0001938571 2026-04-01 2026-06-30 0001938571 ck0001938571:ExchangeWarrantsMember us-gaap:SubsequentEventMember 2026-08-12 2026-08-12 0001938571 ck0001938571:AWarrantMember us-gaap:SubsequentEventMember 2026-08-12 2026-08-12 0001938571 2026-01-01 2026-06-30 0001938571 2025-01-01 2025-06-30 0001938571 2025-02-05 2025-02-05 0001938571 us-gaap:LicenseAgreementTermsMember 2025-12-31 0001938571 2026-06-30 0001938571 ck0001938571:GeneralAndAdministrativeMember 2026-01-01 2026-06-30 0001938571 ck0001938571:TwoThousandTwentySixConsultantGrantMember 2026-01-01 2026-06-30 0001938571 ck0001938571:ResearchAndDevelopmentMember 2026-01-01 2026-06-30 0001938571 us-gaap:StockOptionMember 2026-01-01 2026-06-30 0001938571 ck0001938571:GeneralAndAdministrativeMember 2026-04-01 2026-06-30 0001938571 ck0001938571:ResearchAndDevelopmentMember 2026-04-01 2026-06-30 0001938571 us-gaap:StockOptionMember 2026-04-01 2026-06-30 0001938571 us-gaap:StockOptionMember us-gaap:BlackScholesMertonModelMember 2026-01-01 2026-06-30 0001938571 us-gaap:StockOptionMember us-gaap:BlackScholesMertonModelMember 2026-04-01 2026-06-30 0001938571 srt:MaximumMember us-gaap:StockOptionMember us-gaap:BlackScholesMertonModelMember 2026-01-01 2026-06-30 0001938571 srt:MinimumMember us-gaap:StockOptionMember us-gaap:BlackScholesMertonModelMember 2026-01-01 2026-06-30 0001938571 us-gaap:StockOptionMember 2026-06-30 0001938571 us-gaap:StockOptionMember 2025-12-31 0001938571 ck0001938571:TwoThousandTwentyFiveConsultantGrantMember 2026-01-01 2026-06-30 0001938571 ck0001938571:TwoThousandTwentyFiveConsultantGrantMember 2026-04-06 2026-04-06 0001938571 ck0001938571:ConsultantMember ck0001938571:TwoThousandTwentyFiveConsultantGrantMember us-gaap:CommonStockMember 2025-09-01 2025-09-30 0001938571 ck0001938571:TwoThousandTwentyFiveConsultantGrantMember us-gaap:CommonStockMember 2025-09-30 0001938571 ck0001938571:TwoThousandTwentyFiveConsultantGrantMember us-gaap:CommonStockMember 2025-09-01 2025-09-30 0001938571 ck0001938571:TwoThousandTwentySixConsultantGrantMember us-gaap:CommonStockMember 2026-03-01 2026-03-31 0001938571 ck0001938571:TwoThousandTwentySixConsultantGrantMember us-gaap:CommonStockMember 2026-03-31 0001938571 ck0001938571:LuciusPartnersLLCMember 2026-01-01 2026-06-30 0001938571 ck0001938571:LuciusPartnersLLCMember 2026-06-30 0001938571 us-gaap:WarrantMember ck0001938571:FollowonOfferingMember 2026-01-01 2026-06-30 0001938571 us-gaap:WarrantMember ck0001938571:FollowonOfferingMember 2026-06-30 0001938571 us-gaap:WarrantMember us-gaap:CommonStockMember ck0001938571:FollowonOfferingMember 2026-06-30 0001938571 ck0001938571:BWarrantsMember ck0001938571:FollowonOfferingMember 2026-06-30 0001938571 ck0001938571:PlacementAgentWarrantsMember ck0001938571:FollowonOfferingMember 2026-01-01 2026-06-30 0001938571 ck0001938571:PlacementAgentWarrantsMember ck0001938571:FollowonOfferingMember 2026-04-01 2026-06-30 0001938571 ck0001938571:PlacementAgentWarrantsMember ck0001938571:FollowonOfferingMember 2026-06-30 0001938571 ck0001938571:PlacementAgentWarrantsMember ck0001938571:DecemberTwoThousandTwentyFiveClosingMember ck0001938571:FollowonOfferingMember 2026-06-30 0001938571 us-gaap:WarrantMember 2026-06-30 0001938571 ck0001938571:PlacementAgentTwoMember 2026-06-30 0001938571 ck0001938571:ExchangeMember 2026-06-30 0001938571 ck0001938571:OriginalMember 2026-06-30 0001938571 ck0001938571:PlacementAgentOneMember 2026-06-30 0001938571 ck0001938571:InvestorBOneMember 2026-06-30 0001938571 ck0001938571:InvestorAOneMember 2026-06-30 0001938571 ck0001938571:PlacementAgentMember 2026-06-30 0001938571 ck0001938571:InvestorBMember 2026-06-30 0001938571 ck0001938571:InvestorAMember 2026-06-30 0001938571 us-gaap:WarrantMember 2026-01-01 2026-06-30 0001938571 ck0001938571:AWarrantsMember us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001938571 ck0001938571:AWarrantsMember 2026-04-01 2026-06-30 0001938571 us-gaap:WarrantMember us-gaap:CommonStockMember 2026-06-30 0001938571 us-gaap:WarrantMember 2025-01-01 2025-06-30 0001938571 us-gaap:WarrantMember 2026-04-01 2026-06-30 0001938571 srt:MaximumMember us-gaap:WarrantMember 2025-01-01 2025-06-30 0001938571 srt:MinimumMember us-gaap:WarrantMember 2025-01-01 2025-06-30 0001938571 srt:MaximumMember us-gaap:WarrantMember 2026-01-01 2026-06-30 0001938571 srt:MinimumMember us-gaap:WarrantMember 2026-01-01 2026-06-30 0001938571 srt:MaximumMember us-gaap:WarrantMember 2026-04-01 2026-06-30 0001938571 srt:MinimumMember us-gaap:WarrantMember 2026-04-01 2026-06-30 0001938571 ck0001938571:TwoThousandTwentyFiveEquityIncentivePlanMember us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001938571 ck0001938571:TwoThousandTwentyFiveEquityIncentivePlanMember us-gaap:CommonStockMember 2026-06-30 0001938571 ck0001938571:InsurancePremiumFinancingAgreementMember 2026-06-30 0001938571 ck0001938571:InsurancePremiumFinancingAgreementMember 2026-01-01 2026-01-31 0001938571 ck0001938571:InsurancePremiumFinancingAgreementMember 2026-01-31 0001938571 2025-12-31 0001938571 us-gaap:CommonStockMember ck0001938571:VendorContractMember 2025-04-02 2025-04-02 0001938571 us-gaap:CommonStockMember ck0001938571:VendorContractMember 2026-03-15 2026-03-15 0001938571 ck0001938571:AWarrantMember 2026-06-30 0001938571 ck0001938571:BWarrantsMember ck0001938571:JuneTwoThousandTwentySixClosingMember 2026-06-30 0001938571 us-gaap:WarrantMember ck0001938571:JuneTwoThousandTwentySixClosingMember 2026-06-30 0001938571 ck0001938571:BWarrantsMember ck0001938571:JuneTwoThousandTwentySixClosingMember 2026-06-01 2026-06-30 0001938571 ck0001938571:JuneTwoThousandTwentySixClosingMember 2026-06-09 2026-06-09 0001938571 us-gaap:CommonStockMember ck0001938571:JuneTwoThousandTwentySixClosingMember 2026-06-09 2026-06-09 0001938571 ck0001938571:JuneTwoThousandTwentySixClosingMember 2026-06-09 0001938571 2026-06-09 2026-06-09 0001938571 ck0001938571:BWarrantsMember ck0001938571:March2026ClosingMember 2026-03-31 0001938571 us-gaap:WarrantMember ck0001938571:March2026ClosingMember 2026-03-31 0001938571 ck0001938571:BWarrantsMember ck0001938571:March2026ClosingMember 2026-03-01 2026-03-31 0001938571 ck0001938571:March2026ClosingMember 2026-03-12 2026-03-12 0001938571 us-gaap:CommonStockMember ck0001938571:March2026ClosingMember 2026-03-12 2026-03-12 0001938571 ck0001938571:March2026ClosingMember 2026-03-12 0001938571 srt:MaximumMember ck0001938571:BWarrantsMember ck0001938571:February2026ClosingMember 2026-02-28 0001938571 srt:MinimumMember ck0001938571:BWarrantsMember ck0001938571:March2026ClosingMember 2026-02-28 0001938571 ck0001938571:BWarrantsMember ck0001938571:February2026ClosingMember 2026-02-01 2026-02-28 0001938571 ck0001938571:BWarrantsMember ck0001938571:February2026ClosingMember 2026-02-28 0001938571 ck0001938571:February2026ClosingMember 2026-02-12 2026-02-12 0001938571 us-gaap:CommonStockMember ck0001938571:February2026ClosingMember 2026-02-12 2026-02-12 0001938571 ck0001938571:February2026ClosingMember 2026-02-12 0001938571 ck0001938571:MaximumOfferingMember 2025-10-29 2025-10-29 0001938571 ck0001938571:ConversionOfExchangeNotesAndTwoThousandTwentyFourNotesMember 2026-01-01 2026-06-30 0001938571 us-gaap:WarrantMember ck0001938571:ConversionOfExchangeNotesAndTwoThousandTwentyFourNotesMember 2026-01-01 2026-06-30 0001938571 ck0001938571:ConversionOfExchangeNotesAndTwoThousandTwentyFourNotesMember us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001938571 ck0001938571:ConversionOfExchangeNotesAndTwoThousandTwentyFourNotesMember 2026-06-30 0001938571 ck0001938571:TwoZeroTwoFourConvertibleDebtMember 2024-12-01 2024-12-31 0001938571 ck0001938571:SecuredPromissoryNoteMember 2023-12-01 2023-12-31 0001938571 ck0001938571:PrivateAdaptinsExchangeNotesMember 2024-12-01 2024-12-31 0001938571 us-gaap:CommonStockMember ck0001938571:TheOfferingMember 2025-01-01 2025-03-31 0001938571 ck0001938571:PlacementAgentWarrants1Member ck0001938571:TheOfferingMember 2025-03-31 0001938571 ck0001938571:PlacementAgentWarrants1Member us-gaap:CommonStockMember ck0001938571:TheOfferingMember 2025-03-31 0001938571 us-gaap:CommonStockMember ck0001938571:TheOfferingMember 2025-03-31 0001938571 ck0001938571:MaximumOfferingMember 2025-03-31 2025-03-31 0001938571 us-gaap:CommonStockMember ck0001938571:MaximumOfferingMember 2025-03-31 2025-03-31 0001938571 ck0001938571:BWarrantMember ck0001938571:TheOfferingMember 2025-02-11 0001938571 ck0001938571:AWarrantMember ck0001938571:TheOfferingMember 2025-02-11 0001938571 ck0001938571:AWarrantMember us-gaap:PrivatePlacementMember 2025-02-11 0001938571 us-gaap:CommonStockMember us-gaap:PrivatePlacementMember 2025-02-11 0001938571 us-gaap:PrivatePlacementMember 2025-02-11 0001938571 us-gaap:PrivatePlacementMember 2025-02-11 2025-02-11 0001938571 ck0001938571:UniteAcquisitionOneCorpMember 2026-01-01 2026-06-30 0001938571 ck0001938571:LuciusPartnersLLCMember 2025-02-11 2025-02-11 0001938571 ck0001938571:UniteAcquisitionOneCorpMember 2025-02-11 2025-02-11 0001938571 us-gaap:ConvertibleDebtSecuritiesMember us-gaap:CommonStockMember 2026-04-01 2026-06-30 0001938571 us-gaap:ConvertibleDebtSecuritiesMember us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001938571 us-gaap:WarrantMember us-gaap:ConvertibleDebtSecuritiesMember us-gaap:CommonStockMember 2025-04-01 2025-06-30 0001938571 us-gaap:WarrantMember us-gaap:ConvertibleDebtSecuritiesMember us-gaap:CommonStockMember 2025-01-01 2025-06-30 0001938571 us-gaap:WarrantMember us-gaap:ConvertibleDebtSecuritiesMember us-gaap:CommonStockMember 2026-04-01 2026-06-30 0001938571 us-gaap:WarrantMember us-gaap:ConvertibleDebtSecuritiesMember us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001938571 2025-06-30 0001938571 2024-12-31 0001938571 2025-01-01 2025-03-31 0001938571 us-gaap:RetainedEarningsMember 2025-06-30 0001938571 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001938571 us-gaap:CommonStockMember 2025-06-30 0001938571 2025-04-01 2025-06-30 0001938571 us-gaap:RetainedEarningsMember 2025-04-01 2025-06-30 0001938571 us-gaap:AdditionalPaidInCapitalMember 2025-04-01 2025-06-30 0001938571 us-gaap:CommonStockMember 2025-04-01 2025-06-30 0001938571 2025-03-31 0001938571 us-gaap:RetainedEarningsMember 2025-03-31 0001938571 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0001938571 us-gaap:CommonStockMember 2025-03-31 0001938571 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0001938571 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0001938571 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0001938571 us-gaap:RetainedEarningsMember 2024-12-31 0001938571 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001938571 us-gaap:CommonStockMember 2024-12-31 0001938571 srt:RestatementAdjustmentMember us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001938571 srt:RestatementAdjustmentMember us-gaap:CommonStockMember 2024-12-31 0001938571 srt:ScenarioPreviouslyReportedMember 2024-12-31 0001938571 srt:ScenarioPreviouslyReportedMember us-gaap:RetainedEarningsMember 2024-12-31 0001938571 