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Ste. 200 Grapevine TX 76051 (858) 344-4375 Common Stock, no par value ACOG NASDAQ Yes Yes Non-accelerated Filer true true false false 21777868 41384287 66046789 58400 58400 5474956 4236136 6394817 5123496 4614222 3545451 57926682 79010272 374692 328540 6218509 391423 64519883 79730235 6237986 8976904 103192 153171 71540 6412718 9130075 30170 35944 3174662 5080530 4812198 34716 47181 11558134 17200060 21774104 21774104 21742104 21742104 133952684 133891673 316655 316655 316655 316655 62 62 31487837 25849516 -104301 -104301 -112374533 -97106775 52961749 62530175 64519883 79730235 6041506 1576411 9545327 1923340 51468 81276 81445 2663001 6092974 1657687 9626772 4586341 277466 105354 526319 131895 39362 93118 62285 903118 74229 5386 79616 10773 391057 203858 668220 1045786 5701917 1453829 8958552 3540555 2008870 406140 3105175 806556 11449054 9494966 21705611 14586238 13457924 9901106 24810786 15392794 -7756007 -8447277 -15852234 -11852239 380735 425670 886791 887539 71095 -1414267 -5172091 -290195 -4024209 -42251 -42251 42050 -5530 30131 -6487 -1033733 -4751951 584476 -3072062 -8789740 -13199228 -15267758 -14924301 21774104 16020702 21768115 16020015 -0.4 -0.82 -0.7 -0.93 -8789740 -13199228 -15629682 -14924301 21774104 16020702 21879362 16020015 -0.4 -0.82 -0.71 -0.93 21774104 133952684 316655 62 27192853 -104301 -103584793 57456505 2843204 2843204 1451780 1451780 -8789740 -8789740 21774104 133952684 316655 62 31487837 -104301 -112374533 52961749 16019787 99128230 316655 62 17638811 -104301 -78161973 38500829 3332 25823 25823 1388384 1388384 -13199228 -13199228 16023119 99154053 316655 62 19027195 -104301 -91361201 26715808 21742104 133891673 316655 62 25849516 -104301 -97106775 62530175 32000 61011 -60211 800 2843204 2843204 2855328 2855328 -15267758 -15267758 21774104 133952684 316655 62 31487837 -104301 -112374533 52961749 16019787 99128230 316655 62 16507736 -104301 -76436900 39094827 3332 25823 25823 2519459 2519459 -14924301 -14924301 16023119 99154053 316655 62 19027195 -104301 -91361201 26715808 -15267758 -14924301 133356 18896 -63051 290195 4024209 -21799 85068 -42251 -18000 2855328 2519458 331458 -2812291 1238820 1813696 1271321 260719 1068771 1457016 -2722158 368533 -55753 362450 -18656708 -8183776 99892 71585 5906702 -6006594 -71585 800 25823 911463 174675 134146 800 -845111 -24662502 -9100472 66105189 48564082 41442687 39463610 4894 60211 2843204 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;">NOTE 1 – NATURE OF OPERATIONS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Alpha Cognition Inc. (“ACI” or the “Company”) is a commercial stage, biopharmaceutical company dedicated to developing treatments for patients suffering from neurodegenerative diseases, such as Alzheimer’s Disease, for which there are limited or no treatment options. The Company focuses on the commercial manufacturing and commercial sales of its ZUNVEYL oral tablet formulation, which was launched on March 19, 2025. The Company’s commercial program for ZUNVEYL is primarily focused on its long-term care commercial team that can focus on providing key points of differentiation, exploiting key issues with existing AChEI treatments, and franchising potential additional indications and new products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On November 12, 2024, the Company’s common stock commenced trading on the NASDAQ stock exchange under the symbol “ACOG”. The Company’s common stock traded on the Canadian Securities Exchange (“CSE”) under the symbol “ACOG” from May 1, 2023 to December 17, 2024 on which date they were voluntarily delisted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;">NOTE 2 – REVISIONS TO PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND FINANCIAL INFORMATION</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">As previously reported in the Company’s Annual Report on Form 10-K, during the preparation of its consolidated financial statements for the year ended December 31, 2025, the Company identified an error in its previously reported consolidated financial statements for the year ended December 31, 2024 and for each of the quarters ended March 31, June 30, and September 30, 2025. Specifically, certain options denominated in Canadian dollars (the “CAD Options”) were previously classified as equity awards. Upon further evaluation of the terms of the CAD Options and the applicable accounting guidance, the Company determined that because the exercise price of the CAD Options is denominated in a currency that is different than the one in which a substantial portion of the Company’s shares are traded, the CAD Options were considered to be indexed to a factor other than a market, performance, or service condition. Accordingly, the CAD Options should have been accounted for as liability-classified awards measured at fair value beginning with the Company’s US initial public offering in November 2024, with subsequent changes in fair value recognized in earnings each reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In accordance with Staff Accounting Bulletin (“SAB”) 99, Materiality, and SAB 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements, the Company evaluated the materiality of the error from qualitative and quantitative perspectives, and concluded that the error was immaterial to each of the 2025 interim financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">However, the Company has corrected the error in the current year comparative condensed consolidated financial statements by adjusting the information, as applicable, as of and for the quarter and six months ended June 30, 2025. A summary of the corrections to the affected financial statement line items in these condensed consolidated financial statements is presented below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i><span style="text-decoration:underline">Condensed Consolidated Statement of Operations and Comprehensive Loss</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Three Months Ended June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Operating expenses</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left; padding-left: 9pt;">Research and development</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">317,120</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">89,020</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">406,140</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">General and administrative expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">6,873,710</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,621,256</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">9,494,966</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">Total operating expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">7,190,830</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,710,276</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">9,901,106</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Net operating loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(5,737,001</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,710,276</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(8,447,277</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Total other income (expenses)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(4,751,951</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1497505628;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(4,751,951</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net loss and comprehensive loss</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(10,488,952</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(2,710,276</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(13,199,228</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 2.5pt;">Net loss per share, basic and diluted</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.65</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.17</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.82</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Six Months Ended June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Operating expenses</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left; padding-left: 9pt;">Research and development</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">724,631</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">81,925</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">806,556</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">General and administrative expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">12,239,357</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,346,881</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">14,586,238</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">Total operating expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">12,963,988</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,428,806</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">15,392,794</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Net operating loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(9,423,433</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,428,806</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(11,852,239</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Total other income (expenses)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(3,072,062</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"></td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1232208129;"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"></td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(3,072,062</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net loss and comprehensive loss</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(12,495,495</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(2,428,806</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(14,924,301</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 2.5pt;">Net loss per share, basic and diluted</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.78</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.15</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.93</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;"><i><span style="text-decoration:underline">Condensed Consolidated Statement of Stockholders’ Equity </span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">For the three months ended June 30, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Additional Paid in Capital</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Accumulated Deficit</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Total</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 32.5%; font-weight: bold; text-indent: -9pt; padding-left: 9pt;">Balance, March 31, 2025</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">20,079,465</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(2,440,654</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">17,638,811</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(78,291,581</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">129,608</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(78,161,973</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">40,811,875</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(2,311,046</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">38,500,829</td> <td style="width: 0.5%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Stock-based compensation</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,547,570</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(159,186</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,388,384</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1982079214;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1929717841;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_758444752;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,547,570</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(159,186</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,388,384</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">Net loss</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_918305256;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1134298361;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_472358663;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(10,488,952</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,710,276</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(13,199,228</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">(10,488,952</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">(2,710,276</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">(13,199,228</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt;">Balance, June 30, 2025</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">21,627,035</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(2,599,840</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">19,027,195</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(88,780,533</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(2,580,668</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(91,361,201</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">$</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: right;">31,896,316</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">$</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: right;">(5,180,508</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">$</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: right;">26,715,808</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">For the six months ended June 30, 2025</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Additional Paid in Capital</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Accumulated Deficit</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Total</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 32.5%; font-weight: bold; text-indent: -9pt; padding-left: 9pt;">Balance, December 31, 2024</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">18,724,092</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(2,216,356</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">16,507,736</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(76,285,038</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(151,862</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(76,436,900</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">41,463,045</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(2,368,218</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">39,094,827</td> <td style="width: 0.5%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Stock-based compensation</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,902,943</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(383,484</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,519,459</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_438875371;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_830758033;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_25459462;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,902,943</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(383,484</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,519,459</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Net loss</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1502242198;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1287340451;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1923118091;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(12,495,495</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,428,806</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(14,924,301</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">(12,495,495</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">(2,428,806</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">(14,924,301</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt;">Balance, June 30, 2025</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">21,627,035</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(2,599,840</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">19,027,195</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(88,780,533</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(2,580,668</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(91,361,201</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">$</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: right;">31,896,316</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">$</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: right;">(5,180,508</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">$</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: right;">26,715,808</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i><span style="text-decoration:underline">Condensed Consolidated Statement of Cash Flows</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Six Months Ended June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left; text-indent: -9pt; padding-left: 9pt;">Net loss</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(12,495,495</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(2,428,806</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(14,924,301</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Cash flow used in operating activities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Adjustments to reconcile net loss to net cash used in operating activities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Stock-based compensation</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,902,943</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,428,806</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">5,331,749</td> <td style="text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i><span style="text-decoration:underline">Condensed Consolidated Statement of Operations and Comprehensive Loss</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Three Months Ended June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Operating expenses</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left; padding-left: 9pt;">Research and development</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">317,120</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">89,020</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">406,140</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">General and administrative expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">6,873,710</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,621,256</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">9,494,966</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">Total