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(we, our, or us) is a medical diagnostic company headquartered in Red Bank, New Jersey, that was previously focused on the development of drug therapy for treatment of chronic liver diseases. Our cyclophilin inhibitor, rencofilstat (formerly CRV431), was being developed to offer benefits to address multiple complex pathologies related to the progression of liver disease.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 25, 2026, we entered into an intellectual property license agreement with Cirna Diagnostics, LLC (“<b>Cirna</b>”) pursuant to which we licensed certain liver disease diagnostic assets from Cirna. We paid an upfront payment of $<span id="xdx_90A_eus-gaap--PaymentsToAcquireIntangibleAssets_c20260101__20260630__dei--LegalEntityAxis__custom--CirnaDiagnosticsLLCMember_ze16wpR36nUf" title="Payments to acquire intangible assets">70,000</span> during the six months ended June 30, 2026 and will pay up to $<span id="xdx_908_ecustom--PatentExpensesAmount_c20260101__20260630__dei--LegalEntityAxis__custom--CirnaDiagnosticsLLCMember__srt--RangeAxis__srt--MaximumMember_z5yRYqIZ3u7e" title="Patent expenses">2,350,000</span> in milestone payments, up to $<span id="xdx_90F_ecustom--SalesMilestonePayments_c20260101__20260630__dei--LegalEntityAxis__custom--CirnaDiagnosticsLLCMember__srt--RangeAxis__srt--MaximumMember_zoeza6Diex9f" title="Sales milestone payments">4,500,000</span> in sales milestone payments and a royalty payment on net sales in the low single digits. We accounted for this transaction as an asset acquisition. The total consideration of $<span id="xdx_903_eus-gaap--PaymentsToAcquireInProcessResearchAndDevelopment_c20260101__20260630__dei--LegalEntityAxis__custom--CirnaDiagnosticsLLCMember_z6IaXB10N1n5" title="Payments to acquire in process research and development">70,000</span> was allocated to purchased in-process research and development, and it was expensed upon the completion of the transaction. We did not recognize any contingent consideration (milestone payments) given the low probability of meeting those targets. Royalties will be recognized when earned.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 70000 2350000 4500000 70000 <p id="xdx_806_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_z1DvzYKZL2n1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. <span id="xdx_82B_zJb7NsGxCxH2">Basis of Presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of Presentation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These unaudited condensed consolidated financial statements have been prepared following the requirements of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, necessary to present fairly our interim financial information. The consolidated balance sheet as of December 31, 2025, was derived from the audited annual consolidated financial statements but does not include all disclosures required by U.S. GAAP. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2025, contained in our Annual Report on Form 10-K filed with the SEC on March 12, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Principles of Consolidation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying condensed consolidated financial statements include our accounts and the accounts of our subsidiaries, Contravir Research Inc. and Hepion Research Corp, which conduct their operations in Canada (all subsidiaries are currently dormant). All intercompany balances and transactions have been eliminated in consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going Concern</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, we had $<span id="xdx_901_eus-gaap--Cash_iI_pn5n6_c20260630_zatYCkRcH6oh" title="Cash">1.6</span> million in cash, an accumulated deficit of $<span id="xdx_901_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20260630_znYvlBHB9UTi" title="Accumulated deficit">248.2</span> million, and working capital of $<span id="xdx_90C_ecustom--WorkingCapital_iI_pn5n6_c20260630_z6GYgZQjQ032" title="Working capital">1.4</span> million. For the six months ended June 30, 2026, cash used in operating activities was $<span id="xdx_909_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn5n6_di_c20260101__20260630_zekMJzdJDxGf" title="Cash used in operating activities">0.8</span> million. We have not generated revenue to date and have incurred substantial losses and negative cash flows from operations since our inception. We have historically funded our operations through the issuance of convertible preferred stock, warrants, the issuance and sale of shares of our common stock, including shares sold through at-the market offerings. Our ability to continue operations after our current cash resources are exhausted depends on future events outside of our control, including our ability to obtain additional financing or to achieve profitable operations, as to which no assurances can be given. If adequate additional funds are not available when required, management may need to curtail planned operations to conserve cash until sufficient additional capital can be raised. There can be no assurances that such a plan would be successful.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: center"><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; text-align: center"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HEPION PHARMACEUTICALS, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These condensed consolidated financial statements have been prepared under the assumption that we will continue as a going concern. Due to our recurring and expected continuing losses from operations, we have concluded there is substantial doubt in our ability to continue as a going concern within one year of the issuance of these condensed consolidated financial statements without additional capital becoming available to us. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We cannot be certain that additional funding will be available on acceptable terms, or at all. To the extent that we raise additional funds by issuing equity securities, our stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact our ability to conduct business. If we are unable to raise additional capital when required or on acceptable terms, we may have to (i) seek collaborators for our product candidates on terms that are less favorable than might otherwise be available; or (ii) relinquish or otherwise dispose of rights to technologies, product candidates or products that we would otherwise seek to develop or commercialize on unfavorable terms.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 21, 2026, we entered into securities purchase agreements (the “Agreements”) with certain accredited investors (the “Investors”) pursuant to which the Company agreed to sell and issue to the Investors in a private placement offering (the “April 2026 Offering”), an aggregate of <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260421__20260421__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z0GT24otIHt1" title="Aggregate offering of shares">17,500,000</span> shares of common stock, par value $<span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20260421__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zSMFOlS2nWcl" title="Common stock par value">0.0001</span> per share at an offering price of $<span id="xdx_904_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260421__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zg6gVnhJcAuh" title="Offering price per share">0.04</span> per share for gross proceeds of $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20260421__20260421__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z7a9jgfAECEl" title="Gross proceeds">700,000</span>. The Offering closed on April 21, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 31, 2026, we entered into securities purchase agreements with certain accredited investors pursuant to which the Company agreed to sell and issue <span id="xdx_906_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260731__20260731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrajbgvYogrh" title="Aggregate offering of shares">61,100,000</span> shares of common stock, par value $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20260731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zStEijZLHDL3" title="Common stock par value">0.0001</span> per share, and warrants to purchase <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260731__20260731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zYeLWaTppX07" title="Aggregate offering of shares">61,100,000</span> shares of common stock, in a private placement offering (the “July 2026 Offering”), at an offering price of $<span id="xdx_900_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zoRXCcXRauQe" title="Offering price per share">0.05</span> for gross proceeds of approximately $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pn5n6_c20260731__20260731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zkJl0dABMrag" title="Gross proceeds">3.1</span> million. The warrants are exercisable at an exercise price of $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_ztRbIQBaRSG4" title="Warrants price per share">0.06</span> per share for five years from the date of issuance. The July 2026 Offering closed on August 3, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1600000 -248200000 1400000 -800000 17500000 0.0001 0.04 700000 61100000 0.0001 61100000 0.05 3100000 0.06 <p id="xdx_802_eus-gaap--SignificantAccountingPoliciesTextBlock_zrmiPtZbukQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. <span id="xdx_823_zab8DuTWlRmd">Summary of Significant Accounting Policies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--UseOfEstimates_zhYrqO0bAU02" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_z7nzoklYIYI5">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of condensed consolidated 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 amounts of expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2025, included in our Annual Report on Form 10-K. Since the date of such consolidated financial statements, there have been no changes to our significant accounting policies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zam4uULVFtkd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_z8aex7sR6T47">Recent Accounting Pronouncements</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are no recent accounting pronouncements that will have a material effect on our condensed consolidated financial statements for the three and six months ended June 30, 2026.</span></p> <p id="xdx_853_zR1Qh0r2NKr7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: center"><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; text-align: center"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HEPION PHARMACEUTICALS, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--UseOfEstimates_zhYrqO0bAU02" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_z7nzoklYIYI5">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of condensed consolidated 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 amounts of expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2025, included in our Annual Report on Form 10-K. Since the date of such consolidated financial statements, there have been no changes to our significant accounting policies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zam4uULVFtkd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_z8aex7sR6T47">Recent Accounting Pronouncements</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are no recent accounting pronouncements that will have a material effect on our condensed consolidated financial statements for the three and six months ended June 30, 2026.