9. Preferred Stock

The Company is authorized to issue a total of 4,475,074 shares of its preferred stock as of June 30, 2026 and December 31, 2025, with a total of 3,860,945 shares and 2,301,645 shares designated to specific Series as of June 30, 2026 and December 31, 2025, respectively.

Series K Preferred Stock

On February 26, 2025, the Company entered into a Rights Agreement with Equiniti Trust Company, LLC, as Rights Agent, designating 300,000 shares of Series K Junior Participating Preferred Stock (“Series K Preferred Stock”). Under the Rights Agreement, each outstanding share of common stock and non-voting common stock as of March 10, 2025 was granted one Class A Right or Class B Right, respectively. Each Right represents the right to initially purchase 1/1,000th of a share of Series K Preferred Stock at a purchase price of $4.50 per one one-thousandth of a share of Series K Preferred Stock, subject to adjustment.

At issuance, the Rights were embedded in the common stock and not exercisable. They would become exercisable and trade independently only if a person or group became an “Acquiring Person” by obtaining 20% or more of the Company’s voting power. Prior to these triggering events, the Board might redeem the Rights for $0.01 per Right. The Rights expired on February 26, 2026.

Series L Preferred Stock

On May 14, 2025, the Company entered into privately negotiated exchange agreements with Iliad and Streeterville, under which the Company issued 22 and 99.3822 shares of the Company’s newly authorized Series L Preferred Stock to Iliad and Streeterville, respectively, in exchange for a $550,000 reduction in the outstanding balance of the October 2020 Royalty Interest, and for all of the outstanding 99.3822 shares of Series J Preferred Stock held by Streeterville, respectively.

On January 16, 2026, the Company issued the Third and Fourth Pre-Funded Warrants to purchase 20,555 and 92,855 shares, respectively, in exchange for the cancellation and retirement of all 121.3822 outstanding shares of Series L Perpetual Preferred Stock held by Iliad and Streeterville. As of June 30, 2026, there were no shares of Series L Preferred Stock outstanding.

Series M Preferred Stock

On June 27, 2025, the Company entered into privately negotiated exchange agreements (the “Iliad Series M Exchange Agreement” and the “Streeterville Series M Exchange Agreement”) with Iliad and Streeterville, pursuant to which Company issued 170 shares and 90 shares of the Company’s newly authorized Series M Preferred Stock to Iliad and Streeterville, respectively, together with pre-funded warrants in exchange for a $4,250,000 reduction in the outstanding balance of the October 2020 Royalty Interest and a $2,250,000 reduction in the outstanding balance of the August 2022 Royalty Interest, respectively. Each pre-funded warrant is exercisable immediately at an exercise price of $0.035 per share and may be exercised at any time until exercised in full. The warrants contain a beneficial ownership limitation of 9.99%.

During the fourth quarter of 2025, the Company entered into privately negotiated exchange agreements to retire shares of Series M Preferred Stock.

On November 17, 2025, the Company entered into an exchange agreement with Streeterville, pursuant to which the Company issued 10,322 shares of common stock in exchange for 25 outstanding shares of Series M Preferred Stock held by Streeterville. Upon completion of the transaction, the exchanged preferred shares were cancelled and retired.

On December 9, 2025, the Company entered into an exchange agreement with Iliad, pursuant to which the Company issued 11,429 shares of common stock and a pre-funded common stock purchase warrant to purchase 37,273 shares of common stock (the “First Pre-Funded Warrant”) in exchange for 75 shares of Series M Preferred Stock.

On December 11, 2025, the Company entered into a second exchange agreement with Iliad, pursuant to which the Company issued 1,143 shares of common stock and a pre-funded common stock purchase warrant to purchase 8,709 shares of common stock (the “Second Pre-Funded Warrant”) in exchange for 16 shares of Series M Preferred Stock.