srt:ScenarioPreviouslyReportedMember us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001938571 srt:ScenarioPreviouslyReportedMember us-gaap:CommonStockMember 2024-12-31 0001938571 2026-01-01 2026-03-31 0001938571 us-gaap:RetainedEarningsMember 2026-06-30 0001938571 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0001938571 us-gaap:CommonStockMember 2026-06-30 0001938571 us-gaap:RetainedEarningsMember 2026-04-01 2026-06-30 0001938571 us-gaap:AdditionalPaidInCapitalMember 2026-04-01 2026-06-30 0001938571 us-gaap:CommonStockMember 2026-04-01 2026-06-30 0001938571 2026-03-31 0001938571 us-gaap:RetainedEarningsMember 2026-03-31 0001938571 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0001938571 us-gaap:CommonStockMember 2026-03-31 0001938571 us-gaap:RetainedEarningsMember 2026-01-01 2026-03-31 0001938571 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-03-31 0001938571 us-gaap:CommonStockMember 2026-01-01 2026-03-31 0001938571 us-gaap:RetainedEarningsMember 2025-12-31 0001938571 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001938571 us-gaap:CommonStockMember 2025-12-31 0001938571 2026-08-11 0001938571 us-gaap:StockOptionMember us-gaap:BlackScholesMertonModelMember 2025-04-01 2025-06-30 0001938571 us-gaap:ConvertibleDebtSecuritiesMember 2025-04-01 2025-06-30 0001938571 us-gaap:ConvertibleDebtSecuritiesMember 2025-01-01 2025-06-30 0001938571 us-gaap:StockOptionMember us-gaap:BlackScholesMertonModelMember 2025-01-01 2025-06-30 0001938571 us-gaap:WarrantMember 2025-04-01 2025-06-30 0001938571 srt:RestatementAdjustmentMember us-gaap:RetainedEarningsMember 2024-12-31 0001938571 srt:RestatementAdjustmentMember 2024-12-31 shares iso4217:USD iso4217:USD shares pure true false 0001938571 --12-31 Q2 10-Q true 2026-06-30 2026 false 001-56583 ADAPTIN BIO, INC. DE 88-1566415 3540 Toringdon Way Suite 200 #250 Charlotte NC 28277 (888) 609-1498 N/A Yes Yes Non-accelerated Filer true true false false 9233573 670488 459174 310964 159985 981452 619159 981452 619159 1674005 1512090 810589 596465 162208 2646802 2108555 2646802 2108555 0.0001 0.0001 10000000 10000000 0 0 0 0 0.0001 0.0001 50000000 50000000 9053279 9053279 8655829 8655829 905 866 9976954 7801539 -11643209 -9291801 -1665350 -1489396 981452 619159 138167 340334 303744 402467 1062449 1180521 2041025 1968846 1200616 1520855 2344769 2371313 -1200616 -1520855 -2344769 -2371313 4696 6639 72659 -6312 326345 -4696 -6639 247374 -1205312 -1520855 -2351408 -2123939 -1205312 -1520855 -2351408 -2123939 -0.14 -0.18 -0.27 -0.3 -0.14 -0.18 -0.27 -0.3 8849266 8454634 8775964 7148094 8849266 8454634 8775964 7148094 8655829 866 7801539 -9291801 -1489396 130400 13 514512 514525 345396 345396 -1146096 -1146096 8786229 879 8661447 -10437897 -1775571 52000 5 202616 202621 165050 16 669090 669106 50000 5 249995 250000 193806 193806 -1205312 -1205312 9053279 905 9976954 -11643209 -1665350 652000 137475 260000 57379 1505 1 24115 -4124232 -4100116 3248494 324 -324 3249999 325 23791 -4124232 -4100116 5000000 500 -500 -279746 -279746 1750000 -175 175 -279746 279746 1400342 140 4701004 4701144 501140 50 1681116 1681166 345900 345900 -603084 -603084 8401481 840 6471740 -4727316 1745264 54348 6 249994 250000 -1520855 -1520855 8455829 846 6721734 -6248171 474409 6161505 1460361 -2351408 -2123939 53722 6312 326345 539202 250000 250000 -182126 299661 119494 -348611 214124 -528254 14190 -1046462 -3302586 170897 275000 669106 912000 6161505 152433 1266485 1257776 4620020 211314 1317434 459174 34085 670488 1351519 6639 9584 279746 175 1653811 345900 42421 333105 <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;">1. BUSINESS ORGANIZATION, NATURE OF OPERATIONS, BASIS OF PRESENTATION, AND RISKS AND UNCERTAINTIES</span></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;"><span style="font-weight: bold;">Organization and Operations</span></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;">On February 11, 2025, Adaptin Bio, Inc. completed the business combination contemplated by that certain Agreement and Plan of Merger and Reorganization, dated as of February 11, 2025, by and among Unite Acquisition 1 Corp. (“Unite Acquisition”), a public shell company incorporated in the state of Delaware on March 10, 2022, its wholly-owned subsidiary, Adaptin Acquisition Co., a Delaware corporation formed in the State of Delaware on January 30, 2025 (“Merger Sub”), and Adaptin Bio Operating Corporation (“Private Adaptin” and formerly “Adaptin Bio, Inc.”) (the “Merger”). Upon the completion of the Merger, Unite Acquisition changed its name to “Adaptin Bio, Inc.”</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;">Adaptin Bio, Inc. is dedicated to the development and commercialization of products utilizing novel technology that enhances the delivery of drugs and other compounds to the brain and other tissues for a variety of indications. The Company’s novel technology was originally developed by researchers in the Department of Neurosurgery at Duke University and licensed by the Company in 2023. The Company’s technology is engineered to facilitate the transport of therapeutics to tissues of interest, including the brain, potentially generating improved treatments for solid tumors and central nervous system (“CNS”) disorders.</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;"><span style="font-weight: bold;">Basis of Presentation</span></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;"> </span></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;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed consolidated financial statements of the Company as of June 30, 2026 and for the three and six months then ended. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the operating results for the full year ending December 31, 2026 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures as of December 31, 2025 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on April 1, 2026 as part of the Company’s Annual Report on Form 10-K (the “Annual Report”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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;">Emerging Growth Company</span></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;">The Company is an “emerging growth company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies.</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;"> </span></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;">Significant Risks and Uncertainties</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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;">The Company is subject to challenges and risks specific to its business and its ability to execute on its strategy, as well as risks and uncertainties common to companies in the pharmaceutical industry, including, without limitation, risks and uncertainties associated with its ability to raise additional money to fund its operations for at least the next twelve months as a going concern; obtaining regulatory approval of its product candidates; delays or problems in the supply of its study drug or failure to comply with manufacturing regulations; identifying, acquiring or in-licensing product candidates; pharmaceutical product development and the inherent uncertainty of clinical success; and the challenges of protecting and enhancing its intellectual property rights; and complying with applicable regulatory requirements; and the other risk factors set forth in the Company’s filings with the SEC.  </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;">Further, the Company may be impacted by general economic, political, and market conditions, including deteriorating market conditions due to investor concerns regarding inflation, armed conflicts, and overall fluctuations in the financial markets in the U.S. and abroad.</span></p> 2022-03-10 <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;">2. GOING CONCERN</span></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;">The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of June 30, 2026, the Company had cash and cash equivalents of $670,488 and an accumulated deficit of $11,643,209. The Company intends to continue significant preclinical development activities that began in 2023 and to initiate a Phase I clinical trial which, together with expenses incurred for general and administrative expenses, are expected to result in continuing operating losses for the foreseeable future. The amount of future losses and when, if ever, the Company will achieve profitability are uncertain. The Company’s ability to achieve profitability will depend on, among other things, successfully completing clinical studies, obtaining requisite regulatory approvals, establishing appropriate pricing for its product with payers, and raising sufficient funds to finance the Company’s activities. No assurance can be given that the Company’s clinical development efforts will be successful, that regulatory approvals will be obtained, or that the Company will be able to achieve appropriate pricing and market access or that profitability, if achieved, can be sustained. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments related to the outcome of this uncertainty.</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;">Management has evaluated the Company’s operating plan against its existing cash and determined that substantial doubt exists about the Company’s ability to support its operations and fund its obligations for the next twelve months from the date of issuance of these condensed consolidated financial statements. The Company’s ability to execute its operating plan depends on the Company’s ability to obtain additional funding through equity offerings and debt financings. The Company plans to continue to fund its losses from operations through cash and cash equivalents on hand, as well as through future equity offerings, debt financings, or other third-party funding. There can be no assurance that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to the Company. Even if the Company raises additional capital, it may also be required to modify, delay or abandon some of its plans which could have a material adverse effect on the business, operating results and financial condition and its ability to achieve its intended business objectives. Any of these actions could materially harm the business, results of operations and future prospects.</span></p> 670488 -11643209 <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;">3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></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;">There have been no material changes to the Company’s significant accounting policies since those included in the audited consolidated financial statements of the Company for the year ended December 31, 2025, except as disclosed in this Note.</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;"><span style="font-weight: bold;">Use of Estimates</span></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;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates.</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;">Significant estimates and assumptions reflected in the condensed consolidated financial statements relate to and include, but are not limited to, the fair value of derivative liabilities, accrued liabilities that are measured based on progress toward completion of research and development projects, and the grant date fair value of stock options granted to employees, consultants and directors, and the resulting stock-based compensation expense, calculated using the Black-Scholes option-pricing model.</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;">Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these condensed consolidated financial statements change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes.</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;"> </span></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;">Warrants</span></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;">The Company accounts for its warrants in accordance with the guidance in Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 815-40-15. This guidance provides that if the warrants do not meet the criteria for equity treatment, the warrants must be recorded as an asset or a liability. Currently, the Company has no warrants that are liability classified. The Company estimates the fair value of warrants using a Black-Scholes valuation model, which requires the use of multiple subjective inputs including estimated future volatility, risk-free rate and the expected terms of the warrant.</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;"> </span></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;">Net Loss per Share</span></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;">Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same as basic net loss per share due to the fact that when a net loss exists, all potentially dilutive securities are anti-dilutive. For the three and six months ended June 30, 2026 and 2025, the Company’s anti-dilutive securities included warrants to purchase an aggregate of 2,461,381 and 2,583,169 shares of common stock, respectively. In addition, the Company had 1,532,929 stock options outstanding for the purchase of the Company’s common stock, which were anti-dilutive for the three and six months ended June 30, 2026.  <span style="-sec-ix-hidden:fc_1580924704;"><span style="-sec-ix-hidden:fc_1440158817;">No</span></span> options were outstanding during the three and six months ended June 30, 2025.</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;"><span style="font-weight: bold;">Stock-Based Compensation</span></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;">The Company has a stock-based compensation plan, which is described in detail in Note 9 and Note 11, and records all stock-based payments, including grants of employee share options, at their fair values. The Company accounts for stock-based compensation instruments in accordance with the guidance promulgated under ASC 718, <i>Compensation – Stock Compensation</i>. The fair value of share options granted to employees and non-employees is estimated at the date of grant using the Black-Scholes option pricing model. The Company recognizes stock-based compensation expense over the requisite service period of the individual grants, which equals the vesting period, using the straight-line method or, in the case of performance based awards, based upon the terms of the performance conditions. Forfeitures, if any, are recorded as they occur. Any consideration paid by employees upon exercising share options are credited to common stock in the amount of the par value, with the remainder credited to additional paid-in capital. The Black-Scholes option pricing model used by the Company to calculate option values was developed to estimate fair value.</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;">A change in the terms or conditions of an award is accounted for as a modification unless the fair value, the vesting conditions, and the classification of the award are the same immediately before and after the change. Modification accounting is applied only to the award, or the portion of an award, whose terms or conditions were changed. For a modified award, the Company recognizes any excess of the fair value of the modified award over the fair value of the original award immediately before the modification, with both amounts measured at the modification date, in addition to the unrecognized grant-date fair value of the original award. If it is not probable that the original award would have vested under its original terms and the modified award is expected to vest, the Company instead recognizes the fair value of the modified award measured at the modification date over the vesting period of the modified award.</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;">Use of Estimates</span></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;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates.</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;">Significant estimates and assumptions reflected in the condensed consolidated financial statements relate to and include, but are not limited to, the fair value of derivative liabilities, accrued liabilities that are measured based on progress toward completion of research and development projects, and the grant date fair value of stock options granted to employees, consultants and directors, and the resulting stock-based compensation expense, calculated using the Black-Scholes option-pricing model.</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;">Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these condensed consolidated financial statements change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes.</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;">Warrants</span></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;">The Company accounts for its warrants in accordance with the guidance in Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 815-40-15. This guidance provides that if the warrants do not meet the criteria for equity treatment, the warrants must be recorded as an asset or a liability. Currently, the Company has no warrants that are liability classified. The Company estimates the fair value of warrants using a Black-Scholes valuation model, which requires the use of multiple subjective inputs including estimated future volatility, risk-free rate and the expected terms of the warrant.</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;">Net Loss per Share</span></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;">Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same as basic net loss per share due to the fact that when a net loss exists, all potentially dilutive securities are anti-dilutive. For the three and six months ended June 30, 2026 and 2025, the Company’s anti-dilutive securities included warrants to purchase an aggregate of 2,461,381 and 2,583,169 shares of common stock, respectively. In addition, the Company had 1,532,929 stock options outstanding for the purchase of the Company’s common stock, which were anti-dilutive for the three and six months ended June 30, 2026.  <span style="-sec-ix-hidden:fc_1580924704;"><span style="-sec-ix-hidden:fc_1440158817;">No</span></span> options were outstanding during the three and six months ended June 30, 2025.</span> </p> 2461381 2461381 2583169 2583169 1532929 1532929 <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;">Stock-Based Compensation</span></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;">The Company has a stock-based compensation plan, which is described in detail in Note 9 and Note 11, and records all stock-based payments, including grants of employee share options, at their fair values. The Company accounts for stock-based compensation instruments in accordance with the guidance promulgated under ASC 718, <i>Compensation – Stock Compensation</i>. The fair value of share options granted to employees and non-employees is estimated at the date of grant using the Black-Scholes option pricing model. The Company recognizes stock-based compensation expense over the requisite service period of the individual grants, which equals the vesting period, using the straight-line method or, in the case of performance based awards, based upon the terms of the performance conditions. Forfeitures, if any, are recorded as they occur. Any consideration paid by employees upon exercising share options are credited to common stock in the amount of the par value, with the remainder credited to additional paid-in capital. The Black-Scholes option pricing model used by the Company to calculate option values was developed to estimate fair value.</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;">A change in the terms or conditions of an award is accounted for as a modification unless the fair value, the vesting conditions, and the classification of the award are the same immediately before and after the change. Modification accounting is applied only to the award, or the portion of an award, whose terms or conditions were changed. For a modified award, the Company recognizes any excess of the fair value of the modified award over the fair value of the original award immediately before the modification, with both amounts measured at the modification date, in addition to the unrecognized grant-date fair value of the original award. If it is not probable that the original award would have vested under its original terms and the modified award is expected to vest, the Company instead recognizes the fair value of the modified award measured at the modification date over the vesting period of the modified award.</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;">4. REVERSE RECAPITALIZATION</span></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;"> </span></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;">The Merger</span></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;"> </span></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;">On February 11, 2025, Unite, through its wholly owned subsidiary Adaptin Acquisition Co., consummated the Merger with Private Adaptin. Pursuant to the Merger, Private Adaptin was the surviving corporation and became a wholly owned subsidiary of Unite, and all of the outstanding common stock of Private Adaptin was converted into 3,249,999 shares of Unite’s common stock. As a result, Unite ceased to be a shell company and will continue as a public reporting company under the new name, Adaptin Bio, Inc. On February 11, 2025, the sole holder of common stock of Unite prior to the Merger, Lucius Partners LLC (“Lucius Partners”), retained 3,250,000 shares of the Company’s common stock after the Merger, after agreeing to cancel and retire 1,750,000 shares of the Company’s common stock.