</span></p> <p id="xdx_80F_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zKAw15p7cif9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4. <span id="xdx_820_zQNwzGtka7Bl">Stockholders’ Equity</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 21, 2026, the Company entered into securities purchase agreements (the “Agreements”) with certain accredited investors (the “Investors”) pursuant to which the Company agreed to sell and issue to the Investors in a private placement offering (the “Offering”), an aggregate of <span id="xdx_90D_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260421__20260421__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z2lS7DkZyxN" title="Aggregate offering of shares">17,500,000</span> shares of common stock, par value $<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20260421__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember_z11iJfSmXmlj" title="Common stock, par value">0.0001</span> per share (the “Common Stock”) at an offering price of $<span id="xdx_90A_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260421__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zi10Y6rSpMh2" title="Offering price per share">0.04</span> per share for gross proceeds of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20260421__20260421__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zcAgBj25xWv3" title="Gross proceeds">700,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Series A Convertible Preferred Stock</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each share of the Series A is convertible at the option of the holder into the number of shares of common stock determined by dividing the stated value of such share by the conversion price that is subject to adjustment. As of June 30, 2026, there were <span id="xdx_904_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_z3wJZGTd7mh7" title="Convertible preferred stock, shares outstanding">85,581</span> shares outstanding. During the three and six months ended June 30, 2026 and 2025, <span id="xdx_900_eus-gaap--ConversionOfStockSharesConverted1_do_c20260401__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zKLqf4oYCDPi"><span id="xdx_90C_eus-gaap--ConversionOfStockSharesConverted1_do_c20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_z7uQHro8rYYc" title="Conversion of shares"><span id="xdx_905_eus-gaap--ConversionOfStockSharesConverted1_do_c20250401__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zNUgV3LU6KC2" title="Conversion of shares"><span id="xdx_90C_eus-gaap--ConversionOfStockSharesConverted1_do_c20250101__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zUoA0vCFMTx4" title="Conversion of shares">no</span></span></span></span> shares of the Series A were converted. If we sell common stock or equivalents at an effective price per share that is lower than the conversion price, the conversion price may be reduced to the lower conversion price. The Series A will be automatically convertible into common stock in the event of a fundamental transaction as defined in the offering agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Series C Convertible Preferred Stock Issuance</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, there were <span id="xdx_90B_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zG6TM15QHkH9">1,688</span> shares outstanding. There were <span id="xdx_90A_eus-gaap--ConversionOfStockSharesConverted1_pid_c20260401__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zAY2a7xGHG2c"><span id="xdx_904_eus-gaap--ConversionOfStockSharesConverted1_pid_c20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_z298jmevobod"><span id="xdx_90E_eus-gaap--ConversionOfStockSharesConverted1_pid_c20250401__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zbYCjwnxwWZ3"><span id="xdx_902_eus-gaap--ConversionOfStockSharesConverted1_pid_c20250101__20250630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zIDAHZUIb0me">no</span></span></span></span> conversions for the three and six months ended June 30, 2026 and 2025. Each share of Series C is convertible into common stock at any time at the option of the holder thereof at the conversion price then in effect. The conversion price for the Series C is determined by dividing the stated value of $<span id="xdx_90D_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zkSpiXvVMJJd" title="Preferred stock, par value per share">1,000</span> per share by $<span id="xdx_90C_eus-gaap--PreferredStockConvertibleConversionPrice_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zqnHiKIKgZoj" title="Preferred stock, convertible conversion price">0.0092</span> per share (subject to adjustments upon the occurrence of certain dilutive events).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common Stock and Warrant Offering</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of these liability classified warrants was estimated using the Black-Scholes option pricing model. This method of valuation involves using inputs such as the fair value of our common stock, historical volatility, the contractual term of the warrants, risk-free interest rates and dividend yields. Due to the nature of these inputs, the valuation of the warrants is considered a Level 2 measurement (see Note 6). The following assumptions were used to measure the Series A and Series B-1 Warrants as of June 30, 2026 and December 31, 2025.</span></p> <p id="xdx_89F_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_gL3FVAALMORAN-XN_zZHeHARdtbgj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="display: none"><span id="xdx_8B1_z4uIRpvCXaFc">Schedule of Assumptions Used to Calculate Fair Value of Liability</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Stock price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_z89X9rsEW8u5" title="Stock price">0.07</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zgCboAHA3lwf" title="Stock price">0.06</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected warrant term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_pp0d_dtY_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zMIbMfUurXIa" title="Expected warrant term (years)">2.6</span> years</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zY5OAnvtJDA8" title="Expected warrant term (years)">3.1</span> years</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">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zwBROHHOa5n7" title="Warrants measurement input">4.15</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zA3egPKP4Cy1" title="Warrants measurement input">3.64</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z6PwTxz1nffb" title="Warrants measurement input">200.48</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zlIXYBQTc9E8" title="Warrants measurement input">171.05</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">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zu6NuDjuRir" title="Warrants measurement input"><span style="-sec-ix-hidden: xdx2ixbrl0672">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zaALS2IRCC38" title="Warrants measurement input"><span style="-sec-ix-hidden: xdx2ixbrl0674">—</span></span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A2_zdfVC1Py3Lq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: center"><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; text-align: center"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HEPION PHARMACEUTICALS, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zGB58ngFUjF2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The exercise price, amount of warrants outstanding and fair value for all warrants as of June 30, 2026 and December 31, 2025 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zToR1x4wYsG2">Schedule of Warrants Outstanding and Fair Value for Warrants</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_zKu2yJ2u1po7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_488_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_z18F5DVygUs6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48D_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pid_zyJPod2G3Lt2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_41C_20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember_zbGCHNzHdTDh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: center">Series A Warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">95.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">19,608</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0679">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember_zdIqkkpMpSSd">95.50</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right"><span id="xdx_901_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember_zbTbEZwKtO6e">19,608</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right"><span id="xdx_906_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember_zQZU9UJjak99"><span style="-sec-ix-hidden: xdx2ixbrl0682">—</span></span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_417_20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesBOneWarrantsMember_zoy9NEGBkH7h" style="vertical-align: bottom; background-color: White"> <td style="text-align: center">Series B-1 Warrants</td><td style="font-style: italic"> </td> <td style="font-style: italic; text-align: left"><span style="font-style: normal; font-weight: normal">$</span></td><td style="font-style: italic; text-align: right"><span style="font-style: normal; font-weight: normal">95.50</span></td><td style="font-style: italic; text-align: left"> </td><td style="font-style: italic"> </td> <td style="font-style: italic; text-align: left"> </td><td style="font-style: italic; text-align: right"><span style="font-style: normal; font-weight: normal">14,706</span></td><td style="font-style: italic; text-align: left"> </td><td style="font-style: italic"> </td> <td style="font-style: italic; text-align: left"> </td><td style="font-style: italic; text-align: right"><span style="font-style: normal; font-weight: normal"><span style="-sec-ix-hidden: xdx2ixbrl0685">—</span></span></td><td style="font-style: italic; text-align: left"> </td><td style="font-style: italic"> </td> <td style="font-style: italic; text-align: left"><span style="font-style: normal; font-weight: normal">$</span></td><td style="font-style: italic; text-align: right"><span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesBOneWarrantsMember_zezdTaO3HWU6" style="font-style: normal; font-weight: normal">95.50</span></td><td style="font-style: italic; text-align: left"> </td><td style="font-style: italic"> </td> <td style="font-style: italic; text-align: left"> </td><td style="font-style: italic; text-align: right"><span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesBOneWarrantsMember_zituFa9STTw6" style="font-style: normal; font-weight: normal">14,706</span></td><td style="font-style: italic; text-align: left"> </td><td style="font-style: italic"> </td> <td style="font-style: italic; text-align: left"> </td><td style="font-style: italic; text-align: right"><span id="xdx_90D_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesBOneWarrantsMember_z8liMAMkH2yg"><span style="-sec-ix-hidden: xdx2ixbrl0688">—</span></span></td><td style="font-style: italic; text-align: left"> </td></tr> <tr id="xdx_415_20260630__us-gaap--StatementClassOfStockAxis__custom--TwoThousandAndTwentyFiveSeriesAWarrantsMember_zDVFtEXimCjk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; padding-bottom: 1pt">2025 Series A Warrants</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right">3.22</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,443,461</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">156,164</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--TwoThousandAndTwentyFiveSeriesAWarrantsMember_z9R6vIh1vz7d" title="Exercise Price">3.22</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--TwoThousandAndTwentyFiveSeriesAWarrantsMember_znGg5lGTqoJ5" title="Warrants Outstanding">3,443,461</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--TwoThousandAndTwentyFiveSeriesAWarrantsMember_zffRIlbX7Gjk" title="Fair Value">103,022</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_415_20260630_zpBXhJb0lJbg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: center; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,477,775</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">156,164</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_903_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20251231_z6zSmOCm0GY7" title="Warrants Outstanding">3,477,775</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90E_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_c20251231_zwPt2uozUQQd" title="Fair Value">103,022</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zGbfL1NVBPxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 23, 2025, we consummated a “best efforts” public offering of <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20250123__20250123_zAbBB8M7Vbb7" title="Number of share common stock sold">553,846</span> shares of common stock (or pre-funded warrants in lieu thereof) with each share of common stock (or pre-funded warrant) accompanied by (i) a series A common warrant to purchase one (1) common share at an exercise price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250123__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesACommonWarrantMember_ztmTcvnCADMi">20.00</span> per share and (ii) a series B common warrant to purchase one (1) common share at an exercise price of $<span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250123__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesBCommonWarrantMember_zg3BH3SmjkUb">20.00</span> per share. The exercise periods for the Series A and B warrants are five years and two and half years, respectively. The Series B warrants have an alternate cashless exercise of one warrant for three common shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounted for <span id="xdx_90A_ecustom--PreFundedOfWarrantDescription_c20260101__20260630_zNcF5LW384S3" title="Pre funded warrant permanent equity">Series A and Series B warrants as liability awards and the Pre-Funded Warrant as a permanent equity, using an allocation of 75% for the liability and 25% for the equity components.