operating expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">7,190,830</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,710,276</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">9,901,106</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Net operating loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(5,737,001</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,710,276</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(8,447,277</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Total other income (expenses)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(4,751,951</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1497505628;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(4,751,951</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net loss and comprehensive loss</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(10,488,952</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(2,710,276</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(13,199,228</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 2.5pt;">Net loss per share, basic and diluted</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.65</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.17</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.82</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Six Months Ended June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Operating expenses</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left; padding-left: 9pt;">Research and development</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">724,631</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">81,925</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">806,556</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">General and administrative expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">12,239,357</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,346,881</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">14,586,238</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">Total operating expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">12,963,988</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,428,806</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">15,392,794</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Net operating loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(9,423,433</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,428,806</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(11,852,239</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Total other income (expenses)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(3,072,062</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"></td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1232208129;"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"></td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(3,072,062</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net loss and comprehensive loss</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(12,495,495</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(2,428,806</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(14,924,301</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 2.5pt;">Net loss per share, basic and diluted</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.78</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.15</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.93</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> </tr></tbody></table> 317120 89020 406140 6873710 2621256 9494966 7190830 2710276 9901106 5737001 2710276 8447277 -4751951 -4751951 -10488952 -2710276 -13199228 -0.65 -0.65 -0.17 -0.17 -0.82 -0.82 724631 81925 806556 12239357 2346881 14586238 12963988 2428806 15392794 9423433 2428806 11852239 -3072062 -3072062 -12495495 -2428806 -14924301 -0.78 -0.78 -0.15 -0.15 -0.93 -0.93 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;"><i><span style="text-decoration:underline">Condensed Consolidated Statement of Stockholders’ Equity </span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">For the three months ended June 30, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Additional Paid in Capital</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Accumulated Deficit</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Total</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 32.5%; font-weight: bold; text-indent: -9pt; padding-left: 9pt;">Balance, March 31, 2025</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">20,079,465</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(2,440,654</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">17,638,811</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(78,291,581</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">129,608</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(78,161,973</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">40,811,875</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(2,311,046</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">38,500,829</td> <td style="width: 0.5%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Stock-based compensation</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,547,570</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(159,186</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,388,384</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1982079214;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1929717841;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_758444752;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,547,570</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(159,186</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,388,384</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">Net loss</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_918305256;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1134298361;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_472358663;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(10,488,952</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,710,276</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(13,199,228</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">(10,488,952</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">(2,710,276</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">(13,199,228</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt;">Balance, June 30, 2025</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">21,627,035</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(2,599,840</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">19,027,195</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(88,780,533</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(2,580,668</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(91,361,201</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">$</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: right;">31,896,316</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">$</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: right;">(5,180,508</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">$</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: right;">26,715,808</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">For the six months ended June 30, 2025</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Additional Paid in Capital</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Accumulated Deficit</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Total</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As<br/> Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 32.5%; font-weight: bold; text-indent: -9pt; padding-left: 9pt;">Balance, December 31, 2024</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">18,724,092</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(2,216,356</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">16,507,736</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(76,285,038</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(151,862</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(76,436,900</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">41,463,045</td> <td style="width: 0.5%; text-align: left;"> </td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">(2,368,218</td> <td style="width: 0.5%; text-align: left;">)</td> <td style="width: 0.5%;"> </td> <td style="width: 0.5%; text-align: left;">$</td> <td style="width: 6%; text-align: right;">39,094,827</td> <td style="width: 0.5%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Stock-based compensation</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,902,943</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(383,484</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,519,459</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_438875371;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_830758033;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_25459462;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,902,943</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(383,484</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,519,459</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Net loss</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1502242198;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1287340451;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1923118091;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(12,495,495</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,428,806</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(14,924,301</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">(12,495,495</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">(2,428,806</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">(14,924,301</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt;">Balance, June 30, 2025</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">21,627,035</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(2,599,840</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">19,027,195</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(88,780,533</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(2,580,668</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(91,361,201</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">$</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: right;">31,896,316</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">$</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: right;">(5,180,508</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;">$</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: right;">26,715,808</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 20079465 -2440654 17638811 -78291581 129608 -78161973 40811875 -2311046 38500829 1547570 -159186 1388384 1547570 -159186 1388384 -10488952 -2710276 -13199228 -10488952 -2710276 -13199228 21627035 -2599840 19027195 -88780533 -2580668 -91361201 31896316 -5180508 26715808 18724092 -2216356 16507736 -76285038 -151862 -76436900 41463045 -2368218 39094827 2902943 -383484 2519459 2902943 -383484 2519459 -12495495 -2428806 -14924301 -12495495 -2428806 -14924301 21627035 -2599840 19027195 -88780533 -2580668 -91361201 31896316 -5180508 26715808 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i><span style="text-decoration:underline">Condensed Consolidated Statement of Cash Flows</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Six Months Ended June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As Reported</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Adjustment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">As Revised</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left; text-indent: -9pt; padding-left: 9pt;">Net loss</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(12,495,495</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(2,428,806</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(14,924,301</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Cash flow used in operating activities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Adjustments to reconcile net loss to net cash used in operating activities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Stock-based compensation</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,902,943</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,428,806</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">5,331,749</td> <td style="text-align: left;"> </td> </tr></tbody></table> -12495495 -2428806 -14924301 2902943 2428806 5331749 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;">NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Basis of Presentation</i></span> – The accompanying interim condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and are consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The interim condensed consolidated financial statements are unaudited and have been prepared on the same basis as the audited annual financial statements and, in management’s opinion, include all adjustments consisting of only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2026 and its results of operations, changes in equity, and cash flows for the three and six months ended June 30, 2026 and 2025. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full fiscal year or any other period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. The information included in this Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Liquidity</i></span> - The Company does not have sufficient operating revenue to finance its existing obligations and has relied on external financing, such as debt and equity raises, to generate capital to maintain its capacity to meet working capital requirements. During August 2025, the Company entered into an At the Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright &amp; Co., LLC (“Wainwright”) as sales agent. Under the terms of the ATM Agreement, the Company is entitled to sell, at its sole discretion and from time to time as it may choose, common stock in the capital of the Company (“Stock”) through Wainwright, with such sales having an aggregate gross sales value of up to $75.0 million. Through June 30, 2026, the Company has not issued any Common Stock under the ATM Agreement. The ATM Agreement expires on August 29, 2028.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company believes its current cash balances provide sufficient funding to meet the Company’s working capital requirements for the next 12 months from the date of issuance of these condensed consolidated financial statements. The Company expects to continue to rely on debt and the issuance of shares, and possibly other non-dilutive financing options to finance its ongoing operations and plans for continued commercialization of ZUNVEYL. However, there is a risk that additional financing will not be available on a timely basis or on terms acceptable to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Use of Estimates and Assumptions</i></span> – The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenues and disclosure of contingent liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The Company’s most significant estimates relate to the fair value of its warrant liabilities, CAD Options liability, and stock option grants, and its estimates of the standalone selling prices of certain performance obligations. On an ongoing basis, management evaluates its estimates, to ensure that those estimates effectively reflect changes in the Company’s business and new information as it becomes available. Management bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to forecasted amounts and future events. Actual results could differ materially from these estimates under different assumptions or conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Liability-Based Awards</i></span> – Bonus right awards that include cash settlement features are accounted for as liability-based awards in accordance with ASC 718, <i>Compensation – Share Based Compensation</i>. The fair value of the bonus right awards is estimated using a Black-Scholes option-pricing model and is revalued on each reporting date based on the probability of the expected awards to vest. Changes in the estimated fair value of the bonus right awards are recognized within selling, general and administrative expense in the consolidated statements of operations and comprehensive loss. Key assumptions in the calculation of the fair value of the bonus right awards include expected volatility, the risk-free interest rate, expected life, and fair value per award.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> At December 31, 2025, the Company had 758,300 outstanding stock options with exercise prices denominated in CAD. Because the exercise prices of these options were denominated in a currency that was different than the one in which a substantial portion of the Company’s shares were traded, the CAD Options were considered to be indexed to a factor other than a market, performance, or service condition. As a result, the CAD Options were classified as liabilities and remeasured at fair value each reporting period with the corresponding change in fair value recorded as an increase or decrease in stock-based compensation expense within research and development and selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> On April 30, 2026, the Company modified all 758,300 outstanding CAD Options to change the exercise prices from CAD to USD, using the Bank of Canada’s published CAD-to-USD exchange rate as of the original grant date for each of the CAD Options. This modification was intended to eliminate the foreign currency indexation issue, restore equity classification, and preserve the original intrinsic value of the awards. All other terms and conditions of the CAD Options remained unchanged. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Fair Value Measurements </i></span>– Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><i>Level 1</i> – Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><i>Level 2</i> – Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and credit ratings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><i>Level 3</i> – Financial instruments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. To the extent that a fair value measurement is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company’s recurring fair value measurements include those related to warrant liabilities (see Note 7), bonus right liabilities, and, until their modification in April 2026, CAD Option liabilities (see Note 7). These liabilities are or were considered to be Level 3 measurements due to the use of significant unobservable inputs, including expected volatility and expected term. These inputs are inherently uncertain and require significant judgment; accordingly, changes in these assumptions could have a material impact on the fair value measurement. In general, increases (decreases) in the expected volatility assumptions would result in higher (lower) fair value measurements, and increases (decreases) in the expected term assumptions would generally result in higher (lower) fair values.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, inventory, prepaid expenses and other current assets, accounts payable and accrued liabilities, and deferred income are considered to be representative of their respective fair values because of the short-term nature of these accounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>New Accounting Pronouncements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires disaggregation of certain costs in a separate note to the financial statements, such as the amounts of employee compensation, depreciation and intangible asset amortization, included in each relevant expense caption in annual and interim consolidated financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027 on a retrospective or prospective basis, with early adoption permitted. The Company is evaluating the effect that ASU 2024-03 will have on its financial statement disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company considers the applicability and potential impact of all recently issued accounting pronouncements; those not specifically identified in this disclosure are either not applicable to the Company or not expected to have a material effect on our financial condition or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Basis of Presentation</i></span> – The accompanying interim condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and are consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The interim condensed consolidated financial statements are unaudited and have been prepared on the same basis as the audited annual financial statements and, in management’s opinion, include all adjustments consisting of only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2026 and its results of operations, changes in equity, and cash flows for the three and six months ended June 30, 2026 and 2025. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full fiscal year or any other period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. The information included in this Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Liquidity</i></span> - The Company does not have sufficient operating revenue to finance its existing obligations and has relied on external financing, such as debt and equity raises, to generate capital to maintain its capacity to meet working capital requirements. During August 2025, the Company entered into an At the Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright &amp; Co., LLC (“Wainwright”) as sales agent. Under the terms of the ATM Agreement, the Company is entitled to sell, at its sole discretion and from time to time as it may choose, common stock in the capital of the Company (“Stock”) through Wainwright, with such sales having an aggregate gross sales value of up to $75.0 million. Through June 30, 2026, the Company has not issued any Common Stock under the ATM Agreement. The ATM Agreement expires on August 29, 2028.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company believes its current cash balances provide sufficient funding to meet the Company’s working capital requirements for the next 12 months from the date of issuance of these condensed consolidated financial statements. The Company expects to continue to rely on debt and the issuance of shares, and possibly other non-dilutive financing options to finance its ongoing operations and plans for continued commercialization of ZUNVEYL. However, there is a risk that additional financing will not be available on a timely basis or on terms acceptable to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Use of Estimates and Assumptions</i></span> – The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenues and disclosure of contingent liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The Company’s most significant estimates relate to the fair value of its warrant liabilities, CAD Options liability, and stock option grants, and its estimates of the standalone selling prices of certain performance obligations. On an ongoing basis, management evaluates its estimates, to ensure that those estimates effectively reflect changes in the Company’s business and new information as it becomes available. Management bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to forecasted amounts and future events. Actual results could differ materially from these estimates under different assumptions or conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Liability-Based Awards</i></span> – Bonus right awards that include cash settlement features are accounted for as liability-based awards in accordance with ASC 718, <i>Compensation – Share Based Compensation</i>. The fair value of the bonus right awards is estimated using a Black-Scholes option-pricing model and is revalued on each reporting date based on the probability of the expected awards to vest. Changes in the estimated fair value of the bonus right awards are recognized within selling, general and administrative expense in the consolidated statements of operations and comprehensive loss. Key assumptions in the calculation of the fair value of the bonus right awards include expected volatility, the risk-free interest rate, expected life, and fair value per award.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> At December 31, 2025, the Company had 758,300 outstanding stock options with exercise prices denominated in CAD. Because the exercise prices of these options were denominated in a currency that was different than the one in which a substantial portion of the Company’s shares were traded, the CAD Options were considered to be indexed to a factor other than a market, performance, or service condition. As a result, the CAD Options were classified as liabilities and remeasured at fair value each reporting period with the corresponding change in fair value recorded as an increase or decrease in stock-based compensation expense within research and development and selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> On April 30, 2026, the Company modified all 758,300 outstanding CAD Options to change the exercise prices from CAD to USD, using the Bank of Canada’s published CAD-to-USD exchange rate as of the original grant date for each of the CAD Options. This modification was intended to eliminate the foreign currency indexation issue, restore equity classification, and preserve the original intrinsic value of the awards. All other terms and conditions of the CAD Options remained unchanged. </p> 758300 758300 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Fair Value Measurements </i></span>– Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><i>Level 1</i> – Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><i>Level 2</i> – Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and credit ratings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><i>Level 3</i> – Financial instruments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. To the extent that a fair value measurement is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company’s recurring fair value measurements include those related to warrant liabilities (see Note 7), bonus right liabilities, and, until their modification in April 2026, CAD Option liabilities (see Note 7). These liabilities are or were considered to be Level 3 measurements due to the use of significant unobservable inputs, including expected volatility and expected term. These inputs are inherently uncertain and require significant judgment; accordingly, changes in these assumptions could have a material impact on the fair value measurement. In general, increases (decreases) in the expected volatility assumptions would result in higher (lower) fair value measurements, and increases (decreases) in the expected term assumptions would generally result in higher (lower) fair values.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, inventory, prepaid expenses and other current assets, accounts payable and accrued liabilities, and deferred income are considered to be representative of their respective fair values because of the short-term nature of these accounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>New Accounting Pronouncements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires disaggregation of certain costs in a separate note to the financial statements, such as the amounts of employee compensation, depreciation and intangible asset amortization, included in each relevant expense caption in annual and interim consolidated financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027 on a retrospective or prospective basis, with early adoption permitted. The Company is evaluating the effect that ASU 2024-03 will have on its financial statement disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company considers the applicability and potential impact of all recently issued accounting pronouncements; those not specifically identified in this disclosure are either not applicable to the Company or not expected to have a material effect on our financial condition or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;">NOTE 4 – INVENTORY</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Inventory consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Raw materials</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">3,936,662</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">3,725,336</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Work in progress</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,036,784</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">725,460</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Finished goods</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,421,371</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">672,700</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 2.5pt; padding-left: 9pt;">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">6,394,817</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">5,123,496</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Inventory consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Raw materials</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">3,936,662</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">3,725,336</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Work in progress</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,036,784</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">725,460</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Finished goods</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,421,371</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">672,700</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 2.5pt; padding-left: 9pt;">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">6,394,817</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">5,123,496</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 3936662 3725336 1036784 725460 1421371 672700 6394817 5123496 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;">NOTE 5 – OTHER BALANCE SHEET COMPONENTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Prepaid expenses and other current assets consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Prepaid insurance and other expenses</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">2,385,781</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">2,123,379</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Prepaid FDA user fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">663,320</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">994,979</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Prepaid legal expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">37,708</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,465</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Deferred ATM offering costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">223,096</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">223,096</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Manufacturing deposit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,130,400</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_72229216;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Others</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">173,917</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">202,532</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Prepaid expenses and other current assets</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">4,614,222</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">3,545,451</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The manufacturing deposit relates to production of raw materials for the end of the 2026 fiscal year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Accounts payable and accrued expenses consisted of the following: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Accounts payable</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">1,188,007</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">3,067,616</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued gross-to-net discounts</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,467,440</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">993,413</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Accrued inventory costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">698,364</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">450,321</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued clinical research costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">327,118</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1479977779;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Accrued payroll and bonuses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,000,100</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,872,403</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Other accrued liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">556,957</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,593,151</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; padding-left: 9pt;">Accounts payable and accrued liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">6,237,986</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">8,976,904</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Prepaid expenses and other current assets consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Prepaid insurance and other expenses</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">2,385,781</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">2,123,379</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Prepaid FDA user fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">663,320</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">994,979</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Prepaid legal expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">37,708</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,465</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Deferred ATM offering costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">223,096</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">223,096</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Manufacturing deposit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,130,400</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_72229216;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Others</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">173,917</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">202,532</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Prepaid expenses and other current assets</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">4,614,222</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">3,545,451</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 2385781 2123379 663320 994979 37708 1465 223096 223096 1130400 173917 202532 4614222 3545451 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Accounts payable and accrued expenses consisted of the following: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Accounts payable</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">1,188,007</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">3,067,616</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued gross-to-net discounts</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,467,440</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">993,413</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Accrued inventory costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">698,364</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">450,321</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued clinical research costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">327,118</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1479977779;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Accrued payroll and bonuses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,000,100</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,872,403</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Other accrued liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">556,957</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,593,151</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; padding-left: 9pt;">Accounts payable and accrued liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">6,237,986</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">8,976,904</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 1188007 3067616 1467440 993413 698364 450321 327118 2000100 2872403 556957 1593151 6237986 8976904 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;">NOTE 6 – INTANGIBLE ASSETS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Company’s intangible assets consist entirely of licenses of intellectual property. Details related to the amounts of these licenses were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Gross amount</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">7,092,335</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">1,185,633</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Accumulated amortization</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(873,826</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(794,210</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Intangible assets, net</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">6,218,509</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">391,423</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Amortization expense for the three months ended June 30, 2026 and 2025 was $74,229 and $5,386, respectively.