt">Insurance premium financing of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2hvcnQtVGVybSBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_c20260630__us-gaap--ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis__custom--InsurancePremiumFinancingOneMember_zDFLF4np65Ek" title="Debt instrument, face amount"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2hvcnQtVGVybSBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_c20251231__us-gaap--ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis__custom--InsurancePremiumFinancingOneMember_zLchjPf49nFc" title="Debt instrument, face amount">506,190, due in monthly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2hvcnQtVGVybSBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--DebtInstrumentPeriodicPayment_c20260101__20260630__us-gaap--ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis__custom--InsurancePremiumFinancingOneMember_zMpdUE6eZ4kc" title="Debt instrument, periodic payment"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2hvcnQtVGVybSBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--DebtInstrumentPeriodicPayment_c20250101__20251231__us-gaap--ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis__custom--InsurancePremiumFinancingOneMember_zJPPzei1wNSc" title="Debt instrument, periodic payment">58,314, which includes principal and annual interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2hvcnQtVGVybSBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260630__us-gaap--ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis__custom--InsurancePremiumFinancingOneMember_zYbvPkgp6Nfa" title="Debt instrument, interest rate"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2hvcnQtVGVybSBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251231__us-gaap--ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis__custom--InsurancePremiumFinancingOneMember_zytsKRSp5hAk" title="Debt instrument, interest rate">8.75% through April 2026</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</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><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 18%; text-align: right">227,348</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NotesPayableCurrent_iI_mtNPCztEe_z3RmYsHRUSF6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total short-term notes payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</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">227,348</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Subsequent to June 30, 2026, the Company renewed its annual commercial insurance program and entered into a premium financing agreement in the ordinary course of business. Under the agreement, approximately $504,664 of insurance premiums were financed and are payable in monthly installments through April 2027.

Short-term notes payable consisted of the following: Summary of Short-Term Notes Payable <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260630_zB8WTVfr5wP" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zOyqGi5Z3gja" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--NotesPayableCurrent_iI_hus-gaap--DebtInstrumentAxis__custom--InsurancePremiumFinancingOneMember_zxHe5yu7FO4k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left; padding-bottom: 1pt">Insurance premium financing of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2hvcnQtVGVybSBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_c20260630__us-gaap--ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis__custom--InsurancePremiumFinancingOneMember_zDFLF4np65Ek" title="Debt instrument, face amount"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2hvcnQtVGVybSBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_c20251231__us-gaap--ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis__custom--InsurancePremiumFinancingOneMember_zLchjPf49nFc" title="Debt instrument, face amount">506,190, due in monthly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2hvcnQtVGVybSBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--DebtInstrumentPeriodicPayment_c20260101__20260630__us-gaap--ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis__custom--InsurancePremiumFinancingOneMember_zMpdUE6eZ4kc" title="Debt instrument, periodic payment"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2hvcnQtVGVybSBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--DebtInstrumentPeriodicPayment_c20250101__20251231__us-gaap--ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis__custom--InsurancePremiumFinancingOneMember_zJPPzei1wNSc" title="Debt instrument, periodic payment">58,314, which includes principal and annual interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2hvcnQtVGVybSBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260630__us-gaap--ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis__custom--InsurancePremiumFinancingOneMember_zYbvPkgp6Nfa" title="Debt instrument, interest rate"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1bW1hcnkgb2YgU2hvcnQtVGVybSBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251231__us-gaap--ScheduleOfMalpracticeInsuranceTypeAndTierIdentifierAxis__custom--InsurancePremiumFinancingOneMember_zytsKRSp5hAk" title="Debt instrument, interest rate">8.75% through April 2026</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</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><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 18%; text-align: right">227,348</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--NotesPayableCurrent_iI_mtNPCztEe_z3RmYsHRUSF6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total short-term notes payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</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">227,348</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