</span> A total of $<span id="xdx_901_ecustom--StockAndWarrantsIssuedDuringPeriodValueCommonStockAndWarrants_pn5n6_c20260101__20260630_zeIhRjqLJqMd" title="Common stock and/or pre-funded warrants">2.3</span> million was recorded to permanent equity for the common stock and pre-funded warrants. The Series A and Series B Warrants were recorded at fair value on the date of issuance, and remeasured at fair value at the balance sheet date, with changes in fair value recorded to earnings. The Series A and Series B Warrant liabilities were assessed to be $<span id="xdx_907_eus-gaap--DerivativeLiabilities_iI_pn5n6_c20260630__us-gaap--StatementEquityComponentsAxis__custom--SeriesAWarrantMember_zUNaITqeR9he">1.3</span> million and $<span id="xdx_90C_eus-gaap--DerivativeLiabilities_iI_pn5n6_c20260630__us-gaap--StatementEquityComponentsAxis__custom--SeriesBWarrantMember_zeSuHGES2Mje">5.4</span> million, respectively, on the day of the transaction. As of December 31, 2025, a total of <span id="xdx_903_ecustom--StockIssuedDuringPeriodSharesWarrantExercises_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__custom--SeriesBWarrantMember_z8RBmUY77pD5" title="Warrants exercised">10,173,402</span> Series B warrants were exercised and converted into common shares. As of June 30, 2026, <span id="xdx_906_ecustom--StockIssuedDuringPeriodSharesWarrantExercises_dn_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__custom--SeriesAWarrantMember_zISYioknppnl" title="Warrants exercised">none</span> of the Series A warrants have been exercised, and the fair value of the Series A warrant liability was approximately $<span id="xdx_90A_ecustom--FairValueOfWarrantsExercisedAndWarrantLiability_pn5n6_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__custom--SeriesAWarrantMember_zEtdkTJBWji5" title="Fair value of Series A warrant liability">0.2</span> million. The total number of unexercised Series A warrants as of June 30, 2026 was <span id="xdx_903_ecustom--RemainingNumberOfUnexercisedWarrants_pid_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__custom--SeriesAWarrantMember_zSxWR6pyCPp8" title="Unexercised Series A warrants">3,443,461</span>. All of the pre-funded warrants were exercised as of March 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the transaction, the Company incurred equity issuance costs of $<span id="xdx_90E_eus-gaap--PaymentsOfStockIssuanceCosts_pn5n6_c20250123__20250123_zvWY7bQnxGm2" title="Incurred equity issuance costs">0.8</span> million related to advisory and legal fees directly attributable to the issuance of the common stock from the Series A and Series B Warrant Agreement, which were allocated at $<span id="xdx_904_ecustom--AdjustmentsToAdditionalPaidInCapital_pn5n6_c20250123__20250123_zPDtJRP8G1Kj" title="Warrant liability">0.2</span> million and $<span id="xdx_902_ecustom--FairValueAdjustmentOfWarrantsLiability_pn5n6_c20250123__20250123_zATxCohbXIgb" title="Fair value adjustment of warrants">0.6</span> million against additional paid-in-capital and warrant liability (expensed to change in fair value), respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The combined offering price of each share of common stock together with the accompanying Series A and Series B common warrants is $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250123__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesAAndBCommonWarrantMember_zO97LXAs0nvd" title="Exercise price">16.250</span>, and the combined offering price of each pre-funded warrant, all of which were exercised as of April 2, 2025, together with the accompanying series A and series B common warrants is $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250123__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantMember_zgiElgt9rB0j" title="Exercise price">16.245</span>. The gross proceeds of the public offering were approximately $<span id="xdx_906_eus-gaap--ProceedsFromWarrantExercises_pn5n6_c20250123__20250123_zz7Ry0aHwpGj" title="Gross proceeds">9.0</span> million before deducting placement agent fees and offering expenses and were used to repay certain indebtedness ($<span id="xdx_900_eus-gaap--NotesPayable_iI_pn5n6_c20250123_zpuobuFFypJ1" title="Notes payable">2.9</span>M note payable) and expected to be used for general corporate purposes, including working capital, operating expenses and capital expenditures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Series B warrants contained certain volume weighted average price provisions that reset the exercise price to a minimum floor price of $<span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecreaseWeightedAverageExercisePrice_c20250123__20250123__srt--RangeAxis__srt--MinimumMember__us-gaap--StatementEquityComponentsAxis__custom--SeriesBWarrantMember_zXSWDmqZqdD1" title="Exercise price">3.22</span> and also resets the number of warrants to <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20250123__us-gaap--StatementEquityComponentsAxis__custom--SeriesBWarrantMember_zCcrBXw96nj7" title="Number of warrants">3,406,390</span> which are exercisable into <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20250123__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zjPRxI4UpHY4" title="Exercisable common shares">10,173,402</span> common shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 4, 2025 all of the Series B warrants were exercised into common shares at a weighted average reset price of $<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecreaseWeightedAverageExercisePrice_c20250404__20250404__us-gaap--StatementEquityComponentsAxis__custom--SeriesBWarrantMember_zDsjAsolNQUi" title="Weighted average reset price">3.27</span>. Since the Series B warrants were exercised on a cashless basis, there were no proceeds to the company. No Series A warrants were exercised, however the reset provisions increased the amount of Series A warrants such that <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250404__us-gaap--StatementEquityComponentsAxis__custom--SeriesAWarrantMember_zMYJEXzckxz9" title="Series A warrants">3,443,461</span> are outstanding at an exercise price of $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecreaseWeightedAverageExercisePrice_c20250404__20250404__us-gaap--StatementEquityComponentsAxis__custom--SeriesAWarrantMember_zOzBwqXRuib1" title="Exercise price">3.22</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HEPION PHARMACEUTICALS, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of these liability classified warrants was estimated using the Black-Scholes option pricing model. This method of valuation involves using inputs such as the fair value of our common stock, historical volatility, the contractual term of the warrants, risk-free interest rates and dividend yields. Due to the nature of these inputs, the valuation of the warrants is considered a Level 2 measurement (see Note 6). The following assumptions were used to measure the 2025 Series A.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span id="xdx_C0E_gL3FVAALMORAN-XN_z3uVEYkVlMh"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <div><div id="xdx_C05_gL3FVAALMORAN-XN_zHCubD3t8RN2"><table cellpadding="0" cellspacing="0" id="xdx_307_134_z12pfrKVExx9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Assumptions Used to Calculate Fair Value of Liability (Details)"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025 Series A Warrants</td><td style="padding-bottom: 1pt; 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">June 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">January 23,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Stock price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_ztt4o2O5Qsf1" title="Stock price">0.07</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zB6FGyDZHrm7" title="Stock price">0.06</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250123__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zc8rxdKdVna3" title="Stock price">10.00</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected warrant term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zJPojtUlKwU" title="Expected warrant term (years)">3.7</span> years</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_pp0d_dtY_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zOgM74CxotJ3" title="Expected warrant term (years)">4.2</span> years</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_pp0d_dtY_c20250123__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zGcCh7cmtQI" title="Expected warrant term (years)">5.1</span> years</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">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zX8QVP7ID2he" title="Warrants measurement input">4.17</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zeQyV5POtRXb" title="Warrants measurement input">3.64</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250123__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_z3BmwCVVVdyb" title="Warrants measurement input">4.12</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zWmqvNNibFzc" title="Warrants measurement input">184.34</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zXqat4iiarb2" title="Warrants measurement input">151.25</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250123__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zjWPWyzL75w6" title="Warrants measurement input">114.0</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">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_ziPB1X2qJ9lj" title="Warrants measurement input"><span style="-sec-ix-hidden: xdx2ixbrl0774">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zKv43df3RnN" title="Warrants measurement input"><span style="-sec-ix-hidden: xdx2ixbrl0776">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250123__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zRaLVhVs3OT5" title="Warrants measurement input"><span style="-sec-ix-hidden: xdx2ixbrl0778">—</span></span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> </div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Series B Warrants are exercisable on a cashless basis for a quantity equal to three times the gross quantity of shares underlying the warrants, and there is no exercise price associated with a cashless exercise (including no exercise price incorporated into the calculation of shares issuable under the cashless exercise). To calculate the fair value, we performed a back solve at inception that contemplated a DLOM and dilution adjustments. The fair value of the Series B warrants as of January 23, 2025 was $<span id="xdx_900_eus-gaap--FairValueAdjustmentOfWarrants_pn5n6_c20250123__20250123__us-gaap--StatementEquityComponentsAxis__custom--SeriesBWarrantMember_zLfqzcyZCRb6" title="Fair value of warrants">5.4</span> million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock_zpVtX4cUxyoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the components of changes in our derivative financial instruments liability balance for the six months ended June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_zBBeu2G8h9u5" style="display: none">Schedule of Derivative Liabilities at Fair Value</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of<br/> Warrants<br/> Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivative<br/> Instrument</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liability</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance of derivative liability at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pid_c20260101__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zktrS8mxmUq" style="width: 16%; text-align: right" title="Number of Warrants Outstanding, Beginning balance">3,477,775</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_c20260101__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zsprNyYVT71b" style="width: 16%; text-align: right" title="Derivative Instrument Liability, Beginning balance">103,022</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value of warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--NumberOfWarrantsOutstandingSharesIncreaseDecrease_pid_c20260101__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zwQoxGaAtRoe" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants Outstanding, Change in fair value of warrants"><span style="-sec-ix-hidden: xdx2ixbrl0788">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_c20260101__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zLce0g4MKeU8" style="border-bottom: Black 1pt solid; text-align: right" title="Derivative Instrument Liability, Change in fair value of warrants">53,142</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance of derivative liability at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pid_c20260101__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_ztEiKZphcd6k" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Warrants Outstanding, Ending balance">3,477,775</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_c20260101__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zZm2vRmDvtk7" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative Instrument Liability, Ending balance">156,164</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A6_zWG1wlPyFDic" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 17500000 0.0001 0.04 700000 85581 0 0 0 0 1688 1000 0.0092 <p id="xdx_89F_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_gL3FVAALMORAN-XN_zZHeHARdtbgj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="display: none"><span id="xdx_8B1_z4uIRpvCXaFc">Schedule of Assumptions Used to Calculate Fair Value of Liability</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Stock price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_z89X9rsEW8u5" title="Stock price">0.07</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zgCboAHA3lwf" title="Stock price">0.06</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected warrant term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_pp0d_dtY_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zMIbMfUurXIa" title="Expected warrant term (years)">2.6</span> years</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zY5OAnvtJDA8" title="Expected warrant term (years)">3.1</span> years</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">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zwBROHHOa5n7" title="Warrants measurement input">4.15</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zA3egPKP4Cy1" title="Warrants measurement input">3.64</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z6PwTxz1nffb" title="Warrants measurement input">200.48</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zlIXYBQTc9E8" title="Warrants measurement