</span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Amortization expense for the six months ended June 30, 2026 and 2025 was $79,616 and $10,773, respectively.</span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The following table outlines the estimated future annual amortization expense related to intangible assets as of June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: left; font-weight: bold; border-bottom: Black 1.5pt solid;">Year Ending December 31,</td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="2" style="text-align: right;"> </td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left;">2026</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">175,994</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">351,991</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">2028</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">351,991</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">2029</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">351,991</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">2030</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">351,991</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Thereafter</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">4,634,551</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; font-weight: bold; padding-bottom: 2.5pt; padding-left: 9pt;">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">6,218,509</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;"><i>Galantos Royalty Settlement Agreement</i></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">As described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, the Company had previously entered into the Memogain Technology License Agreement (“License Agreement”) with Neurodyn Life Sciences, Inc. (“NLS”) for the exclusive right and license to further develop and exploit the Memogain Technology (“ALPHA-1062 Technology”). The License Agreement expires in 2044 – the date the last patent obtained related to the ALPHA-1062 Technology expires. Under the License Agreement, the Company assumed NLS’s obligations to pay royalties to Galantos Pharma GmbH (“Galantos”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> Total cumulative payments to Galantos were subject to a maximum amount of EUR 10 million that would increase to a maximum of EUR 15 million subject to certain provisions involving sub-licensing the ALPHA-1062 Technology and the Company receiving an upfront out-licensing payment of no less than EUR 8 million. Through April 10, 2026, the Company had made royalty payments to Galantos of EUR 736,167. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> On April 10, 2026, the Company and Galantos entered into a Settlement Agreement and Mutual Release (the “Royalty Settlement Agreement”) under which the Company agreed to make a one-time payment of EUR 5,214,220 ($6,057,172 based on exchange rate on April 15 payment date) to settle all current and future royalty obligations that would have been due to Galantos under the original License Agreement. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> At the time of the Royalty Settlement Agreement, accrued but unpaid royalties due to Galantos from sales that had occurred prior to the execution date totaled EUR 127,542 (approximately $150,000). Therefore, this portion of the EUR 5,214,220 settlement payment was recorded as a reduction of the Company’s accrued royalty liability. The remaining portion of the payment made to Galantos (EUR 5,086,678 or US $5,906,702) was recognized as an intangible asset representing a royalty-free, paid-up license to the ALPHA-1062 Technology for the remaining contractual term of the License Agreement. Since this intangible asset relieves the Company from any obligations to make additional royalty payments in future years, the Company determined the estimated useful life of this license to be 18 years by reference to the period over which royalty payments would have otherwise been due to Galantos. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Progranulin License Termination</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">In November 2020, the Company entered into a license agreement with NLS that granted the Company worldwide exclusive rights to develop and commercialize the Progranulin technology. As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company decided to discontinue development of the Progranulin technology during 2024. On June 16, 2026, the Company entered into a Progranulin License Termination, Assignment and Royalty Agreement with NLS pursuant to which the parties formally terminated the November 2020 license agreement. Under the termination agreement, the Company returned all rights to the Progranulin technology to NLS and assigned its obligations under the related Scientist Royalty Agreement to NLS. In exchange, the Company received contingent rights to future royalties and other payments if NLS successfully commercializes, sublicenses, or sells the Progranulin technology. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Company’s intangible assets consist entirely of licenses of intellectual property. Details related to the amounts of these licenses were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Gross amount</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">7,092,335</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">1,185,633</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Accumulated amortization</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(873,826</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(794,210</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Intangible assets, net</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">6,218,509</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">391,423</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 7092335 1185633 873826 794210 6218509 391423 74229 5386 79616 10773 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The following table outlines the estimated future annual amortization expense related to intangible assets as of June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: left; font-weight: bold; border-bottom: Black 1.5pt solid;">Year Ending December 31,</td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="2" style="text-align: right;"> </td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left;">2026</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">175,994</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">351,991</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">2028</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">351,991</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">2029</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">351,991</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">2030</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">351,991</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Thereafter</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">4,634,551</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; font-weight: bold; padding-bottom: 2.5pt; padding-left: 9pt;">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">6,218,509</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 175994 351991 351991 351991 351991 4634551 6218509 10000000 15000000 8000000 736167 5214220 6057172 127542 150000 5214220 5086678 5906702 P18Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;">NOTE 7 – STOCKHOLDERS’ EQUITY</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;"><i>Summary of Outstanding Warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The following table summarizes warrant activity during the six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Number of<br/> Warrants</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted<br/> Average<br/> Exercise<br/> Price</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; font-weight: bold;">Balance, January 1, 2026</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; font-weight: bold; text-align: right;">4,443,446</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;">$</td> <td style="width: 9%; font-weight: bold; text-align: right;">5.84</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Issued</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1630484320;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_115080275;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_324288983;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1614651890;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Expired</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_2001897367;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1817811605;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 2.5pt;">Balance, June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">4,443,446</span></span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">5.82</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">A summary of all warrants outstanding and exercisable as of June 30, 2026 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: black 1.5pt solid;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">Warrants</span></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">Shares<br/> Exercisable</span></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">Exercise <br/> Price</span></span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">Expiry <br/> Date</span></span></td> </tr><tr style="vertical-align: bottom; background-color: white;"><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Equity-classified warrants:</span></td> <td> </td> <td> </td> <td style="text-align: right;"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right;"> </td> <td> </td> <td> </td> <td style="text-align: center;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 53%; padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Private placements</span></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">2,232,412</span></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="width: 11%; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">7.08 – 7.75</span></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 20%; text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">August 2026 to March 2028</span></td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Prefunded warrants</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">948,484</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">0.001</span></td> <td> </td> <td> </td> <td style="text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">N/A</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Liability-classified warrants:</span></td> <td> </td> <td> </td> <td style="text-align: right;"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right;"> </td> <td> </td> <td> </td> <td style="text-align: center;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">CAD Warrants</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">86,200</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">6.86 (CAD$9.75</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">)</span></td> <td> </td> <td style="text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">February 16, 2028</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">CAD Warrants</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">15,810</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">6.86 (CAD$9.75</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">)</span></td> <td> </td> <td style="text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">March 15, 2028</span></td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Initial Debenture Warrants</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">430,805</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">7.19</span></td> <td> </td> <td> </td> <td style="text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">September 24, 2029</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Additional Debenture Warrants</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">215,421</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">7.19</span></td> <td> </td> <td> </td> <td style="text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">November 13, 2029</span></td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">IPO Agent Warrants</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid;"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">514,314</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">7.18</span></td> <td> </td> <td> </td> <td style="text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">November 8, 2029</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td> </td> <td> </td> <td style="border-bottom: black 4pt double;"> </td> <td style="border-bottom: black 4pt double; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">4,443,446</span></span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right;"> </td> <td> </td> <td> </td> <td style="text-align: center;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>CAD Warrants Liability</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On August 31, 2023, the Company’s functional currency changed to the USD from the CAD; as such, the Company recorded a derivative liability on the warrants outstanding with CAD exercises prices (the “CAD Warrants”). This derivative liability is being remeasured to fair value at each reporting period and on the settlement date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> As of June 30, 2026 and December 31, 2025, the fair value of the CAD Warrants derivative liability was $306,687 and $326,198, respectively. During the six months ended June 30, 2026 and 2025, the Company recorded a $19,511 gain and a $289,764 loss, respectively, from the change in the fair value of the CAD Warrants. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The following weighted average assumptions were used in the Black-Scholes option-pricing model to measure the fair value of the CAD Warrants:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">4.14</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3.51</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_989912649;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1317512916;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected life (in years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.64</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.14</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">77</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">91</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Weighted average fair value per warrant</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.01</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.20</td> <td style="text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;"><i>Debentures Warrants Liability</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> In September 2024, the Company entered into agreements with various third party lenders for the issuance of convertible debentures (“Debentures”) and warrants to purchase 430,805 shares of the Company’s common stock at an exercise price of $10.55 per share until September 24, 2029 (“Initial Debenture Warrants”). The Debentures were converted into Common Stock in connection with the Company’s November 2024 initial public offering, at which time the Company was also required to issue the “Additional Debenture Warrants” with identical terms as the Initial Debenture Warrants.  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The fundamental transaction clause in the underlying warrant agreements stipulates that the expected volatility is determined as the greater of 100% and the 30-day volatility, as calculated from the HVT function on Bloomberg. Because the volatility input is predetermined and fixed in the warrant agreements as “an expected volatility equal to the greater of 100% and the 30-day volatility from the “HVT” function on Bloomberg”, the Initial and Additional Debenture Warrants are not considered to be indexed to the Company’s stock and, as a result, fail the “fixed-for-fixed” condition (i.e., both the exercise price and the number of shares to be issued are not “fixed” at issuance ). Instead, the Initial and Additional Debenture Warrants are classified as liabilities that are remeasured to fair value each reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> At June 30, 2026 and December 31, 2025, the fair value of the Initial and Additional Debenture Warrants liabilities totaled $2,592,914 and $2,419,456, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized a $173,458 loss and a $1,867,776 loss, respectively, from the change in fair value of the Initial and Additional Debenture Warrants liabilities. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following weighted average assumptions were used in a binomial lattice model to remeasure the fair value of the Initial and Additional Debenture Warrants:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">June 30, <br/> 2026</span></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">December 31, <br/> 2025</span></span></td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"> <td style="width: 78%;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Risk-free interest rate</span></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 8%; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">4.07</span></td> <td style="width: 1%;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">%</span></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 8%; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">3.56</span></td> <td style="width: 1%;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">%</span></td> </tr><tr style="vertical-align: bottom; background-color: white;"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Dividend yield</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="-sec-ix-hidden:fc_43866842;">-</span></span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="-sec-ix-hidden:fc_1842428942;">-</span></span></td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Expected life (in years)</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">3.28</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">3.78</span></td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: white;"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Volatility</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">84</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">%</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">87</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">%</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Weighted average fair value per warrant</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">4.01</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">3.74</span></td> <td> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;"><i>IPO Agent Warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> Upon completion of its November 2024 initial public offering, the Company issued warrants exercisable into 642,892 shares of common stock to agents of the IPO (the “IPO Agent Warrants”). The IPO Agent Warrant have an exercise price of $7.18 per share and a term of five years. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The terms of the IPO Agent Warrants include a fundamental transaction clause that stipulates that the expected volatility is determined as the greater of 100% and the 30-day volatility, as calculated from the HVT function on Bloomberg. Because the volatility input is predetermined and fixed in the warrant agreements as “an expected volatility equal to the greater of 100% and the 30-day volatility from the “HVT” function on Bloomberg”, the IPO Agent Warrants are not considered to be indexed to the Company’s stock and, as a result, fail the “fixed-for-fixed” condition (i.e., both the exercise price and the number of shares to be issued are not “fixed” at issuance ). Instead, the IPO Agent Warrants are classified as liabilities that are remeasured to fair value each reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> At June 30, 2026 and December 31, 2025, the estimated fair value of outstanding IPO Agent Warrants was $2,180,929 and $2,044,681, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized a $136,248 loss and a $1,866,669 loss, respectively, from the change in fair value of the IPO Agent Warrants liability. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following weighted average assumptions were used in the Black-Scholes option-pricing model for the revaluations of the IPO Agent Warrants:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">4.15</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3.64</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1812726659;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_217304770;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected life (in years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.36</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.86</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">83</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">86</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Weighted average fair value per warrant</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.24</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.97</td> <td style="text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;"><i>Stock Options</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="text-decoration:underline">Performance Stock Units</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On January 9, 2026, the Company granted performance stock units (“PSUs”) to its Chief Executive Officer. The PSUs represent a right to receive shares of the Company’s common stock upon vesting, subject to the satisfaction of both a service condition and a stock price-based market condition over a two-year “Performance Period” that began on the grant date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> The PSUs vest, if at all, at the end of the Performance Period, contingent upon the participant’s continued service through the last day of the Performance Period and the achievement of specified stock price thresholds of between $12 and $28 per share for at least 20 trading days within any rolling 30 - consecutive-trading-day period during the Performance Period. Ultimately, the number of PSUs earned will range from 38,110 shares if the $12 per share threshold is met to as much as 152,440 shares if the $28 per share threshold is met. If the minimum threshold of $12 per share is not achieved during the Performance Period, no PSUs will vest and the award will be forfeited. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> The Company estimated the grant-date fair value of the PSUs to be $550,308 using a Monte Carlo simulation that included the following key assumptions: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3.48</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1581654538;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected term (in years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.00</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">88</td> <td style="text-align: left;">%</td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The grant date fair value of the PSUs is being recognized as stock-based compensation expense on a straight-line basis over the two-year Performance Period, regardless of when, or if, the market condition is satisfied.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="text-decoration:underline">Equity-Classified Awards with Service-Based Vesting</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table summarizes activity for equity-classified common stock options with service-based vesting conditions:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">  </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Number of<br/> Options</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted<br/> Average<br/> Exercise<br/> Price</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Life (Years)</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">Aggregate<br/> Intrinsic<br/> Value⁽¹⁾</span></span></td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; font-weight: bold;">Balance, December 31, 2025</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; font-weight: bold; text-align: right;">1,259,960</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;">$</td> <td style="width: 9%; font-weight: bold; text-align: right;">5.93</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; font-weight: bold; text-align: right;">9.12</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;">$</td> <td style="width: 9%; font-weight: bold; text-align: right;">817,366</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">566,753</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.47</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">CAD Options reclassified to equity</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">758,300</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.83</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_456123500;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1048926859;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt;">Cancelled</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(37,533</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">6.11</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 2.5pt;">Balance, June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,547,480</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">5.72</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">8.22</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">4,010,146</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 2.5pt;">Options exercisable, June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,349,130</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">5.23</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">7.46</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,745,259</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;"><i>(1)</i></span></span></td> <td style="text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s Common Stock. The calculation excludes options with an exercise price higher than the closing price of the Company’s Common Stock on the reporting date.</span></td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following weighted average assumptions were used in the Black-Scholes option-pricing model for the valuation of equity-classified Common Stock options issued during the six months ended June 30, 2026 and the year ended December 31, 2025: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3.88</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">4.16</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected life (in years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.88</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.77</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">94</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">95</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Weighted average grant-date fair value per option</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">5.00</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.51</td> <td style="text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="text-decoration:underline">Restricted Stock Units</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> During the six months ended June 30, 2026, the Company granted 509,715 restricted stock units (“RSUs”) to employees, non-employees, and directors. The RSUs had a grant-date fair value of $6.56 per unit, for a total grant-date fair value of $3,343,730. RSUs granted to employees and non-employees generally vest over three years, with one-third vesting on each anniversary of the grant date, subject to continued service. RSUs granted to directors vest on the first anniversary of the grant date, subject to continued service. Compensation expense related to RSUs is recognized on an accelerated basis over the requisite service period. Stock-based compensation expense related to RSUs for the three and six months ended June 30, 2026 was $525,891 and $1,004,630, respectively. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="text-decoration:underline">Liability-Classified CAD Options</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> On April 30, 2026, the Company modified all 758,300 outstanding CAD Options to change the exercise prices from CAD to USD, using the Bank of Canada’s published CAD-to-USD exchange rate as of the original grant date for each of the CAD Options. Following this modification, the CAD Options were reclassified to equity as each award now represents a right for the holder to exercise a fixed number of shares at a fixed USD exercise price. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> At December 31, 2025, the fair value of the CAD Options liability was $3,174,662. Immediately prior to the modification, the Company performed a final remeasurement and determined the fair value of the CAD Options liability to be $2,843,204. As a result, stock-based compensation for the six months ended June 30, 2026 reflects a decrease of $331,458 related to the change in fair value of these awards through April 30, 2026. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> Following the modification, the CAD Options liability was reclassified to equity. In subsequent reporting periods, since the CAD Options are now equity-classified, the Company will no longer remeasure these awards at fair value. Instead, the unrecognized compensation cost of $72,341 related to CAD Options that were unvested on the modification date will be recognized as additional stock-based compensation expense over the remaining requisite service period of each award. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following weighted average assumptions were used in the Black-Scholes option-pricing model to remeasure the fair value of liability-classified CAD Options during the period from January 1, 2026 to April 30, 2026 and the year ended December 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">April 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3.86</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3.52</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected life (in years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.30</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.30</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">86</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">90.26</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Weighted average fair value per option</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.85</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.39</td> <td style="text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table presents the changes in the CAD Options liability for the six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%;">Fair value of CAD Option liability at December 31, 2025</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">3,174,662</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Stock-based compensation expense for the period January 1, 2026 to April 30, 2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(331,458</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Reclassification to equity following April 30, 2026 modification</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,843,204</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 2.5pt; padding-left: 10pt;">Fair value of CAD Option liability at June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_2062463130;">-</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="text-decoration:underline">ACI Canada Legacy Performance Options</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table summarizes ACI Canada legacy performance option activity:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Number of<br/> Options</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted<br/> Average<br/> Exercise<br/> Price</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Life (Years)</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">Aggregate<br/> Intrinsic<br/> Value⁽¹⁾</span></span></td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; font-weight: bold;">Balance, December 31, 2025</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; font-weight: bold; text-align: right;">265,642</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;">$</td> <td style="width: 9%; font-weight: bold; text-align: right;">0.22</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; font-weight: bold; text-align: right;">2.48</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;">$</td> <td style="width: 9%; font-weight: bold; text-align: right;">1,668,363</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_139247989;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1570713238;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_806761050;">(32,000</span></td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1393984457;">0.03</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1739818460;">174,880</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Cancelled</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_957631056;">(4,000</span></td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1914842172;">0.03</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 2.5pt;">Balance, June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_444758923;">229,642</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_856212116;">0.25</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1467916129;">2.36</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1391137538;">1,600,605</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 2.5pt;">Options exercisable, June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_2000458805;">222,362</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1108780501;">0.25</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1248912492;">2.34</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1175677857;">1,549,863</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;"><i>(1)</i></span></span></td> <td style="text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s common share. The calculation excludes options with an exercise price higher than the closing price of the Company’s shares on the reporting date.