506190

58314

0.0875

227348

504664

Note 6. Stock-Based Compensation 2021 Equity Incentive Plan Our 2021 Equity Incentive Plan (the “2021 Plan”) authorizes the grant of stock options (incentive and non-statutory), stock appreciation rights and restricted stock covering a total of <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesEmployeeBenefitPlan_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOneEquityIncentivePlanMember_z5UZlpZYrwOh" title="Share based payment award, granted">3,166,667 shares of our common stock. Options are granted at the fair value of our common stock on the date of grant and generally vest either immediately or over a period of up to <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOneEquityIncentivePlanMember_zNjmxswL76Gl" title="Share based payment award, vesting period">three years from the date of grant and expire <span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_dtY_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOneEquityIncentivePlanMember_zhVFaHIStdzi" title="Share based payment award, expiration period">10 years from the date of grant. As of June 30, 2026, <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOneEquityIncentivePlanMember_zdqt7AeNfxFf" title="Number of shares available for grant">1,076,312 shares were reserved for issuance related to the 2021 Plan and <span id="xdx_904_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOneEquityIncentivePlanMember_ztTyV7KtY0fi" title="Number of shares of common stock available for future issuance">2,090,355 shares of our common stock remain available for awards. Stock Option Activity The following table summarizes stock option activity for the six months ended June 30, 2026. Summary 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: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</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 per Share</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 Remaining Contractual Life (in years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </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%; text-align: justify">Outstanding at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630_zkYEyML3hl1c" style="width: 12%; text-align: right" title="Number of shares, outstanding, balance">1,076,332</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260630_zYf9hTeg7Jsa" style="width: 12%; text-align: right" title="Weighted average exercise price, outstanding, balance">4.41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zy5dSqr9kGvj" title="Weighted average remaining contractual term (in years), outstanding">9.89</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pp0p0_c20260101__20260630_fKDEp_zCHlaCyfHbxe" style="width: 12%; text-align: right" title="Aggregate intrinsic value, outstanding, balance">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Cancelled or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20260101__20260630_zJ6AyRJiaVJ6" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, cancelled or expired">(20</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_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_zWnKrQgJFeZ7" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price, cancelled or expired">15,120</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="text-align: justify; padding-bottom: 2.5pt">Outstanding at June 30, 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--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260630_zohnthSgMTk8" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, outstanding, balance">1,076,312</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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260630_z9UFy7BKAc82" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, outstanding, balance">4.13</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_c20260101__20260630_zX8Stwn7GGri" title="Weighted average remaining contractual term (in years), outstanding">9.39</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pp0p0_c20260101__20260630_fKDEp_zP5eKWP3ub5b" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate intrinsic value, outstanding, balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Exercisable at June 30, 2026</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_iE_pid_c20260101__20260630_zJasCoOrguUf" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, exercisable, balance">812,312</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">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20260101__20260630_zP4nuDOeLRZf" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, exercisable, balance">5.17</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630_z1tWGIwOcTRa" title="Weighted average remaining contractual term (in years), exercisable">9.38</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisable_iE_c20260101__20260630_fKDEp_zHO5M4rxE1lk" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate intrinsic value, exercisable, balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Unrecognized Stock-Based Compensation Costs As of June 30, 2026, unrecognized stock-based compensation related to unvested stock options was approximately $173,034, which will be recognized over an average expected recognition period of <span id="xdx_903_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260101__20260630_zG9ymNbeyvf5" title="Expected recognition period">2.5 years.