</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;">The Merger was accounted for as a reverse recapitalization under U.S. GAAP. Accordingly, the condensed consolidated financial statements of the Company represent a continuation of the financial statements of Private Adaptin, with the Merger being treated as the equivalent of Private Adaptin issuing stock for the net assets of Unite, accompanied by a recapitalization. The net assets of Unite are stated at historical cost, with no goodwill or other intangible assets recorded and are consolidated with Private Adaptin’s financial statements on the Merger closing date. Results of operations prior to the Merger are presented as those of Private Adaptin. The shares and net loss per share, prior to the Merger, have been retroactively restated to reflect the common stock exchange ratio of 2,159.47-for-1, as established in the Merger. At the time of the Merger, the stockholders’ deficit of Unite of $279,746 was reclassified to additional paid-in capital.</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;"><span style="font-weight: bold;">The Offering</span></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><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;">On February 11, 2025, concurrent with the Merger, the Company issued, in an initial closing (the “Initial Closing”) of a private placement offering (the “Offering”), 1,080,814 Units, for an aggregate purchase price of $4,755,582, at a purchase price of $4.40 per Unit, with each Unit consisting of (i) one share of common stock (the “Offering Shares”), (ii) a warrant representing the right to purchase one share of common stock with an exercise price of $4.40 per share and a term of one year from the final closing of the Offering (which term may be extended for additional six-month periods if the common stock is not yet admitted for trading or listed on an approved market) (the “A Warrant”), and (iii) a warrant, representing the right to purchase one-half of a share of common stock, with an exercise price of $6.60 per share and a term of five years from the final closing of the Offering (the “B Warrant,” and together with the A Warrant, the “Warrants”) (such shares of common stock issuable upon the exercise of the Warrants, the “Warrant Shares”).</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;">The offering period commenced on January 8, 2025 and continued until March 31, 2025. On March 31, 2025, the Company issued, in the final closing of the Offering, an additional 319,528 Units for an aggregate purchase price of $1,405,923.</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;">During the three months ended March 31, 2025, in connection with the Offering, the Company issued 1,400,342 shares of common stock, investor Warrants to purchase 2,100,513 Warrant Shares and placement agent warrants to purchase 350,086 shares of common stock. In connection with the Offering, the Company raised gross proceeds of $6,161,505 and incurred equity issuance costs of $1,460,361, resulting in net proceeds of $4,701,144. The investor Warrants and placement agent warrants were determined to be equity-classified.</span> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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;">Conversion of Exchange Notes and 2024 Notes</span></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;">At the Initial Closing of the Offering, $1,500,000 aggregate principal amount of Private Adaptin’s exchange notes, which were issued by Private Adaptin in December 2024 to the holders of 10% secured promissory notes issued to investors in 2023 (the “Exchange Notes”), and Private Adaptin’s 10% secured subordinated convertible promissory notes issued to investors in 2024 (the “2024 Notes”), plus accrued interest thereon, automatically converted into shares of the Company’s common stock at a conversion price of $3.30 per share, or 501,140 shares of common stock (the “Note Conversion Shares”), and the holders of the Exchange Notes were issued, pursuant to existing agreements, warrants to purchase up to 132,570 shares of the Company’s common stock at an exercise price of either $3.30 or $4.40 per share and with a term of five years. These transactions were accounted for as debt extinguishments and, as a result, the Company derecognized the net carrying value of the debt of $2,007,510 (which included principal of $1,500,000, accrued interest of $153,811, debt discount and debt issuance costs of $197,570 and derivative liabilities of $551,269) and recorded the reacquisition price of $1,681,165 (which included common stock and equity-classified warrants with a fair value of $1,433,259 and $247,906, respectively), such that the Company recognized a gain on extinguishment of $326,345.</span> </p> 3249999 3250000 1750000 2,159.47-for-1 279746 1080814 4755582 4.4 1 1 4.4 P1Y 6.6 P5Y 319528 1405923 1400342 2100513 350086 6161505 1460361 4701144 1500000 0.10 0.10 3.3 501140 132570 3.3 4.4 2007510 1500000 153811 197570 551269 1681165 1433259 247906 326345 <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;">5. COMMON STOCK</span></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;">See Note 4 for details associated with the issuance of the Company’s common stock and warrants, as well as details associated with the reverse recapitalization in connection with the Merger. </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;"><span style="font-weight: bold;">Follow-on Offering</span> </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;"> The Company initiated a private placement offering (the “Follow-on Offering”) on October 29, 2025 that was scheduled to continue until the later of (i) January 31, 2026, unless extended by the Company and the placement agent; (ii) the date on which the maximum offering amount of approximately $4.0 million (the “Maximum Offering”) was sold by the Company; or (iii) on a date mutually agreed upon in writing by the Company and the placement agent (the “Offering Period”). On December 30, 2025, the Company and the placement agent agreed to extend the Offering Period to February 27, 2026; on February 28, 2026 the Offering Period was extended until March 31, 2026; on March 31, 2026 the Offering Period was extended until April 30, 2026; and, on April 30, 2026, the Offering Period was extended until June 30, 2026. </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;">On February 12, 2026, the Company completed a secondary closing under its Follow-on Offering (the “February 2026 Closing”) and issued 59,400 shares of common stock at $5.00 per share for aggregate proceeds of $297,000. As of that date, the Company recorded proceeds of $261,360, net of costs of the transaction of $35,640 that had been incurred as of that date.</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;">The February 2026 Closing triggered the anti-dilution provision for the B Warrants and accordingly, the number of B Warrants increased by 748 Warrants to a total of 703,582 and the exercise price decreased to $6.568 per share from $6.575 per share.</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;">On March 12, 2026, the Company completed a third closing under its Follow-on Offering (the “March 2026 Closing”) and issued 71,000 shares of common stock at $5.00 per share for aggregate proceeds of $355,000. As of that date, the Company recorded proceeds of $253,165, net of costs of the transaction of $101,835 that had been incurred. </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;">The March 2026 Closing triggered the anti-dilution provision for the B Warrants and accordingly, the number of B Warrants increased by 968 Warrants to a total of 704,550 and the exercise price decreased to $6.559 per share from $6.568 per share. </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;"> On June 9, 2026, the Company completed a fourth closing under its Follow-on Offering (the “June 2026 Closing”) and issued 52,000 shares of common stock at $5.00 per share for aggregate proceeds of $260,000. As of that date, the Company recorded proceeds of $202,621, net of costs of the transaction of $57,379 that had been incurred as of that date. </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;">The June 2026 Closing triggered the anti-dilution provision for the B Warrants and accordingly, the number of B Warrants increased by 643 Warrants to a total of 705,193 and the exercise price decreased to $6.553 per share from $6.559 per share. </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;"> In conjunction with the closings of the Follow-on Offering, the Company issued warrants for the purchase of an aggregate of 38,240 shares of the Company’s common stock to its placement agent in conjunction with the transaction (see Note 9). </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;"><span style="font-weight: bold;">A Warrant Expiration Date </span></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;">On March 31, 2026, the anniversary of the final closing of the Offering, the Company had not yet been approved for its ticker symbol allowing it to register and trade on the OTC market. As such, in accordance with the terms of the A Warrant (see Note 4), the expiration date of these Warrants was extended by six months from March 31, 2026 until September 30, 2026. In April 2026, the Company was admitted to the OTCQB market and obtained its ticker symbol, OTCQB: APTN.</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;"><span style="font-weight: bold;">Common Stock Issuance</span></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;">On May 15, 2026, in connection with the renewal of a vendor contract, the Company issued 50,000 shares of its common stock with an aggregate grant date fair value of $250,000. Similarly, on April 2, 2025, in connection with the execution of the contract, the Company issued 54,348 shares of its common stock with an aggregate grant date fair value of $250,000. In each instance, the shares are fully vested and nonforfeitable as of the grant date under the terms of the contract and the vendor does not have any further obligation to deliver goods or provide services in the future to retain the shares. Accordingly, the Company expensed the full value of the shares issued in 2026 and 2025 within general and administrative expenses in the condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025. The Company also recorded both share issuances in stockholders’ deficit in the condensed consolidated balance sheet as of June 30, 2026 and as of December 31, 2025.