input">171.05</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">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zu6NuDjuRir" title="Warrants measurement input"><span style="-sec-ix-hidden: xdx2ixbrl0672">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zaALS2IRCC38" title="Warrants measurement input"><span style="-sec-ix-hidden: xdx2ixbrl0674">—</span></span></td><td style="text-align: left"> </td></tr> </table> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><table cellpadding="0" cellspacing="0" id="xdx_307_134_z12pfrKVExx9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of Assumptions Used to Calculate Fair Value of Liability (Details)"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025 Series A Warrants</td><td style="padding-bottom: 1pt; 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">June 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">January 23,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Stock price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_ztt4o2O5Qsf1" title="Stock price">0.07</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zB6FGyDZHrm7" title="Stock price">0.06</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250123__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zc8rxdKdVna3" title="Stock price">10.00</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected warrant term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260630__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zJPojtUlKwU" title="Expected warrant term (years)">3.7</span> years</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_pp0d_dtY_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zOgM74CxotJ3" title="Expected warrant term (years)">4.2</span> years</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_pp0d_dtY_c20250123__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zGcCh7cmtQI" title="Expected warrant term (years)">5.1</span> years</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">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zX8QVP7ID2he" title="Warrants measurement input">4.17</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zeQyV5POtRXb" title="Warrants measurement input">3.64</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250123__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_z3BmwCVVVdyb" title="Warrants measurement input">4.12</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zWmqvNNibFzc" title="Warrants measurement input">184.34</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zXqat4iiarb2" title="Warrants measurement input">151.25</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250123__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zjWPWyzL75w6" title="Warrants measurement input">114.0</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">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_ziPB1X2qJ9lj" title="Warrants measurement input"><span style="-sec-ix-hidden: xdx2ixbrl0774">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zKv43df3RnN" title="Warrants measurement input"><span style="-sec-ix-hidden: xdx2ixbrl0776">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFzc3VtcHRpb25zIFVzZWQgdG8gQ2FsY3VsYXRlIEZhaXIgVmFsdWUgb2YgTGlhYmlsaXR5IChEZXRhaWxzKQA_" id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20250123__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--TwoThousandTwentyFiveSeriesAWarrantsMember_zRaLVhVs3OT5" title="Warrants measurement input"><span style="-sec-ix-hidden: xdx2ixbrl0778">—</span></span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.07 0.06 P2Y7M6D P3Y1M6D 4.15 3.64 200.48 171.05 <p id="xdx_899_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zGB58ngFUjF2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The exercise price, amount of warrants outstanding and fair value for all warrants as of June 30, 2026 and December 31, 2025 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zToR1x4wYsG2">Schedule of Warrants Outstanding and Fair Value for Warrants</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_zKu2yJ2u1po7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_488_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_z18F5DVygUs6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48D_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pid_zyJPod2G3Lt2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_41C_20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember_zbGCHNzHdTDh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: center">Series A Warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">95.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">19,608</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0679">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember_zdIqkkpMpSSd">95.50</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right"><span id="xdx_901_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember_zbTbEZwKtO6e">19,608</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right"><span id="xdx_906_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAWarrantsMember_zQZU9UJjak99"><span style="-sec-ix-hidden: xdx2ixbrl0682">—</span></span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_417_20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesBOneWarrantsMember_zoy9NEGBkH7h" style="vertical-align: bottom; background-color: White"> <td style="text-align: center">Series B-1 Warrants</td><td style="font-style: italic"> </td> <td style="font-style: italic; text-align: left"><span style="font-style: normal; font-weight: normal">$</span></td><td style="font-style: italic; text-align: right"><span style="font-style: normal; font-weight: normal">95.50</span></td><td style="font-style: italic; text-align: left"> </td><td style="font-style: italic"> </td> <td style="font-style: italic; text-align: left"> </td><td style="font-style: italic; text-align: right"><span style="font-style: normal; font-weight: normal">14,706</span></td><td style="font-style: italic; text-align: left"> </td><td style="font-style: italic"> </td> <td style="font-style: italic; text-align: left"> </td><td style="font-style: italic; text-align: right"><span style="font-style: normal; font-weight: normal"><span style="-sec-ix-hidden: xdx2ixbrl0685">—</span></span></td><td style="font-style: italic; text-align: left"> </td><td style="font-style: italic"> </td> <td style="font-style: italic; text-align: left"><span style="font-style: normal; font-weight: normal">$</span></td><td style="font-style: italic; text-align: right"><span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesBOneWarrantsMember_zezdTaO3HWU6" style="font-style: normal; font-weight: normal">95.50</span></td><td style="font-style: italic; text-align: left"> </td><td style="font-style: italic"> </td> <td style="font-style: italic; text-align: left"> </td><td style="font-style: italic; text-align: right"><span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesBOneWarrantsMember_zituFa9STTw6" style="font-style: normal; font-weight: normal">14,706</span></td><td style="font-style: italic; text-align: left"> </td><td style="font-style: italic"> </td> <td style="font-style: italic; text-align: left"> </td><td style="font-style: italic; text-align: right"><span id="xdx_90D_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesBOneWarrantsMember_z8liMAMkH2yg"><span style="-sec-ix-hidden: xdx2ixbrl0688">—</span></span></td><td style="font-style: italic; text-align: left"> </td></tr> <tr id="xdx_415_20260630__us-gaap--StatementClassOfStockAxis__custom--TwoThousandAndTwentyFiveSeriesAWarrantsMember_zDVFtEXimCjk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; padding-bottom: 1pt">2025 Series A Warrants</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right">3.22</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,443,461</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">156,164</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td style="padding-bottom: 1pt; text-align: right"><span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--TwoThousandAndTwentyFiveSeriesAWarrantsMember_z9R6vIh1vz7d" title="Exercise Price">3.22</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--TwoThousandAndTwentyFiveSeriesAWarrantsMember_znGg5lGTqoJ5" title="Warrants Outstanding">3,443,461</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--TwoThousandAndTwentyFiveSeriesAWarrantsMember_zffRIlbX7Gjk" title="Fair Value">103,022</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_415_20260630_zpBXhJb0lJbg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: center; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,477,775</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">156,164</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_903_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20251231_z6zSmOCm0GY7" title="Warrants Outstanding">3,477,775</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90E_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_c20251231_zwPt2uozUQQd" title="Fair Value">103,022</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 95.50 19608 95.50 19608 95.50 14706 95.50 14706 3.22 3443461 156164 3.22 3443461 103022 3477775 156164 3477775 103022 553846 20.00 20.00 Series A and Series B warrants as liability awards and the Pre-Funded Warrant as a permanent equity, using an allocation of 75% for the liability and 25% for the equity components. 2300000 1300000 5400000 10173402 0 200000 3443461 800000 200000 600000 16.250 16.245 9000000.0 2900000 3.22 3406390 10173402 3.27 3443461 3.22 0.07 0.06 10.00 P3Y8M12D P4Y2M12D P5Y1M6D 4.17 3.64 4.12 184.34 151.25 114.0 5400000 <p id="xdx_892_eus-gaap--ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock_zpVtX4cUxyoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the components of changes in our derivative financial instruments liability balance for the six months ended June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_zBBeu2G8h9u5" style="display: none">Schedule of Derivative Liabilities at Fair Value</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of<br/> Warrants<br/> Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivative<br/> Instrument</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liability</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance of derivative liability at December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pid_c20260101__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zktrS8mxmUq" style="width: 16%; text-align: right" title="Number of Warrants Outstanding, Beginning balance">3,477,775</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_c20260101__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zsprNyYVT71b" style="width: 16%; text-align: right" title="Derivative Instrument Liability, Beginning balance">103,022</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in fair value of warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--NumberOfWarrantsOutstandingSharesIncreaseDecrease_pid_c20260101__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zwQoxGaAtRoe" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants Outstanding, Change in fair value of warrants"><span style="-sec-ix-hidden: xdx2ixbrl0788">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_c20260101__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zLce0g4MKeU8" style="border-bottom: Black 1pt solid; text-align: right" title="Derivative Instrument Liability, Change in fair value of warrants">53,142</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance of derivative liability at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pid_c20260101__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_ztEiKZphcd6k" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Warrants Outstanding, Ending balance">3,477,775</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_c20260101__20260630__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zZm2vRmDvtk7" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative Instrument Liability, Ending balance">156,164</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3477775 103022 53142 3477775 156164 <p id="xdx_80E_eus-gaap--DebtDisclosureTextBlock_zZdWJAGK52Hl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5. <span id="xdx_825_zAlZs6etg1z7">Notes Payable</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 15, 2025, the Company entered into a one-year Directors and Officers Liability Insurance agreement for $<span id="xdx_90F_eus-gaap--NotesPayable_iI_c20250315__us-gaap--TypeOfArrangementAxis__custom--DirectorsAndOfficersLiabilityAgreementMember_zzbKUTj2RQI5" title="Notes payable">656,178</span>. The Company made a down payment of $<span id="xdx_906_ecustom--DownPayment_c20250315__20250315__us-gaap--TypeOfArrangementAxis__custom--DirectorsAndOfficersLiabilityAgreementMember_znXAcRhth9W5" title="Down payment">130,000</span>, with the remaining balance financed with a third-party over the following ten months at an annual percentage rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20250315__us-gaap--TypeOfArrangementAxis__custom--DirectorsAndOfficersLiabilityAgreementMember_zXsfpz8mB9Nl" title="Annual percentage rate">7.30</span>%. <span id="xdx_903_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20250315__20250315__us-gaap--TypeOfArrangementAxis__custom--DirectorsAndOfficersLiabilityAgreementMember_zItyxGNATCia" title="Periodic payment description">Beginning April 2025, the Company will make 10 monthly payments of $<span id="xdx_90A_eus-gaap--DebtInstrumentPeriodicPayment_c20250315__20250315__us-gaap--TypeOfArrangementAxis__custom--DirectorsAndOfficersLiabilityAgreementMember_zptx6OQCGq5c" title="Monthly payments">54,394</span>, with the last payment to be made in January 2026.