3166667

P3Y

P10Y

1076312

2090355

The following table summarizes stock option activity for the six months ended June 30, 2026. Summary 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: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</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 per Share</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 Remaining Contractual Life (in years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </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%; text-align: justify">Outstanding at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630_zkYEyML3hl1c" style="width: 12%; text-align: right" title="Number of shares, outstanding, balance">1,076,332</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260630_zYf9hTeg7Jsa" style="width: 12%; text-align: right" title="Weighted average exercise price, outstanding, balance">4.41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zy5dSqr9kGvj" title="Weighted average remaining contractual term (in years), outstanding">9.89</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pp0p0_c20260101__20260630_fKDEp_zCHlaCyfHbxe" style="width: 12%; text-align: right" title="Aggregate intrinsic value, outstanding, balance">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Cancelled or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20260101__20260630_zJ6AyRJiaVJ6" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, cancelled or expired">(20</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_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630_zWnKrQgJFeZ7" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price, cancelled or expired">15,120</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="text-align: justify; padding-bottom: 2.5pt">Outstanding at June 30, 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--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260630_zohnthSgMTk8" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, outstanding, balance">1,076,312</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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260630_z9UFy7BKAc82" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, outstanding, balance">4.13</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_c20260101__20260630_zX8Stwn7GGri" title="Weighted average remaining contractual term (in years), outstanding">9.39</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pp0p0_c20260101__20260630_fKDEp_zP5eKWP3ub5b" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate intrinsic value, outstanding, balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Exercisable at June 30, 2026</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_iE_pid_c20260101__20260630_zJasCoOrguUf" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, exercisable, balance">812,312</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">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20260101__20260630_zP4nuDOeLRZf" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, exercisable, balance">5.17</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630_z1tWGIwOcTRa" title="Weighted average remaining contractual term (in years), exercisable">9.38</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisable_iE_c20260101__20260630_fKDEp_zHO5M4rxE1lk" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate intrinsic value, exercisable, balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1076332

4.41

P9Y10M20D

15120

1076312

4.13

P9Y4M20D

812312

5.17

P9Y4M17D

173034

P2Y6M

Note 7. Warrants On July 2, 2025, the Company completed a public offering of Series H Convertible Preferred Stock and warrants to purchase additional shares of Series H Convertible Preferred Stock (“Series H Warrants”). In connection with the offering, the Company issued <span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_c20250702__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zN4UONo5vlZ7" title="Number of shares issued">660,000 shares of Series H Preferred Stock, each with a Stated Value of $<span id="xdx_909_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20250702__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zz8DglNkmsvi" title="Preferred stock, stated value">25.00, and <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250702__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zcaZqKNCV9uc" title="Issuance of warrants">660,000 warrants to purchase an equal number of Series H Preferred Shares at an initial exercise price of $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250702__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_znyNF7zCU0W8" title="Exercise price">25.00 per warrant. The shares of Series H Preferred Stock (including those issuable upon exercise of the Series H Warrants) are convertible into the number of shares of our common stock obtained by dividing the Stated Value of the shares to be converted by the Conversion Price. The Certificate of Designation for our Series H Preferred Stock contains anti-dilution provisions, which provisions require the lowering of the current $<span id="xdx_903_eus-gaap--PreferredStockConvertibleConversionPrice_iI_pid_c20260313__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zjSv0hIG3YI5" title="Conversion price per share">2.50 Conversion Price on any unconverted Series H Preferred Stock to