On January 16, 2026, the Company issued the Fifth and Sixth Pre-Funded Warrants to purchase 82,014 and 64,879 shares, respectively, in exchange for the cancellation and retirement of 157.22 shares of Series M Perpetual Preferred Stock held by Iliad and Streeterville. The total shares retired included 13.22 additional shares issued to satisfy accrued preferred returns, of which 8.78 shares were attributed to Iliad and 4.44 shares were attributed to Streeterville. As of June 30, 2026, there were no shares of Series M Preferred Stock outstanding.

Series N Preferred Stock

On September 9, 2025, the Company entered into PIPE Purchase Agreements with the Purchasers, pursuant to which the Company issued 951 of the newly authorized Series N Perpetual Preferred Stock for an aggregate purchase price of $2.4 million.

During the second half of December 2025, the Purchasers exchanged 941 shares of Series N Preferred Stock into 55,998 shares of common stock. For the six months ended June 30, 2026, the Purchasers exchanged 10 shares of Series N Preferred Stock into 595 shares of common stock. This exchange was executed at Exchange Ratio of 60-to-1 based on the $42.00 exchange price per share. As of June 30, 2026, there were no shares of Series N Preferred Stock outstanding.

Series O Preferred Stock

On February 18, 2026, the Company announced that its Board of Directors declared a special one-time dividend of one-tenth of one share of Series O Convertible Preferred Stock for each share of voting common stock outstanding, plus each share issuable upon exercise of certain warrants (the “Eligible Warrants”) to purchase, in aggregate, 68,593 shares of common stock with dividend rights outstanding, at the close of business on March 2, 2026. The preferred stock dividend was issued on March 4, 2026.

In connection with the preferred stock dividend, on March 2, 2026 the Company filed a Certificate of Designation of Preferences, Rights and Limitations of Series O Convertible Preferred Stock with the Secretary of State of the State of Delaware, to designate 1,557,000 shares of the preferred stock, par value $0.0001 per share, as Series O Convertible Preferred Stock.

The Company determined that these shares embody an unconditional obligation to deliver a variable number of common shares with a monetary value that is predominantly fixed at inception. Accordingly, the Series O Convertible Preferred Stock is classified and accounted for as a current liability. The liability was initially recorded at fair value upon issuance and is subsequently

remeasured at fair value at each reporting date, with changes in fair value recognized in the condensed consolidated statements of operations.

On June 25, 2026, the Company completed the conversion of the Series O Preferred Stock. All of the outstanding shares of Series O Preferred Stock and all shares of Series O Preferred Stock issuable upon exercise of the Eligible Warrants automatically converted into shares of common stock at a conversion ratio equal to 3.209 shares of common stock for each share of Series O Preferred Stock. Immediately upon completion of the conversion, there were 3,985,302 shares of common stock issued and outstanding, and the holders of the Eligible Warrants are entitled to receive, upon exercise of the Eligible Warrants, up to 839,000 shares of common stock, which consist of 68,593 warrant shares and 770,407 conversion shares.

As of June 30, 2026, there were no shares of Series O Preferred Stock outstanding. As of June 30, 2026, the fair value of the obligation to issue additional conversion shares upon the future exercise of the outstanding Eligible Warrants amounted to $1.7 million.

Series P Preferred Stock

On June 9, 2026, the Company entered into securities purchase agreements with certain investors, pursuant to which the Company issued 240 shares of Series P Preferred Stock, par value $0.0001 per share, together with pre-funded warrants, for an aggregate purchase price of $2.0 million. The Company may elect to pay dividends in cash or in shares of common stock, provided the contractual equity condition is satisfied on the dividend date. Dividend shares are valued at a price equal to the quotient of the payable dividend divided by the greater of (i) the Minimum Price on the dividend date, as defined under Nasdaq Listing Rule 5635(d), and (ii) the contractual floor price of $0.546.