</span></td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The following table summarizes warrant activity during the six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Number of<br/> Warrants</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted<br/> Average<br/> Exercise<br/> Price</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; font-weight: bold;">Balance, January 1, 2026</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; font-weight: bold; text-align: right;">4,443,446</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;">$</td> <td style="width: 9%; font-weight: bold; text-align: right;">5.84</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Issued</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1630484320;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_115080275;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_324288983;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1614651890;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Expired</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_2001897367;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1817811605;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 2.5pt;">Balance, June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">4,443,446</span></span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">5.82</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 4443446 5.84 4443446 5.82 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">A summary of all warrants outstanding and exercisable as of June 30, 2026 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: black 1.5pt solid;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">Warrants</span></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">Shares<br/> Exercisable</span></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">Exercise <br/> Price</span></span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">Expiry <br/> Date</span></span></td> </tr><tr style="vertical-align: bottom; background-color: white;"><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Equity-classified warrants:</span></td> <td> </td> <td> </td> <td style="text-align: right;"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right;"> </td> <td> </td> <td> </td> <td style="text-align: center;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 53%; padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Private placements</span></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">2,232,412</span></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="width: 11%; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">7.08 – 7.75</span></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 20%; text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">August 2026 to March 2028</span></td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Prefunded warrants</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">948,484</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">0.001</span></td> <td> </td> <td> </td> <td style="text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">N/A</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Liability-classified warrants:</span></td> <td> </td> <td> </td> <td style="text-align: right;"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right;"> </td> <td> </td> <td> </td> <td style="text-align: center;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">CAD Warrants</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">86,200</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">6.86 (CAD$9.75</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">)</span></td> <td> </td> <td style="text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">February 16, 2028</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">CAD Warrants</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">15,810</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">6.86 (CAD$9.75</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">)</span></td> <td> </td> <td style="text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">March 15, 2028</span></td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Initial Debenture Warrants</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">430,805</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">7.19</span></td> <td> </td> <td> </td> <td style="text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">September 24, 2029</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Additional Debenture Warrants</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">215,421</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">7.19</span></td> <td> </td> <td> </td> <td style="text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">November 13, 2029</span></td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 9pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">IPO Agent Warrants</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid;"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">514,314</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">7.18</span></td> <td> </td> <td> </td> <td style="text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">November 8, 2029</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td> </td> <td> </td> <td style="border-bottom: black 4pt double;"> </td> <td style="border-bottom: black 4pt double; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">4,443,446</span></span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right;"> </td> <td> </td> <td> </td> <td style="text-align: center;"> </td> </tr></tbody></table> 2232412 7.08 7.75 August 2026 March 2028 948484 0.001 N/A 86200 6.86 9.75 February 16, 2028 15810 6.86 9.75 March 15, 2028 430805 7.19 September 24, 2029 215421 7.19 November 13, 2029 514314 7.18 November 8, 2029 4443446 306687 326198 19511 289764 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The following weighted average assumptions were used in the Black-Scholes option-pricing model to measure the fair value of the CAD Warrants:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">4.14</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3.51</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_989912649;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1317512916;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected life (in years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.64</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.14</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">77</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">91</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Weighted average fair value per warrant</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.01</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.20</td> <td style="text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following weighted average assumptions were used in a binomial lattice model to remeasure the fair value of the Initial and Additional Debenture Warrants:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">June 30, <br/> 2026</span></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">December 31, <br/> 2025</span></span></td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"> <td style="width: 78%;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Risk-free interest rate</span></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 8%; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">4.07</span></td> <td style="width: 1%;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">%</span></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 8%; text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">3.56</span></td> <td style="width: 1%;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">%</span></td> </tr><tr style="vertical-align: bottom; background-color: white;"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Dividend yield</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="-sec-ix-hidden:fc_43866842;">-</span></span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="-sec-ix-hidden:fc_1842428942;">-</span></span></td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Expected life (in years)</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">3.28</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">3.78</span></td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: white;"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Volatility</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">84</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">%</span></td> <td> </td> <td> </td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">87</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">%</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Weighted average fair value per warrant</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">4.01</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$</span></td> <td style="text-align: right;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">3.74</span></td> <td> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following weighted average assumptions were used in the Black-Scholes option-pricing model for the revaluations of the IPO Agent Warrants:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">4.15</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3.64</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1812726659;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_217304770;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected life (in years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.36</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.86</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">83</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">86</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Weighted average fair value per warrant</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.24</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.97</td> <td style="text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> The Company estimated the grant-date fair value of the PSUs to be $550,308 using a Monte Carlo simulation that included the following key assumptions: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3.48</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1581654538;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected term (in years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.00</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">88</td> <td style="text-align: left;">%</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following weighted average assumptions were used in the Black-Scholes option-pricing model for the valuation of equity-classified Common Stock options issued during the six months ended June 30, 2026 and the year ended December 31, 2025: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3.88</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">4.16</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected life (in years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.88</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.77</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">94</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">95</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Weighted average grant-date fair value per option</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">5.00</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.51</td> <td style="text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following weighted average assumptions were used in the Black-Scholes option-pricing model to remeasure the fair value of liability-classified CAD Options during the period from January 1, 2026 to April 30, 2026 and the year ended December 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">April 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3.86</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3.52</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected life (in years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.30</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.30</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">86</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">90.26</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Weighted average fair value per option</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.85</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.39</td> <td style="text-align: left;"> </td> </tr></tbody></table> 0.0414 0.0351 P1Y7M20D P2Y1M20D 0.77 0.91 3.01 3.2 430805 10.55 2592914 2419456 173458 1867776 0.0407 0.0356 P3Y3M10D P3Y9M10D 0.84 0.87 4.01 3.74 642892 7.18 2180929 2044681 136248 1866669 0.0415 0.0364 P3Y4M9D P3Y10M9D 0.83 0.86 4.24 3.97 12 28 P20D P30D 38110 12 152440 28 12 550308 0.0348 P2Y 0.88 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table summarizes activity for equity-classified common stock options with service-based vesting conditions:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">  </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Number of<br/> Options</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted<br/> Average<br/> Exercise<br/> Price</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Life (Years)</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">Aggregate<br/> Intrinsic<br/> Value⁽¹⁾</span></span></td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; font-weight: bold;">Balance, December 31, 2025</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; font-weight: bold; text-align: right;">1,259,960</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;">$</td> <td style="width: 9%; font-weight: bold; text-align: right;">5.93</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; font-weight: bold; text-align: right;">9.12</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;">$</td> <td style="width: 9%; font-weight: bold; text-align: right;">817,366</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">566,753</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.47</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">CAD Options reclassified to equity</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">758,300</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.83</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_456123500;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1048926859;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt;">Cancelled</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(37,533</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">6.11</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 2.5pt;">Balance, June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,547,480</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">5.72</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">8.22</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">4,010,146</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 2.5pt;">Options exercisable, June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,349,130</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">5.23</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">7.46</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,745,259</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;"><i>(1)</i></span></span></td> <td style="text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s Common Stock. The calculation excludes options with an exercise price higher than the closing price of the Company’s Common Stock on the reporting date.</span></td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table summarizes ACI Canada legacy performance option activity:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Number of<br/> Options</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted<br/> Average<br/> Exercise<br/> Price</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Life (Years)</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;">Aggregate<br/> Intrinsic<br/> Value⁽¹⁾</span></span></td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; font-weight: bold;">Balance, December 31, 2025</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; font-weight: bold; text-align: right;">265,642</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;">$</td> <td style="width: 9%; font-weight: bold; text-align: right;">0.22</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; font-weight: bold; text-align: right;">2.48</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;">$</td> <td style="width: 9%; font-weight: bold; text-align: right;">1,668,363</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_139247989;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1570713238;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_806761050;">(32,000</span></td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1393984457;">0.03</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1739818460;">174,880</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Cancelled</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_957631056;">(4,000</span></td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1914842172;">0.03</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 2.5pt;">Balance, June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_444758923;">229,642</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_856212116;">0.25</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1467916129;">2.36</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1391137538;">1,600,605</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 2.5pt;">Options exercisable, June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_2000458805;">222,362</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1108780501;">0.25</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1248912492;">2.34</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1175677857;">1,549,863</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight: bold;"><i>(1)</i></span></span></td> <td style="text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s common share. The calculation excludes options with an exercise price higher than the closing price of the Company’s shares on the reporting date.</span></td> </tr></tbody> </table> 1259960 5.93 P9Y1M13D 817366 566753 6.47 758300 4.83 37533 6.11 2547480 5.72 P8Y2M19D 4010146 1349130 5.23 P7Y5M15D 2745259 0.0388 0.0416 P5Y10M17D P5Y9M7D 0.94 0.95 5 4.51 509715 6.56 3343730 525891 1004630 758300 3174662 2843204 331458 72341 0.0386 0.0352 P3Y3M18D P3Y3M18D 0.86 0.9026 3.85 4.39 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table presents the changes in the CAD Options liability for the six months ended June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%;">Fair value of CAD Option liability at December 31, 2025</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">3,174,662</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Stock-based compensation expense for the period January 1, 2026 to April 30, 2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(331,458</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Reclassification to equity following April 30, 2026 modification</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,843,204</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 2.5pt; padding-left: 10pt;">Fair value of CAD Option liability at June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_2062463130;">-</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 3174662 -331458 2843204 265642 0.22 P2Y5M23D 1668363 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;">NOTE 8 – FOREIGN CURRENCY CONTRACTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company has an obligation to make periodic royalty payments from its sale of products incorporating technology that has been licensed from NLS. Because these payments will be made in EUR the Company is exposed to cash flow variability resulting from changes in USD/EUR exchange rates. Therefore, during September 2025, the Company entered into several foreign currency forward and foreign currency collar contracts that are intended to hedge its exposure to changes in the USD/EUR exchange rates on or about the dates certain of the Company’s forecasted royalty payments will be made.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The foreign currency forward and collar contracts are derivative instruments that must be accounted for at fair value. Each reporting period, the change in the fair value of each contract is recognized as a gain or loss classified as a component of Other income (expense) within the Company’s consolidated statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> At June 30, 2026 a foreign currency forward contract to purchase EUR 201,298 remained outstanding. This contract will settle on August 14, 2026. The fair value of this foreign currency forward contract was a liability of $12,613 at June 30, 2026. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> At June 30, 2026 foreign currency collar contracts with a notional amount of EUR 2,541,529 remained outstanding. These contracts will settle at various dates between November 2026 and November 2027. The fair value of the foreign currency collar contracts was a liability of $68,261 at June 30, 2026. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The fair value measurements of the foreign currency collar contracts are classified within Level 2 of the fair value hierarchy. The fair value of the collars is estimated using a foreign currency option valuation model based on Black-Scholes principles. Significant inputs to the model include spot foreign currency exchange rates, interest rates, foreign currency forward points and implied foreign currency volatilities, which are derived principally from observable market data obtained from third-party market-data sources.</p> 201298 12613 2541529 68261 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;">NOTE 9 – NET LOSS PER SHARE</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Net loss per common share has been computed on the basis of the weighted-average number of common stock outstanding during the three and six months ended June 30, 2026 and 2025. Diluted loss per share is computed similarly to basic loss per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. We apply the treasury stock method in the calculation of diluted loss per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In periods that liability-classified warrants and options are in the money, the Company determines whether such instruments are dilutive by calculating the effect on loss per share after considering both (a) the adjustment to the numerator that would result from reversing the impact of the change in fair value recorded to net loss during the period and (b) the adjustment to the denominator that would result from the incremental shares outstanding, using the treasury stock method, in an assumed exercise of these instruments at the beginning of the year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table reconciles net loss and the weighted average shares outstanding for the basic calculation to the net loss and the weighted average shares outstanding for the diluted calculation for the periods indicated:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the <br/> Three Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the <br/> Six Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Numerator, diluted:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 0.25in;">Net loss</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(8,789,740</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(13,199,228</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(15,267,758</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(14,924,301</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Adjustment for gain in fair value of CAD option liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1381651733;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1516580324;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(361,924</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1218091991;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Adjusted numerator, diluted</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(8,789,740</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(13,199,228</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(15,629,682</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(14,924,301</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-indent: -9pt; padding-left: 9pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Denominator, diluted:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-indent: -9pt; padding-left: 0.25in;">Weighted average common stock outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,774,104</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,020,702</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,768,115</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,020,015</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt; text-align: left; text-indent: -9pt; padding-left: 0.25in;">Dilutive effect of CAD options</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_57323290;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_2133589566;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">111,247</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1499428604;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Weighted average dilutive common stock</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">21,774,104</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">16,020,702</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">21,879,362</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">16,020,015</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt;">Net loss per share, diluted</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.40</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.82</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.71</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.93</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following potentially dilutive common shares related to outstanding securities for the three and six months ended June 30, 2026 and 2025 were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the<br/> Three Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the <br/> Six Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%;">Warrants</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,494,962</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,632,630</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,494,962</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,632,630</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Common Stock options</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,547,480</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,101,696</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,122,848</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,101,696</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">ACI Canada legacy performance options</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">229,642</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">265,642</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">229,642</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">265,642</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Total anti-dilutive features</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">6,272,084</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">5,999,968</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">5,847,452</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">5,999,968</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table reconciles net loss and the weighted average shares outstanding for the basic calculation to the net loss and the weighted average shares outstanding for the diluted calculation for the periods indicated:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the <br/> Three Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the <br/> Six Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Numerator, diluted:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 0.25in;">Net loss</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(8,789,740</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(13,199,228</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(15,267,758</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(14,924,301</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Adjustment for gain in fair value of CAD option liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1381651733;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1516580324;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(361,924</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1218091991;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Adjusted numerator, diluted</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(8,789,740</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(13,199,228</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(15,629,682</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(14,924,301</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-indent: -9pt; padding-left: 9pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Denominator, diluted:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-indent: -9pt; padding-left: 0.25in;">Weighted average common stock outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,774,104</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,020,702</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,768,115</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,020,015</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt; text-align: left; text-indent: -9pt; padding-left: 0.25in;">Dilutive effect of CAD options</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_57323290;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_2133589566;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">111,247</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1499428604;">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Weighted average dilutive common stock</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">21,774,104</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">16,020,702</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">21,879,362</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">16,020,015</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt;">Net loss per share, diluted</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.40</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.82</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.71</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.93</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> </tr></tbody></table> -8789740 -13199228 -15267758 -14924301 -361924 -8789740 -13199228 -15629682 -14924301 21774104 16020702 21768115 16020015 111247 21774104 16020702 21879362 16020015 -0.4 -0.82 -0.71 -0.93 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following potentially dilutive common shares related to outstanding securities for the three and six months ended June 30, 2026 and 2025 were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the<br/> Three Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the <br/> Six Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%;">Warrants</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,494,962</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,632,630</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,494,962</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,632,630</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Common Stock options</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,547,480</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,101,696</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,122,848</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,101,696</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">ACI Canada legacy performance options</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">229,642</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">265,642</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">229,642</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">265,642</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Total anti-dilutive features</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">6,272,084</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">5,999,968</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">5,847,452</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">5,999,968</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> 3494962 3632630 3494962 3632630 2547480 2101696 2122848 2101696 229642 265642 229642 265642 6272084 5999968 5847452 5999968 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;">NOTE 10 – SEGMENT INFORMATION</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> Operating segments are defined as components of the Company for which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in assessing performance. The Company’s CODM is its <span style="-sec-ix-hidden:fc_1933710959;">Chief Executive Officer</span> (“CEO”) who views the Company’s operations and manages its business as a <span style="-sec-ix-hidden:fc_802283840;"><span style="-sec-ix-hidden:fc_442742364;">single</span></span> reportable operating segment, being the commercial manufacturing and sales of pharmaceutical treatments for neurological diseases in the geographical areas of Canada and the United States of America. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The CEO manages and allocates resources to the operations of the Company on an entity-wide basis. The Company’s measure of segment performance is operating loss. Managing and allocating resources on an entity-wide basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions that are in line with the Company’s long-term company-wide strategic goals. Consistent with this decision-making process, the CEO uses financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources, and setting incentive targets. Operating expenses are used to monitor budget versus actual results. The CEO does not review assets in evaluating the results of the Company, and therefore, such information is not presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table summarizes the segment’s financial information including the Company’s significant segment expenses for the periods indicated:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Three Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Six Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Revenue</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 0.25in;">Product, net</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">6,041,506</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">1,576,411</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">9,545,327</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">1,923,340</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Licensing</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">51,468</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">81,276</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">81,445</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,663,001</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in;">Total revenue</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">6,092,974</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,657,687</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">9,626,772</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">4,586,341</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold;">Cost of revenues</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Cost of product sales, excluding amortization of intangible assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">277,466</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">105,354</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">526,319</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">131,895</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Cost of licensing revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">39,362</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">93,118</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">62,285</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">903,118</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Amortization of intangible assets</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">74,229</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">5,386</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">79,616</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">10,773</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt;">Total cost of revenues</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">391,057</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">203,858</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">668,220</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,045,786</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-indent: -9pt; padding-left: 0.25in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left;">Gross Profit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,701,917</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,453,829</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,958,552</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,540,555</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-indent: -9pt; padding-left: 0.25in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold; text-align: left;">Operating expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Research and development:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Clinical studies</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,360,804</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1900393575;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,008,105</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1987255486;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Consulting fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">125,367</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">24,857</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">125,367</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">75,493</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Employee costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">221,013</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">84,643</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">421,313</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">168,782</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Grant expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_42840860;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1616608443;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_923048030;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">71,095</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Stock-based