the price of future issuances by us (subject to certain exclusions). Effective as of March 13, 2026, as a result of the Company’s issuance of shares of Common Stock to Dawson James in payment of advisory fees pursuant to an Engagement Agreement dated as of March 13, 2026, at a price of $1.00 per share, the Conversion Price of the Series H Preferred Stock was reduced to $<span id="xdx_90D_eus-gaap--PreferredStockConvertibleConversionPrice_iI_pid_c20260313__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--EngagementAgreementMember_zyw4Qed5lRec" title="Conversion price per share">1.00. All outstanding warrants are classified as equity on our Consolidated Balance Sheets. Outstanding and exercisable warrants as of June 30,2026, are summarized below. Schedule of Warrants Outstanding and Exercisable <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: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Warrants Outstanding</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Exercise Price</td> <td style="font: 10pt Times New Roman, Times, Serif"> </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: center">Expiration Date</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td id="xdx_988_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeOneMember_fKDEp_z5Zpwr8HFMQb" style="font: 10pt Times New Roman, Times, Serif; width: 42%; text-align: right" title="Warrants outstanding">2,341</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeOneMember_zhQlFsVOdR5f" style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: right" title="Warrants outstanding, exercise price">56.25</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: center">2/27/2029</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_989_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeTwoMember_fKDEp_zrr1725DAIi3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding">1,834</td> <td style="font: 10pt Times New Roman, Times, Serif">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">$</td> <td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeTwoMember_zhEQXVcdifc6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding, exercise price">37.50</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">6/29/2029</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_989_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeThreeMember_fKDEp_zwf0k9N6LpTf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding">13,512</td> <td style="font: 10pt Times New Roman, Times, Serif">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">$</td> <td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeThreeMember_zb2QZQAFnGi6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding, exercise price">20.70</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">9/4/2029</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeFourMember_fKDIp_zyVo0txq5BLa" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding">660,000</td> <td style="font: 10pt Times New Roman, Times, Serif">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">$</td> <td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeFourMember_zJtd3u5I9ca4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding, exercise price">25.00</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">7/2/2030</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630_z1LpprOJjPT2" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding">677,687</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_F02_zDZABHbAkCR" style="font: 10pt Times New Roman, Times, Serif">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents warrants to purchase common stock, with each such warrant exercisable into one share of common stock.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Comprised of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFdhcnJhbnRzIE91dHN0YW5kaW5nIGFuZCBFeGVyY2lzYWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesHWarrantsMember_zzEMrd7xPXWl" title="Issuance of warrants">660,000 Series H Warrants, which, upon exercise, will result in the issuance of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFdhcnJhbnRzIE91dHN0YW5kaW5nIGFuZCBFeGVyY2lzYWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--PreferredStockSharesIssued_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zzfkuRxWx68h" title="Number of shares issued">660,000 shares of Series H Convertible Preferred Stock, which, at the current Conversion Price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFdhcnJhbnRzIE91dHN0YW5kaW5nIGFuZCBFeGVyY2lzYWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--PreferredStockConvertibleConversionPrice_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zNRrWUaRxdHj" title="Conversion price">1.00 per share and based on the Stated Value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFdhcnJhbnRzIE91dHN0YW5kaW5nIGFuZCBFeGVyY2lzYWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zGoulvBNHIMf" title="Preferred stock, stated value">25 per share, are convertible into a total of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFdhcnJhbnRzIE91dHN0YW5kaW5nIGFuZCBFeGVyY2lzYWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zh2WGUr5WJn7" title="Number of shares conversion">23,925,000 shares of common stock.</td></tr> </table> During the six months ended June 30, 2026, no warrants expired or were exercised or cancelled during the period.