</span> At the end of June 30, 2026, there was <span id="xdx_90A_eus-gaap--NotesPayable_iI_do_c20260630_zBRmZEJDeII4" title="Notes payable">no</span> outstanding balance on this note payable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HEPION PHARMACEUTICALS, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 656178 130000 0.0730 Beginning April 2025, the Company will make 10 monthly payments of $54,394, with the last payment to be made in January 2026. 54394 0 <p id="xdx_80F_eus-gaap--FairValueMeasurementInputsDisclosureTextBlock_zP0KIVRDXHb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6. <span id="xdx_82D_zQaFLytbxH9l">Fair Value Measurements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zvjDFDhce1u2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents our liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy at June 30, 2026 and December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zsDgLgpJOSt9" style="display: none">Schedule of Liabilities Measured and Recognized at Fair Value on a Recurring Basis</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Description</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BA_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zSuQY8n4wSNa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BC_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel1Member_zJHnwRQ83Mh9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 1)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B1_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel2Member_zNmP2UXkSrji" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 2)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B9_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zhqY05G5nVA8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 3)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement at Reporting Date Using</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Description</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 1)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 2)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 3)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>As of June 30, 2026:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_435_c20260630_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_zNH0caToZFi2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 36%; text-align: left">Derivative liabilities related to warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">156,164</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0815">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">156,164</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0817">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>As of December 31, 2025:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20251231_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_zN2nqQKlxHde" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Derivative liabilities related to warrants</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">103,022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0820">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">103,022</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: xdx2ixbrl0822">—</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AB_zSAHw28pl5G8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The unrealized gains or losses on the derivative liabilities are recorded as a change in fair value of derivative financial instruments—warrants in our consolidated statement of operations. See Note 4 for a rollforward of the derivative liability for the six months ended June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zvjDFDhce1u2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents our liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy at June 30, 2026 and December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zsDgLgpJOSt9" style="display: none">Schedule of Liabilities Measured and Recognized at Fair Value on a Recurring Basis</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Description</td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BA_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_zSuQY8n4wSNa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BC_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel1Member_zJHnwRQ83Mh9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 1)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B1_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel2Member_zNmP2UXkSrji" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 2)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B9_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zhqY05G5nVA8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 3)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value Measurement at Reporting Date Using</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Description</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 1)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 2)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Level 3)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>As of June 30, 2026:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_435_c20260630_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_zNH0caToZFi2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 36%; text-align: left">Derivative liabilities related to warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">156,164</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0815">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">156,164</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0817">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>As of December 31, 2025:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20251231_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_zN2nqQKlxHde" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Derivative liabilities related to warrants</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">103,022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0820">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">103,022</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: xdx2ixbrl0822">—</span></td><td style="text-align: left"> </td></tr> </table> 156164 156164 103022 103022 <p id="xdx_809_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zaeyB9hKAh2a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7. <span id="xdx_829_zmyTP62XBSY5">Accrued Liabilities</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zsYuFLRkrus" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents our accrued liabilities at June 30, 2026 and December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zUMBJ11jSOya" style="display: none">Schedule of Accrued Liabilities</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260630_zGGlnoz6nLu4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, <br/> 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zKIbt8tGxT27" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_40C_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_maALCzxrw_zcqCRn62I6Tg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Payroll related</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">138,386</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">29,172</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedIncomeTaxesCurrent_iI_maALCzxrw_z90YHfbvsUni" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accrued taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><p style="margin: 0">127,263</p></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzxrw_zV0QWF3pm4ba" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">57,235</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">48,335</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzxrw_zULUgYa4Gxj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Total accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">322,884</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">77,507</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_zlZuLvuCznA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zsYuFLRkrus" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents our accrued liabilities at June 30, 2026 and December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zUMBJ11jSOya" style="display: none">Schedule of Accrued Liabilities</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260630_zGGlnoz6nLu4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, <br/> 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zKIbt8tGxT27" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_40C_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_maALCzxrw_zcqCRn62I6Tg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Payroll related</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">138,386</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">29,172</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedIncomeTaxesCurrent_iI_maALCzxrw_z90YHfbvsUni" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accrued taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><p style="margin: 0">127,263</p></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzxrw_zV0QWF3pm4ba" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">57,235</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">48,335</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzxrw_zULUgYa4Gxj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Total accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">322,884</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">77,507</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 138386 29172 127263 57235 48335 322884 77507 <p id="xdx_80A_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zsSv7Oo8Fbsf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8. <span id="xdx_82D_zmmaoy9ZNPP6">Accounting for Share-Based Payments</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 3, 2013, we adopted the 2013 Equity Incentive Plan (the 2013 Plan), which expired in June 2023 and we are no longer making grants under it. Stock options granted under the 2013 Plan typically vested after <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20130603__20130603__us-gaap--PlanNameAxis__custom--TwoThousandThirteenEquityIncentivePlanMember_zvMmXgsLCgck" title="Vested period">three years</span> of continuous service from the grant date and had a contractual term of <span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_dc_c20130603__20130603__us-gaap--PlanNameAxis__custom--TwoThousandThirteenEquityIncentivePlanMember_zhYNu1jeUjk6" title="Expiration period">ten years</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2023, our board of directors approved the 2023 Omnibus Equity Incentive Plan (the 2023 Plan), which became effective in June 2023 upon stockholder approval. The 2023 Plan allowed for the grant of up to <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_c20230430__us-gaap--PlanNameAxis__custom--TwoThousandTwentyThreeOmnibusEquityIncentivePlanMember__srt--RangeAxis__srt--MaximumMember_zFRCcthpR03" title="Share based payments granted">10,000</span> awards for the purpose of attracting, motivating and retaining employees (including officers), non-employee directors and non-employee consultants. On April 24, 2026, the Board approved an amendment to the 2023 Plan to increase the total shares of common stock reserved for issuance under the 2023 Plan to an aggregate of <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20260424__us-gaap--PlanNameAxis__custom--TwoThousandTwentyThreeOmnibusEquityIncentivePlanMember_zk86hoZIfsjd" title="Awards available for grant">8,000,000</span>, which was approved by our stockholders on Jun 17, 2026. As of June 30, 2026, we had <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyThreeOmnibusEquityIncentivePlanMember_zNDPaWJ7jYQb" title="Awards available for grant">7,997,252</span> awards available for grant from the 2023 Plan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HEPION PHARMACEUTICALS, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zaBTdNDr03Lh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We classify stock-based compensation expense in our consolidated statement of operations in the same way the award recipient’s payroll costs are classified or in which the award recipients’ service payments are classified. We recorded stock-based compensation expense as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zr2Mi3t17Ug8" style="display: none">Schedule of Stock Based Compensation Expense</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" id="xdx_495_20260401__20260630_zaX4X3UkhbIg" style="border-bottom: Black 1pt solid; text-align: center"><b>2026</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250401__20250630_zPXWDWW9KD6b" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td> <td style="padding-bottom: 1pt"><b> </b></td><td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" id="xdx_494_20260101__20260630_zXyDZ0EPsLLa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>2026</b></td><td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td><td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" id="xdx_49D_20250101__20250630_zESX3iaRfGI9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Three Months Ended</b></p> <p style="text-align: center; margin-top: 0; margin-bottom: 0"><b>June 30,</b></p> </td> <td style="padding-bottom: 1pt"><b> </b></td><td style="padding-bottom: 