</span> </p> 4000000 59400 5 297000 261360 35640 748 703582 6.568 6.575 71000 5 355000 253165 101835 968 704550 6.559 6.568 52000 5 260000 202621 57379 643 705193 6.553 6.559 38240 2026-09-30 50000 250000 54348 250000 <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;">6. PREPAID EXPENSES AND OTHER CURRENT ASSETS</span></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;"> </span></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;">Prepaid expenses and other current assets comprise the following as of June 30, 2026 and December 31, 2025:</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;">Prepaid insurance</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">290,004</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">132,507</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Deferred research and development expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_392278473;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,060</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Professional services retainers</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,418</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Prepaid - other</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">17,960</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">5,000</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">310,964</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;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">159,985</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Prepaid expenses and other current assets comprise the following as of June 30, 2026 and December 31, 2025:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, <br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">December 31,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Prepaid insurance</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">290,004</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">132,507</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Deferred research and development expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_392278473;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,060</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Professional services retainers</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,418</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Prepaid - other</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">17,960</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">5,000</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">310,964</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;">159,985</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> 290004 132507 9060 3000 13418 17960 5000 310964 159985 <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;">7. ACCRUED EXPENSES</span></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;"> </span></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;">Accrued expenses comprise the following as of June 30, 2026 and December 31, 2025:</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><span style="font-weight: bold;"> </span></td> <td><span style="font-weight: bold;"> </span></td> <td colspan="2" style="text-align: center;"><span style="font-weight: bold;">June 30,</span></td> <td><span style="font-weight: bold;"> </span></td> <td><span style="font-weight: bold;"> </span></td> <td colspan="2" style="text-align: center;"><span style="font-weight: bold;">December 31,</span></td> <td><span style="font-weight: bold;"> </span></td> </tr><tr style="vertical-align: bottom;"><td><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 1.5pt;"><span style="font-weight: bold;"> </span></td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid;"><span style="font-weight: bold;">2026</span></td> <td style="padding-bottom: 1.5pt;"><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 1.5pt;"><span style="font-weight: bold;"> </span></td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid;"><span style="font-weight: bold;">2025</span></td> <td style="padding-bottom: 1.5pt;"><span style="font-weight: bold;"> </span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Accrued research and development</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">251,621</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;">424,595</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued professional fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,800</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_698468607;">-</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 consulting fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,900</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">51,995</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued compensation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">446,740</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">54,325</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 directors’ fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">78,750</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26,250</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued royalties</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1617466978;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">25,000</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 legal fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,253</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,500</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;">Accrued franchise taxes</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;">525</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;">800</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;"> </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;">810,589</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;">596,465</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;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Accrued expenses comprise the following as of June 30, 2026 and December 31, 2025:</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><span style="font-weight: bold;"> </span></td> <td><span style="font-weight: bold;"> </span></td> <td colspan="2" style="text-align: center;"><span style="font-weight: bold;">June 30,</span></td> <td><span style="font-weight: bold;"> </span></td> <td><span style="font-weight: bold;"> </span></td> <td colspan="2" style="text-align: center;"><span style="font-weight: bold;">December 31,</span></td> <td><span style="font-weight: bold;"> </span></td> </tr><tr style="vertical-align: bottom;"><td><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 1.5pt;"><span style="font-weight: bold;"> </span></td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid;"><span style="font-weight: bold;">2026</span></td> <td style="padding-bottom: 1.5pt;"><span style="font-weight: bold;"> </span></td> <td style="padding-bottom: 1.5pt;"><span style="font-weight: bold;"> </span></td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid;"><span style="font-weight: bold;">2025</span></td> <td style="padding-bottom: 1.5pt;"><span style="font-weight: bold;"> </span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Accrued research and development</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">251,621</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;">424,595</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued professional fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,800</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_698468607;">-</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 consulting fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,900</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">51,995</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued compensation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">446,740</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">54,325</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 directors’ fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">78,750</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26,250</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued royalties</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1617466978;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">25,000</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 legal fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,253</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,500</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;">Accrued franchise taxes</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;">525</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;">800</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;"> </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;">810,589</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;">596,465</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> 251621 424595 8800 12900 51995 446740 54325 78750 26250 25000 11253 13500 525 800 810589 596465 <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;">8. FINANCING LIABILITY</span></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;"> </span></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;">In January 2026, the Company entered into an insurance premium financing agreement for $333,105, with a term of 10 months and an annual interest rate of 8.75%. The Company made a down payment of $66,621 and is required to make monthly principal and interest payments of $27,729 over the term of the agreement, which matures in December 2026. As of June 30, 2026, related prepaid insurance of $206,340 is included in prepaid expenses and the remaining financing liability of $162,208 is reflected as financing liability on the accompanying condensed consolidated balance sheet. The Company paid $4,696 and $6,639 of interest expense related to this financing liability for the three and six months ended June 30, 2026, respectively.</span> </p> 333105 P10M 0.0875 66621 27729 206340 162208 4696 6639 <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;">9. STOCKHOLDERS’ DEFICIT</span></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;">See Note 4 - Reverse Recapitalization for details associated with the issuance of common stock and warrants issued in conjunction with the merger, as well as details associated with the reverse recapitalization in connection with the Merger.</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;"><span style="font-weight: bold;">2025 Equity Incentive Plan</span></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;">The number of shares reserved for issuance under the Company’s 2025 Equity Incentive Plan (the “2025 Plan”) will increase, subject to approval from the Board of Directors, on January 1 of each of 2026 through 2035 by the number of shares equal to the lesser of 4% of the total number of outstanding shares of the Company’s common stock as of December 31 (calculated on a fully diluted and as-converted basis), or a number as may be determined by the Board of Directors. As of June 30, 2026, the Board of Directors had not taken any action to increase the number of shares reserved under the plan.