660000

25.00

660000

25.00

2.50

1.00

Outstanding and exercisable warrants as of June 30,2026, are summarized below. Schedule of Warrants Outstanding and Exercisable <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: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Warrants Outstanding</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Exercise Price</td> <td style="font: 10pt Times New Roman, Times, Serif"> </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: center">Expiration Date</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td id="xdx_988_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeOneMember_fKDEp_z5Zpwr8HFMQb" style="font: 10pt Times New Roman, Times, Serif; width: 42%; text-align: right" title="Warrants outstanding">2,341</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeOneMember_zhQlFsVOdR5f" style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: right" title="Warrants outstanding, exercise price">56.25</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: center">2/27/2029</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_989_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeTwoMember_fKDEp_zrr1725DAIi3" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding">1,834</td> <td style="font: 10pt Times New Roman, Times, Serif">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">$</td> <td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeTwoMember_zhEQXVcdifc6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding, exercise price">37.50</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">6/29/2029</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_989_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeThreeMember_fKDEp_zwf0k9N6LpTf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding">13,512</td> <td style="font: 10pt Times New Roman, Times, Serif">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">$</td> <td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeThreeMember_zb2QZQAFnGi6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding, exercise price">20.70</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">9/4/2029</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeFourMember_fKDIp_zyVo0txq5BLa" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding">660,000</td> <td style="font: 10pt Times New Roman, Times, Serif">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">$</td> <td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--RangeFourMember_zJtd3u5I9ca4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding, exercise price">25.00</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">7/2/2030</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630_z1LpprOJjPT2" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Warrants outstanding">677,687</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_F02_zDZABHbAkCR" style="font: 10pt Times New Roman, Times, Serif">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents warrants to purchase common stock, with each such warrant exercisable into one share of common stock.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Comprised of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFdhcnJhbnRzIE91dHN0YW5kaW5nIGFuZCBFeGVyY2lzYWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesHWarrantsMember_zzEMrd7xPXWl" title="Issuance of warrants">660,000 Series H Warrants, which, upon exercise, will result in the issuance of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFdhcnJhbnRzIE91dHN0YW5kaW5nIGFuZCBFeGVyY2lzYWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--PreferredStockSharesIssued_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zzfkuRxWx68h" title="Number of shares issued">660,000 shares of Series H Convertible Preferred Stock, which, at the current Conversion Price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFdhcnJhbnRzIE91dHN0YW5kaW5nIGFuZCBFeGVyY2lzYWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--PreferredStockConvertibleConversionPrice_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zNRrWUaRxdHj" title="Conversion price">1.00 per share and based on the Stated Value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFdhcnJhbnRzIE91dHN0YW5kaW5nIGFuZCBFeGVyY2lzYWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zGoulvBNHIMf" title="Preferred stock, stated value">25 per share, are convertible into a total of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFdhcnJhbnRzIE91dHN0YW5kaW5nIGFuZCBFeGVyY2lzYWJsZSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zh2WGUr5WJn7" title="Number of shares conversion">23,925,000 shares of common stock.</td></tr> </table>