1pt"><b> </b></td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Six Months Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p></td><td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>2026</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td> <td style="padding-bottom: 1pt"><b> </b></td><td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>2026</b></td><td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td><td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td></tr> <tr id="xdx_40C_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense_zvH3GlErVfpk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left; padding-bottom: 1pt">General and administrative</td> <td style="width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%"><p style="border-bottom: Black 1pt solid; text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl0854">—</span></b></p></td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"><b>$</b></td> <td style="border-bottom: Black 1pt solid; text-align: right; width: 12%"><p style="margin: 0"><b><span style="-sec-ix-hidden: xdx2ixbrl0855">—</span></b></p></td> <td style="width: 1%"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0856">—</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">20,783</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ShareBasedCompensation_znqwcihh1I8l" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total stock-based compensation expense</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><p style="margin: 0"><b><span style="-sec-ix-hidden: xdx2ixbrl0859">—</span></b></p></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double"><b>$</b></td> <td style="border-bottom: Black 2.5pt double; text-align: right"><p style="margin: 0"><b><span style="-sec-ix-hidden: xdx2ixbrl0860">—</span></b></p></td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0861">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20,783</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zSMLc4DvMSD8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zoOx8qORU9Y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of stock option activity under the 2013 Plan and 2023 Plan is presented as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zaLeAIiv2CKk" style="display: none">Schedule of Stock Option Activity</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise Price</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per Share</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intrinsic</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Remaining</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term</b></span></p></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Balance outstanding, December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zF67GVzxQjDb" style="width: 12%; text-align: right" title="Number of options outstanding, beginning balance">5,822</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zrNxepKu4zV1" style="width: 12%; text-align: right" title="Weighted average exercise price per share, beginning balance">356.90</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zRaaUGKNarle" style="width: 12%; text-align: right" title="Intrinsic value, beginning balance"><span style="-sec-ix-hidden: xdx2ixbrl0870">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 12%; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z4F6I3F6iyhj" title="Weighted average remaining contractual term">5.15</span> years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zyEkBwfzGM8" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, forfeited">(3,801</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zXefxMffedk5" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price per share, forfeited">311.51</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresIntrinsicValue_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMWldPskVcy8" style="padding-bottom: 1pt; text-align: right" title="Intrinsic value, forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0878">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance outstanding, June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zEtxiHJoHnjk" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options outstanding, ending balance">2,021</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zs5dHuUAeClg" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price per share, ending balance">440.88</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zHX910UiYAAd" style="padding-bottom: 2.5pt; text-align: right" title="Intrinsic value, ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0884">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zFDkOfjOdUh1">0.12</span> years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Awards outstanding, vested awards and those expected to vest at June 30, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYE5Yu1Btb3a" style="text-align: right" title="Number of options outstanding, vested awards and those expected to vest">2,021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zai7Sb0x3c87" style="text-align: right" title="Weighted average exercise price per share, vested awards and those expected to vest">440.88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1xCf03Fx6Vk" style="text-align: right" title="Intrinsic value, vested awards and those expected to vest"><span style="-sec-ix-hidden: xdx2ixbrl0891">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zf9FtisYA2M4">0.12</span> years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and exercisable at June 30, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKIyZsj6FyQ7" style="text-align: right" title="Number of options, vested and exercisable">2,021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z9kcSEZk5Zg5" style="text-align: right" title="Weighted average exercise price per share, vested and exercisable">440.88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zSD29gR8Pl2c" style="text-align: right" title="Intrinsic value, vested and exercisable"><span style="-sec-ix-hidden: xdx2ixbrl0898">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zUaylLr9L6Kb" title="Weighted Average Remaining Contractual Term">0.12</span> years</td></tr> </table> <p id="xdx_8A9_ztwmRBSZyge6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, there was <span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_do_c20260630_ziJMiVpAZaPa" title="Unrecognized compensation cost related to non-vested stock">no</span> unrecognized compensation cost related to non-vested stock options outstanding, net of expected forfeitures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> P3Y P10Y 10000 8000000 7997252 <p id="xdx_898_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zaBTdNDr03Lh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We classify stock-based compensation expense in our consolidated statement of operations in the same way the award recipient’s payroll costs are classified or in which the award recipients’ service payments are classified. We recorded stock-based compensation expense as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zr2Mi3t17Ug8" style="display: none">Schedule of Stock Based Compensation Expense</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" id="xdx_495_20260401__20260630_zaX4X3UkhbIg" style="border-bottom: Black 1pt solid; text-align: center"><b>2026</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250401__20250630_zPXWDWW9KD6b" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td> <td style="padding-bottom: 1pt"><b> </b></td><td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" id="xdx_494_20260101__20260630_zXyDZ0EPsLLa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>2026</b></td><td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td><td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" id="xdx_49D_20250101__20250630_zESX3iaRfGI9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Three Months Ended</b></p> <p style="text-align: center; margin-top: 0; margin-bottom: 0"><b>June 30,</b></p> </td> <td style="padding-bottom: 1pt"><b> </b></td><td style="padding-bottom: 1pt"><b> </b></td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Six Months Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p></td><td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>2026</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>2025</b></td> <td style="padding-bottom: 1pt"><b> </b></td><td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>2026</b></td><td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td><td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>2025</b></td><td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td></tr> <tr id="xdx_40C_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense_zvH3GlErVfpk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left; padding-bottom: 1pt">General and administrative</td> <td style="width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%"><p style="border-bottom: Black 1pt solid; text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl0854">—</span></b></p></td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"><b>$</b></td> <td style="border-bottom: Black 1pt solid; text-align: right; width: 12%"><p style="margin: 0"><b><span style="-sec-ix-hidden: xdx2ixbrl0855">—</span></b></p></td> <td style="width: 1%"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0856">—</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">20,783</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AllocatedShareBasedCompensationExpense_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ShareBasedCompensation_znqwcihh1I8l" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total stock-based compensation expense</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><p style="margin: 0"><b><span style="-sec-ix-hidden: xdx2ixbrl0859">—</span></b></p></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double"><b>$</b></td> <td style="border-bottom: Black 2.5pt double; text-align: right"><p style="margin: 0"><b><span style="-sec-ix-hidden: xdx2ixbrl0860">—</span></b></p></td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0861">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20,783</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 20783 20783 <p id="xdx_897_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zoOx8qORU9Y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of stock option activity under the 2013 Plan and 2023 Plan is presented as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BF_zaLeAIiv2CKk" style="display: none">Schedule of Stock Option Activity</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise Price</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per Share</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intrinsic</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Remaining</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term</b></span></p></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Balance outstanding, December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zF67GVzxQjDb" style="width: 12%; text-align: right" title="Number of options outstanding, beginning balance">5,822</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zrNxepKu4zV1" style="width: 12%; text-align: right" title="Weighted average exercise price per share, beginning balance">356.90</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zRaaUGKNarle" style="width: 12%; text-align: right" title="Intrinsic value, beginning balance"><span style="-sec-ix-hidden: xdx2ixbrl0870">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 12%; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z4F6I3F6iyhj" title="Weighted average remaining contractual term">5.15</span> years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zyEkBwfzGM8" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, forfeited">(3,801</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zXefxMffedk5" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price per share, forfeited">311.51</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresIntrinsicValue_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMWldPskVcy8" style="padding-bottom: 1pt; text-align: right" title="Intrinsic value, forfeited"><span style="-sec-ix-hidden: xdx2ixbrl0878">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance outstanding, June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zEtxiHJoHnjk" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options outstanding, ending balance">2,021</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zs5dHuUAeClg" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price per share, ending balance">440.88</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zHX910UiYAAd" style="padding-bottom: 2.5pt; text-align: right" title="Intrinsic value, ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0884">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zFDkOfjOdUh1">0.12</span> years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Awards outstanding, vested awards and those expected to vest at June 30, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYE5Yu1Btb3a" style="text-align: right" title="Number of options outstanding, vested awards and those expected to vest">2,021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zai7Sb0x3c87" style="text-align: right" title="Weighted average exercise price per share, vested awards and those expected to vest">440.88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1xCf03Fx6Vk" style="text-align: right" title="Intrinsic value, vested