</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;">As of June 30, 2026, up to 1,938,468 shares of common stock are reserved under the 2025 Plan and options have been approved and issued for the purchase of 1,532,929 shares of common stock (see Note 11). </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;"><span style="font-weight: bold;">Warrants</span></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;">See Note 4 for details associated with the issuance of warrants in conjunction with the merger, including their term and how they are accounted for.</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;">The Company estimated the fair value of the warrants granted during the three and six months ended June 30, 2026 and 2025 using the Black-Scholes valuation model with the following assumptions:</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;"> </td> <td colspan="3" style="font-weight: bold; text-align: center;">Three Months Ended</td> <td style="font-weight: bold;"> </td> <td colspan="3" style="font-weight: bold; text-align: center;">Six Months Ended</td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,</td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left;">Risk-free interest rate</td> <td> </td> <td style="text-align: center;">4.16%-4.26%</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_1100158499;">N/A</span></td> <td> </td> <td style="text-align: center;">3.58%-4.26%</td> <td> </td> <td style="text-align: center;">4.25%-4.37%</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left;">Expected term (years)</td> <td> </td> <td style="text-align: center;">3.68-5.00</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_643296955;">N/A</span></td> <td> </td> <td style="text-align: center;">3.68-5.00</td> <td> </td> <td style="text-align: center;">1.50-7.00</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: center;">81.5%-84.2%</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_1208106551;">N/A</span></td> <td> </td> <td style="text-align: center;">80.5%-84.2%</td> <td> </td> <td style="text-align: center;">86.0%-98.0%</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="width: 52%; text-align: left;">Expected dividends</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">0%</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;"><span style="-sec-ix-hidden:fc_1806454984;">N/A</span></td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">0%</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">0%</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;">Warrant Exercises</span></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;"> During the three and six months ended June 30, 2026, warrant holders elected to exercise certain of their warrants. Upon receipt of the Notice of Exercise and the applicable funds by the Company, instructions are issued to the transfer agent to issue the underlying shares of $0.0001 par value common stock. During the three and six months ended June 30, 2026, the Company received funds of $726,227 and issued 165,050 shares of common stock related to the exercise of certain A Warrants. As of June 30, 2026, the Company had recorded proceeds from warrant exercises of $669,106, net of expenses of the transactions of $57,121 that had been incurred as of that date. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The following table presents information related to warrants as of June 30, 2026:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-weight: bold; border-bottom: Black 1.5pt solid;">Class of Warrants</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Quantity</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Exercise Price</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Expiration Date</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 60%; text-align: left;">Investor A</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 11%; text-align: right;">915,764</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 11%; text-align: right;">4.40</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">9/30/2026</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Investor B</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">544,283</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1462120325;">6.55</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">2/11/2030</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Placement Agent</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">270,204</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.40</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">2/11/2032</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Investor A</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">319,528</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1040354290;">4.40</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">9/30/2026</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Investor B</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">160,910</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_928038468;">6.55</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">3/31/2030</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Placement Agent</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">79,882</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_873648734;">4.40</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">3/30/2032</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Original</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">56,815</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_973526576;">4.40</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">2/11/2030</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Exchange</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">75,755</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.30</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">2/11/2030</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Placement Agent</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">38,240</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">5.00</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; padding-bottom: 1.5pt;">6/9/2031</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 2.5pt;">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;">2,461,381</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </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;"> In conjunction with the closings of the Follow-on Offering (see Note 5), the Company issued 18,240 placement agent warrants for the February, March and June 2026 closings in addition to the 20,000 placement agent warrants issued related to the December 2025 closing. The placement agent warrants have an exercise price of $5.00 per share, expire in five (5) years from the date of issuance and are equity classified. The placement agent warrants issued during the three and six months ended June 30, 2026 had a fair value of approximately $17,940 and $62,075, respectively. </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;">The closings of the Follow-on Offering also triggered the anti-dilution provision for the B Warrants (see Note 5) and accordingly, as of June 30, 2026, the number of B Warrants increased to an aggregate total of 705,193 with an exercise price of $6.553 per share. </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;"> As of June 30, 2026, there were outstanding warrants to purchase an aggregate of 2,461,381 shares of common stock at a weighted average exercise price of $4.99 per share. The warrants had a weighted average remaining contractual term of 2.25 years as of June 30, 2026. </p> 0.04 1938468 1532929 <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 estimated the fair value of the warrants granted during the three and six months ended June 30, 2026 and 2025 using the Black-Scholes valuation model with the following assumptions:</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;"> </td> <td colspan="3" style="font-weight: bold; text-align: center;">Three Months Ended</td> <td style="font-weight: bold;"> </td> <td colspan="3" style="font-weight: bold; text-align: center;">Six Months Ended</td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,</td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left;">Risk-free interest rate</td> <td> </td> <td style="text-align: center;">4.16%-4.26%</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_1100158499;">N/A</span></td> <td> </td> <td style="text-align: center;">3.58%-4.26%</td> <td> </td> <td style="text-align: center;">4.25%-4.37%</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left;">Expected term (years)</td> <td> </td> <td style="text-align: center;">3.68-5.00</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_643296955;">N/A</span></td> <td> </td> <td style="text-align: center;">3.68-5.00</td> <td> </td> <td style="text-align: center;">1.50-7.00</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: center;">81.5%-84.2%</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_1208106551;">N/A</span></td> <td> </td> <td style="text-align: center;">80.5%-84.2%</td> <td> </td> <td style="text-align: center;">86.0%-98.0%</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="width: 52%; text-align: left;">Expected dividends</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">0%</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;"><span style="-sec-ix-hidden:fc_1806454984;">N/A</span></td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">0%</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">0%</td> </tr></tbody> </table> 0.0416 0.0426 0.0358 0.0426 0.0425 0.0437 P3Y8M4D P5Y P3Y8M4D P5Y P1Y6M P7Y 0.815 0.842 0.805 0.842 0.86 0.98 0 0 0 0.0001 726227 726227 165050 165050 669106 57121 <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 following table presents information related to warrants as of June 30, 2026:</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 style="font-weight: bold; border-bottom: Black 1.5pt solid;">Class of Warrants</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;">Quantity</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;">Exercise Price</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Expiration Date</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 60%; text-align: left;">Investor A</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 11%; text-align: right;">915,764</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: 11%; text-align: right;">4.40</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">9/30/2026</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Investor B</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">544,283</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1462120325;">6.55</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">2/11/2030</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Placement Agent</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">270,204</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.40</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">2/11/2032</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Investor