2341

56.25

2029-02-27

1834

37.50

2029-06-29

13512

20.70

2029-09-04

660000

25.00

2030-07-02

677687

660000

1.00

23925000

Note 8. Shareholders’ Equity We currently have 350,000,000 authorized shares of common stock and 50,000,000 shares of authorized preferred stock. At-The-Market Sales Agreement with Dawson James On October 11, 2024, we entered into an At-the-Market Sales Agreement (the “ATM Agreement”) with Dawson James Securities Inc. (“Dawson James”) pursuant to which we are allowed to issue and sell, from time to time, shares of our common stock (the “Shares”). Dawson James uses its commercially reasonable efforts to sell the shares requested by us to be sold, consistent with their normal trading and sales practices. We may instruct Dawson James not to sell the shares if the sales cannot be affected at or above the price designated by us and we may suspend sales pursuant to the ATM Agreement at any time. We pay Dawson James a commission of up to <span id="xdx_90B_ecustom--PercentageOfAgentCommission_pid_dp_uPure_c20241011__20241011__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember__dei--LegalEntityAxis__custom--DawsonJamesSecuritiesIncMember_zONniVf6j8o9" title="Commission percentage">3.0% of the gross proceeds from the sale of Shares under the ATM. On January 22, 2026, we amended the ATM Agreement to extend the term of the ATM Agreement. In March 2026, we sold <span id="xdx_900_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260301__20260331__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--DawsonJamesSecuritiesIncMember_zzsfCgn2WI0j" title="Sale of stock">84,700 shares pursuant to the ATM Agreement for net proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20260301__20260331__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--DawsonJamesSecuritiesIncMember_z57Rr8fon19h" title="Net proceeds">79,210 after commissions and expenses totaling $<span id="xdx_90A_eus-gaap--LegalFees_c20260301__20260331__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--DawsonJamesSecuritiesIncMember_zz9qn9uQCmbe" title="Payment of legal fees">2,456 pursuant to our Registration Statement on Form S-3 (File No. 333-269225). Subsequently, we filed a new shelf Registration Statement on Form S-3 (File No. 333- 292880), which allows the sale of up to $<span id="xdx_902_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_c20260320__20260320__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--DawsonJamesSecuritiesIncMember_znWNl88sOUAl" title="Offering price">100,000,000 of securities. The new shelf Registration Statement was declared effective by the Securities and Exchange Commission on March 20, 2026. Prior to selling any further Shares under the ATM Agreement we will be required to file a prospectus supplement to the shelf Registration Statement that covers the Shares that remain to be sold pursuant to the ATM Agreement. Pursuant to General Instruction I.B.6 of Form S-3, we may not sell our securities in a public primary offering with a value exceeding one-third of our public float in any 12-month period unless our public float subsequently rises to $<span id="xdx_901_ecustom--IncreaseDecreaseInPublicFloat_pn5n6_c20260320__20260320__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--DawsonJamesSecuritiesIncMember_z3vTNqFRyIU4" title="Increase in public float">75.0 million or more. Common Stock On June 30, 2026, we had 4,511,957 shares of common shares issued and outstanding. Series F Convertible Preferred Stock In December 2023, we issued <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20231201__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesFPreferredStockMember_z1owjjs9FXi5" title="Issuance of convertible preferred stock">8,000,000 shares of our Series F Convertible Preferred Stock in connection with our purchase of assets from Odyssey Health, Inc. (“Odyssey”). The Series F Convertible Preferred Stock is convertible into shares of our common stock in accordance with the Certificate of Designation for the Series F Convertible Preferred Stock. Upon issuance, <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_c20231201__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesFPreferredStockMember_zc7SpCbU1gu3" title="Issuance of convertible preferred stock">511,308 shares of Series F Convertible Preferred Stock were converted to <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_c20231201__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z3BqCzQOC129" title="Issuance of converted stock">17,044 shares of our common stock. As of June 30, 2026, <span id="xdx_90D_eus-gaap--ConvertiblePreferredStockSharesIssuedUponConversion_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesFPreferredStockMember_zF7HiE4L5qng" title="Conversion of preferred stock into common stock">7,488,692 shares of Series F Convertible Preferred Stock remain outstanding. Currently, such <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesFPreferredStockMember_zdOWEldjrMX6" title="Conversion shares">7,488,692 shares of Series F preferred stock are convertible into <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z9hMtDUtDtzi" title="Conversion shares">249,624 shares of our common stock, subject to the provisions and limitations contained in the Certificate of Designation for the Series F Convertible Preferred Stock, which provide that the following Subsequent Conversion Conditions must occur before such shares can be converted: (i) the Company must have applied for and been approved for initial listing on the NYSE American or another national exchange or shall have been delisted from the NYSE American, and (ii) if required by the rules of the NYSE American, the Corporation’s shareholder shall have approved any change of control that could be deemed to occur upon the conversion of the Series F Convertible Preferred Stock into Common Stock, based on the facts and circumstances existing at such time. Series H Preferred Stock and Warrants On July 2, 2025, the Company completed a public offering of Series H Convertible Preferred Stock and warrants to purchase additional shares of Series H Convertible Preferred Stock, resulting in gross proceeds of approximately $<span id="xdx_903_eus-gaap--StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants_pn5n6_c20250702__20250702__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zAswAa98XCq7" title="Gross from issuance of preferred stock and warrants">16.5 million and net proceeds of approximately $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants_pn5n6_c20250702__20250702__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zeU5YMN3jYjc" title="Proceeds from issuance of preferred stock and warrants">15.2 million, after deducting placement agent fees and offering expenses. In connection with the offering, the Company issued <span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_c20250702__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zSPTrlHDc2G" title="Number of shares issued">660,000 shares of Series H Preferred Stock, each with a stated value of $<span id="xdx_909_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20250702__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zWe7tUwcJoF8" title="Preferred stock, stated value">25.00, and <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250702__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zqbCuO7hXzO" title="Warrants outstanding">660,000 warrants to purchase an equal number of Series H Preferred Shares at an exercise price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250702__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zevaxI9Cl6y1" title="Exercise price">25.00 per warrant. Each share of Series H Preferred Stock is convertible into Common Stock at an initial conversion price of $<span id="xdx_904_eus-gaap--PreferredStockConvertibleConversionPrice_iI_c20250702__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zBFWqtceubM" title="Conversion price">2.50 per share, subject to customary adjustments for stock splits, combinations, dividends, and similar events. The warrants are exercisable immediately and expire on July 2, 2030. The shares of Series H Preferred Stock (including those issuable upon exercise of the Series H Warrants) are convertible into the number of shares of our common stock obtained by dividing the Stated Value of the shares to be converted by the Conversion Price. The Certificate of Designation for our Series H Preferred Stock contains anti-dilution provisions, which provisions require the lowering of the current $2.50 Conversion Price on any unconverted Series H Preferred Stock to the price of future issuances by us (subject to certain exclusions). Effective as of March 13, 2026, as a result of the Company’s issuance of shares of Common Stock to Dawson James in payment of advisory fees pursuant to an Engagement Agreement dated as of March 13, 2026, at a price of $<span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20260313__us-gaap--TypeOfArrangementAxis__custom--EngagementAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_z0C0GWPL5yl8" title="Conversion price per share">1.00 per share, the Conversion Price of the Series H Preferred Stock was reduced to $<span id="xdx_902_eus-gaap--PreferredStockConvertibleConversionPrice_iI_pid_c20260313__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--EngagementAgreementMember_zXAumUnTvioh" title="Conversion price per share">1.00. The holders of our Series H Preferred Stock are entitled to receive cumulative dividends, payable in shares of Common Stock, at the rate per share of <span id="xdx_90D_eus-gaap--PreferredStockDividendRatePercentage_pid_dp_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--EngagementAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zl3JsBSAB0jb" title="Preferred stock, dividend rate percentage">9% per annum of the Stated Value per share from the date of issuance of such Preferred Stock until July 2, 2030 (the fifth anniversary of the date of closing of the Offering), provided, however, that dividends on shares of Series H Convertible Preferred Stock issued pursuant to the exercise of Series H Warrants shall accrue and be cumulative from the date of the exercise of such Series H Warrant. The dividends become payable in shares of Common Stock, (i) upon any conversion of the Preferred Stock, (ii) on each such other date as the Company’s board of directors may determine, subject to written consent of the holders of Preferred Stock holding a majority of the then issued and outstanding Preferred Stock, (iii) upon the Company’s liquidation, dissolution or winding up, and (iv) upon occurrence of a fundamental transaction, including any merger or consolidation, sale of all or substantially all of our assets, exchange or conversion of all of our Common Stock by tender offer, exchange offer or reclassification; provided, however, that if Preferred Stock is converted into shares of Common Stock at any time prior to July 2, 2030 (the fifth anniversary of the closing of the offering), the holder will receive a make-whole payment in an amount equal to all of the dividends that, but for the early conversion, would have otherwise accrued on the applicable shares of Preferred Stock being converted for the period commencing on the conversion date and ending on July 2, 2030 (the fifth anniversary of the date of closing of this offering), less the amount of all prior dividends paid on such converted Preferred Stock before the date of conversion. Make-whole payments are payable in shares of Common Stock. With respect to any dividends and make-whole payments paid in shares of Common Stock, the number of shares of Common Stock to be issued to a holder of Preferred Stock will be an amount equal to the quotient of (i) the amount of the dividend payable to such holder divided by (ii) the conversion price then in effect. In the event of the Company’s liquidation, dissolution, or winding up, holders of the Series H Preferred Stock will be entitled to receive the amount of cash, securities or other property to which such holder would be entitled to receive with respect to such shares of Preferred Stock if such shares had been converted to shares of Common Stock immediately prior to such event, subject to the preferential rights of holders of any class or series of our capital stock specifically ranking by its terms senior to the Series H Preferred Stock as to distributions of assets upon such event, whether voluntarily or involuntarily. The holders of the Series H Preferred Stock have no voting rights, except as required by law. There is no established public trading market for the Series H Preferred Stock and the Company does not intend to list the Series H Preferred Stock on any national securities exchange or nationally recognized trading system. As of June 30, 2026, <span id="xdx_906_eus-gaap--PreferredStockSharesOutstanding_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zkaEB4v1h5ni" title="Series H preferred stock shares, outstanding">424,533 shares of Series H Preferred Stock remained outstanding, and <span id="xdx_90A_eus-gaap--ConversionOfStockSharesConverted1_c20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zFHuihXLaodg" title="Conversion of stock issued, shares">4,758 shares had been converted into <span id="xdx_90B_ecustom--StockIssuedDuringPeriodSharesConversionOfSeriesHPreferredStockToCommonStock_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zSvUKfLNUqVa" title="Conversion of stock issued, shares">150,728 shares of common stock. All conversions were made in accordance with the stated conversion terms, and no additional Series H warrants had been exercised as of the reporting date.

