Note 8 Subsequent Events

The Company evaluates subsequent events occurring between the most recent balance sheet date and the date the financial statements are available to be issued in order to determine whether the subsequent events are to be recorded and/or disclosed in the Company’s financial statements and footnotes. The financial statements are considered to be available to be issued at the time they are filed with the Securities and Exchange Commission (SEC).

Chief Executive Officer Transition

On April 30, 2026, a special committee (the “Special Committee”) composed of independent directors of the Board terminated the employment of Christopher Missling, PhD as the Company’s Chief Executive Officer for Cause (as defined in the Employment Agreement, dated as of June 27, 2013, between Dr. Missling and the Company, as amended and restated), effective immediately, for, among other things, conduct that the Special Committee believed was inconsistent with Company policy. The Special Committee has also requested that Dr. Missling resign as a member of the Board.

On May 4, 2026, the Board appointed Terrie Kellmeyer, PhD as the Company’s Interim Chief Executive Officer.

Nasdaq Non-Compliance Matters

As previously disclosed, on May 20, 2026, the Company received a deficiency notification letter from the Nasdaq Listing Qualifications Department (the “Nasdaq Staff”) indicating that, as a result of the Company’s inability to timely file its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, it is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the SEC. On July 20, 2026, the Company timely submitted its plan (“Compliance Plan”) to the Nasdaq Staff to regain compliance with Nasdaq Listing Rule 5250(c)(1). The Compliance Plan is currently under review by the Nasdaq Staff.

The Company expects the filing of this Quarterly Report on Form 10-Q and the Quarterly Report on Form 10-Q for the period ended June 30, 2026 to cure the deficiency. However, the Nasdaq Staff will consider multiple factors when reviewing the Company’s Compliance Plan, including its past compliance history, the reasons for the late filing, other corporate events that may occur within the review period, the Company’s overall financial condition and its public disclosures. If the Compliance Plan is not accepted by the Nasdaq Staff, the Company will have an opportunity to request a hearing on the Nasdaq Staff’s determination before an independent Hearings Panel.