A</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">319,528</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1040354290;">4.40</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">9/30/2026</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Investor B</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">160,910</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_928038468;">6.55</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">3/31/2030</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Placement Agent</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">79,882</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_873648734;">4.40</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">3/30/2032</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Original</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">56,815</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_973526576;">4.40</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">2/11/2030</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Exchange</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">75,755</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.30</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;">2/11/2030</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Placement Agent</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">38,240</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;">$</td> <td style="padding-bottom: 1.5pt; text-align: right;">5.00</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; padding-bottom: 1.5pt;">6/9/2031</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 2.5pt;">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;">2,461,381</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </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;"> In conjunction with the closings of the Follow-on Offering (see Note 5), the Company issued 18,240 placement agent warrants for the February, March and June 2026 closings in addition to the 20,000 placement agent warrants issued related to the December 2025 closing. The placement agent warrants have an exercise price of $5.00 per share, expire in five (5) years from the date of issuance and are equity classified. The placement agent warrants issued during the three and six months ended June 30, 2026 had a fair value of approximately $17,940 and $62,075, respectively. </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;">The closings of the Follow-on Offering also triggered the anti-dilution provision for the B Warrants (see Note 5) and accordingly, as of June 30, 2026, the number of B Warrants increased to an aggregate total of 705,193 with an exercise price of $6.553 per share. </span> </p> 915764 4.4 2026-09-30 544283 2030-02-11 270204 4.4 2032-02-11 319528 2026-09-30 160910 2030-03-31 79882 2032-03-30 56815 2030-02-11 75755 3.3 2030-02-11 38240 5 2031-06-09 2461381 18240 20000 5 P5Y 17940 62075 705193 6.553 2461381 4.99 P2Y3M <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;">10. RELATED PARTY TRANSACTION</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="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"> In conjunction with the March 2026 Closing of the Follow-on Offering (see Note 5), Lucius Partners Opportunity Fund, an affiliate of Lucius Partners, purchased 40,000 shares of common stock at $5.00 per share for an aggregate investment of $200,000. </p> 40000 5 200000 <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;">11. STOCK-BASED COMPENSATION </span></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;"><span style="font-weight: bold;">2026 Grant</span></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;"> </span></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;">In March 2026, the Company issued options to a third-party consultant to purchase an aggregate of 50,000 shares of the Company’s common stock, with an exercise price of $5.00 per share and an aggregate grant date fair value of $169,200 (the “2026 Consultant Grant”), all of which vested immediately upon the grant date. As such, the entire grant date fair value was expensed to general and administrative expense on the date of grant.</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;"><span style="font-weight: bold;">2025 Grant</span></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;"> In September 2025, the Company approved options to a consultant to purchase an aggregate of 219,693 shares of the Company’s common stock, with an exercise price of $4.40 per share and an aggregate grant date fair value of $336,500 (the “2025 Consultant Grant”). On April 6, 2026, the Company and the Consultant executed an amendment to the notice of stock option grant dated September 8, 2025, which removed both performance-based vesting conditions and replaced them with a single service-based condition. Under the amended terms, 109,846 options now vest in equal monthly installments over 48 months beginning on the last day of April 2026, subject to the Consultant’s continued service. The modification date was April 6, 2026 and the incremental compensation cost resulting from the modification was $401,712, which will be recognized on a straight-line basis over the vesting period. No compensation cost had previously been recognized for these options. Terms related to the other 109,847 options were not modified and therefore those options continue to be accounted for according to the original terms. </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;">A summary of stock option activity during the three and six months ended June 30, 2026, is 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> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Weighted</td> <td style="font-weight: bold;"> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Weighted</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Average</td> <td style="font-weight: bold;"> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Average</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Remaining</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Aggregate</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Number of</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Exercise</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Life</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Intrinsic</td> <td style="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;">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;">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;">In 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;">Value</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%;">Outstanding, January 1, 2026</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,428,006</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;">4.40</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;"> </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;"> </td> <td style="width: 1%; 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;">104,923</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.69</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_1753566415;">-</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_1774244166;">-</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: White;"> <td>Expired</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_2123386865;">-</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_868345131;">-</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;">Forfeited</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_1245996254;">-</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_584070244;">-</span></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;"> </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;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 2.5pt;">Outstanding as of June 30, 2026</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;">1,532,929</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;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">4.42</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">9.2</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">889,758</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 2.5pt;">Exercisable as of June 30, 2026</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;">464,480</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;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">4.46</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">9.3</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">248,688</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;"><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;">The Company estimated the fair value of the stock options granted using the Black-Scholes valuation model with the following assumptions:</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;"> </td> <td colspan="3" style="font-weight: bold; text-align: center;">For the Three Months Ended</td> <td style="font-weight: bold;"> </td> <td colspan="3" style="font-weight: bold; text-align: center;">For the Six Months Ended</td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,</td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">4.05%</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;"><span style="-sec-ix-hidden:fc_1363486945;">N/A</span></td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">3.94%-4.05%</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;"><span style="-sec-ix-hidden:fc_325635262;">N/A</span></td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected term (years)</td> <td> </td> <td style="text-align: center;">5.73</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_537084496;"> N/A</span></td> <td> </td> <td style="text-align: center;">5.00-5.73</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_225540590;"> N/A</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: center;">0.00%</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_754137624;">N/A</span></td> <td> </td> <td style="text-align: center;">0.00%-0.00%</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_2120741174;">N/A</span></td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected dividends</td> <td> </td> <td style="text-align: center;">0%</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_919097300;">N/A</span></td> <td> </td> <td style="text-align: center;">0%</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_1853678004;">N/A</span></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;">The Company recognized stock-based compensation expense related to stock options of $193,806 for the three months ended June 30, 2026, of which $56,339 was included within research and development expense and $137,467 was included within general and administrative expense on the condensed consolidated statements of operations. The Company recognized stock-based compensation expense related to stock options of $539,202 for the six months ended June 30, 2026, of which $95,068 was included within research and development expense and $444,134, including $169,200 for the 2026 Grant, was included within general and administrative expense on the condensed consolidated statements of operations. The Company did not recognize stock-based compensation expense during the three and six months ended June 30, 2025.