The Series P Preferred Stock accrues dividends cumulatively on the stated value of $10,000 per share at an annual rate of 8%, payable quarterly in arrears on the first trading day of each fiscal quarter. The Company may elect to pay dividends in cash or in shares of common stock, provided the contractual equity condition is satisfied on the dividend date. Because dividends do not become a legal liability until formally declared by the Board of Directors, dividends in arrears are not recognized as a liability on the condensed consolidated balance sheets. As of June 30, 2026, the Company had undeclared cumulative preferred dividends in arrears of $11,000, representing $46.67 per share, which accumulated from the original issue date of June 9, 2026, through June 30, 2026.

As of June 30, 2026, the total remaining issued and outstanding Series P Preferred Stock was 240 shares.

Series Q Preferred Stock

In connection with the privately negotiated exchange agreements during May 2026, the Company issued shares of newly authorized Series Q Perpetual Preferred Stock in exchange for reductions in the outstanding balances of the Company's Royalty Interests. The Series Q Preferred Stock has a stated value of $25,000 per share and does not entitle holders to receive cash dividends. Each share accrues a preferred return on the stated value at a rate of 10% per year, payable via the issuance of additional shares of Series Q Preferred Stock. The Series Q Preferred Stock votes together with the common stock on an as-converted basis, subject to a 9.99% beneficial ownership voting cap. In the event of liquidation, the Series Q Preferred Stock holds a preference equal to its stated value plus any accrued but unpaid preferred return prior to any distributions to common stockholders.

On May 21, 2026, the Company entered into two privately negotiated exchange agreements with Streeterville. Pursuant to the exchange agreements, the Company issued an aggregate of 54,222 shares of the Company's common stock, par value $0.0001, to Streeterville in exchange for an aggregate of 7.96 outstanding shares of Series Q Perpetual Preferred Stock held by Streeterville. Upon completion of the exchange transaction, the exchanged preferred shares were cancelled and retired.

On May 26, 2026, the Company entered into a privately negotiated exchange agreement with Streeterville, pursuant to which the Company issued 31,958 shares of the Company's common stock to Streeterville in exchange for an aggregate of 3.72 outstanding shares of Series Q Perpetual Preferred Stock held by Streeterville. Upon completion of these respective exchanges, the exchanged preferred shares were cancelled and retired.

On June 1, 2026, the Company entered into another privately negotiated exchange agreement with Streeterville, pursuant to which the Company issued 32,710 shares of common stock in exchange for an aggregate of 4.20 outstanding shares of Series Q Preferred Stock. Upon completion of these respective exchanges, the exchanged preferred shares were cancelled and retired.

On June 9, 2026, the Company entered into a privately negotiated exchange agreements with Streeterville. Pursuant to this agreement, the Company issued 34,798 shares of common stock in exchange for 3.80 outstanding shares of Series Q Preferred Stock. Upon completion of each exchange, the exchanged preferred shares were cancelled and retired.

On June 17, 2026, the Company entered into a privately negotiated exchange agreements with Streeterville. Pursuant to this agreement, the Company issued 36,796 shares of common stock in exchange for 3.40 outstanding shares of Series Q Preferred Stock. Upon completion of each exchange, the exchanged preferred shares were cancelled and retired.

On June 18, 2026, the Company entered into a privately negotiated exchange agreements with Streeterville. Pursuant to this agreement, the Company issued 38,655 shares of common stock in exchange for 3.68 outstanding shares of Series Q Preferred Stock. Upon completion of each exchange, the exchanged preferred shares were cancelled and retired.

On June 24, 2026, the Company entered into a privately negotiated exchange agreements with Streeterville. Pursuant to this agreement, the Company issued 39,636 shares of common stock in exchange for 3.84 outstanding shares of Series Q Preferred Stock. Upon completion of each exchange, the exchanged preferred shares were cancelled and retired.

As of June 30, 2026, the total remaining issued and outstanding Series Q Preferred Stock was 877.40 shares.