350000000

50000000

0.030

84700

79210

2456

100000000

75000000.0

4511957

8000000

The Series F Convertible Preferred Stock is convertible into shares of our common stock in accordance with the Certificate of Designation for the Series F Convertible Preferred Stock.

511308

17044

7488692

249624

16500000

15200000

660000

25.00

660000

25.00

2.50

1.00

0.09

The holders of the Series H Preferred Stock have no voting rights, except as required by law. There is no established public trading market for the Series H Preferred Stock and the Company does not intend to list the Series H Preferred Stock on any national securities exchange or nationally recognized trading system.

424533

4758

150728

Note 9. Net Loss Per Share Basic and diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Basic and diluted net loss per share is the same for all periods presented, as the inclusion of potentially dilutive securities would have been anti-dilutive. <p id="xdx_895_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_ztmfHyR2NwI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following potentially dilutive securities were excluded from the calculation of diluted net loss per share because their effect would have been antidilutive: Schedule of Anti-dilutive Securities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260101__20260630_zjPhqdahUZUg" 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" id="xdx_492_20250101__20250630_zSM7MpgYyWD4" 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> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Six months ended June 30,</td><td style="padding-bottom: 1pt"> </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 id="xdx_406_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zCjNxgHsT11l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Stock options</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 20%; text-align: right">1,076,312</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: 20%; text-align: right">24,012</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zysLCBATBFdl" style="vertical-align: bottom; background-color: White"> <td>Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,457</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonSharesIssuableUponConversionOfSeriesFPreferredStockMember_zMFK97olpM2f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common shares issuable upon conversion of Series F Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">249,624</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_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonSharesIssuableUponConversionOfWarrantsAttachedToSeriesHPreferredStockMember_zVDegwVmw0ji" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common shares issuable upon conversion of warrants attached to Series H Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,925,000</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_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonSharesIssuableUponConversionOfSeriesHPreferredStockMember_zE34aOxx1G3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Common shares issuable upon conversion of Series H Preferred 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">15,389,322</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_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zQ2TkdkviE7a" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">40,657,945</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">43,469</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_895_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_ztmfHyR2NwI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following potentially dilutive securities were excluded from the calculation of diluted net loss per share because their effect would have been antidilutive: Schedule of Anti-dilutive Securities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260101__20260630_zjPhqdahUZUg" 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" id="xdx_492_20250101__20250630_zSM7MpgYyWD4" 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> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Six months ended June 30,</td><td style="padding-bottom: 1pt"> </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 id="xdx_406_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zCjNxgHsT11l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Stock options</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 20%; text-align: right">1,076,312</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: 20%; text-align: right">24,012</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zysLCBATBFdl" style="vertical-align: bottom; background-color: White"> <td>Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,457</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonSharesIssuableUponConversionOfSeriesFPreferredStockMember_zMFK97olpM2f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common shares issuable upon conversion of Series F Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">249,624</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_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonSharesIssuableUponConversionOfWarrantsAttachedToSeriesHPreferredStockMember_zVDegwVmw0ji" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common shares issuable upon conversion of warrants attached to Series H Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,925,000</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_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonSharesIssuableUponConversionOfSeriesHPreferredStockMember_zE34aOxx1G3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Common shares issuable upon conversion of Series H Preferred 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">15,389,322</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_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zQ2TkdkviE7a" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">40,657,945</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">43,469</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1076312

24012

17687

19457

249624

23925000

15389322

40657945

43469

Note 10. Commitments and Contingencies No material legal proceedings are pending or known to be threatened against the Company as of the date of these financial statements.

Note 11. Subsequent Events Subsequent to June 30, 2026, the Company renewed its annual commercial insurance program and entered into a premium financing agreement in the ordinary course of business. Under the agreement, approximately $504,664 of insurance premiums were financed and are payable in monthly installments through April 2027.

504664

false false false false Represents warrants to purchase common stock, with each such warrant exercisable into one share of common stock. Comprised of 660,000 Series H Warrants, which, upon exercise, will result in the issuance of 660,000 shares of Series H Convertible Preferred Stock, which, at the current Conversion Price of $1.00 per share and based on the Stated Value of $25 per share, are convertible into a total of 23,925,000 shares of common stock.