</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;">As of June 30, 2026, there was $2,294,933 of unrecognized stock-based compensation expense that will be recognized over the weighted average remaining vesting period of 3.19 years. The options granted during the three and six months ended June 30, 2026 have a weighted average grant date fair value per share of $3.66 and $3.53, respectively.</span> </p> 50000 5 169200 219693 4.4 336500 109846 P48M 401712 109847 <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;">A summary of stock option activity during the three and six months ended June 30, 2026, is 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> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Weighted</td> <td style="font-weight: bold;"> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Weighted</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Average</td> <td style="font-weight: bold;"> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Average</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Remaining</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Aggregate</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Number of</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Exercise</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Life</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Intrinsic</td> <td style="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;">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;">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;">In 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;">Value</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%;">Outstanding, January 1, 2026</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,428,006</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;">4.40</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;"> </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;"> </td> <td style="width: 1%; 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;">104,923</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.69</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_1753566415;">-</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_1774244166;">-</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: White;"> <td>Expired</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_2123386865;">-</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_868345131;">-</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;">Forfeited</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_1245996254;">-</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_584070244;">-</span></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;"> </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;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 2.5pt;">Outstanding as of June 30, 2026</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;">1,532,929</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;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">4.42</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">9.2</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">889,758</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 2.5pt;">Exercisable as of June 30, 2026</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;">464,480</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;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">4.46</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">9.3</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">248,688</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> 1428006 4.4 104923 4.69 1532929 4.42 P9Y2M12D 889758 464480 4.46 P9Y3M18D 248688 <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 estimated the fair value of the stock options granted using the Black-Scholes valuation model with the following assumptions:</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;"> </td> <td colspan="3" style="font-weight: bold; text-align: center;">For the Three Months Ended</td> <td style="font-weight: bold;"> </td> <td colspan="3" style="font-weight: bold; text-align: center;">For the Six Months Ended</td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30,</td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">4.05%</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;"><span style="-sec-ix-hidden:fc_1363486945;">N/A</span></td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">3.94%-4.05%</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;"><span style="-sec-ix-hidden:fc_325635262;">N/A</span></td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected term (years)</td> <td> </td> <td style="text-align: center;">5.73</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_537084496;"> N/A</span></td> <td> </td> <td style="text-align: center;">5.00-5.73</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_225540590;"> N/A</span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: center;">0.00%</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_754137624;">N/A</span></td> <td> </td> <td style="text-align: center;">0.00%-0.00%</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_2120741174;">N/A</span></td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected dividends</td> <td> </td> <td style="text-align: center;">0%</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_919097300;">N/A</span></td> <td> </td> <td style="text-align: center;">0%</td> <td> </td> <td style="text-align: center;"><span style="-sec-ix-hidden:fc_1853678004;">N/A</span></td> </tr></tbody></table> 0.0405 0.0394 0.0405 P5Y8M23D P5Y P5Y8M23D 0 0 0 0 0 193806 56339 137467 539202 95068 444134 169200 2294933 P3Y2M8D 3.66 3.53 <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; text-transform: uppercase;"><span style="font-weight: bold;">12. commitments and contingencies</span></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;"> </span></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;">Litigation</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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;">While there is currently no ongoing litigation, the Company may, from time to time, be involved in various legal matters that arise in the ordinary course of business. Should matters arise, management will then make a determination as to the ultimate disposition of these matters and measure if it could have a material adverse effect on the Company’s financial position, results of operations or liquidity.</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;"><span style="font-weight: bold;">License Agreement</span></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;">In January 2023, the Company entered into a patent license agreement with Duke University and the National Cancer Institute, under the agency of the U.S. Department of Health and Human Services (the “Duke License”) for an exclusive, worldwide, sub-licensable license to certain technology. The Duke License was amended in August 2024 to include improvements within the definitions of patent rights and technical information.</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;"> As a component of the Duke License, the Company agreed to make payments based on clinical and commercial milestones and continuing royalty payments on any sales made after approval by regulatory authorities. As of June 30, 2026, the Company has <span style="-sec-ix-hidden:fc_1952408463;">not</span> met any milestones as defined in the agreement and, accordingly, has recorded <span style="-sec-ix-hidden:fc_838031910;">no</span> expense or liability related to such payments. The Company also agreed to pay royalties equal to low- to mid- single digit percentages of annual net sales on a country-by-country and product-by-product basis, with minimum annual royalty levels established beginning in 2025. Based on the minimum annual royalty levels established in the Duke License, the Company recorded a liability of $25,000 for minimum royalties due under the agreement as of December 31, 2025. Additional minimum annual royalty fees will also apply to the year ending December 31, 2026 and subsequent years under the terms of the Duke License. </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;"><span style="font-weight: bold;">Executive Compensation</span></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;">On February 5, 2025, each of the Company’s Executives agreed to forever waive and discharge any obligation on the part of the Company to pay the consulting fees incurred and unpaid prior to consummation of the Merger. In the aggregate, the amount of consulting fees that were unpaid and waived totaled $345,900. As such, as of June 30, 2026 and December 31, 2025, the Company had <span style="-sec-ix-hidden:fc_2013813760;"><span style="-sec-ix-hidden:fc_51883767;">no</span></span> amounts included in accounts payable related to the consulting fee liability. Given that the liability was forgiven by members of management of the Company who were deemed to be related parties, the transaction was accounted for as a contribution of capital and, as a result, the Company recognized additional paid-in capital of $345,900 during the six months ended June 30, 2025 in connection with the debt forgiveness.</span> </p> 25000 345900 345900 <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;">13. SUBSEQUENT EVENTS</span></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;"><span style="font-weight: bold;">Warrant Exercises</span></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;"> Subsequent to June 30, 2026, additional warrant holders elected to exercise certain of their warrants. Through August 12, 2026, the Company received funds of $739,964 and issued 168,173 shares of common stock related to the exercise of certain A Warrants. The Company also received funds of $39,999 and issued 12,121 shares related to the exercise of certain Exchange Warrants. </p> 739964 168173 39999 12121 false false false false Includes aggregate gross proceeds of $652,000, less issuance costs of $137,475. Includes gross proceeds of $260,000, less issuance costs of $57,379. Includes gross proceeds of $726,227, less issuance costs of $57,121. The number of shares and per share value of the Company’s common stock have been retroactively recast to reflect the exchange ratio pursuant to the Merger (see Note 4). Includes gross proceeds of $6,161,505, less issuance costs of $1,460,361.