awards and those expected to vest"><span style="-sec-ix-hidden: xdx2ixbrl0891">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zf9FtisYA2M4">0.12</span> years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and exercisable at June 30, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKIyZsj6FyQ7" style="text-align: right" title="Number of options, vested and exercisable">2,021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z9kcSEZk5Zg5" style="text-align: right" title="Weighted average exercise price per share, vested and exercisable">440.88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zSD29gR8Pl2c" style="text-align: right" title="Intrinsic value, vested and exercisable"><span style="-sec-ix-hidden: xdx2ixbrl0898">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zUaylLr9L6Kb" title="Weighted Average Remaining Contractual Term">0.12</span> years</td></tr> </table> 5822 356.90 P5Y1M24D 3801 311.51 2021 440.88 P0Y1M13D 2021 440.88 P0Y1M13D 2021 440.88 P0Y1M13D 0 <p id="xdx_80D_eus-gaap--EarningsPerShareTextBlock_z6bMYvMRRwP9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9. <span id="xdx_82B_zDCZqhsgrmd9">Loss per Share</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zzGio71GWiSb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per common share was determined by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding during the period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_z1evmrklHYUc" style="display: none">Schedule of Computation of Basic and Diluted Net Loss Per Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260401__20260630_zdSYVOz46Ut3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250401__20250630_zx1g5u5M8MHb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630_zMtNWl2m7tNj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20250630_zcOUSFwEUS1k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Basic and diluted net loss per common share:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasicAbstract_iB_zYHNUgBcV9fa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLoss_i01_zgyJZwul8wy5" style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Net loss</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 11%; text-align: right">(1,248,237</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 11%; text-align: right">(1,042,572</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 11%; text-align: right">(2,059,028</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 11%; text-align: right">(7,148,459</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_iB_zjYEIxnmDG6d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</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; padding-left: 10pt">Weighted average common shares outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_c20260401__20260630_zKZGws5QHvYg" title="Weighted average common shares outstanding, Basic"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_c20260401__20260630_zMM2vlV17Rh" title="Weighted average common shares outstanding, Basic">16,193,404</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_c20250401__20250630_zHQpmSdRnty6" title="Weighted average common shares outstanding, Basic"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_c20250401__20250630_zDgXJsOEfLX9" title="Weighted average common shares outstanding, Basic">11,328,122</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_c20260101__20260630_zRfGjZlMDeH6" title="Weighted average common shares outstanding, Basic"><span id="xdx_905_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_c20260101__20260630_zqQvwraNwPQc" title="Weighted average common shares outstanding, Basic">13,906,860</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_c20250101__20250630_zzNq7J57miog" title="Weighted average common shares outstanding, Basic"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_c20250101__20250630_zahHuOt7KKZ1" title="Weighted average common shares outstanding, Diluted">7,137,017</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net loss per share of common stock—basic and diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90E_eus-gaap--EarningsPerShareBasic_i01_pid_c20260401__20260630_zrYG1Ju2C2Yf" title="Net loss per share of common stock, Basic"><span id="xdx_907_eus-gaap--EarningsPerShareDiluted_i01_pid_c20260401__20260630_zxFXeHpb1X36" title="Net loss per share of common stock, Diluted">(0.08</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_902_eus-gaap--EarningsPerShareBasic_i01_pid_c20250401__20250630_zcZZJ2AN7PU4" title="Net loss per share of common stock, Basic"><span id="xdx_90B_eus-gaap--EarningsPerShareDiluted_i01_pid_c20250401__20250630_zYNm7f0FPvu2" title="Net loss per share of common stock, Diluted">(0.09</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--EarningsPerShareBasic_i01_pid_c20260101__20260630_zRbJHQgNTgai" title="Net loss per share of common stock, Basic"><span id="xdx_90F_eus-gaap--EarningsPerShareDiluted_i01_pid_c20260101__20260630_zdG5CK2Xahq6" title="Net loss per share of common stock, Diluted">(0.15</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_909_eus-gaap--EarningsPerShareBasic_i01_pid_c20250101__20250630_zE5dZvfHqf0d" title="Net loss per share of common stock, Basic"><span id="xdx_90E_eus-gaap--EarningsPerShareDiluted_i01_pid_c20250101__20250630_zQH7qPtUVKPk" title="Net loss per share of common stock, Diluted">(1.00</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_8A9_zdIh7JxXtaqh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: center"><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; text-align: center"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HEPION PHARMACEUTICALS, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zFTugba3XRM4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following outstanding securities at June 30, 2026 and 2025 have been excluded from the computation of basic and diluted weighted shares outstanding, as they would have been anti-dilutive due to net loss:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zh2mb9oZqNXd" style="display: none">Schedule of Outstanding Securities Excluded from Computation of Basic and Diluted Weighted Shares Outstanding</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260630_zpIhSyDEDjph" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250101__20250630_zYJP552nmaJj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Common shares issuable for:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--SeriesAPreferredStockMember_zhkIEK6asqB" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Series A preferred stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--SeriesCPreferredStockMember_zk7WOBkvdp71" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series C preferred stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zK5sudq0yyyc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,813</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsLiabilityMember_zhUCkgxvEkef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrants – liability classified</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,477,775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,492,481</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zP3xYGpfek8b" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Warrants – equity classified</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0969">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,795</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zBdPXJaeKpNg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,479,815</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,502,108</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_z4q5NCKY1Iif" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The strike price for the equity classified warrants was $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260228__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_ziSaIj2lrjGi" title="Exercise price of warrants">2,500</span> each and expired in February 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zzGio71GWiSb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per common share was determined by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding during the period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_z1evmrklHYUc" style="display: none">Schedule of Computation of Basic and Diluted Net Loss Per Share</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260401__20260630_zdSYVOz46Ut3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250401__20250630_zx1g5u5M8MHb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630_zMtNWl2m7tNj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20250630_zcOUSFwEUS1k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Basic and diluted net loss per common share:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasicAbstract_iB_zYHNUgBcV9fa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLoss_i01_zgyJZwul8wy5" style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Net loss</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 11%; text-align: right">(1,248,237</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 11%; text-align: right">(1,042,572</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 11%; text-align: right">(2,059,028</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 11%; text-align: right">(7,148,459</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_iB_zjYEIxnmDG6d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</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; padding-left: 10pt">Weighted average common shares outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_c20260401__20260630_zKZGws5QHvYg" title="Weighted average common shares outstanding, Basic"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_c20260401__20260630_zMM2vlV17Rh" title="Weighted average common shares outstanding, Basic">16,193,404</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_c20250401__20250630_zHQpmSdRnty6" title="Weighted average common shares outstanding, Basic"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_c20250401__20250630_zDgXJsOEfLX9" title="Weighted average common shares outstanding, Basic">11,328,122</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_c20260101__20260630_zRfGjZlMDeH6" title="Weighted average common shares outstanding, Basic"><span id="xdx_905_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_c20260101__20260630_zqQvwraNwPQc" title="Weighted average common shares outstanding, Basic">13,906,860</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_c20250101__20250630_zzNq7J57miog" title="Weighted average common shares outstanding, Basic"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_c20250101__20250630_zahHuOt7KKZ1" title="Weighted average common shares outstanding, Diluted">7,137,017</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net loss per share of common stock—basic and diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90E_eus-gaap--EarningsPerShareBasic_i01_pid_c20260401__20260630_zrYG1Ju2C2Yf" title="Net loss per share of common stock, Basic"><span id="xdx_907_eus-gaap--EarningsPerShareDiluted_i01_pid_c20260401__20260630_zxFXeHpb1X36" title="Net loss per share of common stock, Diluted">(0.08</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_902_eus-gaap--EarningsPerShareBasic_i01_pid_c20250401__20250630_zcZZJ2AN7PU4" title="Net loss per share of common stock, Basic"><span id="xdx_90B_eus-gaap--EarningsPerShareDiluted_i01_pid_c20250401__20250630_zYNm7f0FPvu2" title="Net loss per share of common stock, Diluted">(0.09</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--EarningsPerShareBasic_i01_pid_c20260101__20260630_zRbJHQgNTgai" title="Net loss per share of common stock, Basic"><span id="xdx_90F_eus-gaap--EarningsPerShareDiluted_i01_pid_c20260101__20260630_zdG5CK2Xahq6" title="Net loss per share of common stock, Diluted">(0.15</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_909_eus-gaap--EarningsPerShareBasic_i01_pid_c20250101__20250630_zE5dZvfHqf0d" title="Net loss per share of common stock, Basic"><span id="xdx_90E_eus-gaap--EarningsPerShareDiluted_i01_pid_c20250101__20250630_zQH7qPtUVKPk" title="Net loss per share of common stock, Diluted">(1.00</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> -1248237 -1042572 -2059028 -7148459 16193404 16193404 11328122 11328122 13906860 13906860 7137017 7137017 -0.08 -0.08 -0.09 -0.09 -0.15 -0.15 -1.00 -1.00 <p id="xdx_894_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zFTugba3XRM4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following outstanding securities at June 30, 2026 and 2025 have been excluded from the computation of basic and diluted weighted shares outstanding, as they would have been anti-dilutive due to net loss:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BB_zh2mb9oZqNXd" style="display: none">Schedule of Outstanding Securities Excluded from Computation of Basic and Diluted Weighted Shares Outstanding</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260630_zpIhSyDEDjph" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250101__20250630_zYJP552nmaJj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Common shares issuable for:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--SeriesAPreferredStockMember_zhkIEK6asqB" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Series A preferred stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--SeriesCPreferredStockMember_zk7WOBkvdp71" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series C preferred stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zK5sudq0yyyc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,813</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsLiabilityMember_zhUCkgxvEkef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrants – liability classified</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,477,775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,492,481</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zP3xYGpfek8b" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Warrants – equity classified</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0969">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,795</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zBdPXJaeKpNg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,479,815</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,502,108</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3 3 16 16 2021 7813 3477775 3492481 1795 3479815 3502108 2500 <p id="xdx_807_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zshHrQjsi10c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. <span id="xdx_82B_zY8KUCXxj1cg">Commitments and Contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal Proceedings</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are involved in various legal proceedings. Significant judgment is required to determine both the likelihood and the estimated amount of a loss related to such matters. Additionally, while any litigation contains an element of uncertainty, we have at this time no reason to believe that the outcome of such proceedings or claims will have a material adverse effect on our consolidated financial condition or results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HEPION PHARMACEUTICALS, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Employment Agreements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 5, 2026, we entered into an employment agreement with each of Vincent LoPriore, our Executive Chairman (the “LoPriore Employment Agreement”) and Gary Stetz, our Chief Executive Officer (the “Stetz Employment Agreement”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The LoPriore Employment Agreement shall continue for a period of five years and, thereafter, shall automatically renew for successive one-year terms unless either party provides the other party with written notice of non-renewal at least 60 days prior to the last day of the then current term. Pursuant to the LoPriore Employment Agreement, Mr. LoPriore shall: <span id="xdx_90A_ecustom--EmployeesBenefitDescription_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--LoPrioreEmploymentAgreementMember_zPU9jG62Qyed" title="Employees benefit description">(i) receive a base salary of $<span id="xdx_90B_eus-gaap--SalariesAndWages_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--LoPrioreEmploymentAgreementMember_zYcDzlCv1wKk" title="Base salary">280,000</span> per year, which may be increased by the Board; (ii) be eligible to receive an annual bonus equal to 50% of his then base salary based upon the achievement of Company and individual targets to be established by the Board, in its sole discretion; (iii) shall be eligible to receive equity-based compensation awards as determined by the Company; (iv) receive reimbursement of reasonable business expenses; and (v) receive such other benefits that the Company may make available to its senior executives from time to time along with vacation, sick and holiday pay in accordance with the Company’s policies established and in effect from time to time.</span> In addition, Mr. LoPriore received a $<span id="xdx_90A_ecustom--SignOnBonusReceived_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--LoPrioreEmploymentAgreementMember_z3fxPHXWmbp2" title="Sign on bonus, received">50,000</span> sign-on bonus.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event Mr. LoPriore’s employment is terminated by the Company other than as a result of his death or Disability and other than for Cause, or if Mr. LoPriore terminates his employment for Good Reason (as defined in the LoPriore Employment Agreement), then, in addition to accrued compensation, the Company shall (i) continue to pay Mr. LoPriore’s base salary and provide health benefits for a period of 12 months following the termination date or, in the case of benefits, such time as Mr. LoPriore receives equivalent coverage and benefits under plans and programs of a subsequent employer; and (ii) provide such other or additional benefits, if any, as may be provided under applicable employee benefit plans, programs and/or arrangements of the Company (other than any severance plans or programs). In addition, all unvested time-based equity awards (including Restricted Shares and Stock Options) shall be immediately and fully accelerated and become vested. Moreover, Stock Options that have vested as of the termination date shall remain exercisable until the earlier of (i) 60 months following such termination and (ii) the expiration date of the Stock Option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Stetz Employment Agreement shall continue for a period of five years and, thereafter, shall automatically renew for successive one year terms unless either party provides the other party with written notice of non-renewal at least 60 days prior to the last day of the then current term. Pursuant to the Stetz Employment Agreement, Mr. Stetz shall: <span id="xdx_90E_ecustom--EmployeesBenefitDescription_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--StetzEmploymentAgreementMember_zlU62RT6Txi2" title="Employees benefit description">(i) receive a base salary of $<span id="xdx_90B_eus-gaap--SalariesAndWages_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--StetzEmploymentAgreementMember_z9byYyDnwiRl" title="Base salary">250,000</span> per year, which may be increased by the Board; (ii) be eligible to receive an annual bonus equal to 50% of his then base salary based upon the achievement of Company and individual targets to be established by the Board, in its sole discretion; (iii) shall be eligible to receive equity-based compensation awards as determined by the Company; (iv) receive reimbursement of reasonable business expenses; and (v) receive such other benefits that the Company may make available to its senior executives from time to time along with vacation, sick and holiday pay in accordance with the Company’s policies established and in effect from time to time.</span> In addition, Mr. Stetz received a $<span id="xdx_90D_ecustom--SignOnBonusReceived_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--StetzEmploymentAgreementMember_zK1g1mTC5u5l" title="Sign on bonus, received">50,000</span> sign-on bonus.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event Mr. Stetz’s employment is terminated by the Company other than as a result of his death or Disability and other than for Cause, or if Mr. Stetz terminates his employment for Good Reason (as defined in the Stetz Employment Agreement), then, in addition to accrued compensation, the Company shall (i) continue to pay Mr. Stetz’s base salary and provide health benefits for a period of 12 months following the termination date or, in the case of benefits, such time as Mr. Stetz receives equivalent coverage and benefits under plans and programs of a subsequent employer; and (ii) provide such other or additional benefits, if any, as may be provided under applicable employee benefit plans, programs and/or arrangements of the Company (other than any severance plans or programs). In addition, all unvested time-based equity awards (including Restricted Shares and Stock Options) shall be immediately and fully accelerate and become vested Moreover, Stock Options that have vested as of the termination date shall remain exercisable until the earlier of (i) 60 months following such termination and (ii) the expiration date of the Stock Option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 16, 2026, Dr. Kaouthar Lbiati, the Chief Executive Officer of Hepion Pharmaceuticals, Inc. (the “Company”) informed the Board of Directors (the “Board”) of the Company that she was resigning as Chief Executive Officer for personal reasons, effective immediately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 13, 2026 (the “Separation Date”), the Company entered into a separation agreement with Dr. Lbiati pursuant to which, among other things, she was paid (i) $<span id="xdx_901_ecustom--PaymentsForServicesCosts_c20260413__20260413__us-gaap--TypeOfArrangementAxis__custom--SeparationAgreementMember_zGfhoLOHgS18" title="Services costs">225,000</span>, (ii) $<span id="xdx_909_eus-gaap--AccruedBonusesCurrent_iI_c20260630__us-gaap--TypeOfArrangementAxis__custom--SeparationAgreementMember_zBRPB7KWRT0g" title="Bonuses">30,625</span> representing the pro-rata portion of her potential cash bonus and (iii) reimbursement of her COBRA payments for 6 months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further, pursuant to the separation agreement, Dr. Lbiati agreed to a general release and confidentiality. Also on April 13, 2026, Dr. Lbiati resigned as a director of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> (i) receive a base salary of $280,000 per year, which may be increased by the Board; (ii) be eligible to receive an annual bonus equal to 50% of his then base salary based upon the achievement of Company and individual targets to be established by the Board, in its sole discretion; (iii) shall be eligible to receive equity-based compensation awards as determined by the Company; (iv) receive reimbursement of reasonable business expenses; and (v) receive such other benefits that the Company may make available to its senior executives from time to time along with vacation, sick and holiday pay in accordance with the Company’s policies established and in effect from time to time. 280000 50000 (i) receive a base salary of $250,000 per year, which may be increased by the Board; (ii) be eligible to receive an annual bonus equal to 50% of his then base salary based upon the achievement of Company and individual targets to be established by the Board, in its sole discretion; (iii) shall be eligible to receive equity-based compensation awards as determined by the Company; (iv) receive reimbursement of reasonable business expenses; and (v) receive such other benefits that the Company may make available to its senior executives from time to time along with vacation, sick and holiday pay in accordance with the Company’s policies established and in effect from time to time. 250000 50000 225000 30625 <p id="xdx_803_eus-gaap--SubsequentEventsTextBlock_zKBko368SIb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11. <span id="xdx_820_zegRTZuN8f9i">Subsequent Events</span></b> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 22, 2026, the Company and New Day Diagnostics LLC (“New Day”) entered into a termination and release agreement (the “Termination Agreement”) terminating the Intellectual Property License Agreement dated May 9, 2025, Amendment I to the Intellectual Property License Agreement dated October 16, 2025, and the Commercial Consulting Services Statement of Work dated as of June 23, 2025. Pursuant to the Termination Agreement, New Day agreed to return <span id="xdx_90F_ecustom--CommonStockSharesReturn_iI_pid_c20260722__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--NewDayDiagnosticsLLCMember_zyhlO8S0o7Nh" title="Common stock shares return">346,020</span> shares of Common Stock to the Company from the original <span id="xdx_908_eus-gaap--SharesIssued_iI_pid_c20260722__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--NewDayDiagnosticsLLCMember_zenHRb2iwsFl" title="Shares initially issued">692,041</span> shares initially issued to New Day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 60pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 31, 2026, the Company entered into securities purchase agreements with certain accredited investors pursuant to which the Company agreed to sell and issue an aggregate of <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260731__20260731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z3uzqosdllib" title="Aggregate offering of shares">61,100,000</span> shares of Common Stock and warrants to purchase <span id="xdx_900_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260731__20260731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zpKzX8tHREZi" title="Aggregate offering of shares">61,100,000</span> shares of Common Stock, in a private placement offering, at an offering price of $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20260731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember_zKlFQxLIFwL3" title="Offering price per share">0.05</span> per share for gross proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pn5n6_c20260731__20260731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zgQeGylzzCT1" title="Gross proceeds">3.1</span> million. The warrants are exercisable at an exercise price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementsMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPnz6iWdmvWe" title="Warrants price per share">0.06</span> per share for five years from the date of issuance. The July 2026 Offering closed on August 3, 2026. The issuance of the Common Stock has not been registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 1, 2026, we entered into an employment agreement with Sireesh Appajosyula, our Chief Operating Officer.</span></p> 346020 692041 61100000 61100000 0.05 3100000 0.06 false false false false