compensation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">251,088</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">127,776</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">358,712</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">153,760</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Other</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">50,598</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">168,864</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">111,678</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">337,426</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.25in;">Total research and development</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1430655268;">2,008,870</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_972136386;">406,140</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1436252809;">3,105,175</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_293304024;">806,556</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Selling, general and administrative expenses:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Commercial manufacturing</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">104,112</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1389034831;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">277,629</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_797536590;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Commercial operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,140,976</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">391,010</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,731,296</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">698,323</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-indent: -9pt; padding-left: 0.25in;">Depreciation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">29,357</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,228</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">53,740</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,123</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Employee costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,201,212</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,729,451</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,819,937</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,982,989</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Sales and marketing</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,134,746</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">416,191</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,959,793</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">644,277</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Stock-based compensation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,447,253</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,130,069</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,165,158</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,177,989</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">General and administrative</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,391,399</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">822,017</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">3,698,058</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,074,537</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in;">Total selling, general and administrative expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"></td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1337845556;">11,449,054</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1315477989;">9,494,966</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_323293769;">21,705,611</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1964421759;">14,586,238</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Total operating expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">13,457,924</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">9,901,106</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">24,810,786</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">15,392,794</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Loss from operations</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(7,756,007</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(8,447,277</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(15,852,234</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(11,852,239</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Revenues from customers are attributed to individual countries based on the location of the Company’s customer, which is generally determined by the customer’s bill-to address. The following table presents revenues from customers by geographic area for the periods indicated:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Three Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Six Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left;">United States</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_577423385;">6,041,506</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_1818333461;">1,576,411</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_571040852;">9,545,327</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_187380140;">1,923,340</span></td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">China</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1755379156;">51,468</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_238871600;">81,276</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_2141681417;">81,445</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_716455154;">2,663,001</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Total revenue</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;"><span style="-sec-ix-hidden:fc_1140046741;">6,092,974</span></td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">1,657,687</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;"><span style="-sec-ix-hidden:fc_943527073;">9,626,772</span></td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">4,586,341</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">All of the Company’s long-lived, tangible assets are located in the United States. </p> The Company’s CODM is its Chief Executive Officer (“CEO”) who views the Company’s operations and manages its business as a single reportable operating segment, being the commercial manufacturing and sales of pharmaceutical treatments for neurological diseases in the geographical areas of Canada and the United States of America. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table summarizes the segment’s financial information including the Company’s significant segment expenses for the periods indicated:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Three Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Six Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Revenue</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 0.25in;">Product, net</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">6,041,506</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">1,576,411</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">9,545,327</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">1,923,340</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Licensing</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">51,468</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">81,276</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">81,445</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,663,001</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in;">Total revenue</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">6,092,974</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,657,687</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">9,626,772</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">4,586,341</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold;">Cost of revenues</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Cost of product sales, excluding amortization of intangible assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">277,466</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">105,354</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">526,319</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">131,895</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Cost of licensing revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">39,362</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">93,118</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">62,285</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">903,118</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Amortization of intangible assets</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">74,229</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">5,386</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">79,616</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">10,773</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt;">Total cost of revenues</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">391,057</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">203,858</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">668,220</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,045,786</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-indent: -9pt; padding-left: 0.25in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left;">Gross Profit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,701,917</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,453,829</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,958,552</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,540,555</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-indent: -9pt; padding-left: 0.25in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold; text-align: left;">Operating expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Research and development:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Clinical studies</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,360,804</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1900393575;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,008,105</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1987255486;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Consulting fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">125,367</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">24,857</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">125,367</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">75,493</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Employee costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">221,013</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">84,643</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">421,313</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">168,782</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Grant expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_42840860;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1616608443;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_923048030;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">71,095</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Stock-based compensation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">251,088</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">127,776</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">358,712</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">153,760</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Other</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">50,598</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">168,864</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">111,678</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">337,426</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.25in;">Total research and development</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1430655268;">2,008,870</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_972136386;">406,140</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1436252809;">3,105,175</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_293304024;">806,556</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Selling, general and administrative expenses:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Commercial manufacturing</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">104,112</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1389034831;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">277,629</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_797536590;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Commercial operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,140,976</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">391,010</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,731,296</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">698,323</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-indent: -9pt; padding-left: 0.25in;">Depreciation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">29,357</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,228</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">53,740</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,123</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Employee costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,201,212</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,729,451</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,819,937</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,982,989</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Sales and marketing</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,134,746</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">416,191</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,959,793</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">644,277</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in;">Stock-based compensation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,447,253</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,130,069</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,165,158</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,177,989</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">General and administrative</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,391,399</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">822,017</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">3,698,058</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,074,537</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in;">Total selling, general and administrative expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"></td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1337845556;">11,449,054</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1315477989;">9,494,966</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_323293769;">21,705,611</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1964421759;">14,586,238</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in;">Total operating expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">13,457,924</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">9,901,106</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">24,810,786</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">15,392,794</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Loss from operations</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(7,756,007</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(8,447,277</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(15,852,234</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(11,852,239</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> </tr></tbody></table> 6041506 1576411 9545327 1923340 51468 81276 81445 2663001 6092974 1657687 9626772 4586341 277466 105354 526319 131895 39362 93118 62285 903118 74229 5386 79616 10773 391057 203858 668220 1045786 5701917 1453829 8958552 3540555 1360804 2008105 125367 24857 125367 75493 221013 84643 421313 168782 71095 251088 127776 358712 153760 50598 168864 111678 337426 104112 277629 1140976 391010 1731296 698323 29357 6228 53740 8123 6201212 3729451 11819937 5982989 1134746 416191 1959793 644277 1447253 4130069 2165158 5177989 1391399 822017 3698058 2074537 13457924 9901106 24810786 15392794 -7756007 -8447277 -15852234 -11852239 The following table presents revenues from customers by geographic area for the periods indicated:<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Three Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Six Months Ended</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left;">United States</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_577423385;">6,041,506</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_1818333461;">1,576,411</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_571040852;">9,545,327</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_187380140;">1,923,340</span></td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">China</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1755379156;">51,468</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_238871600;">81,276</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_2141681417;">81,445</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_716455154;">2,663,001</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Total revenue</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;"><span style="-sec-ix-hidden:fc_1140046741;">6,092,974</span></td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">1,657,687</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;"><span style="-sec-ix-hidden:fc_943527073;">9,626,772</span></td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">4,586,341</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 1657687 4586341 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;">NOTE 11 – SUBSEQUENT EVENTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company evaluated subsequent events, through the date these unaudited condensed consolidated financial statements were issued, for events that should be recorded or disclosed in the financial statements as of June 30, 2026. The Company concluded that no other events have occurred that would require recognition or disclosure.</p> false false false false false false The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s Common Stock. The calculation excludes options with an exercise price higher than the closing price of the Company’s Common Stock on the reporting date. The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s Common Stock. The calculation excludes options with an exercise price higher than the closing price of the Company’s Common Stock on the reporting date.